MID TERM REAL ESTATE COURSE

When a licensee has broad responsibility to handle all details of a specific transaction, what type of real estate agency relationship usually exists? Universal General Designated Special

General A general agent has the responsibility of handling all details of a specific transaction. Property managers often serve as general agents.

Several brokerages in a certain area agree to stop running advertisements in a local publication. What type of antitrust violation is this? Tie-in arrangement Group boycotting Price fixing Market allocation

Group boycotting

How should you respond if your buyer says the following? "We're looking for a three-bed, two-bath. We have two little kids, so we want to make sure we're in a good neighborhood—somewhere safe, where we'll find a lot of good families and neighbor kids that we'd want our children to play with." "I can screen neighborhoods based on good school districts for you. That usually means you'll end up in the kind of neighborhood you want." "If you provide me with specific neighborhood names, I can certainly look for homes in those areas. You can learn about the different neighborhoods in the area at neighborhoodscout.com." "If you provide me with specific kinds of people you want to avoid, I can screen the properties more closely." "Let's keep this off the record. We just need to make sure it all looks legitimate from the outside."

"If you provide me with specific neighborhood names, I can certainly look for homes in those areas. You can learn about the different neighborhoods in the area at neighborhoodscout.com." You can screen by neighborhood if buyers specify the neighborhoods by names, or boundaries (e.g., "nothing north of 46th"), but your clients need to do the specifying. Otherwise, you are violating the law.

How would you respond if your seller makes the following request? "We've lived here 10 years and love our neighbors. They're really concerned about the changes happening to the blocks around us, so we want to be careful about who we sell this house to. You know what we mean. You'll help us find the 'right' kind of buyer, won't you?" "Let's keep this off the record. As long as we can come up with other reasons to disqualify the buyers you don't want, we'll be okay. We just need to make sure it looks legitimate from the outside." "I can't technically do that, but I could choose to advertise only in publications that target a white readership." "It would be illegal to limit the search based on race or religion or anything like that, but I promise I'll find you the most qualified buyer I can, and we'll sell this house for the highest price possible." "I'm sorry that you feel that way. I am obligated to obey the requests of my clients, but I'm going to need you to write up your request and sign it, so there's no way I can get in trouble for fair housing violations."

"It would be illegal to limit the search based on race or religion or anything like that, but I promise I'll find you the most qualified buyer I can, and we'll sell this house for the highest price possible."

Rhonda, who's buying Tony's town home, is unrepresented. Gary, a real estate licensee, represents Tony in the sale of his property. What's Rhonda's relationship to Gary? A client and fiduciary A customer and client A customer A fiduciary

A customer

Borrowers obtaining a VA loan aren't required to have a down payment. However, they are required to pay _______? Mortgage Insurance A funding fee VA tax Guarantee Insurance

A funding fee First-time homebuyers will have a funding fee of 2.15% (2.4% for those in the reserves or National Guard) if they don't have a down payment. This funding fee increases to 3.3% for second-time buyers.

Doris and Kathleen, who are neighbors, enter into an agreement to not permit their real estate agents to sell their homes to families with children. This agreement lacks ______, so it's void. A lawful objective A purpose A mutual agreement Two parties

A lawful objective

What's a mortgage lien? A lien created on property used as collateral for a loan to purchase a home A lien levied against a property when the owner doesn't pay property taxes A lien due to a court decree resulting from a lawsuit A lien placed against a property when the owner doesn't pay for the work performed

A lien created on property used as collateral for a loan to purchase a home

What's an involuntary lien? A lien created without a property owner's consent A lien created on a property used as collateral for a loan to purchase a home A lien created by a property owner or with a property owner's consent A mortgage lien

A lien created without a property owner's consent

What's a bound? A physical feature that defines the boundaries of the land A line that runs east to west A line that runs north to south The direction and distance of a line forming the boundary of a property

A physical feature that defines the boundaries of the land Bounds (boundaries) are physical features that define the boundaries or borders of the land.

A fair housing specialist is reviewing fair housing complaints. Which of these contains an action that is prohibited? A pregnant woman was not given the opportunity to rent a room in a three-bedroom house because the owner doesn't want to live with a baby. A real estate professional doesn't respond to any requests to view a property. A transgender woman is evicted from a rental property because she makes the neighbors uncomfortable. An appraiser inflates the value of a property because the person buying the property stole his girlfriend in high school.

