RE National Exam Q's Misssed
Two essential elements of a deed are the ______. Grantee's signature and the habendum clause Grantor's signature and conveyance clause Grantor's signature and grantee's signature Habendum clause and the habeus corpus clause
Grantor's signature and conveyance clause
Marion gave her granddaughter Sheila the deed to a brand new home, on the condition that Sheila complete her PhD in astronautics. When Sheila dropped out of school and got a job as a greeter at a big box store instead, Marion ______ to regain ownership of the property. Had no recourse Had to purchase the property from Sheila Had to take legal action Wasn't required to take any action
Had to take legal action
Which of the following is a legitimate and legal way that an exclusive right-to-sell listing agreement may terminate without the seller owing a commission? The listing agent stops working on the listing. The seller decides to sell the property without an agent. The seller has a change of heart. The seller locates a buyer.
The listing agent stops working on the listing.
Juan secures a fixed rate amortized 30-year loan for $295,000 at 4.25%. If his monthly P&I payment is $1,750, how much interest does he pay in the second month of the loan? $1,038.59 $1,042.29 $1,044.79 $1,750
$1,044.79 In the first month, Juan pays $1,044.79 in interest ([$295,000 x .0425] ÷ 12). His monthly payment (stated in the question) is $1,750, so that means he paid the principal down $705.21 ($1,750 - $1,044.79). His new principal balance is $294,294.79 ($295,000 - $705.21). We use the new principal balance amount to calculate interest for the next month. Juan pays $1,042.29 in interest ([$294,294.79 x .0425] ÷ 12).
Harold's clients signed the real-estate contract a couple of days ago, but the seller wishes to change the amount they are going to contribute to closing. What type of contract addition will likely be used to convey the change? Addendum Amendment Inspection Pro-rata
Amendment
The appraisal on Jean's property came in at $22,000 less than the agreed-upon sales price, so the buyer, Thomas, wants to renegotiate the terms. If they can come up with a new price that is satisfactory to both parties, what will they use to document this? Addendum Amendment Annotation Appendix
Amendment
Which of the following is true about ownership or title to a property? Constructive notice to the public of real property ownership occurs when the deed is recorded. The last to record has priority. The seller is responsible for paying for owner's and lender's title insurance. Title isn't finalized until the deed has been recorded.
Constructive notice to the public of real property ownership occurs when the deed is recorded.
Leon and Beth own 1/13 of a timeshare estate. They own weeks 20 and 21, and also weeks 40 and 41. These weeks are inheritable. What type of ownership is this? Estate for life Fee simple Leasehold estate Periodic estate
Fee simple
Which document is used to give a buyer an overview of the title history and information about what is or isn't covered in an insurance policy? Abstract of title Guarantee of title Preliminary report Title insurance
Preliminary report
Which one of these is an example of the doctrine of estoppel? Corrie shows Marvin several properties and prepares CMAs for each. She assists him in making an offer on one. He becomes difficult to work with, and she then says she's not his agent because they don't have a signed agency agreement. Josie represents Carmine in his search for a rural property. Josie shows Carmine a property that's perfect, but she never hears from Carmine again. She then discovers that Carmine bought the property directly from the seller. Roark tells all his buddies at coffee that he's getting $600 a month rent out of his old barn. His best friend just shakes his head, knowing that Roark is only getting half that amount. Tonya tells Kinsey that she's a licensed agent and proceeds to represent Kinsey as a buyer's agent. Kinsey later discovers that Tonya isn't licensed.
Corrie shows Marvin several properties and prepares CMAs for each. She assists him in making an offer on one. He becomes difficult to work with, and she then says she's not his agent because they don't have a signed agency agreement.
With the cost approach to value, what is the replacement cost? Cost of the materials used in construction Cost to build a functionally equivalent improvement Cost to build an exact replica of the subject, with the same materials and deficiencies Cost to buy the property
Cost to build a functionally equivalent improvement
Don and Becky realized too late that the contract they signed for the sale of their home didn't include any language about a rent-back if the home they're building isn't ready in time. What can their listing agent do? Create a contract addendum with the required language. Create a contract amendment with the required language. Create a counter-offer to present to the buyers. Terminate the contract on Becky and Don's behalf.
