Part 3

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?

Jim must disclose that Rolly is his partner and that Rolly intends to subdivide the property.

What is the term for an increase in property value caused by the joining of two neighboring parcels of land?.

Plottage

The fewer properties on the market, the greater the scarcity. What's the effect on prices?

Prices are pushed upward.

A buyer has a 30-year, $750,000 loan with a 5.75% interest rate. How much of the first monthly payment is interest?

$3,593.75

The gross rent multiplier extracted from an area is 122. If the monthly rent is $800, what's the estimated value of the property?

$97,600

A______is a method of conveying real property from one party to another.

Deed

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?

Conform to the deed restriction.

Lisa is holding an open house for her client, Tim. Several couples stop by. Aarthi and Ram don't interact with Lisa at all. Gina and Reggie talk with Lisa about the property; they're not working with another licensee. Marcus and Marvin stop by and talk with Lisa about the property; they're already working with another licensee. Which parties are considered consumers at this point?

Aarthi and Ram

Martha made an offer to buy Drake's home, and he accepted it. Under the terms of the agreement, Martha was supposed to make an earnest money deposit of $10,000, but she only put down $5,000. Drake accepted the lesser deposit, and the sale was ultimately finalized. This is an example of______

Accepting partial performance

Which of these situations might be addressed by a subject to clause or limitations in the deed Jane is using to convey property to Moira?

An easement runs across the property, permitting Jane's neighbors to access the neighborhood boat dock.

Justin is representing the seller in a transaction. Which of the following tasks is he permitted to perform for the unrepresented buyer as a non-agent?

Explain to a buyer the purpose of the seller's property disclosure.

After purchasing a property, what can Jeremiah do to clear a possible future claim on the property's title?

File a suit to quiet title.

What does a balloon payment represent at the end of a loan term?

It means that some principal remains at the end of the loan term.

Which of the following is generally true of flood insurance?

It is usually purchased separately or bundled with a homeowners policy, but it's not standard.

Reggie has thoroughly reviewed the sales contract with his clients, the Arnolds, and has confirmed that they understand all of the terms and provisions. In order for Reggie to adhere to the agency duty of reasonable skill and care and avoid the unauthorized practice of law, what should Reggie do next?

Recommend that the Arnolds review the sales contract with an attorney before signing it.

Stan decides to not sell his property to Crandall, even after they've signed a legal sales contract. Crandall found a property he likes better, so they mutually agree to______ the contract

Rescind

What classification of water rights includes the two smaller sub-classifications of navigable and non-navigable waterways?

Riparian

Which of the following statements best describes a listing that terminates by performance?

Roberto listed a property for Terrence. After two failed offers, the property made it to a successful closing.

Henrietta is 17 years old. She wants to sell the property given to her by her grandmother. Which covenant provided by the general warranty deed may prevent her from doing so?

The covenant of the right to convey

What is the most common way that asbestos enters the body?

When asbestos fibers decay or are disturbed, the friable particles can be inhaled.