A trade fixture
A chattel real
A littoral right
Leverage is increased by making a larger downpayment
Leverage is a method used to hedge against negative cash flow
Leverage is maximized by making an all-cash purchase
Leverage is increased by making a smaller down payment
An agent, single agent
A designated agent, subagent
An agent, subagent
An agent, designated agent
A property condition disclosure statement
A listing agreement
A good-faith estimate of costs
Is always paid for by the lender
Typically can be transferred if the loan is sold
Protects the borrower up to the amount of principal outstanding on the loan
Is required by borrowers
None of the above
Zoning variance damages
Conditional use damages
Any document, claim, lien, or other encumbrance that may impair the title to real property or cast doubt on the validity of title
A legal process by which a lender, in an attempt to recover the balance of a loan from a borrower who has defaulted on the loan, forces the sale of the collateral that secured the loan
A court proceeding intended to establish the true ownership of a property, thereby eliminating any cloud on title
The cancellation of a contract and the restoration of each party to the same position held before the contract was entered into
None of the above
To be valid a deed need not be signed by the grantor.
To be valid a deed need not be signed by the grantee.
To be valid a deed need not contain a granting clause.
To be valid a deed need not be in writing.
Earnest money deposits that a prospective purchaser gives to a broker as good-faith evidence of intention to complete a transaction
Rent received by a broker from real estate or other property owned by a broker's client
A broker's real estate commissions
Advance fees paid by a seller to an agent to cover expected cash outlays of the agent
Market price of the home
Utility value of the home
Functional value of the home
Market value of the home
I will owe you $20 because you fulfilled your side of the bargain
I will owe you $20 because you did not agree to letting me out of my offer
I will not owe you $20 by the terms of the agreement because I revoked my offer before you accepted it.
I will owe you $20 because you accepted my offer by performing as agreed.
Is insurance that lenders often require for loans with an LTV more than 75%
Is insurance that lenders often require for loans with an LTV more than 80%
Insures the borrower
Insures the trustee
A transactional broker
A designated broker
A universal broker
An onstensible broker
An escheat of the property
A condemnation of the property
A rezoning of the property
Use of the property for public housing
A material fact is any fact that is unlikely to affect the decision of a party as to whether to enter into a transaction on the specified terms.
Licensees should be on the lookout for "red flags" and make inquiry with the owners as to what they know about red-flag issues.
It is also important that licensees attempt to verify what sellers tell them before passing such information on to potential customers.
Licensees who pass on incorrect information that was given to them by sellers without performing reasonable verification of the information subject themselves to lawsuits from purchasers.
Of the statute limitations
No such contract can be created orally
Of the statute of frauds
Real estate agents are smart enough not to trust a mere hand shake
Statute of wills
Statute of descent
Statute of bequests
Statute of devisees
Legal because real estate law mandates that licensees owe a fiduciary duty to their clients, which includes helping their clients find residences were they will best fit in and feel comfortable.
Credit Susan $75,000, debit John and $75,000
Debit Susan $75,000, credit John $75,000
Debit Susan $75,000, no adjustment to John
No adjustment to either Susan or John
Emily because the deed was signed before the will.
Emily because a deed signed during the grantor's life has priority over a will.
Emily because blood relatives have priority over friends.
Regulate building codes
Ensure that buffer zones are created to separate residential zones from industrial zones
Help implement the local master plan
Help ensure that building permits take into consideration traffic congestion
Warn the neighbors about their responsibility for declines in property values
Warn the neighbors that their dogs present a nuisance to the surrounding properties
Call the city Neighborhood Mediation Council
Disclose this fact to prospective purchasers
Lawful object or purpose
Child support payments
Credit card payments
Real estate taxes
U.S. government survey
Metes and bounds
Lot, block, and tract
Agents are not required to disclose agency relationships
Agents may represent both parties but only with full agency relationship disclosure
Agents are required to disclose agency relationships
Agents may not be special agents
Joe' s acceptance of the offer is valid because it was communicated before the offer was revoked.
Joe's acceptance of the offer is valid because Alice is the owner's agent and the owner is vicariously liable of the acts of the agent.
Joe's letter does not qualify as an acceptance of an offer to sell the house.
None of the above.
Special warranty deed
General warranty deed
State the APR
Disclose a number of required credit terms of the ad contains a trigger term
Contain the HUD logo
Contain the equal opportunity logo
None of the above
This exchange qualifies for a 1031 exchange and the boot is $400,000.
This exchange qualifies for a 1031 exchange and the boot is $500,000.
This is an illegal 1031 exchange because the values do not match.
This exchange does not qualify for a 1031 exchange.
A predetermined number of percentage points
A benchmark rate of Interest that is adjusted periodically
Subtracted from the index to obtain the fully indexed rate
An initial rate often referred to as a teaser rate
Voluntary lien, involuntary lien
Specific lien, general lien
General lien, specific lien
Involuntary lien, voluntary lien
If the assertions were warranted by the information available to the agent
If the assertions were warranted by information based on public records
If the assertions were warranted based on the records of the homeowners association
If the assertions were not warranted by the information available to the agent
Liquidated damages clause
A universal agent is an agent given power of attorney to act on behalf of a principal for an unlimited range of legal matters.
