MA real estate salesperson National Flashcards

MA real estate salesperson National Flashcards Managing brokerCan be held responsible for all real estate activities of a salesperson Megan's lawYou may suggest to buyers to look at the website showing sex offenders if that is something that would interest them.Violation of Sherman's antitrust actAgents talking about commission rates.A listing agreementIs a service contract Management agreementAgency relationship between a property owner and a property manager A pointEquals 1 percent of a loan Department of housing and urban development (HUD) The property owner who prefers emphasis maintenance of value over profitability.First house is the cheapestThree similar house's are sold in the same area which house sells for the least amount?Agency coupled with interestA broker supplies financing for project and exclusive right to sell completed condos SteeringThe illegal practice of channeling home seekers to particular areas.Helping buyers select a lenderRecommend a mortgage banker instead of a mortgage broker Truth in lending actPrepayment penalties and rebates can not appear in When the seller excepts the offerThe broker earns the commission Selling to a secondary marketA formal appraisal will always be required Home warranty duration.Is as disclosed in the contract that offers the warrant Property inspectionsMust have a need to be completed within the time stated in the contract Complexed mortgageSuggests the buyer to ask a lawyer to furnish the wording Both contracts are validIf you get an offer, then give a counter offer then the counter offer is accepted. A second better offer is submitted.Small houses sell for mostWhen small houses are located around larger houses Federal tax that can be deducted from gross income.Mortgage loan interest, property tax, mortgage loan originated fees.Breaking fair housing practicesCan result in license revocation and criminal prosecution PuffingExaggerated comments or opinions made by a real estate agent It's considered illigalFor a covenant that restricts selected parcels within a defined subdivision GrantorIs the only one to execute a deed "If you feel it is in your best interest, please do."When asked by the buyer if they should get a home inspection, the answer should be.

Regulation ZRegulates advertisements Constructive evictionAbandoning a lease because it becomes unusable.Fannie maeProvides a secondary market for mortgage loans, conventional as well as FHA and VA Ginnie MaeA government-owned corporation within the department of housing and urban development (HUD) Government surveysCannot be used in 13 origins Reverse mortgageWorks best for an older couple trying to tap into the equity of their home.FHA with lead paintRequires the buyer to acknowledge disclosure of the presents of any known lead paint.Gross leaseHas no operating expenses of the leased space SeverenceWhen real property is converted to personal property.Option contractThe contract has been drawn that allows the seller to convey the title if the buyer comes up with money by a specific date Freddie MacCalled the federal home loan mortgage corporation. Similar guidelines to Fannie Mae.Six story office buildingWhich locations would a parking lot sell for the highest?Law suit for inverse condemnationMay only be brought to court by yue home owner A seller's statementDiscloses known latent defect in the house.Water is scarceThe doctrine of prior appropriation most applys to states where Salesperson is an agent to the broker and a sub agent to the principal.Salesperson lists a property with a contract that allows for subagency and dual agency Square footageCompetitive market analysis takes into consideration Merge of titlesCannot create a legal easement FHAFunctions most like an insurance company Antitrust lawsProhibit competing brokers from all of the following except receiving compensation from both buyer and seller ForeclosuresMostly handled by auctions An exclusive right to sell listingBelongs to the employing broker only.Conditional use permit or zoning variance When a land owner wishes to build a grocery store inresidencial area, what is needed to build?The realty agency has a relationship with the builderEntered into an agreement with the builder to find people to sell to Acceleration clauseThis permits the lender to demand immediate payment of the entire note