Sales Crammer Review Answers
(a) Must disclose this information to the seller/client
19. A buyer is looking at homes with a salesperson. The buyer is being treated as a customer, a relationship that was disclosed to the buyer by the salesperson in the initial consultation. When making an offer on a property, the buyers disclose to the salesperson that they have been pre-approved for a figure significantly higher than the offer they are making. The salesperson: (a) Must disclose this information to the seller/client (b) Must keep this information confidential (c) Must ask the buyer for written permission to disclose the financial information (d) Must simply comply with the guidelines for a disclosed dual agent
(a) Must be reported to the real estate licensing agency
21. A salesperson is found guilty of illegal discrimination in the rental of property the salesperson owns personally and markets separately from the brokerage company. The conviction: (a) Must be reported to the real estate licensing agency (b) Has no impact on the licensee's license since it did not involve the brokerage (c) Has no impact on the licensee's license because it was personally owned real estate (d) Is moot because of Mrs. Murphy regulations
(a) No, although if the deed had been recorded it would have provided constructive notice
24. Mary, in an effort to shore up a rocky marriage, wrote a quitclaim deed that transferred her property to a joint tenancy with her husband (as opposed to creating a tenancy in common). She told her husband about this, but the document was never recorded. They later divorced, by which point the deed had been lost. Does Mary's now ex-husband have a valid claim on the property? (a) No, although if the deed had been recorded it would have provided constructive notice (b) No, because he didn't sign the deed (c) Yes, because a court will consider oral evidence about a contract (d) Yes, because quitclaim deeds do not require the signature of the grantee to transfer title
(d) partition suit
26. A seller finds that he cannot provide marketable title because of a cloud on the title. To clear the title, he should file a/an: (a) adverse possession claim (b) quiet title action (c) quitclaim deed (d) partition suit
(d) Condemnation: Condemnation is the acquisition or taking of private property for a public purpose.
27. You own a property along a major street. The city has announced that it is widening the street and will take ten feet of your front yard for that purpose. The taking of your land by the city, with appropriate compensation is called: (a) Eminent domain (b) Foreclosure (c) Involuntary seizure (d) Condemnation
(c) Is a violation of the Sherman Antitrust Act
3. Two top salespersons have been competing for listings in the same farm area, frequently cutting commissions. They get together and agree to charge the same fees so that neither one of them is hurt economically. This agreement: (a) Is okay as long as both brokers agree (b) Is a violation of Regulation Z of the Truth in Lending Act (c) Is a violation of the Sherman Antitrust Act (d) Is a violation of RESPA
(c) Yes, because an easement of this type runs with the land, rather than belonging to an individual
30. Karen buys a piece of landlocked property from Leo on the condition that Leo provide an easement across the property for ingress and egress (can travel to and from the land). The easement isn't recorded. Karen later sells the property. Is the easement still valid for the new owner? (a) No, because it wasn't recorded (b) No, because it wasn't mentioned in the deed (c) Yes, because an easement of this type runs with the land, rather than belonging to an individual (d) Yes, because Karen is the servient tenant and Leo is the dominant tenant
(a) Market value (no one has actually paid that amount, so it would be market value)
36. An estimate of the probable price of property on the date of the appraisal is best termed: (a) Market value (b) Market price (c) Highest and best use (d) Current value
(c) Make adjustments to the comparables
37. An appraiser is making adjustments of value for the differences between the subject property and the comparables. The appraiser would always: (a) Make adjustments to the subject property (b) Average the differences (c) Make adjustments to the comparables (d) Use current "for sale" properties for balance
(d) Appraisal related to an FHA loan (To be eligible for a FHA loan the appraiser must be state certified to do so)
39. An appraiser needs to be state-certified to perform which of the following appraisals? (a) Appraisal of a residence valued at $200,000 (b) Appraisal of a residence valued at $500,000 (c) Appraisal related to a loan that will be issued by a federally insured lender (d) Appraisal related to an FHA loan
(b) The brokerage may require an independent contractor to have a cell phone
4. The IRS issues rules that determine when a real estate agent is an employee and when he is an independent contractor. Which of the following statements on that topic is FALSE? (a) The brokerage may allow an independent contractor to place her own ads but the ads must conform with the firm's advertising rules (b) The brokerage may require an independent contractor to have a cell phone (c) The brokerage will take taxes from an employee's paycheck (d) The brokerage will tell an employee when to work certain hours
(b) rescinded (rescinding a real estate contract gives you a way to back out of a deal for various reasons. A rescission puts you in the same place you were before you signed a contract.)