A transgender woman is evicted from a rental property because she makes the neighbors uncomfortable.

Stacy has gone into default on her mortgage. Her lender is demanding that the entire loan balance be paid in full. Which mortgage clause permits her lender to do this? Alienation Acceleration Due on sale Defeasance

Acceleration The acceleration clause gives the lender the right to accelerate payment of the loan if the borrower defaults.

What does the A in the acronym for fiduciary duties, OLD CAR, stand for? Agency Accountability Action Alienation

Accountability

A town passes a zoning ordinance preserving the architectural style of an area and requiring plantings in the parking strips. This is an example of ______. Aesthetic zoning Architectural zoning Bulk zoning Variance zoning

Aesthetic zoning

Which of the following is true of an independent contractor? An independent contractor enters into an agency agreement with a client. An independent contractor does not enter into an agency agreement with a client. An independent contractor acts as the consumer's agent. An independent contractor is not paid for their services.

An independent contractor does not enter into an agency agreement with a client.

A CMA or a BPO is an example of ______. A formal appraisal An assessment An informal estimate of market value An inspection

An informal estimate of market value

When must lenders provide borrowers with a disclosure statement regarding finance charges, annual percentage rate, etc.? Prior to loan application Prior to or within 10 days after the loan application Prior to or within three days after the loan application At loan application or within three days after loan application

At loan application or within three days after loan application The lender must provide disclosure (the loan estimate) at the time of application or up to three days after.

Clark works for Acme Bank and asks for your assistance. He wants you to look at a property that's about to go into foreclosure and provide him with a report on its current marketability and a price for his bank. What's Clark most likely asking you to provide? CMA BPO Professional opinion Appraisal

BPO Broker price opinions are estimates of price in case the lender must take over the property and sell it to an investor or on the market.

Which type of loan has a lump sum payment due at the end of the loan because the installment payments aren't sufficient for paying off the principal and interest? Balloon mortgage Growing equity mortgage Pledged account loan Swing loan

Balloon mortgage

Which of these is usually a brass marker that is used to mark a datum? Monument Base line Principal meridian Benchmark

Benchmark Benchmarks are permanent markers used for marking datums.

Where can an agent report an antitrust violation? HUD FBI Citizens Complaint Center of the Antitrust Division DOS

Citizens Complaint Center of the Antitrust Division After discussing the situation with their broker, agents should contact the Citizens Complaint Center of the Antitrust Division.

To make valid computations of adjustments for the sales comparison approach to value, elements of comparison must be applied in a specific order. Which of these elements has the highest priority? Location Market conditions Conditions of sale Physical characteristics

Conditions of sale

Which of the following elements is always required for a real estate contract to be valid? Earnest money Consideration Profit Attorney review

Consideration In addition to consideration, a contract needs to be in writing and have legally competent parties, offer and acceptance, and a legal purpose.

Which loans involve increased risk for the lender and therefore usually come with a higher rate? Reverse Shared equity Construction Land contract

Construction Construction loans involve increased risk because the lender is lending on what's being built and not what's already built. If the builder flaked, the lender would be left with an unfinished building.

What are the two types of physical depreciation? Curable and incurable Internal and external Qualitative and quantitative Economic and material

Curable and incurable Two types of physical depreciation are curable and incurable depreciation.

Where do legal descriptions appear? Phone book Deeds Facebook Wedding invitations

Deeds

Shirley's lender discharged the mortgage lien placed on her property after processing her final payment. Which clause requires the lender to take this action? Alienation Acceleration Due on sale Defeasance

Defeasance

Which factor influences property value and addresses questions such as, "What's the market like?" and "Are there more buyers than sellers, or vice versa?" Demand Scarcity Utility Transferability

Demand

When you have the right to cross another's property, what type of tenement do you have? Servient tenement Service tenement Dominant tenement Domain tenement

Dominant tenement The right to cross another's property is a dominant tenement.

Which of the following is a type of easement? Easement appurtenant Easement by calamity Easement in net Easement by subscription

Easement appurtenant

Without this easement—usually involving access to a road—the owner requiring the right of passage would be landlocked. Easement appurtenant Easement by prescription Easement by necessity Easement in gross

Easement by necessity

Which of the following is a right to use the land that doesn't necessarily involve an adjoining property? Easement by necessity Easement by prescription Easement appurtenant Easement in gross

Easement in gross This describes an easement in gross. This type of easement is often held by a utility company.