A dual agent is a real estate broker who represents both the buyer and the seller in a real estate transaction.
An ostensible agent is an agent authorized by a real estate broker to represent a specific principal to the exclusion of all other agents in the brokerage.
A subagent id an agent of an agent.
A master plan
An environmental impact statement
A coastal preservation plan
An environmental protection master plan
Legal because, after inquiry by HUD officials, it is found to be entirely truthful, and holding the ad to be illegal would violate the broker's constitutional right to free speech
Illegal because it misrepresents the quality of the house
Illegal because it constitutes discriminatory advertising
Legal because the word "beautiful" is obviously merely a matter of opinion, so the statement amounts to puffing, not misrepresentation
The person can prove that he or she is not responsible for contaminating the property
The person can prove that someone else contaminated the property
The person acquired the property by inheritance after it was contaminated
The person can prove that the site was contaminated by the prior owner or owners
Mary but not Larry could be guilty of group boycott.
Larry but not Mary could be guilty of group boycott.
Both Larry and Mary could be guilty of group boycott.
Neither Larry nor Mary is likely to have violated the prohibition against group boycott.
A fully amortized mortgage
A level payment mortgage
A reverse mortgage
A conforming mortgage
The property is an old house
Zoning laws have recently increased the market value of the property
The improvements are quite new so that data on precise current costs can be gathered.
A recent increase in crime in the area has had a significant detrimental effect on the value of the property
General real estate taxes
Ad valorem taxes
An agent occupies a special legal relationship, referred to as fiduciary relationship, with his or her principal.
There is a rule of equity known as estoppel that holds that one who causes another rely on his or her words or actions shall be prohibited from later taking a contrary position detrimental to the person who so relied.
States that permit transactional brokers do not impose an obligation on the nonagent to act fairly, honestly, and competently to find qualified buyers or suitable properties.
A broker's principal is also referred to as the broker's client.
Triple net lease
When Sherry signed the deed
When Sherry handed the deed to Philip
When Sherry acknowledged the deed
When the deed was recorded
None of the above
Loan discount points that represent interest
Homeowners insurance premiums
FHA mortgage premiums
Private mortgage insurance premiums
Life insurance companies
Mechanics liens, property tax liens, judgement liens
Property tax liens, special assessment liens, mortgage liens
Mechanics liens, property tax liens, federal income tax liens
Judgement liens, federal income tax liens, state income tax liens
Triple net lease
Most states require that trust funds be kept in a non-interest-bearing account unless the beneficiaries request otherwise.
Real estate licensee's trust fund accounts are audited by most states.
A violation of trust accounting is not one of the most common reasons for suspension or revocation of real estate licenses.
Many states require the separate trust fund accounts be maintained for sales transactions and for rents received from property management accounts.
Retaliation against, or intimidation of, anyone making a fair-housing complaint
Discriminatory advertising, sales, or loan terms
Directing people of protected classes away from, or toward, particular areas
Discrimination against children with respect to properties occupied solely by persons 62 years of age or older
None of the above
A dual agency arises if the listing broker becomes an actual or ostensible agent of the buyer.
Conversion is the unauthorized use of another's funds for one's own use.
A listing broker who becomes an ostensible agent of the buyer is not a dual agent
Commingling is the act of placing funds belonging to clients or customers into accounts also holding the agent's funds.
A multiple listing
An exclusive agency listing
An open listing
An exclusive right to sell listing
An assumption mortgage
A subordination mortgage
A level payment mortgage
A blanket mortgage
An easement in gross
An easement appurtenant
An encroachment variance
The seller has given John a counteroffer.
John has accepted the offer, thereby forming an enforceable contract to purchase the house
The seller must accept John's or issue a counteroffer.
The seller need not accept John's offer or issue a counteroffer.
A CMA never considers properties that have not sold
A CMA takes into consideration square footage of comparable properties
A CMA can only be prepared by a licensed appraiser
A CMA is typically not used to help set the list price for a property
Dividing the sales price of the property by the monthly net rental income
Dividing the sales price of the property by the monthly gross rental income
Dividing the sales price of the property by the monthly net income
Dividing the sales price of the property by the monthly gross income
Greg likely is a dual agent.
Greg likely is the listing agent for the house.
Greg likely is a buyer' agent.
Greg likely is Susan's attorney in fact.
Both Susan and the seller are Janet's clients
Both Susan and the seller are Janet's customers
The seller is Janet's principal and Susan is Janet's customer
The seller is Janet's customer and the Susan is Janet's client
Prepayment penalty clause
Partial release clause
Reverts to Bill
Ceases to exist
Vests in Janet for her life
Vests in whoever is entitled to Sally's interest in the estate for the life of Janet
Racial and religious only
Racial, religious, and familial only
Racial, religious, familial, and national origin