Unit 1 review
A newspaper advertisement states, "one bedroom apt immediately available, good neighborhood. Only able-bodied individuals should apply." Which one of these is true? a. The ad is not permitted under HUD's advertising guidelines because it discriminates on the basis of disability. b. The add is acceptable under HUD guidelines c. The ad is not permitted under HUD guidelines due to the remark "Good Neighborhood" d. Newspapers are inherently discriminatory because not everyone can afford to buy them
a The ad is not permitted under HUD advertising guidelines because it discriminates on the basis of disability.
10. The owner of a house wants to fence the yard for her dog. When the fence is erected the fencing materials are converted to real estate by a. annexation b. severance c. immobility d. indestructibility
a. annexation
Office buildings and retail space are examples of a. commercial real estate b. special use real estate c. residential property d. industrial property
a. commercial real estate
The main purpose of police power is to a. ensures the health, safety, and welfare of the community b. demonstrates the authority of the state c. set limits on the amount and kinds of businesses in a given area d.protect residential neighborhoods from encroachment by business and industry
a. ensures the health, safety, and welfare of the community
The term improvements, when referring to real estate, includes a. sidewalks b. shrubbery c. trees d. lawns
a. sidewalks
A man sells 6 acres of prime undeveloped property to a woman for $2.25 per square foot. How much did she pay? a. $466,560 b.$588,060 c. $612,360 d. $733,860
b. $588,060 (43,560 x 6 acres = 261,360 x $a 2.25= $588,060)
A qualified buyer makes a written offer on a property on March 6 by filling out and signing a sales agreement. Later that day, the seller accepts and signs th agreement, keeping one copy. The broker gives a copy of the signed agreement to the buyer on March 8. The seller's deed is delivered on May 1. The deed is recorded on May 7, and the buyer takes possession on May 15. When is the broker's commission payable if this is a usual transaction? a. March 8 b. May 1 c. May 7 d. May 15
b. May 1
a RE broker had a listing agreement with a seller that specified a 6%commission. The broker showed the home to a prospective buyer. The next day, the buyer called the seller directly and offered to buy the house for 5% less than the asking price. The seller agreed and informed the broker in writing that no further brokerage svcs would be required. The sale went to closing 6 weeks later. Which of these statements is TRUE? a. while the broker was the procuring cause of the sale, the seller properly cancelled the contract; w/o a valid employment agreement in force at time of closing; the broker is not entitled to commission b. the broker is entitled to a partial commission, and the buyer is obligated to pay it. c. under the facts stated, the broker is not the procuring cause of this sale but is still entitled to commission d. The broker was the procuring cause of the sale and is entitled to the full 6% commission
d. The broker was the procuring cause of the sale and is entitled to the full 6% commission
A bill of sale is used to transfer the ownership of a. real property b.fixtures c. appurtenances d. personal property
d. personal property
Growing trees, fences, and buildings are all considered a. chattels b. land c. fixtures d. real estate
d. real estate
