National Indiana Real Estate Exam Help 2023 Flashcards

National/ Indiana Real Estate Exam Help 2023 Flashcards ONLY if the seller cannot give clear title to the propertya broker may legally refuse to accept a listing The lease is not terminated and the buyer does not take possession until lease expiration A tenant executes a 1-year lease on a residential property.FIve months later the landlord sells the property to a third party who wants to take procession. If the lease is silent which of the following best describes the status of the lease?no, because quiet enjoymentA landlord used their master key to enter rental(s) without consent from the tenant(s). Are they allowed to do this?Death of offeror/offereeWhich of the following will not terminate an offer to purchase real estate?Of the possibility of contamination and suggest the offer be written only subject to a satisfactory environmental report.The buyer is interested in opening a day care center in the city. A large, vacant lot near the manufacturing district is available. The city is encouraging more day care and has stated they will happily grant a variance. The buyer's agent should advise the buyer The lease agreement was NOT accepted.a landlord provided a signed copy of a lease agreement to a potential renter. The renter reviewed the lease forms and made updates to a date on the time concerning the security deposit to ensure he would have the necessary funds the date deposit was due. Another agent working in the property management firm revised the issue agreement and installed the changes but never finalized the document.What was the final result of this lease agreement?when the buyer is using an FHA loan to purchase An appraisal made by a certified appraiser is required Be subject to license revocation or suspension A licensed broker, acting as a real estate appraiser, accepts an appraisal assignment based on a predetermined value. The broker may the owner AND broker are liable for professional negligence A real estate brokerage firm provides property management services to the owner of an apartment complex. During their business relationship, the apartment building catches fire and 3 tenants die. The surviving family members sue the owner of the apartment complex as well as the property management company for wrongful death, alleging negligence in the maintenance and control of the apartment building, as well as failure to keep the property safe. Who would be liable in this scenario?Special WarrantyA buyer is purchasing a bank owned property. The broker explains the type of deed she will be receiving only promises that the bank has the right to sell the property and that they have not encumbered it. What type of deed will

the buyer most likely receive?failing to account for documents belonging to the client that have come into the licensee's possession which of the following would constitute an "incompetent practice" by a licensee

limited liquidityOne of the major disadvantages of real estate as an investment is that fixtureAn owner has a freestanding cabinet that was custom-built to fit an alcove of the living room. When the owner sells the home, the cabinet will be BEST described as GROSS leaseA broker's license has a tenant client who wishes to minimize any future increase in expenses for the office space she is interested in leasing. What type of lease should the broker recommend?Advising the seller to obtain advice about material matter beyond the licensee's expertise A licensee representing a seller has which of the following duties Revocation of an offer if not met within time specifiedA purchase agreement will not be terminated EXCEPT for the following reason Covenant20x22 garage must be attached to house in a subdivision.This type of regulation is?clientTo an individual who you are representing they would be considered the

• yearsThe Commission has revoked a broker's license. How

many years MUST the broker wait to reapply for a new license The broker must inform the sellers that she has a duty to disclose these material facts even if the seller prefer not to disclose A broker has listed a home in a horse property area that is now surrounded by suburban residential subdivisions with much smaller lots. The listed property immediately adjacent to a new subdivision and the city is demanding that the road separating the listing from the residential lots must be paved. There have been neighborhood hearings regarding a proposed special assessment affecting both the horse property owners and the subdivision developer.Condemnation of some land to provide enough space for the road plus sidewalks is also being considered. Since there have been no formal actions on either of these proposals, the sellers instruct the broker not to disclose the meetings to any potential buyers .What are the broker's obligations?Upon Signing of AgreementA broker listed a home. The listing agreement must be delivered to the owner Yes, because this practice would be permissible with the seller and buyer's written permission The buyer gave the broker an earnest money deposit of $5,000. As closing was approaching, the buyer discovered he needed $2,000 back in order to pay a charge card and get his debt to income ratio where it needed to be to obtain the loan. The broker wrote him a check for $2,000 from the trust account. Is this acceptable, why or why not?Must be licensed through sponsoring broker If a person is a licensee, but not a broker, that person It is impossible for one of the parties to performA contract Is terminated if

Inform seller Y that it is her responsibility to complete the form Broker X is meeting with Seller Y to list her family house of 60 years. Seller Y's sight is failing and she does not want to fill out the Seller's Residential Real Estate Sales Disclosure form. Broker X is obligated to buyer can rescind first offer and accept second offerA seller made a counteroffer to a buyer and has agreed to keep the offer open for a set period of time. Meanwhile a second buyer makes the seller a higher offer. Which statement is true?Nothing can be done because the seller isn't obligated to sell Fred had right of first refusal and the seller decides not to sell prefabricated homesExample of modular construction Direct the seller to terminate the purchase agreementAfter submitting an offer to purchase to the seller, the buyers informed their broker that they changed their mind, the Realtor must Recommend that they consult a real estate attorney about the best way to ensure this outcome An elderly couple is represented by a broker who does not hold any professional license other than the broker license.The couple finds a home they want to purchase and ask their broker's advice about how to take title, explaining that they want to be sure that when one of them dies, the other will automatically become the sole owner of the home. It would be MOST appropriate for the broker to broker could collect a commissionThe listing broker brings the seller an offer from a buyer customer that meets all the requirements of the listing agreement. The seller decides NOT to sell. This means that The managing broker may be held accountable for any actions of the broker In a case of alleged illegal conduct by a broker in the course of a real estate transaction, which of the following statements about the managing broker is TRUE?The seller has the right to terminate the contract and keep the earnest money deposit Buyer and seller enter into a contract. The buyer refuses to purchase for a reason not excused by a contingency.Which statement is correct At least 3 days prior to loan consummation Federal rules require closing disclosure documents provided by lender. Broker should counsel the borrower to review document and compare it with the Loan Estimate document. Closing disclosure should be received by the homeowner buyer initiates cancellation so he will not be in defaulta seller has agreed to sell a property that has been in his family for decades. His broker finds a buyer and they enter into an escrow with a closing date 45 days after acceptance. Seven days before the escrow is to close, the seller receives another offer from a distant relative that is substantially higher than the current buyers offer. Which of the following is the most favorable outcome for the seller if the buyer cannot close as expected and the contract included the expression "time is of the essence"