A trade fixture.
A bookcase bolted to a family library wall.
A tree growing in the backyard of a single-family home.
A carpet that was custom cut to fix a particular living room.
A preliminary title report identifies the property with an assessor's parcel number, street address, and legal description.
A preliminary title report identifies the current owner of the residence.
A preliminary title report includes an appraisal of the property.
A preliminary title report reveals title policy exceptions, such as property taxes, assessments, encumbrances, liens, and easements.
Ironclad merger clause
The cost of the structure
The cost of the swimming pool
The cost of the land on which the structure was built
The cost of the recreation room
None of the above
A tying agreement.
A broker is responsible for training and supervising his or her salespersons.
A protection clause is a concept developed by the courts to determine the proportioning of commissions among agents involved in a real estate transaction.
Most sales have adopted the Uniform Electronic Transaction Act.
An independent contractor is a person who performs work for someone, but does so independently in a private trade, business, of profession, with little or no supervision from the person for whom the work is performed.
Provide for monetary damages
Allow private individuals to receive back pay
Allow private individuals to receive injunctive relief for violations of its employment requirements
Allow private individuals to receive injunctive relief for violations of its public accommodation requirements
Deed in lieu of foreclosure
Covenant of seisin
Covenant against encumbrances
Covenant of full value
Covenant of quiet enjoyment
U.S. government survey system
Metes and bounds system
Rectangular survey system
Recorded plat system
A lease-option provides that the lessee has the right to purchase the property at the specified price and terms any time prior to a specific date, but has no obligation to do so.
A graduated lease is similar to a gross lease except that it provides for a periodic increase in the rent, often based on the Consumer Price Index.
In an option contract, the optionee grants to the optionor the right to purchase property for a specific sum at any time during the option term without creating an obligation by the optionee to do so.
Under a gross lease, the tenant pays a fixed rental amount, and the landlord pays all of the operating expenses for the premises.
Mutual, communicated by each to the other, in writing
Freely given, in writing, mutual
Freely given, in writing, communicated by each to the other.
Freely given, mutual, communicated by each to the other.
Contract the police
Keep the seller's information confidential because the agent's fiduciary duty to the seller includes loyalty and confidentiality
Disclose this fact to potential purchasers
Only schedule showings after sunset
The heater in the house needs to be replaced.
The guestroom was added without a required permit
The seller is willing to accept a somewhat lower price than listed
The roof leaks over one of the bedrooms, which isn't used by the current owner
Sales comparison statement
Self-contained report statement
Property condition disclosure statement
Land condition statement
Trust fund accounting
Lower FICO scores are required than are are typically required by conventional loans
Relatively low loan amounts insured
The loans are assumable upon approval by the FHA
Relatively lenient PITI ratios
The broker would be entitled to the commission only if the listing agreement is an exclusive right to sell agreement
The broker would be entitled to the commission only if the seller accepts the offer
The broker would have earned the full agreed upon commission
The broker would be entitled to the commission only if the seller accepts the offer within 3 days of receipt of the offer
Defined as the increase in value due to any cause
Referred to as book depreciation
Defined as the loss in value due to any cause
Referred to as functional obsolescence
The zoning commission
The state alcoholic beverage board
The county Board of Supervisors
Responsible party actions
Help ensure public health and safety
Raise revenue for transportation related expenses
Prevent property from remaining ownerless or abandoned
Raise revenue for the state treasury
A periodic tenancy
An estate at will
An estate at sufferance
An estate for years
A trade fixture
None of the above
It is not an antitrust violation for a broker acting alone to refuse to do business except in specific areas.
It is an antitrust violation for a broker acting alone to refuse to do business with another broker.
Under the Sherman Act, the term "group action" refers to three or more persons agreeing to act.
It is not an antitrust violation for two competing brokers to agree not to do business with the broker whom they believe to be dishonest.
Legal because it it entirely accurate.
Legal because it it entirely accurate, and the broker is Jewish.
Legal because it it entirely accurate, and the broker is of Korean descent.
A certain amount of interest paid on a mortgage secured by a principal residence or by a second home
Property taxes paid on the homeowner's residence
Private mortgage insurance premium.
Mortgage loan prepayment penalties
Both statements are correct.
The first statement is correct and the second statement is false.
The first statement is false and the second statement is true.
Both statements are false.
Privity of estate
Privity of contract
Profit a prendre
An express, bilateral contract
An implied, unilateral contract
An express, unilateral contract
An implied, bilateral contract
Change in law
Steep drop in the value of real estate
Loss of license
A designated agent i 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 is an agent who represents only one party in a given transaction.