Which of the following are rights of real property ownership? Property management, census, encroachment, easement, and disposal Enjoyment, disposition, possession, control, and exclusion Improvement, privacy, maintenance, investment, and growth Transference, entitlement, enclosure, proprietorship, and quiet

Enjoyment, disposition, possession, control, and exclusion Real property ownership includes the rights of enjoyment, disposition, possession, control, and exclusion.

Which act attempted to eliminate discrimination caused by blockbusting, steering, and redlining? Civil Rights Act of 1866 HUD Act of 1961 Fair Housing Act of 1968 Housing Discrimination Act of 1974

Fair Housing Act of 1968

Which protected class status applies when someone who lives with a child is treated differently from individuals who don't have children? Familial status Partnership status National origin Sexual orientation

Familial status

Who or what determines the amount that can be set aside in reserve funds? Federal regulations Borrowers Lenders Builders

Federal regulations Federal regulations, not lenders, set this amount, but generally buyers should be prepared to place as much as 14 months' worth of prepaid property taxes and insurance in reserve.

A person in a position of loyalty and trust is a(n) ______. Mortgage lender Fiduciary Client Attorney-in-fact

Fiduciary

To make valid computations of adjustments for the sales comparison approach to value, elements of comparison must be applied in a specific order. Which element is applied first? Financing terms and cash equivalency Market conditions Conditions of sale Physical characteristics

Financing terms and cash equivalency When using the sales comparison approach, appraisers consider elements in a specific order: financing terms and cash equivalency, conditions of sale, market conditions at the time of contract and closing, location, and physical characteristics.

What type of loan comes from the equity in the home? Swing loan Shared equity mortgage Bridge loan Home equity loan

Home equity loan

In addition to disclosing material facts, what does a licensee owe to customers and other parties? Obedience Loyalty Confidentiality Honesty and fairness

Honesty and fairness

A licensee who's received a threat of violence after refusing to violate fair housing law should report the threat to ______. The mayor The National Fair Housing Alliance Law enforcement officials HUD

Law enforcement officials

At a listing appointment, licensee Chet asks Sam, the seller, if his property is his own home or an investment property. Why would Chet ask this? If the home is his own, he's likely to be purchasing a new one, so Chet has a chance to land two transactions. Investment home sellers tend to be more emotionally attached because the homes bring them more income. Investment homes are easier to sell because they're sold "as-is." Chet can only represent sellers if they're selling their own home; selling investment properties requires a different license.

If the home is his own, he's likely to be purchasing a new one, so Chet has a chance to land two transactions. The seller has to live somewhere, right? If he's selling his current home, Chet has a chance to also represent him as a buyer when he purchases a new home.

Which economic characteristic of land contains the concept that a land's value can be affected by the changes made to it, such as construction of a home or shopping center? Scarcity Improvements Permanence of investment Situs (location)

Improvements Improvements include structures such as homes or commercial buildings, while the concept of permanence of investment is used when considering more permanent changes, such as roads, structures, and utilities.

Melissa loves her job as a real estate professional. She sets her own hours and is paid based on results, not the time she puts in. Sure, she pays her own expenses, but she's cool with that. Which of the following best describes Melissa? Independent contractor Employee Non-employee Associate

Independent contractor

The Housing and Development Act of 1974 added which protected class to federal fair housing law? Sex Religion Disability Color

Sex

Max has a written agency agreement with Rufus in which Max will receive all of the listings in the subdivision that Rufus purchased (with Max's representation) and is developing. One day when Rufus is visiting the site of the subdivision, a work truck accidentally runs him over and he's seriously injured. Rufus can no longer run the development of the subdivision. What happens to Max's agency coupled with interest? Rufus must now pay Max the commission that he didn't get from the original listing, and the agency relationship is terminated. Max has no recourse; the agency relationship is terminated and he receives no compensation. It's still in place because it doesn't terminate on the death or incompetence of the principal. Max now owns the subdivision as a result of the principal's death or incapacity.

It's still in place because it doesn't terminate on the death or incompetence of the principal.

Which fair housing case tested discrimination in a private sale? Plessy vs. Ferguson Buchanan vs. Warley Brown vs. Board of Education Jones vs. Mayer

Jones vs. Mayer The U.S. Supreme Court decision in Jones vs. Mayer stated definitively that racial discrimination is not allowed in any sale of property within the U.S.