42. When the parties to a contract put themselves back into the same positions they were in before they entered into the contract, the contract has been: (a) canceled (b) rescinded (c) revoked (d) performed
(b) Has equal status with the counteroffer
49. A salesperson receives an offer on a listing. The sellers elect to issue a counteroffer. Before the prospective purchaser responds to the counteroffer, another offer is received from a different prospective purchaser. The second offer: (a) Must wait for disposal of the counteroffer (b) Has equal status with the counteroffer (c) Must be handled before a decision is made on the counter (d) Must stand in time sequence
(c) RESPA
52. A federal law requires lenders to give a booklet about shopping for a home loan to all prospective borrowers within three business days of loan application. What law is this? (a) Fraud Enforcement and Recovery Act (b) Home Loan Disclosure Act (c) RESPA (d) Truth in Lending Act
(b) a disclosure of the APR
55. A purchaser goes to a lender to apply for a mortgage loan. At the time of the application, Regulation Z of the Federal Truth in Lending Act would require the lender to give the purchaser: (a) A loan commitment (b) A Disclosure of the APR (c) Closing statement (d) A copy of the home appraisal
(c) A credit to the buyer
57. A buyer's mortgage loan on a closing statement is: (a) A credit to the seller (b) A debit to the seller (c) A credit to the buyer (d) A debit to the buyer
(d) By law has the same responsibility regarding the defect as the listing agent whether or not the listing agent disclosed it to the second agent
6. A listing agent knows of a defect in the listed property. When the listing agent becomes ill, another agent in the same company takes over the listing. The second agent: (a) Is not responsible for disclosing the defect unless the agent had actual knowledge (b) Must disclose the defect only if asked (c) Is relieved of any liability based on the fiduciary responsibility to the seller (d) By law has the same responsibility regarding the defect as the listing agent whether or not the listing agent disclosed it to the second agent
(d) Deed in lieu
60. A mortgagor is behind on the monthly mortgage payments and the mortgagee is threatening to foreclose on the mortgage. The mortgagor agrees to give the property back to the mortgagee instead. This is called: (a) Acceleration (b) Defeasance (c) Alienation (d) Deed in lieu
(a) Marital status
61. Refusing credit for which of the following reasons would be a violation of the federal Equal Credit Opportunity Act? (a) Marital status (b) Sexual orientation (c) Familial status (d) Handicap
(b) Maximum interest rates
62. Usury laws fix which of the following? (a) Minimum interest rates (b) Maximum interest rates (c) Length of time for repayment of loans (d) Loan-to-value ratios
(c) Yes, if notice is provided to the tenants and they receive relocation assistance
65. An apartment building is right where a new city park is going to be built. The city condemns it. Can the city terminate the leases of the building's tenants? (a) No, because this is a violation of the federal Fair Housing Act (b) No; if the government forces a landlord to breach a contract with a tenant, it is violating the Landlord-Tenant Act (c) Yes, if notice is provided to the tenants and they receive relocation assistance (d) Yes, if the tenants receive just compensation from the city
(a) Write a counter offer per the seller's instructions
7. A salesperson has a listing on a property. The seller has several mortgages on the property, all of which are delinquent, as well as an IRS tax lien. When a prospective purchaser makes an offer, the seller insists on the earnest money deposit check being paid to the seller rather than deposited in the broker's trust account. The salesperson has a duty to: (a) Write a counter offer per the seller's instructions (b) Inform the buyer of the seller's mortgage default (c) Cancel the listing (d) Observe the fiduciary responsibility of confidentiality to the buyer
(d) the option agreement must clearly state all the terms and conditions of the sale
72. In an option: (a) no consideration is required (b) the seller is the optionee and the buyer is the optionor (c) the seller must apply the option money to the purchase price if the optionee exercises her option (d) the option agreement must clearly state all the terms and conditions of the sale
(a) The interior air space in the unit
77. The owner of a condominium holds exclusive legal title to: (a) The interior air space in the unit (b) The land under and the air above the unit (c) The common elements (d) The limited common elements
(a) Cooperative
78. In which of the following forms of ownership does the owner become a stock holder, or shareholder, in the association that owns the entire property? (a) Cooperative (b) Limited partnership (c) Condominium (d) Time share
(a) Real estate taxes
82. In a net lease, which of the following would the tenant most likely pay? (a) Real estate taxes (b) Capital gains taxes (c) Transfer tax (d) Conveyance tax
Frontage
9. The Smiths want to erect a fence around their property. Their neighbor next door opposed their fence at a zoning meeting and won. As a result they can only fence 3 sides of their property. If their lot is 180' of frontage x 200' deep, how many linear feet will they need of fencing? 180 (frontage) + 200 (depth) = 560 They can only fence three sides, so add up the frontage twice for the front and the back, then add the depth.