Create a contract amendment with the required language Once a contract is signed, the document to use to alter the terms is a contract amendment.
When a borrower first obtains a mortgage, which portion of PITI receives most of the mortgage payment? Insurance Interest Principal Taxes
Interest
Gregory is a widower who subsequently remarried. The couple lives in a large house Gregory owns in severalty. When they decide to downsize, Gregory grants an ordinary life estate in the property to his daughter from his first marriage, Giselle. He names Giselle's son Will as remainderman. When will the property revert to Gregory's current wife, Dora? Never Upon Giselle's death Upon Gregory's death When Giselle violates the condition of ownership Gregory specified
Never
Brandon has a right-to-use timeshare. What can he NOT do with this type of timeshare? Allow a friend to use his week. Pass the timeshare on to an heir. Purchase an additional week if it becomes available. Try to exchange weeks with another timeshare holder.
Pass the timeshare on to an heir.
A brokerage firm that hires licensees as employees instead of as independent contractors must ______. Advise the state licensing regulators of the non-traditional working relationship Avoid controlling their activities too closely to ensure proper worker classification Offer incentive bonuses to ensure a motivated workforce Pay licensees a regular salary regardless of the revenue they generate
Pay licensees a regular salary regardless of the revenue they generate
Regina purchases a farm with 80 acres and owns her property in severalty. What does this mean for the company that purchased the mineral rights from the previous owner? Regina and the company that purchased the mineral rights are automatically tenants in common, since they share ownership of the property. Regina didn't purchase the mineral rights, which have been severed from the property by the previous owner. Regina included the mineral rights in her purchase agreement, since she could not otherwise own the property in severalty. Regina is the sole owner, and the company must accept a fractional portion of the sales price in return for forfeiting the mineral rights.
Regina didn't purchase the mineral rights, which have been severed from the property by the previous owner.
The legal description of the project, easements that run with the land, and street and traffic patterns are all under consideration when a local planning board ______. Calculates the developer's project application fee Considers granting a special use permit to a developer Reviews a developer's project plat Reviews the zoning for a developer's project
Reviews a developer's project plat
Henry submits an offer on a condo and includes an earnest money check for 10% of his offer, which the seller accepts. Later on at closing, he brings a cashier's check for $34,450 (comprising the remaining half of his 20% down payment and $7,950 in closing costs). What's the condo's purchase price in whole dollars? $132,500 $265,000 $344,500 $88,333
$265,000
How many acres are in a parcel described as, "The E 1/2 SE 1/4 NE 1/4 Section 3, Township 4 North, Range 2 East of the 6th PM"? 160 20 40 80
20 This legal description defines half of a quarter-quarter section. A quarter-quarter section is 40 acres; half of a quarter-quarter section is 20 acres. Alternatively, multiply the three fractions' denominators (2 × 4 × 4) and divide into 640 (640 ÷ 32 = 20).
