Trees real estate exam Flashcards

Trees real estate exam Flashcards Why do real estate sales contracts have to be in writing and signed to be enforceable?The statute of frauds If a contract of sale was entered into because of misrepresented facts, The contract is what Voidable Who is responsible for ensuring the personal property of the renter Tenant To be valid a contract must have all the following elements except Earnest money Amelia arrowhead owns a home by herself. She is a whatTenant is severalty You are an affiliate broker who has listed a property for a neighbor. You have an exclusive right to sell listing agreement. Which best describes your relationship with the seller?The seller is your client A mortgage loan which is not paid in full by the end of the term and requires a larger final payment is called what Balloon mortgage loan A single woman owns property. Upon her death, intestate, her property will usually pass to Her heirs as prescribed by the state law of descent A mortgage where the borrower is required to pledge his home and all his furniture and appliances at security is known as what A package loan A real estate salesperson who makes an exaggerated statement of opinion regarding a parcel of property is probably Puffing A loan with low payments initially that increase each year until it commences to amortize is known as A graduated payment loan Mr J has a life estate, willed to him by his parents. He wishes to sell the property to Miss C. If the sale takes place which of the following statements is most correct Miss C Will have ownership for as long as Mr. J lives A buyer purchased a home located in the SFHA. The lender requires that the buyers purchase flood insurance.When does the flood insurance policy become affective Immediately upon transfer of title You have just given an option to buy your house to your neighbor. Which of the following statements does not correctly describe your agreement You will have to return the option fee to your friend if he does not buy the property Mr. and Mrs. Sam wish to sell their home and desire no further liability in connection with the title there with. They will deliver what type of deed Quickclaim deed Which of the following is not a duty of an agent to a client?Duty to obey all instructions The buyer paid cash for their home. At closing, they also purchase flood insurance and homeowners insurance.When do the insurance policies become effective.The flood insurance is effective after 30 days

An affiliate broker is allowed to represent both the seller and the buyer in the same transaction when If both parties are informed and have written consent to the broker Which of the following statements is not true concerning title insurance Premiums are payable annually A large company announces that it will relocate one of its corporate offices, along with 2000 employees, to a different city. What effect all this announcement most likely have on the housing market in the new location?Houses will likely become more expensive The sellers have moved out of their home while it is still for sale. The listing agent should suggest that they Notified their insurance agent Specific performance is whatA court action to make a default party perform the terms of a contract Miss Gains, seller, has agreed to finance part of the purchase price, in lieu of receiving cash. This transaction created is called what Purchase money loan A deed having all of the covenants invest protects the grantee is known as what General warranty deed which is most likely to increase the demand for real estateAn increase in employment levels and wage schedules A broker must place earnest money in his Trust account A small community near major city has experienced a period of significant over building of office buildings. This will likely lead to what A decrease in the cost of renting an office A net listing isIllegal Which responsibility is NOT included in the list of fiduciary responsibilities of the broker/ affiliate broker to the principal?Courtesy With three times as many homes for sale in one section of town as there were this time last year, house prices can be expected to what Begin to show a reduction in price A licensed salesperson acting as an independent contractor with a licensed broker is Responsible for paying his/her own income taxes Affiliate broker Jamie has listed Lucy's house and has a signed exclusive right to sell listing agreement. A potential buyer, Shirley, talk to Janie about purchasing a home.Lucy's house meets Shirley's requirements and Janie shows Lucy's house to Shirley. And this showing Janie is a A seller's agent working with an unrepresented buyer The supply of real estate is most directly affected by whatConstruction costs To subordinate means to regulate one's position of priority.To accelerate means what To demand the payoff of the loan when the borrower defaults Miss Jones owns property and has the full right to sell, lease, mortgage, will, or otherwise possess or dispose of the property in anyway she wishes. She has a what Fee simple estate The type of listing contract that a seller gives to one firm, yet the seller retains the right to find a buyer himself/herself and not pay a commission is a Exclusive Agency agreement