(d) Neither can be told of the other unless the seller specifically authorizes the salesperson to do so
91. A salesperson receives a co-op offer on a listing. The salesperson contacts the out-of-town owner with the details and the owner decides to extend a counter offer. Before the first buyer acts on the counter, another offer is received from a different prospective purchaser. What is the salesperson's responsibility regarding the second offer? (a) The second buyer must be told of the first offer (b) The first buyer must be told of the second offer (c) Both must be told of the other's offer (d) Neither can be told of the other unless the seller specifically authorizes the salesperson to do so
(b) The seller can get out of the listing with possible recourse against him
95. A broker signed a listing agreement with a definite expiration date. Which of the following is true before the expiration date? (a) The seller will get out of the listing with no recourse taken against him (b) The seller can get out of the listing with possible recourse against him (c) The broker can abandon the listing without cause (d) The seller can terminate the contract under the 3 day right of rescission
(a) Can levy a $1,400 citation
97. An agent has "for sale" signs on seven properties for which he does not have listings on. The Superintendent: (a) Can levy a $1,400 citation (b) Can levy a citation of $2,500 per sign (c) Cannot levy a citation since the property wasn't really listed (d) Can only levy a citation after a hearing
(a) Blockbusting (panic selling based on discrimination)
98. Which of the following concepts is covered on the Equal Opportunity in Housing poster displayed in a brokerage office? (a) Blockbusting (b) Voluntary affirmative marketing agreement (VAMA) (c) Agency disclosure requirements (d) Redlining
Exclusive Agency Agreement
A listing given to only one broker (exclusive) who is entitled to the commission if the broker or any agent of the listing broker effects a sale but imposes no commission obligation on the owner who sells the property to a person who was not interested in the property by efforts of the listing broker or an agent of the listing broker.
Time is of the essence clause
(d) all contractual duties must be fulfilled on or before the date set forth in the contract
Adjustable rate mortgage
- The payment on an adjustable rate mortgage can change on the anniversary of your loan and every 12 months after the initial lock period. - Your interest rate cannot increase or decrease more than 2% at each adjustment and your interest rate cannot increase or decrease more than 6% over the life of the loan Who benefits from ARM? -First time home buyers -Young, more mobile home buyer -Short-term home owners -Candidates for refinancing Who would NOT benefit? -Someone about to retire The biggest threat of an Adjustable Mortgage Rate is the unpredictable interest rates which can inflate greatly in certain market conditions
(b) Disclose the road widening...it is a material fact to which the buyer is entitled to know
1. A salesperson is aware that the township has voted to widen Naragassett Road and that work will begin in several months. The salesperson is showing a property along Naragasset Road to an out-of-town buyer customer. What is the salesperson's responsibility to the buyer? (a) Do not disclose the road widening...the salesperson represents the seller (b) Disclose the road widening...it is a material fact to which the buyer is entitled to know (c) Do not disclose the road widening...the principle of caveat emptor applies (d) Do not tell the buyer, as this is a patent defect
(a) Has violated the licensing laws
10. A salesperson is the subject of a complaint from the real estate regulatory agency. It is discovered that some forms consumers signed are not included in the office transaction file. The salesperson: (a) Has violated the licensing laws (b) Has a reasonable time to produce the forms (c) Is subject to local Board of Realtors® sanctions (d) Has not violated anything if the consumers kept their copies
(b) A regular employee of a custom homebuilder
102. Which of the following would be an exception to the requirement of licensing under Ohio law? (a) A person that publishes rental listings (b) A regular employee of a custom homebuilder (c) A person who sells land in subdivisions (d) An apartment locator service
(b) Three years
103. Contracts, listing agreements, trust account records, and other documents must be retained by a broker for what period of time? (a) As long as the business exists (b) Three years (c) Five years (d) Until audited by the Ohio Division of Real Estate
(d) On his/her first birthday following the initial date of issue and every third year thereafter
104. Unless renewed, a real estate sales licensee's license expires: (a) December 31 (b) One year from the date of issue (c) Three years from the date of issue (d) On his/her first birthday following the initial date of issue and every third year thereafter