Which of the following statements about acts performed by licensees is true? Licensees can perform services for others in the transaction without representing that party, but only if the acts are ministerial. Licensees can only perform services for others in the transaction if they represent that party. Licensees cannot perform any services for others in the transaction, regardless of the type of act. Licensees must receive consent from their client if performing ministerial acts for others in the transaction.

Licensees can perform services for others in the transaction without representing that party, but only if the acts are ministerial.

What does the L in the acronym for fiduciary duties (OLD CAR) stand for? Licensing Loyalty Labor Listings

Loyalty

Which of the following is a characteristic of predatory lending? Disclosing the true nature of the loan obligation Fee disclosure Making loans the consumer can't afford Linking interest rates charged to consumer creditworthiness

Making loans the consumer can't afford

Which term describes the temporary halting of new property development with the community's best interests in mind? Use variance Special use permit Area variance Moratorium

Moratorium

Sara has defaulted on her home loan. Her ______ gives the lender the right to sell the property. Promissory note Bad credit score Mortgage Mortgage broker

Mortgage The mortgage gives the lender the right to sell the property if the borrower defaults.

Mick focuses on mortgage lending. He works at a company that has in-house loan processors and underwriters. The options he offers consumers are limited to the products offered by his company. What's Mick's position? Real estate investor Mortgage banker Mortgage servicer

Mortgage banker

A client has asked her agent for a 24-hour notice on showings. The agent knows this will have a negative impact on the number of showings. Which duty is in conflict with reasonable skill and care? Accountability Obedience Disclosure Confidentiality

Obedience

Carrying out a client's instructions describes the duty of ______. Obedience Accountability Loyalty Reasonable skill and care

Obedience

Beneficiary interest in land that's part of a land trust is considered ______. Subject to partition Protected from creditors Personal property Real property

Personal property Beneficiary interest is considered personal property, even though what the interest conveyed is in real property.

Which decision stated that separate facilities for blacks and whites were constitutional as long as they were "equal"? Jones vs. Mayer Brown vs. Board of Education Buchanan vs. Warley Plessy vs. Ferguson

Plessy vs. Ferguson

The government's authority at all levels to ensure the health, safety and welfare of its citizens, which includes the control of public land use is the definition of ______. Eminent domain Police power Sovereignty Condemnation

Police power

According to the U.S. Department of Justice, which type of antitrust violation is an agreement between competitors to set contract terms for a certain length of time? Group boycotting Market allocation Price fixing Tie-in arrangement

Price fixing

Which of these provides some protection to lenders in the event that the borrower obtaining a conventional loan does not have a down payment of 20 to 25%? Private mortgage insurance Mortgage insurance premium Acceleration clause Prepayment penalty

Private mortgage insurance Private mortgage insurance ( PMI) insures the payment of that top portion of the loan and protects the lender from losing its shirt in a buyer default. Lenders generally require this if the borrower does not provide a 20-25% down payment.

Getting the best price is always a factor for a seller, but the ______ that it actually would sell for must be another consideration. Highest price Probable price Reduced price Guesstimate

Probable price

Which of these is a promise on the part of the borrower to repay a certain sum of money to another party (the lender or holder of the note) under specified terms? Promissory note Deed of trust Mortgage lien Usury

Promissory note

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? Purchase money mortgage Wrap-around mortgage Land contract A straight-term loan

Purchase money mortgage Purchase money mortgages allow the buyer to retain title to the property, but the seller has security interest in the property.

An inheritable freehold estate that's defeasible (where the grantor can reclaim ownership) is also known as ______. Qualified fee Fee simple Tenancy at will Fee absolute

Qualified fee A qualified fee is an inheritable freehold estate that's defeasible, where the grantor can terminate the title.

Which of the following is a mortgage where the consumer cannot later claim that the lender did not comply with the ability to repay requirements? Qualified mortgage with the rebuttable presumption Qualified mortgage with a safe harbor status Qualified mortgage with ability to repay Qualified mortgage with cash payment option

Qualified mortgage with a safe harbor status The safe harbor is the lender's ability to prove compliance.

Which protected class refers to a group of people who share common characteristics, typically physical characteristics, such as skin color? Religion Race Familial status National origin

Race

Providing clients with quality, knowledgeable, and prudent service, and living up to the trust they placed in the agent describes which fiduciary duty? Confidentiality Reasonable skill and care Loyalty Obedience

Reasonable skill and care

Benjamin is interested in a piece of property but is curious about its exact boundaries. What's one of the best ways to find this information? Reference a prior deed for the property. Ask neighbors where the property boundaries are. Look up the latitude and longitude coordinates of the property on Google Maps. Look for the point of beginning.