The Gatlins' lender tells them they can afford a monthly payment of $1,830 on their new home loan. What interest rate are the Gatlins getting if this is an interest-only loan with a principal balance of $349,000? 0.524% 5.24% 6.29% 6.39%
6.29%
When real estate licensee Brian discovered that real estate licensee Arnold was using a "Choose Your Neighbor" letter to market a property without also listing the property in the MLS, in the local paper, or even putting a for sale sign in the yard, what charge could he bring against Arnold to the National Association of REALTORS®? A charge of agreeing to discriminate by limiting access to the property A charge of misrepresenting the property for sale A charge of not fulfilling his fiduciary duties to his client by not conducting a complete marketing plan A charge of unfair practice because his mother did not get one of the "Choose Your Neighbor" letters
A charge of agreeing to discriminate by limiting access to the property
Your brokerage firm uses pre-printed sales contract forms, but your seller, Marcus, wants to add some language about staying in the house and renting from the buyer for a month after closing. What should you use to add this information? Addendum Amendment Annotation Appendix
Addendum
Saul was unhappy after he and Janelle liquidated their business. Janelle sold some items for less than he'd initially agreed to and he wanted the full price to be included in the profit split. He wanted to sue, but he was required to pursue other options. What contract clause kept Saul from being able to sue? Arbitration Choice of law Damages block Liquidated damages
Arbitration
Desmond has a signed listing agreement with his clients, the Harpers. In exchange for helping the Harpers list, market, and sell their home, the Harpers have agreed to pay Desmond a commission. What type of agreement do Desmond and the Harpers have? Bilateral Executed Mutual Unilateral
Bilateral
Why is a foreclosure more likely to have title issues than a non-foreclosure? Borrowers who are in foreclosure are permitted to acquire unrecorded liens. Borrowers who can't afford loan payments may have taken out other loans against the property. Lenders are permitted to place secondary liens on property that's entering the foreclosure process. Lenders don't take appropriate precautions to maintain clear title.
Borrowers who are in foreclosure are permitted to acquire unrecorded liens.
Which of the following statements about independent contractors and taxes is true? Brokers don't withhold income or Social Security taxes for independent contractors. Brokers withhold income and Social Security taxes for independent contractors. Independent contractors don't pay income or Social Security tax. The IRS doesn't tax independent contractors.
Brokers don't withhold income or Social Security taxes for independent contractors.
You represent a buyer in a transaction that includes a 2% cooperating agent commission to be paid by the seller. Who's your client? Buyer Seller Seller's agent Seller's sub-agent
Buyer
Alice owned a double lot on the waterfront. She sold the lot to Ronesha and included a deed restriction prohibiting construction of any building taller than one story. Ronesha wants a three-story house. What should she do? Apply to the zoning board of appeals for a variance. Check to see if the building code will permit a larger house. Conform to the deed restriction. File a suit against Alice to have the restriction removed.
Conform to the deed restriction.
Darren and Natalie are first-time buyers who have decided to purchase a newly built townhouse. Their agent, Jenner, tells them that the builder must provide a one-year home warranty. Which of the following conditions is most likely true? Darren and Natalie are getting a USDA rural development loan. Darren and Natalie are using an FHA-insured loan. Darren and Natalie are using conventional financing. Darren and Natalie made an all-cash offer.
Darren and Natalie are using an FHA-insured loan.
Derrick just bought his first condo, and he's ready to crack the champagne. Which of the following will Derrick be able to deduct from his income for tax purposes? Closing costs Discount points Down payment Transfer fees
Discount points
Residents of Tinytown have been complaining to town officials that the village-like character of their town is being affected by the medium-rise condos that developers are building on the edge of town. In response, local government officials rezoned the areas on the edges of town as parklands. What type of zoning is this? Aesthetic zoning Downzoning Incentive zoning Spot zoning
Downzoning
Kurt bought a vacant lot in a development that was 85% completed. When he started working with the builder to lay out where the house and driveway would lie, it was determined that he would need an easement because his driveway would spill over onto the adjacent lot by a few feet. What type of easement is this? Easement appurtenant Easement by necessity Easement by prescription Easement in gross
Easement appurtenant
Gene and Alex bought a property that backed up to a neighborhood park. The previous owner mentioned that ever since the park was built eight years ago, the next door neighbor who works at the park has cut through the yard to get to the park rather than going around via the streets, which saves about half a mile. What kind of easement is this? Easement by prescription Easement in gross Express easement Visible easement
Easement by prescription
While working with a buyer client, Jeffrey filled in the blanks on the purchase agreement, drafted an early occupancy addendum, and assured his buyer that she was "fully protected" and would get her earnest money back if the sale didn't close. He encouraged her to hire an attorney to review the contract and addendum, and then invoiced her for a nominal $15 fee to prepare transaction documents. Which of the following tasks was Jeffrey legally permitted to do? Charging a fee for preparing legal documents Drafting the early occupancy addendum Filling in the contract blanks Interpreting the contract provisions regarding the buyer's full protection and getting her earnest money returned
Filling in the contract blanks
Amira's seller Tom just received the news that his buyers are walking away from the sale. They weren't willing to proceed after they saw the inspection report. Neither Amira nor Tom has requested a copy of the report. What's the most likely reason for that? Amira doesn't trust this particular inspection company. If they see the report, they'll be required to disclose any adverse findings. They are unwilling to pay for the report as the buyer requires. Tom wants to pay for his own inspector so that he can question the inspector.