(b) By certified mail
105. A complaint is filed with the Division of Real Estate. How is the licensee notified of the formal hearing? (a) The licensee's broker is called (b) By certified mail (c) By regular mail (d) By personal service (sheriff or bailiff)
(c) On file and available for inspection at the broker's principal business location
106. A salesperson's license must always be: (a) Carried in the small, card form (b) On file and available for inspection in the appropriate branch office (c) On file and available for inspection at the broker's principal business location (d) On file with the Division of Securities
(b) One member is a non-licensee and represents the interest of the public
107. Which of the following is true about the members of the Ohio Real Estate Commission? (a) All must be licensed real estate brokers (b) One member is a non-licensee and represents the interest of the public (c) Each is appointed for the same time period (d) All belong to the same political party as the incumbent governor
(d) Depositing rental income collected as a licensed property manager in the broker's trust account
110. Which of the following would be a violation of the license laws for an Ohio licensee? (a) Abiding by the Canons of Ethics (b) Abiding by the license laws even when a principal in the transaction (c) Telling a buyer that earnest money is not required for a valid purchase agreement (d) Depositing rental income collected as a licensed property manager in the broker's trust account
(a) A legal description of the property
111. Which of the following is not a requirement of a listing agreement in Ohio? (a) A legal description of the property (b) An expiration date (c) Specific terms of the commission rate (d) A statement that blockbusting is illegal
(b) Suspended
114. A broker's license is revoked by the Ohio Real Estate Commission. What is the status of the broker's salespersons? (a) Inactive (b) Suspended (c) Revoked (d) On Deposit
(c) Common Pleas Court
115. A salesperson's license is suspended for 30 days by the Ohio Real Estate Commission. If the licensee wishes to appeal the decision of the Commission, the appeal would be made to: (a) The Attorney General (b) The Ohio Supreme Court (c) Common Pleas Court (d) The Superintendent of the Ohio Division of Real Estate
(c) Preparing a general warranty deed for a client
118. Which of the following would be a violation of the license law for an Ohio sales licensee? (a) Explaining basic construction to a first time buyer (b) Completing a competitive market analysis for a seller (c) Preparing a general warranty deed for a client (d) Not depositing an earnest money deposit in the trust account for ten days, based on a written agreement between the buyer and seller
(c) The principal
12. When a salesperson takes a listing on a property on behalf of the broker, the seller is typically termed: (a) The customer (b) The subagent (c) The principal (d) The agent
(c) To back out within 3 business days of receiving the property disclosure form
122. The day after a contract is entered into, the seller gives the buyers the property disclosure form which indicates that the basement leaks. The buyers' remedies are: (a) To close the transaction and ask that the seller fix the condition after closing (b) To back out any time before the closing (c) To back out within 3 business days of receiving the property disclosure form (d) To force the seller to make the repairs before closing
(b) Tell your buyer
124. You are showing a property and discover a significant crack in the foundation which is covered up by boxes. What should you do? (a) Tell your broker (b) Tell your buyer (c) Instruct the seller to tell the buyer (d) Have the seller correct the seller disclosure form
(c) Writing
126. Lynn, a buyer, tells Sam, "I will pay you 50,000 for your property on Linden Avenue." Sam replies, "Okay," and they shake hands. What does this agreement lack in order to be enforceable in a court of law? (a) Earnest money (b) A firm closing date (c) Writing (d) Consideration
(c) File a civil action in the Court of Common Pleas
128. A real estate broker negotiates a commercial transaction between a landlord and tenant. Subsequently the landlord refuses to pay the broker the contractually agreed upon commission. What would be the best way for the broker to attempt to collect the commission? (a) File a complaint with the Ohio Real Estate Commission (b) File a complaint with the Ohio Division of Real Estate (c) File a civil action in the Court of Common Pleas (d) File a complaint with the Ohio Association of Realtors®
(d) Is terminated by the seller's death
