Charles Barnes Real estate exam prep Flashcards

Charles Barnes Real estate exam prep Flashcards Cooperatives (n)a business or organization owned equally by all the people working there [=co-op] a proprietary lease in a physical unit Estate at sufferanceType of "lease" created when a lessee wrongfully retains possession after the lease term has ended.An owner transfers title to a property to a buyer in exchange for a motorcycle. This is an example of Voluntary alienation Encumber a propertyPledge the property for collateral for debt Littoral RightsNavigable, lakes, seas, ocean Which of the following is an essential element of a valid contract for the sale of real estate?An offer and acceptance An estate at willterminates on the death of lessor or lessee.A person wishes to convey any and all interests in a property to another without assurance of the propertyG??s marketability. This party would most likely use which of the following types of deed A quit claim deed An agent is operating as a disclosed dual agent on a transaction. In this case, the agent may not represent one party's interests to the detriment of the other.

: A broker obtains an exclusive listing to sell a house, but

after two months, he abandons the listing because the seller is too demanding and hot-tempered. What can the seller do in this situation?Sue the broker for money damages On two adjacent properties, there is an easement that allows property A to use the driveway that belongs to property B. Here, property A is said to be which of the following in relation to property B?Dominant tentant

: Which of the following is true of a contract for deed

transaction At the end of the contract period, the vendor conveys legal title, provided the vendee has fulfilled all obligations Real estate sales agents are legally authorized torepresent their employing broker in procuring clients and customers

Q: When a tenant acquires a leasehold estate through a

lease, what does the property owner acquire?A leased free estate In executing a condominium lease, a tenant has acquireda temporary possessory interest

: A clause in a sale contract stipulates that the seller must

provide evidence that the property is free of active termite infestation. On the day of closing, the buyer learns that inspection service did not provide the required written documentation. The buyer then proceeds to declare that the sale is off. Which of the following is true of this situation?The buyer may be able to have the contract canceled.Which of the following circumstances is the most likely scenario for a ground lease?An owner-developer wants to retain ownership of the land portion of the improved real property.

: An encroachment isan unauthorized physical intrusion of one property into

another.Legal life estatea life estate created by the action of law Which of the following may associate his or her name or title with the term "Realtor-«"?

A: Only members of the National Association of Realtors-«.

A principal instructs an agent to market a property only to families on the west side of the university campus. The agent refuses to comply. In this case

: the agent has not violated fiduciary duty.

Implied agency arises whena party creates an agency relationship outside of an express agreement.: Which of the following is true of easements in general?They involve the property that contains the easement and a non-owning party.

: A salesperson, without an oral or written listing

agreement, brings potential buyers to the seller. The seller says, "You can bring me buyers if you want, but I'm not paying you a commission." The salesperson then continues to direct buyers to the property. Which of the following is true about this situation?An implied agency may have been created, with obligations to perform for both seller and agent.How does the position of an independent contractor licensee (IC) differ from that of an employee licensee?The IC is responsible for his or her own taxes; the broker does not withhold Which of the following business entities is generally prohibited from brokering real estate?Non profit organizations ( it's not legally entitled to generate profit) An adverse possessor must be able to successfully demonstrate that he or she has been

: openly possessing and claiming the property without the

owner's consent.In accordance with the statute of frauds, The buyer Several buyers are competing for the last available home in a desirable new subdivision. One buyer calls the owner-developer directly on the phone and offers $20,000 over and above the listed price. The developer accepts the offer. At this point,

: the parties have completed a verbal, executory contract

Agent Gerry has executed an exclusive buyer broker agreement with the Andersons. The agent subsequently places an offer with Melinda, the exclusive selling agent for the Lincolns, to buy their lakefront property. The offer contains provisions for the Lincolns to pay the brokerage commission, which the Lincolns agree to. Given this set of circumstances, Gerry owes the full set of fiduciary duties to The Andersons estate in landA real property interest that includes the right to possess The agency relationship is defined by: the laws of agency, or in some states, by statute The meaning and salient characteristics of the agency relationship should be disclosed to the client prior to completing a listing agreement

: A real estate salesperson finds a buyer to a For Sale By

Owner property. The home sells for $245,000, and the seller agrees to pay a commission of 3%. The salesperson is on a 65% commission schedule with her broker, who

pays her 65% minus office expenses of $500. How much will the salesperson receive from this transaction?

$4,278.00

A landlord promises to compensate a broker for procuring a tenant, provided the broker is the procuring cause. This is an example of a Open rental listing

A subagent is the agent of: a broker who has an agency relationship with a client.An owner agrees to pay a broker for procuring a tenant unless it is the owner who finds the tenant. This is an example of a(n) exclusive agency agreement From an agent's point of view, the most desirable form of listing agreement is a(n) An exclusive right to sell An owner's agent is showing a buyer a residential property for sale. The buyer notices water stains on the foundation walls and floor, and informs the agent. The appropriate course of action for the agent is to Inform the seller What is a multiple listing?A listing that is entered in a multiple listing service to enable cooperation with member brokers.

: A judge rules in favor of the creditor in a court proceeding

and places a judgment lien against all the debtor's assets, including his real property. This is an example of a(n Involuntary general lien

: Which of the following types of leasehold estate lacks a

specific term?Estate at Will A tenant transfers a portion of the leasehold interest to another party. The instrument that accomplishes this transfer is a Sublease tenancy in commonform of co-ownership in which the shares may be unequal and there is no right of survivorship they can sell or transfer rights at anytime w/O consent of others

: The only clause that is actually required in a deed is theA granting clause

Personal PropertyMovables, which are not annexed to or part of, the land; also referred to as chattels.One of the parties to an agency relationship defaults, and the agreement terminates. Which of the following is true?The defaulting party may have a financial consequence.

: A salesperson makes a listing presentation to a

homeseller and obtains a signed listing agreement. The first thing the salesperson must now do is submit the listing to the broker for approval and signing.

: A property owner agrees to pay a broker an open-ended

commission as the difference between the sale price and a net amount, provided the owner receives a minimum amount of proceeds from the sale at closing. This is an example of a(n) Net listing A buyer agent or tenant representative should disclose his or her agency relationship to the owner's agent Upon initial contact A buyer makes an offer to purchase a house, and the seller accepts the offer. Both parties sign the sale contract, but the buyer fails to provide an earnest money deposit. What are the seller's obligations to the buyer?None. There is no valid contract.A property seller empowers an agent to market and sell a property on his behalf. The kind of agency represented is Special agency