Real Estate Agent / Broker / Salesperson Exam Prep

All exclusive listings must include a specific expiration date to be valid because this allows both parties involved to have a clear understanding of when the agreement will end. Without a specific expiration date, the listing could potentially continue indefinitely, causing confusion and potential legal issues. Having a specific expiration date ensures that both the seller and the agent are aware of the timeframe in which the listing will be active and can make necessary arrangements accordingly.

Private ownership can be claimed with a total collection of rights known as "the bundle of rights." This refers to the various legal rights and privileges that come with owning a property, including the right to possess, use, transfer, and exclude others from the property. These rights collectively form the basis of private ownership and provide individuals with control and autonomy over their property.

When you go to the bank to apply for a home, you would typically apply for a conventional mortgage. A conventional mortgage is a type of loan that is not insured or guaranteed by the government. It usually requires a higher credit score and a larger down payment compared to other types of mortgages. This type of mortgage is offered by banks, credit unions, and other financial institutions.

When a financial obligation is liquidated on an installment basis or plan, it is called amortizing. Amortizing refers to the process of gradually paying off a debt or loan over a specific period of time, usually through regular payments that include both principal and interest. This allows the borrower to spread out the repayment of the debt, making it more manageable and affordable.

Yes, because the construction of a rail track through the back of their land would make the property less desirable and affect its market value. The noise, vibrations, and potential disruption caused by the trains can significantly decrease the attractiveness of the property to potential buyers, leading to a decrease in demand and ultimately reducing its value. Additionally, the presence of a rail track may limit the potential uses of the land, further diminishing its economic value.

A condotel is a type of property where individual units are owned by different owners. Each owner has the right to use their unit for a certain period of time, and they can also choose to rent it out when they are not using it. This means that each unit is individually owned and not owned by a community or the government.

When an instrument is recorded, it is known as constructive notice. This means that once the instrument is officially recorded, it becomes public knowledge and serves as notice to anyone who may be interested or affected by it. Constructive notice is important in legal and financial transactions as it ensures that relevant information is accessible to the public and prevents any claims of ignorance or lack of knowledge regarding the recorded instrument.

Life estates are a type of estate in real property law where the individual has ownership and possession of the property for the duration of their lifetime. This means that the person, known as the life tenant, has the right to use and enjoy the property during their lifetime, but they cannot sell or transfer the property to someone else. Once the life tenant passes away, the ownership of the property typically reverts to another person or entity, known as the remainderman. Life estates are often used in estate planning to ensure that property passes to a specific individual or organization after the life tenant's death.

The broker should accept the check as the buyer's exclusive agent. By accepting the check, the broker acknowledges that they are representing the buyer's interests and will work towards finding a property that meets their needs, even if it is not currently listed for sale. Accepting the check as the seller's agent would be incorrect, as the broker is not representing the seller in this situation. Rejecting the check or selecting "None of the options" would also be incorrect, as the broker has a responsibility to act as the buyer's agent and accept the deposit.

An end loan is a specific type of long-term loan that is used to pay off a short-term construction loan by an individual. This type of loan is typically obtained after the construction or renovation of a property is completed, and it allows the borrower to transition from the temporary financing of the construction loan to a permanent mortgage. The end loan is secured by the property itself and is used to pay off the remaining balance of the construction loan, providing the borrower with a long-term financing solution.