13. A salesperson takes a listing on a property. During the course of the listing, but before any offers are received, the seller dies. The listing: (a) Is binding on the seller's heirs and assigns (b) Continues until the contractual expiration date (c) Continues with the approval of probate court (d) Is terminated by the seller's death
(a) 3 days
131. According to Ohio law, if a tenant is late in making a monthly rent payment, how much notice to vacate must the landlord provide? (a) 3 days (b) 5 days (c) 15 days (d) 30 days
(a) Probate Court
132. The appointment of an ancillary trustee where the broker has died is done with the approval of: (a) Probate Court (b) Common Pleas Court (c) Secretary of State (d) The broker's heirs
(a) 30 days
133. Sarah and Kevin were recently married. They have signed an apartment lease for one year with hopes they can build a house some day. They plan to move out at the end of the lease. How much notice must they give to comply with the lease terms? (a) 30 days (b) 60 days (c) 90 days (d) No notice is required
(a) Nobody
134. According to Ohio Law, the buyer in a real estate transaction is represented by: (a) Nobody (b) The broker (c) The buyer broker and the buyer salesperson (d) All licensees within the company
(b) Revocation and fine
135. A salesperson is found guilty of a license law violation. What is the maximum penalty that the Real Estate Commission can impose? (a) Suspension (b) Revocation and fine (c) Suspension, revocation, fine, and community service (d) Suspension, revocation, fine, and jail time
(b) Is binding on the seller's heirs
14. A salesperson takes an exclusive right to sell a listing on a residential property. After the property is under contract, but before closing, the owner of the property dies. The purchase contract: (a) Is terminated by the seller's death (b) Is binding on the seller's heirs (c) Will be reviewed and its status determined by an ancillary trustee (d) Remains in effect only against the buyer
(a) Is entitled to a commission
15. A property owner lists a property with a salesperson under a 90 day exclusive right to sell listing agreement. The next day, the owner discovers a family member wants to buy the property and sells it to the family member without the assistance of the broker. The broker: (a) Is entitled to a commission (b) Is not entitled to a commission (c) May be entitled to a commission based on the carryover clause (d) May bring an action with the local Board of Realtors® to collect a commission
(b) Is not entitled to a commission
16. A property owner lists a property with a salesperson under an exclusive agency listing. The next day, the owner discovers a family member wants to buy the property and the owner sells it to the family member without the assistance of the broker. The broker: (a) Is entitled to a commission (b) Is not entitled to a commission (c) Is entitled to a fee based on the carryover clause (d) Can file a commission complaint with the local board
(a) rejected a $90,000 offer from a financially qualified buyer
17. The seller listed the property for $95,000. Assuming that their listing agreement is typical, the broker would NOT be entitled to a commission if the seller: (a) rejected a $90,000 offer from a financially qualified buyer (b) accepted a $90,000 offer from a financially qualified buyer (c) accepted a $95,000 offer, but his title turned out to be unmarketable (d) rejected a $95,000 offer from a financially qualified buyer
(c) Should see that the previous condition is disclosed to prospective purchasers
18. A salesperson lists a property for sale. The sellers have had water in the basement previously within the past two years but tell the salesperson they have recently corrected the problem and the basement no longer leaks. The sellers did the work themselves and have no contractor's receipts or certification. The salesperson: (a) Should not mention the previous condition to the buyers since it has been corrected (b) Should recommend to the seller that they disclose, but that it's not mandatory they do so (c) Should see that the previous condition is disclosed to prospective purchasers (d) Ignore the issue - caveat emptor applies
Superfund sites
contaminated property where hazardous waste is located designated by the EPA for cleanup of hazardous waste
Usury laws
laws that impose a maximum limit on the interest rate that lenders can charge
Meeting of the minds is associated with
offer and acceptance
Regulation Z of the Federal Truth Lending Act
requires lenders to disclose information about a loan in a way that allows applicants to compare loan costs at different institutions. Provide info including information such as the..... - annual percentage rate (APR) - terms of the loan - total loan cost
Deed in lieu
this conveys title to the lender when the borrower is in default and wants to avoid foreclosure..
Principal
A In real estate transactions, the listing broker acts as an agent for the seller, who is the principal. The principal is the individual who is selling the real estate property.