If they see the report, they'll be required to disclose any adverse findings.
The Druid Hills neighborhood sits firmly within a single-family residential zoning area. Most of the lots are one-third of an acre or larger. A 20-acre parcel on the edge of the neighborhood sold recently. The buyer wants to build condominium flats since multi-family housing is in short supply in the area. The town is considering rezoning that parcel to allow this development because the developer plans to also include a public park and a walking trail. What kind of zoning is this? Aesthetic zoning Downzoning Incentive zoning Spot zoning
Incentive zoning
Hannah wasn't able to get the financing to open her boutique, so her mother came on as a silent partner and provided additional cash. Hannah and her mother have an agreement that states Hannah's mother can't be held financially or legally liable if there are any problems with the store. What type of contract clause is this? Arbitration Choice of law Damages block Indemnification
Indemnification
Virginia is finally living her dream—she bought a coffeehouse in a charming college town. After she closed on it, her attorney sat down with her to discuss various business licensing and legal requirements she'll have to meet. Virginia was surprised to learn that her five-table establishment is affected by the Americans with Disabilities Act. What must be true about the coffeehouse? It includes at least 400 square feet of public space. It's a commercial enterprise that's open to the public. It sits in a city center. It was built after 1978.
It's a commercial enterprise that's open to the public.
Broker Sam has extended an offer to licensee Jane, who has accepted the offer. Jane will work as an independent contractor for Sam. Based on this, which of the following statements is true? As an independent contractor, Jane will not have to fill out any tax-related or IRS-related paperwork. It is up to Jane whether or not she wants to have taxes withheld from her pay. If she does choose to have taxes withheld, she must complete a W-4. Jane will need to fill out a W-4 for tax withholding information. Jane will need to fill out a W-9 for IRS reporting purposes.
Jane will need to fill out a W-9 for IRS reporting purposes.
Jim represents Joel in the sale of Joel's country acreage and house. Jim's business partner, Rolly, informed Jim that he wants to put an offer in to purchase the property, with the intention to subdivide it. Which statement best represents the disclosure requirements regarding this transaction? Because Jim isn't buying the property for himself, he has no disclosure requirements. Jim may disclose that he's partners with Rolly, only if Rolly agrees. Jim must disclose that Rolly is his partner and that Rolly intends to subdivide the property. Rolly must disclose that he and Jim are business partners.
Jim must disclose that Rolly is his partner and that Rolly intends to subdivide the property.
Which of these is an example of puffery? Kari's ad boasts that the property is "just blocks from the proposed metro light rail station." Katherine's ad for her newly renovated home states, "New from the studs up." Her carpenter might tell you a different story. Kevin's MLS remarks note that the condo has the city's "most beautiful twilight view of downtown and the bay." Kim notes that the property "overlooks a serene, peaceful green space." It's next to a cemetery.
Kevin's MLS remarks note that the condo has the city's "most beautiful twilight view of downtown and the bay."
Krening Realty has been found guilty of running deceptive ads. Which of these statements about the potential penalty is NOT true? If Krening violates the cease-and-desist order, the firm may face penalties up to $43,792 for each day a deceptive ad runs. Krening may be required to run corrective advertising. Krening's broker may face jail time. The firm may face civil penalties ranging from the thousands to millions of dollars, depending on the infraction.
Krening's broker may face jail time.