Reference a prior deed for the property.

In a transaction involving an assignment of contract, if the new party fails to fulfill the obligations stated in the contract, the original party ______. Is no longer responsible for fulfilling the terms of the agreement, unless specifically stated otherwise in the contract Is no longer responsible to the terms of the agreement, regardless of what's stated in the contract Remains responsible for the terms of the agreement, unless specifically stated otherwise in the contract Is permitted to void the contract

Remains responsible for the terms of the agreement, unless specifically stated otherwise in the contract

Which economic characteristic of land contains the concept that there's a finite amount of land? Scarcity Improvements Permanence of investment Situs (location)

Scarcity

The National Fair Housing Alliance has voiced concerns that programs designed to address the financial and mortgage lending crisis have increased instances of ______. Foreclosure Debt Segregation Pyramid schemes

Segregation The National Fair Housing Alliance's recommendations for the future of fair housing include considering the impact of financial programs on minority groups because recent programs designed to address the crisis have resulted in increased segregation.

Orla represents the seller, and Pardeep, an agent from a different firm, represents the buyer in the same transaction. What type of agency relationship does Orla have with her client? Seller agency Buyer agency Single-licensee dual agency Dual-licensee dual agency

Seller agency

Why is disclosure of agency relationship mandated? So that consumers don't erroneously believe that a licensee is working on their behalf Because the buyer's agent can't otherwise receive a commission Because the seller's agent can't otherwise receive a commission So that the commissions can be increased

So that consumers don't erroneously believe that a licensee is working on their behalf

Topography depicts the physical features and contours of a project, including rocks, trees, and other vegetation, as well as ______. Square footage of skyscrapers Available commercial properties Soil types Climate

Soil types

What's a consumer? Someone who uses or purchases a product or service Someone who is involved in a transaction but represents neither party Someone in a position of trust and loyalty Someone hired to act on behalf of a client

Someone who uses or purchases a product or service

Early in its history, the Federal Housing Administration officially supported keeping "incompatible" racial groups out of the newly developed white suburbs. This practice is known as ______. Redlining Blockbusting Consolidating Steering

Steering Real estate agents could legally steer all of the whites to the white areas and all of the blacks to the black areas. This practice, called steering, is now illegal.

When pricing a home for the market, try to get your seller to ______. See how much it might be able to fetch on the market Take on the role of a buyer Visit the neighbors and come up with a price Set the price at one level, with the expectation of lowering it in 30 days

Take on the role of a buyer By viewing the property from a buyer's perspective, sellers can gain a realistic view of pricing.

A community that undertakes a comprehensive master plan is ______. Making a much bigger deal out of planning than necessary Using the zoning map as the basis Taking the first step in urban planning Overlooking the community's economic and physical assets

Taking the first step in urban planning A comprehensive master plan represents the first step in urban planning.

______ is most often used by married couples and includes co-ownership with survivorship rights. Tenancy in common Tenancy in severalty Joint tenancy Tenancy by the entirety

Tenancy by the entirety This is tenancy by the entirety, where each has an undivided interest in the entire property. If one dies, the other owns the entire property. If they divorce, their ownership automatically becomes a tenancy in common.

A client terminates a listing agreement before its expiration date. What happens now? The listing is cancelled. The agent must sue. The client may owe a commission anyway. The agent must send the client a Notice of Release form.

The client may owe a commission anyway. The listing agreement may not be cancelled by only one party. It's possible the client will owe the agent the commission.

If a contract is void, which of the following is true? The contract is enforceable. The contract is only enforceable if it's executory. The contract is only enforceable if it's an implied contract. The contract is unenforceable.

The contract is unenforceable. A void contract has no legal force or effect; it's unenforceable because it's essentially not a contract. For example, a contract for something illegal is automatically void.

Which fiduciary duty doesn't allow agents to share any information their clients ask them to keep confidential? The duty of disclosure The duty of obedience The duty of accountability The duty of confidentiality

The duty of confidentiality

If a party to a contract lacks legal capacity but enters into a contract anyway, the contract is voidable by ______. The party lacking legal capacity The party possessing legal capacity A judge Both parties

The party lacking legal capacity

Which of the following best describes a net listing? The seller reserves the right to sell the property and not have to pay a commission. The seller specifies a price desired for the property and agrees to pay the broker any amount received above that price. The seller works with many agents, and only the agent who procures the buyer is owed a commission. The seller and agent agree to split the profit from the proceeds of the sale.