One who is authorized by a principal to represent the principal in a specific range of matters is General agent If those same for friends purchase the property at the same time, with equal shares of ownership, equal rights of possession, all named on the same deed and with automatic right of survivorship stated in the deed, which form of tenancy would they hold Joint tenancy A buyer who is prepared to buy on the seller's terms and is ready to take positive steps toward consummation of the transaction is A ready, willing, and able buyer A parcel of land, rectangular in shape, is 600 feet across the front and back and 1,800 feet deep on each side.Approximately how many 2 acre lot can be sold allowing 20% of the total area to be reserved for streets 10 Four friends desire to purchase land for a hunting lodge.Each is married with children and they wish to ensure that their respective families will receive their portion of the property upon the death of each. Which of the following tenancies would be most appropriate Tenancy in common Bob Green, a licensee with Edwards Realty, is working with a buyer and the purchase of a home listed with another real estate firm. Bob and the buyer have not entered into a written designated agency agreement. What is Bob Bob is a facilitator Which of the following statements is untrue about VA loansThey are available to non-owner occupants Which of the following statements does not correctly describes fiduciary A fiduciary is a neutral third-party A real estate contract is whatBilateral and executory A listing giving the firm the right to a commission regardless to who finds the buyer for the property is a Exclusive right to sell listing agreement A listing broker is usuallyA special agent Tennessee has not adopted a uniform vendor and purchaser risk act. How then is the seller made liable for the damage to the property that may occur before closing By a risk of loss clause in the sales agreement Compensation to an affiliate broker is set by an agreement between The principal broker and affiliate broker in the independent contractor agreement At home is located in the SFHA. What is the nation have any effect on its market value Might reduce the market value of the property because of increased insurance cost What must be provided before an insurance agent can provide a quote for the cost of flood insurance Elevation certificate FNMA is the largest participant in which market Secondary A sales person with Ajax Reality desires to sell a property without including the firms name in the advertisement. This is allowed when The sales person actually owns the property and sells it as for sale by owner Lease also, to be enforceable, must be in writing ifThe lease is up for a period greater than a year

Which type of real estate activity does NOT require a real estate license Appraising property The amount of real estate commission that is paid to a broker is Only from his/her principal broker All the following are commercial real estate transactions except what A fifth floor residential condominium unit for rent If a seller hires any number of brokers to find a buyer for his property and the seller agrees to pay only one commission to the broker who finds a ready, willing, and able buyer acceptable to the seller, then the seller has given a Open listing Which of the following is a RealtorA real estate licensee who is a member of the national Association of realtors A drunk sign is a real estate contract to purchase a shopping center. You question his ability to sign such an agreement but go ahead and submit the offer to the seller who accepts. Which of the following is most correct?The vendee May be released if he can prove his incapacity Recording of a deed provides whatConstructive notice And offered to purchase becomes a contract when it is excepted by what The offeree A farmer is nearing retirement. He intends to divide his 50 acre farm selling 20 acres to the residential home developer and give him the remainder to his son. This process of dividing the land is called what Subdivision Laws designed to preserve the free enterprise of the open market place by preventing illegal conspiracy in combinations are what Anti-trust laws A single agent isA broker representing either a buyer or a seller, but not both in the same transaction.The written agreement between the broker and the licensee describing the obligations and responsibilities of the relationship is called Independent contractor agreement A broker presents his seller with a written offer to purchase.The broker is responsible for what Explaining the advantages and disadvantage is of the offer to the seller The owner of a 50 acre tract of land decides to sell it. The appropriate asking price will be determined primarily by what The specific supply and demand for real estate in the area An affiliate broker may receive real estate compensation from Only from his/her principal broker Assume a veteran was a VA loan at 11 1/2%. If a lender is wanting an 11 7/8% return, then which of the following statements is most appropriate The veteran can pay the lender three discount points A fence belonging to Miss Polly Wally, but accidentally trespassing onto the property of her neighbor, Miss I'm a jerk is an Encroachment