MOSELEY PSI REVIEW Flashcards

MOSELEY PSI REVIEW Flashcards According to the text, which of the following is the most important element of a deed?Legally accurate property description Which of the following advertisements may contain a link to a required disclosure?D.all of the aboveA.a firm web pageB.an email from a broker to a prospective clientC.a posting on an Internet bulletin board by a broker regarding real estate servicesD.all of the above Jill is selling her property to Carl. After they agreed upon a sale price they both signed the sales contract. Carl is reviewing the disclosure form, which shows the septic system is in the process of being repaired. There is a waiver attached to the property due to the failed septic system. What options does Carl have regarding the purchase of Jill's property?d.Carl is allowed to back out of the contract and get his full deposit refunded The owner of residential real property who has actual knowledge that the dwelling unit is a "repetitive risk loss" structure must disclose this fact to the purchaser, what is the owner disclosing?If the owner has had to file claims against the home warranty on multiple (2 or more) occasions Kim has a listing agreement with Agent Garcia. Agent Garcia and Kim draft the listing on Thursday and, in accordance with Kim's wishes, they plan to publicly advertise the listing on Monday after Kim returns from an out of town trip. Agent Garcia knows the weekend is the best for selling Real Estate and decides to add Kim's listing to the MLS on Saturday morning. Is Agent Garcia ok to do so?a.Agent Garcia has violated license law Which of the following would NOT be considered an encumbrance on a property?Title insurance Mrs. Heckler bought a unit in a condominium apartment complex directly from the developer. She most likely

received a:

Fee simple absolute interest in her unit The Virginia Property Disclosure Act applies to all of the

following transactions, except:

c.New home construction How long must a broker keep copies of escrow records?b.5 years from the date the transaction was originated A real estate salesperson's license may be revoked if the

licensee:

b.Advertises a listing at lower than listed price What is an example of a tax benefit that business entities holding real estate may be eligible for?.Depreciation deductions What do agents who represent seller clients owe to unrepresented prospective buyers?D.All of the aboveA.HonestyB.Disclosure of all known material adverse factsC.Disclosure of brokerage relationshipD.All of the above

The Commonwealth of Virginia (including counties, cities and towns) is required to take which of the following actions to protect the Chesapeake Bay area and the surrounding public waters of this area?

• all of the abovea.Incorporate water quality protection

measuresb.Establish programs to protect the bay areac.Provide financial and technical assistance to protect the bay area A tenant and landlord enter into a six month lease on July 1, 2016, to expire on December 31, 2016. Which of the following statements is correct?The lease will terminate on December 31, 2016

What is wrong with this advertisement: "3 bdrm, 2 ba,

$75,000. Ann Agent. Broker XYZ. Phone 123-4567"?d.Nothing In which circumstance would a broker be guilty of commingling funds?d.Placing rental security deposits in the same account as the property operating funds What is a mineral deed used for in real estate transactions?To transfer subsurface minerals, such as oil, gas, or coal.

A broker may place a sign on a property when he: a. Has the owner's permission

Sellers are required to provide buyers with a residential property disclosure statement, is there a required format?Yes, the disclosure statement provided must be the one found on the VREB website Salesperson Ben and Salesperson Gina, both licensed real estate agents, are brother and sister. Gina gets in a pinch with a personal appointment and can't show her clients a property at the time they specified. Gina asks Ben to show the property for her and she will split part of her commission with him if the deal closes. Is this a good arrangement?d.This is not a good arrangement and would violate license law Which agency duties is a standard agent held to when representing a client?a.All agency duties Which of the following limits how property may be used and can influence the value of the property?b.Zoningc.Deed restrictions Which of the following statements is true regarding the Multiple Listing Service?c.It can refuse to accept open listings Which of the following must establish an escrow account?d.Both B and Cb.Firms holding money for othersc.Firms holding property for others As a property manager, a broker should maintain a bank account for money that belongs to the owner. How is this account identified?c.Operating account "Defective drywall" is drywall designated by the US Consumer Product Safety Commission to be a substantial product hazard, OR drywall that contains elemental sulfur exceeding 10 parts per million. If a property has defective drywall what must be provided to a potential buyer?b.A written disclosure regarding the defective drywall A buyer gives her salesperson a note, payable at settlement, as an earnest money deposit for a home. The salesperson must do which of the following actions?c.Put this information into the written offer What is the equivalent of one square foot? 144 SQ INCHES Which property description was used to facilitate western expansion in the US?a.government surveyb.rectangular

Which of the following statements is true about real estate advertising?a.It must be supervised by the principal or supervising brokerb.It must be in the name of the firmc.The firm's licensed name must be clearly and legibly displayedd.All of the above How are easements different from encroachments in their effect on property titles?a.Easements directly affect property titles, while encroachments do not.What is NOT a physical characteristic of land? fixity In comparing condominiums and cooperatives, what is the difference in how the units are provided to the tenants?Condominium = unit ownership and Cooperatives = unit leases Jack the Broker sends an email to Mike. The email describes the real estate services Jack provides and encourages Mike to call for more details. Jack makes the required disclosures in the middle of his email, in bold

lettering. Jack's email:

c.Complies with the regulations Which of the following actions is NOT a violation of Virginia License Law?a.Refusing to cooperate on the sale of property listed exclusively Mary and John are co-owners of property. Mary dies, but left her legal interest in the property with Dick and Jane.What type of ownership did Mary and John have?tenants-in-common Why are mineral, air, and water rights often conveyed separately in real estate transactions?To maximize the value and efficient use of each right.The government can take private land and use it for a public purpose through their power of eminent domain, when this happens what type of easement is created?d.Both A and Ca.Easement by operation of lawc.Easement by condemnation