The seller specifies a price desired for the property and agrees to pay the broker any amount received above that price.

Jacqueline found a ready, willing, and able buyer for her client's condo, with a sales price of $20,000 more than the asking price. However, the appraisal came in just under the asking price. Which number will the lender use to calculate the loan-to-value ratio? The larger number, as a buyer has already been found A middle point between the two numbers The smaller number A weighted average based on the sales price, appraisal amount, and recent sales

The smaller number

When looking at a rectangular government survey system map, where would Section 36 be located? The southeastern-most section of the township The exact center of the township The northeastern-most section of the township The southwestern-most section of the township

The southeastern-most section of the township

Which of the following is required of property management agreements? They must be in writing. They must automatically renew after 90 days. They can be open ended (no termination date). They only need to list the services offered by the agent when acting in a limited capacity.

They must be in writing.

You're talking to a co-worker at lunch and she mentions she has a box of baby clothes her kids have outgrown that she needs to get rid of. You have a baby on the way, so you offer to pay her $25, and she agrees to bring the box to work the next day and give it to you. Which of the following is true in this situation? This is a unilateral contract because only one party is providing anything of value. This is an implied contract because it is not written down and nobody signed anything. This is an express contract because you defined in words the specific terms of the agreement and consideration to be exchanged. This is an invalid contract because it is not written down and nobody signed anything.

This is an express contract because you defined in words the specific terms of the agreement and consideration to be exchanged.

A landlord with a strict "no pets" policy won't rent to an epileptic person because the person uses a service animal. Which of the following is a true statement about this situation? This isn't discriminatory if the "no pets" policy is universally applied. This isn't discriminatory because service animals are restricted to the vision-impaired. This is discrimination based on disability. This is discrimination based on familial status.

This is discrimination based on disability.

Appraisers typically use ______ approaches to value. Two Four Three One

Three Appraisers use cost analysis, market analysis, and the income approach to value.

Joint tenancy requires unities of time, ______, interest, and possession. Tacking Trust Title Terms

Title

A town has just assigned a lower-density use zone to an area that previously allowed higher density. What's one reason the town may have done this? To improve property values To limit sprawl To increase density in surrounding areas To increase taxes

To limit sprawl

Which of the following would typically have HOA dues and shared walls? Townhomes Mobile homes Single-family homes Duplexes

Townhomes

An agent lists a home that receives an offer for full list price within one day in a buyers' market. There is a chance the agent ______ the home. Underpriced Overpriced Inflated Appraised

Underpriced

Which governmental department guarantees VA loans? FHA VA HUD CFPB

VA

Which of the following can be an exchange of money for a promise, an exchange of an item of value for money, or an agreement between the parties to do or not do something? Valuable consideration Good consideration Valueless consideration One-time consideration

Valuable consideration

What's the capitalization formula used in the income approach? Value = income divided by rate of capitalization Value = rate of capitalization minus income Value = income multiplied by rate of capitalization Value = income plus rate of capitalization

Value = income divided by rate of capitalization The basic capitalization formula used in the income approach has three parts: value, rate of capitalization, and income. The formula is value = income divided by rate of capitalization.

Who guarantees VA loans? U.S. Department of Veterans Affairs Housing and Urban Development Federal Housing Authority The primary mortgage market

Who guarantees VA loans? U.S. Department of Veterans Affairs Housing and Urban Development Federal Housing Authority The primary mortgage market

Is dual agency legal? Only if it's inadvertent Yes, if it's disclosed Yes, with informed consent No, not at any time

Yes, with informed consent Dual agency is legal with informed consent in writing. Some states, however, don't allow dual agency, and it's illegal in those states.

Which of the following describes a buydown? ABC Lending charges origination points and offers a 4.5% rate. Your clients pay their lender two discount points in a lump sum so they can lock in a reduced interest rate. Your sellers pay some of the buyer's closing costs so the buyer can put more money to their down payment. Buyers pay the seller a prepaid lump sum prior to closing to reduce the sales price.

Your clients pay their lender two discount points in a lump sum so they can lock in a reduced interest rate.