Under the statute of ______, if legal remedy is sought against a person, the pursuer must bring a court action within a specified period of time. Efficiency Fairness Limitations Timeliness
Limitations
Which of the following strategies would help to make a "Choose Your Neighbor" marketing letter non-discriminatory in its effect? Ensuring that the letter was given to neighbors on both sides of the street Giving the letter to at least 20 neighbors Listing the property on the MLS Providing the letter in multiple languages for non-English speakers
Listing the property on the MLS
Which of the following is a true statement about police power and public land use controls? Government agencies may exercise police power only when it does not restrict the freedom of its citizens. Local governments and their planning boards control budgeting, site-plan review, and building codes. Planning, zoning, and subdivision development are primarily controlled at the state level. Police power is citizens' rights to police themselves.
Local governments and their planning boards control budgeting, site-plan review, and building codes.
Morty, a land surveyor, was called out to survey a property. After doing some research, he located the legal description for the property in question. Now, if he could just find the point of beginning located at the iron pin on the southerly line of state route 117, 30 feet east of the oak tree next to Bear Creek. What type of legal description is Morty working with? Benchmark Datum Metes and bounds Rectangular government survey
Metes and bounds
Tim and Tina Wells bought a home with absolutely beautiful perennial gardens in the back. The plantings were designed to bring birds, bees, and butterflies and to provide color for most of the year. When they did the final walkthrough, they were dismayed to see that many of the shrubs and flowering plants had been removed. They expected these plantings to be considered part of the real property because of the ________. Adaptation to the land Agreement of the parties Intention in placing the item Method of annexation
Method of annexation
Which of these scenarios is a violation of federal fair housing laws? Janae refuses to rent an apartment to a Greek couple whose credit history is sketchy. Maureen, a buyer, selects a house in a neighborhood because of its demographic makeup. Miguel follows his client's request to only show him properties where the neighborhood is mainly Hispanic. Wanting to be closer to her Cuban community, Miranda asks her agent to show her properties in the West Palms area, so he focuses his search on that geographic area.
Miguel follows his client's request to only show him properties where the neighborhood is mainly Hispanic.
Which of these landlord actions would NOT be considered a reasonable accommodation? Allowing assistance animals when there's a "no pets" policy Assigning a parking space close to the building when the general policy is that there is no assigned parking Moving disabled tenants to units near an elevator Permitting transfers to a ground-floor unit
Moving disabled tenants to units near an elevator
Nate represents Elena in the purchase of a house. Katherine represents the seller, Timothy. Which of the following statements accurately reflects the agency duties owed? Each licensee owes all fiduciary duties to both clients. Katherine owes Elena the duty of loyalty. Nate owes no duties to Timothy, and Katherine owes no duties to Elena. Nate owes Timothy the duty of disclosure.
Nate owes Timothy the duty of disclosure.
Select the situation that correctly represents a true conflict of fiduciary duties. Kai learns that her buyer clients' inspector will be reporting a furnace issue to the buyers. She doesn't want to break the news to them. Her duty of confidentiality to the seller and her duty of loyalty to her buyers are in conflict. Nikki's seller client has instructed her not to present offers that are less than the listing price. This is a conflict of Nikki's duty of disclosure, which requires her to present all offers, and her duty of obedience. Renee's clients don't want showings on weekends. Renee knows this may reduce market exposure and she feels it's not in her client's best interests. This is a conflict of her duty of loyalty and her duty of obedience. Terrance's buyer clients don't want him to share with the seller that they're having trouble coming up with the down payment. Terrance's duty of loyalty to his clients is in conflict with his duty of disclosure.
Nikki's seller client has instructed her not to present offers that are less than the listing price. This is a conflict of Nikki's duty of disclosure, which requires her to present all offers, and her duty of obedience.
Your client is purchasing a single-family home with a conventional loan. The listing price is $150,000. Does this situation require a licensed or certified appraiser? No, since conventional financing does not require an appraisal. No, since the sales price is less than $400,000. Yes, all property transfers require an appraisal. Yes, properties with sales prices of less than $175,000 require a certified appraiser.