(b) Buyer's agent is permitted to unilaterally terminate the agency relationship
A buyer asks the buyer's agent to write an offer on terms that don't match the listing agreement. The buyer's agent refuses to write the offer and then, in writing, unilaterally terminates the agency relationship with the buyer. Which is true? (a) Buyer's agent will be subject to disciplinary action (b) Buyer's agent is permitted to unilaterally terminate the agency relationship (c) Buyer's agent is allowed to terminate the agency, but must write the offer before terminating (d) Buyer's agent is not permitted to write such an offer
Changing brokers
A real estate sales licensee who wishes to change brokers must:(a) Notify the local Board of Realtors® must file an application to transfer with the Ohio Division of Real Estate
(a) It allows for a smaller down payment
Advantage of using private mortgage insurance, from a borrower's perspective on down payment?
Reverse mortgage
An arrangement where the lender agrees to pay money to an elderly homeowner, either regularly or occasionally, and to be repaid from the homeowner's equity when he or she sells the home or obtains other financing.
(b) Property taxes
An encumbrance is a claim against a property by a party that is not the owner They include mortgages, trust deeds, mechanic's liens, attachments, judgments, property taxes, etc. 71. Which of the following would be an encumbrance against a property? (a) An encroachment (b) Property taxes (c) Mineral rights
Fixture
An item of personal property that has been converted to real property by being permanently affixed to the realty. Example: plumbing
Demand, Utility, Scarcity, Transferability
Characteristics of value (DUST)
Seller's death on terminating contracts
If a salesperson takes a listing on a property & during the course of the listing, but before any offers are received, the seller dies. The listing is terminated by the seller's death. Yes, it has happened that a buyer or seller dies while they have a property under contract. ... When a seller passes away before closing, the contract that they signed is still binding. A deceased person can't sign closing documents. But their estate is responsible for the seller's obligations.
Net lease
In a net lease, the tenant pays a portion or all of the taxes, insurance fees, and maintenance costs for a property in addition to rent.
Calculating acres
Multiply measurements & then divide by 43,560 20. Jan has been looking for land to build a new building for her veterinarian practice. She needs between 5 and 10 acres. Jan located a property that is rectangular with measurements of 400' x 800'. How many acres are in this parcel? (a) 10.4 acres (b) 5 acres (c) 8.6 acres (d) 7.35 acres 400 x 800 = 320,000 / 43,560 = 7.35
Recovery Fund
In limited instances, the Ohio Real Estate Recovery Fund will make payments on behalf of a licensed agents (salesperson or broker) up to $40,000 per licensee.
Co-op or Cooperative
Instead of buying property as you would in a traditional real estate transaction, you're buying a share of the corporation that controls the co-op, which entitles you to living space.
Material Fact
Knowledge that would affect a buyer's decision whether or not to buy
Sherman Antitrust Act
Sherman antitrust laws prohibit price-fixing, group boycotting, the allocation of customers or markets, and tie-in agreements. Price fixing is prohibited. This means that competing brokers, real estate governing bodies, or multiple listing organizations cannot agree to set sale conditions, fees, or management rates Ex: Can't agree to charge the same commission to a buyer
The Fair Housing Act prohibits discrimination in housing because of:
Race Color National Origin Religion Sex Familial Status Disability
RESPA
Real Estate Settlement Procedures Act - requires special information booklet, requires good faith estimate, requires uniform settlement statement
Discrimination reporting
Report illegal discrimination to the Real Estate Licensing Agency
Capitalization Rate
The rate of return considered to be a reasonable return on investment - given the risk. (Net Operating) Income / Value = (Direct Capitalization) Rate *easily remembered by IVR
once on the issuance of the policy
Title insurance is paid
Calculating Frontage
The first number in a lot's size is its frontage. A lot that measures 150' x 200' has 150 frontage feet & a depth of 200 feet.
Exclusive right to sell
This Agreement shall be binding upon all parties hereto, their respective heirs, personal representatives, successors and assigns. Under an exclusive right to sell agreement, the seller is responsible for paying the realtor fees regardless of whether they or the owners sell the property.
Comparable Adjustments
Try to make the fewest adjustments possible to the estimate.
Consumer Guide to Agency Relationships
When the Consumer Guide to Agency Relationships must be given 1. Initiating pre-qualification evaluation 2. Requesting financial information 3. showing real estate other than at an open house 4. Discussing making an offer 5. Submitting an offer 6. Basically when receiving confidential information from client
Condemnation vs. Eminent Domain
While the term "eminent domain" refers to the right to take the land, "condemnation" is the act of actually carrying out that right—when the government or private entity actually takes the land away from the landowner.
Partition suit
a legal action filed in Court that names all parties who have or claim an interest in the subject property, including owners, lienholders, lenders, and holders of future estates.
