Part 18
Mavis is a buyer's agent working with Blaine, an unrepresented seller. Mavis's buyer, Cintra, makes an offer on Blaine's property. Mavis assists Blaine with the paperwork. What's Mavis's relationship to the parties?
She's an agent to Cintra, and the seller is her customer.
If you represent the buyer and seller in the same transaction, what type of agency relationship do you have with your clients?
Single-license dual agency
Which one of these situations represents the illegal practice of redlining?
Based on the neighborhood's demographics, Hunter, a mortgage broker, refused to underwrite mortgage applications from applicants who want to buy in specific neighborhoods.
What is done to a landfill that is put out of commission?
It is capped.
What could be a consequence if there were no secondary mortgage market?
Lenders might not have funds available to make new loans to the public.
Benjamin is interested in a piece of property but is curious about its exact legal description. What's one of the best ways to find this information?
Reference a previous property deed.
Select the statement that correctly exemplifies the covenant term.
The covenant of quiet enjoyment promises that the grantee won't be disturbed by a title defect the grantor passes on.
As part of a sales contract, the seller was supposed to provide a copy of the seller's disclosure to the buyer, but the seller failed to do so. What type of contract is this?
Voidable
The Hendersons were hoping to list their home for $400,000; however, four other comparable homes in the neighborhood just went up for sale, and they now must list their property at $380,000 to sell quickly. Which economic principle is at work here?
competition
The Amarals are purchasing the house of their dreams and have plans to stay in it for at least the next three decades while they pay back their conventional 30-year loan. Their primary focus, over the life of the loan, is to reduce their payments as much as possible. What is something that could help them achieve this?
discount points