A universal agent is an agent given power of attorney to act on behalf of a principal for unlimited range of legal matters.
Ostensible agency is created when a principal intentionally, or by want of ordinary care, causes a third person to believe another to be his agent who is not actually employed by the principal.
The amount to be charged to a borrower for paying off the loan faster than scheduled payments call for
That when the loan debt has been fully paid, the lender must release the property from the lien so that legal title free from lien will be owned by the borrower
That the mortgage or deed of trust will have the lower priority than a mortgage or deed of trust recorded later
That the purchaser agrees to be primarily liable on a loan that was taken out by the seller
If a feature of a comparable is inferior to the same type of feature in the subject property, then the difference in value of features is added to the comparable property
If a feature of a comparable is inferior to the same type of feature in the subject property, then the difference in value of features is subtracted from the comparable property
Similar properties that were sold through short sales are used
Similar properties that were sold at foreclosure sale are used
Market data approach
Replacement cost approach
Real estate taxes
None of the above
Must have verbal authorization from the receiver of the calls
Can be made to any person with whom the caller has an established business relationship
Can only be made to wireless numbers
Must have an opt-out mechanism
Refusal to loan in particular areas
Representing that prices will decline, or crime increase, or other negative effects will occur because of the entrance of minorities into particular areas
Conduct against a person because such person has been convicted of the illegal manufacture or distribution of a controlled substance
Discriminatory access to multiple listing services
Who actively participates in the activities of a business not invested in.
Who does not actively participate in the activities of a business invested in.
Who does not actively participate in the activities of a business not invested in.
Who actively participates in the activities of the business invested in.
An exclusive agency listing
An open listing
An exclusive right to sell listing
None of the above
Properties that were once used as brothels
Properties located in floodplains
Properties with defective heaters
Properties with leaky roofs
In a few states, an agent's compensation is fixed by custom.
A buyer's agent can only receive compensation from the buyer.
The source of a real estate agent's compensation does not determine representation.
A few states do not require brokers to inform parties to a real estate transaction as to whom the broker is representing.
Equal to the index minus the margin
Equal to the index plus the margin
Often referred to as a teaser rate
Often referred to as an adjustment rate
A servient easement
A dominant easement
An easement apurtenant
An easement in gross
None of the above
Legal because private clubs are exempt under the FFHA
Illegal because no private club is exempt under the FFHA
Legal because the federal government does not restrict the activities of private clubs
Illegal because for-profit private clubs are not exempt under the FFHA.
A complete chronological history of all documents affecting the title to a property
A statement by the title insurance company of the condition of the title and of the terms and conditions upon which it is willing to issue a policy
A duplicate of county title records maintained at title insurance companies for use in title searches
A court proceeding intended to establish the true ownership of a property
The execution of the contract
The object of the contract
A meeting of the minds
The consideration of the contract
You do not have to pay the bill because there was no mutual consent ----no "meeting of the minds."
You do not have to pay because you never made a promise to do so.
You do not have to pay because you were not informed of the cost and never agreed to pay it.
You owe the ambulance company the amount of their bill.
The equal dignities rule
It may be a joint tenant
It may be a tenant in common
It may have ownership in severalty
It may have joint ownership
Date of last sale
That property value will rise
That interest rates will remain constant
That insurance rates will remain constant
Negative cash flow
The broker's appointment as the agent is irrevocable
The seller may terminate the listing because agency is a personal relationship based on trust and confidence
The seller may terminate the agency because of the conflict of interest
The broker is what is referred to as a designated agent
Pay for an inspiration of the dwelling unit
Provide the buyer with an EPA pamphlet titled "Protect You Family From Lead In Your Home"
Offer the prospective buyer 5 days to inspect for lead-based paint hazards
Offer the prospective buyer 3 days to inspect for lead-based paint hazards
Dividing the investor's cash flow (net income minus financing charges) by the investor's actual cash investment
Dividing the annual net income by the purchase price of the property
Dividing the purchase price of the property by the annual net income
Dividing the annual gross income by the purchase price of the property
Reconciliation, trust fund shortage
A commingling, conversion
Reconciliation, trust fund overage
Liquidated damages clause
Protects the borrower up to the amount of principal outstanding on the loan
Protects the borrower up to the purchase price of the property
Protects the lender up to the purchase price of the property
Protects the lender up to the amount of principal outstanding on the loan
None of the above