No, since the sales price is less than $400,000.
What type of arrangement allows the buyer to retain title to the property, but places a security interest in the property on behalf of the seller? A straight-term loan Land contract Purchase money mortgage Wrap-around mortgage
Purchase money mortgage
Drew and Hank were camping at Hank's riverfront cabin. Hank told Drew that he rarely used the cabin and was thinking of selling it. Drew said that he'd buy it from Hank for $80,000, which Hank agreed was a fair price. It's two months later, and Hank is upset that Drew now says he won't buy it. Why isn't this contract enforceable? Drew didn't have the financial resources to make the offer. Real estate contracts must be in writing. There was no offer and acceptance. This wasn't a legal purpose.
Real estate contracts must be in writing.
Ashton, an appraiser, is estimating value using the sales comparison approach. He applies more weight to two comparables over several others he used. What process is he utilizing? Averaging Bracketing Conformity Reconciliation
Reconciliation
Melisa's mother gave her house to Melisa, along with a signed copy of the deed granting ownership to Melisa. Years later, Melisa decides to downsize by selling the property. The title company shows that the property is still in Melisa's mother's name. What does Melisa have to do to clear this up? File a suit to quiet title. Present the signed deed to the new buyer. Present the signed deed to the title company. Record the signed deed.
Record the signed deed.
Conrad just closed on the house he's buying to fix up. Why should he follow up to be sure the deed has been recorded? He can't legally make any improvements to the property until the deed is recorded. He doesn't legally own the house until that occurs. Recording provides actual notice that he owns the property. Recording provides constructive notice that he owns the property.
Recording provides constructive notice that he owns the property.
Kelvin isn't sure how to read this legal description, but his agent said something about reading it from right to left. Here's the description: "The north half of the northwest quarter of Section 6, Township 8 North, Range 68 west of the 5th principal meridian." What land description method did surveyors use for this piece of property? Lot and block Metes and bounds Monument and benchmark Rectangular government survey
Rectangular government survey
Examples of real property and fixtures include which of the following? Above-ground pool and pool accessories Bathroom mirror hanging on a hook Photos and wall hangings Shelves attached to the wall with brackets
Shelves attached to the wall with brackets
Nellie and Victor own a suburban ranch home and fell behind on paying their property taxes when Victor lost his job last year. Victor is working again, but they still haven't saved enough to pay their back taxes. They're worried that the county may begin foreclosure proceedings. What type of lien is this? Attachment General Special assessment Specific
Specific
Jerry and Simon signed a contract so that Jerry could purchase all of Simon's restaurant equipment for one price after Simon closes his restaurant next month. The contract contains a provision that states Jerry has one year from the purchase date to file a suit relative to the purchase. After the year is up, Jerry forfeits the right. What kind of contract clause is this? Specific time Statute of limitations Time is of the essence Time of performance
Statute of limitations
Samuel and Yoshi have worked at the same firm for a few months and get along well. Samuel mentions he has a credit score in the low 800s. Yoshi, who's just starting out, persuades Samuel to sign for a loan to help Yoshi buy a property, since his credit isn't good enough. Yoshi promises to make the mortgage payments, but two months after the deal closes, Yoshi moves across the country. Samuel's now stuck with a $400,000 mortgage. What type of scheme is this? Equity skimming Inflated appraisal Silent second Straw buyer
Straw buyer
Latrell purchased an old warehouse with the intent to create shared studio space for artists. However, he didn't perform due diligence before the purchase, and it turns out that there are hazardous materials that need to be cleaned up first. Latrell took the prior owners to court, and the court ruled that Latrell is responsible for the costs of cleanup. What kind of liability is this? Joint liability Retroactive liability Several liability Strict liability
Strict liability
Betty hired a contractor to replace her gutters. Within days, the gutters leaked and flooded her basement. She complained to the contractor, who replaced the gutters again. The next time it rained, the gutters leaked and flooded Betty's basement a second time. Frustrated, Betty decided to file a lawsuit against the contractor in an attempt to recover the money she lost. This is an example of ______. Accepting partial performance Rescinding the contract unilaterally Suing for damages and breach of contract Suing for specific performance
Suing for damages and breach of contract
Which type of pest may make mud tubes—tunnels that run along the walls—or shed tiny wings? Carpenter ants Fire ants Powder post beetles Termites
Termites
Which of these statements most accurately represents existing federal antitrust legislation? The Clayton Act supports the Sherman Antitrust Act's purpose of prohibiting monopolies by prohibiting mergers or acquisitions that would create a monopoly. The Federal Trade Commission Act established the Sherman and Clayton acts to prevent collusive activities that limit competition. The Federal Trade Commission Act prevents one large firm from acquiring another similar firm that would result in a restraint of trade. The Sherman Antitrust Act was passed to supplement the Clayton Act in an effort to prevent mergers that create monopolies.
The Clayton Act supports the Sherman Antitrust Act's purpose of prohibiting monopolies by prohibiting mergers or acquisitions that would create a monopoly.
Which statement correctly identifies a federal fair housing law and what it addresses? The Civil Rights Act of 1866 made it illegal to discriminate on the basis of age and gender. The Fair Housing Act of 1968 attempted to eliminate discrimination based on gender. The Housing and Community Development Act of 1974 added marital status to the list of protected classes. Title VIII of the Civil Rights Act of 1968 prohibits housing discrimination based on race, color, national origin, and religio
The Fair Housing Act of 1968 attempted to eliminate discrimination based on gender.
This act added familial status and disability (both physical and mental) to the existing federally protected classes. The Civil Rights Act of 1866 The Equal Credit and Opportunity Act of 1974 The Fair Housing Amendment Act The Housing and Community Development Act of 1974
The Fair Housing Amendment Act
Which of these regarding the impact of the Brownfields Law is true? The Mesmer family has discovered petroleum contamination on a site they just purchased. The Brownfields Law holds both them and the previous owner jointly responsible for cleanup. The Rodriguez family purchased a property that was formerly a commercial dry cleaner. They plan to convert the property to a residential dwelling. The Brownfields Law requires that the Rodriguez's be held accountable for any contamination on the property. The Smiths have discovered chemical contamination on the property deed to them by their late parents. The Brownfields Law may provide funds to help them clean up the site. The Tennyson's purchased a property that they later discovered was contaminated with methamphetamine waste. The Brownfields Law limits their liability since they were unaware of the contamination when they purchased the property.
The Smiths have discovered chemical contamination on the property deed to them by their late parents. The Brownfields Law may provide funds to help them clean up the site.
Candace and Phil Tolson listed their home for sale with Trent Richards, the broker for Richards Homes. Sadly, Trent became incapacitated due to a car accident. What's the status of the listing agreement? Because the listing agreement is with the brokerage firm, the agreement continues. The agreement terminates by operation of law. The brokerage firm can agree to terminate the agreement if the Tolsons choose to not work with another agent. The Tolsons may choose to terminate the agency agreement.
The agreement terminates by operation of law.
Moira has delivered a counter-offer to some potential buyers for her property. Which of these best states the time frame for the buyers' acceptance? The buyers have five days to respond. The buyers must respond by the time and date specified in the counter-offer. The buyers must respond within the time frame originally noted as their offer acceptance date. The counter-offer is active until the seller accepts or rejects it.
The buyers must respond by the time and date specified in the counter-offer.
Licensee Kennie Mae's neighbor, Buzz, wants to sell his house but doesn't want to sign an agency agreement. Kennie Mae works with Buzz to list and show the property and negotiate offers. After the property sells, Buzz discovers that Kennie Mae didn't present all offers to him, and he sues Kennie Mae. Kennie Mae claims that because she didn't have an agency agreement with Buzz, she wasn't required to perform all fiduciary duties. What legal principle applies here? Agency after the fact, because Kennie Mae continued to perform tasks for Buzz through the closing date. Law of agency, because Kennie Mae defined her agency relationship with Buzz through the tasks she performed. The doctrine of estoppel keeps Kennie Mae from disavowing the agency relationship because she provided agency tasks for Buzz. The ratification doctrine states that Kennie Mae ratified her relationship with Buzz by signing the closing paperwork.
The doctrine of estoppel keeps Kennie Mae from disavowing the agency relationship because she provided agency tasks for Buzz.
Your clients closed on their property yesterday, but you still have some paperwork that you need to deliver to them as soon as possible. Under which fiduciary duty are you acting? The duty of accounting The duty of confidentiality The duty of disclosure The duty of obedience
The duty of accounting
When a licensee is working with a property located near a Superfund site, what does that mean? A portion of the sale price must go to the EPA to fund clean-up of the site. The licensee is required to disclose potential health threats to anyone in the area when showing the property. The licensee must disclose the existence of an environmental hazard in the area. The property cannot be sold until the site is removed from the NPL.
The licensee must disclose the existence of an environmental hazard in the area.
Olivia took out a 15-year loan secured with a deed of trust. She worked two jobs in order to pay the loan back and finally made her last payment this month. What happens now? The lender releases the deed of trust that secured her mortgage loan. The lender releases the mortgage that secured her mortgage loan. The lender tells the trustee to release the title to Olivia. The trustee releases the mortgage that secured her mortgage loan.
The lender tells the trustee to release the title to Olivia.
Physical characteristics of land include its immobility, indestructibility, and ______. Location Permanence of investment Scarcity Uniqueness (nonhomogeneity)
Uniqueness (nonhomogeneity)
Which of these professional activities is NOT covered by the Fair Housing Act? Jonah's real estate firm provides single-agency brokerage services to clients. Marsha, a landlord, owns several multi-unit buildings and rents one or more units daily. Michael is in charge of marketing for his real estate brokerage firm. Vickie's staging company works with investor clients to stage vacant properties.
Vickie's staging company works with investor clients to stage vacant properties.
As part of the sales contract, Garth, the seller, was supposed to provide a copy of the seller's disclosure to the buyer, Melanie, but he failed to do so. What type of contract is this? Implied Incomplete Valid Voidable
Voidable
Sondra thinks the new business contract she signed with her business partner is valid. Both parties are legally competent, the contract has a legal purpose, an offer was made and accepted, and a fee has been negotiated and documented. Which essential element of a valid contract has Sondra not yet considered? Whether consent was voluntary Whether the contract has been translated into all possible languages Whether the contract is in writing Whether the parties are over 21
Whether consent was voluntary
Corinne, an escrow agent, is preparing for the Thomas/Trenton closing in four days. Which of these documents will Corinne prepare? She'll prepare a seller net sheet to disclose the seller's net profit on the sale. Working with the lender, she'll prepare the Loan Estimate, which details the costs the buyer and seller will pay at closing. Working with the lender, she'll prepare the settlement statement, which details the costs the buyer and seller will have at closing. Working with the title company attorney, she'll prepare the preliminary title commitment.
Working with the lender, she'll prepare the settlement statement, which details the costs the buyer and seller will have at closing.
Xavier deposited a $3,000 earnest money check into his personal account for safekeeping while he was on vacation. The balance in his account when he left on vacation was $4,200, and when he returned, it was $2,800. He withdrew enough funds from his savings account to cover the earnest money check and delivered the funds to the escrow agent. Which statement best represents Xavier's issue? Xavier is guilty of commingling and conversion. Xavier is guilty of commingling only. Xavier is guilty of conversion only. Xavier is guilty of theft.
Xavier is guilty of commingling and conversion.
Steve is preparing a market analysis for the Joneses and has selected three comparable properties. How many adjustments should Steve make to the Joneses' property? One Three Two Zero
Zero
What type of police power allows cities to identify specific uses for an area? Condemnation Eminent domain Escheat Zoning
Zoning
