Natinal Exam
The buyer wants to make the purchase offer contingent on a complex mortgage. The buyer's agent who is creating the contract should:
Suggest the buyer ask a lawyer to furnish the wording
Which of the following is true regarding liability for rental payments under an assignment of a lease?
The assignee becomes primarily liable under the lease and the assignor retains secondary liability
An appraiser is examining the subdivision layout and proximity to shopping and schools. For which part of the appraisal is this relevant?
neighborhood analysis(not comparative market analysis)
There is a three-day right of rescission under the truth in lending laws for all but which one of the following?
A first mortgage loan to buy a new house
A lessor holds which of the following?
A leased fee interest with reversionary right
The best way to describe a novation is:
A new contract which substitutes for a new contract
A person buys a house for $150,000 with $50,000 down and obtains a loan for $100,000. She/he pays interest and some principal for 5 years on the note and $70,000 in one lump sum at the end of 5 years. This is an example of:
A partially amortized loan(not graduated loan, term loan or amortized loan)
Mutual assent to a real estate contract is ordinarily indicated by
offer and acceptance(not attestation, a seal, or acknowledgement)
Foreclosure by Mortgage Company Inc. would NOT be triggered by which event?
The borrower fails to pay income taxes on income derived (NOT- borrower fails to make payments, borrower lets insurance lapse, or borrow fails to pay the taxes)
A corporation wishes to purchase an entire property as sole owner. It would purchase as an/a:
owner in severalty
a life estate may not be:
passed by a will
a life estate may not be:
passed by a will(can be: sold, leased, mortgaged)
At the time of harvest, crops that require annual planning are typically considered to be?
personal property( NOT appurtenances, improvements, real property)
A statement of compliance with fair housing laws is required in every broker's office in the form of a:
poster
Mary died leaving her personal and real property in her will to her daughter.Before her daughter can take full possession of the property, the will MUST be:
probated
Escheat occurs when:
property owner dies without heirs or a valid will
Which lien has first priority?
property tax lien
In calculating tax relating to the taxpayers primary dwelling, he/she may deduct:
property taxes paid(NOT: improvements, depreciation, mortgage principal repayments)
Which of these terms does NOT relate to condominiums?
proprietary lease(DOES: horizontal property act, conditions covenants+restrictions, common elements)
Which legal description identifies property with "lot and block"?
recorded plat
If an agricultural lease is terminated unexpectedly, the tenant farmer may:
recover emblements
A major ADVANTAGE of an FHA loan for a first-time buyer with limited funds is:
relatively small down payment is required
An agency agreement between the seller and a broker to sell a specific piece of real property will be terminated by all the following EXCEPT:
revocation of the listing salespersons license (will be- death of broker, bankruptcy of the principal, insanity of the broker)
A portion of a township which is square with mile long sides is called a:
section
A seller mentions to his agent that the previous owners of his property may have disposed of hazardous waste on the site. Under the comprehensive Environmental Response, Compensation, and liability act (CERCLA), who is liable for damages from the dumping prior to the sale of the property?
seller
In a jurisdiction where the common law of agency governs real estate activities, which of the following does NOT create an agency relationship?
seller to broker using a board MLS agreement(not salesman to employing broker)
The Equal Credit Opportunity Act addresses all of the following with the exception of:
standardization of interest rate(NOT: Written statements of credit denial, Discrimination in lending, Acceptable factors for borrower analysis)
An agreement between two lenders with the same property as collateral agree to change the priority of their lien is a:
subordination agreement
In order to collect a commission, which of the following is a requirement for a broker with an open listing?
The broker or one of his licensees must be the procuring cause for the sale
Illegal price fixing occurs when:
Two brokers agree to an identical fee structure
The seller has listed a property with a broker in a single agency relationship. The listing is valid for a year due to the extensive advertising that will be done on the property. After four months, the property was condemned by the city due to a fire, and it is announced that the property will be sold in two months by the city. The broker is still demanding his commission. His agency relationship:
Was terminated by condemnation of the property
All of the following liens must be satisfied in order to transfer clear title EXCEPT:
Assumed mortgage
A major reason for buying and owning a condominium as opposed to detached single- family is that?
A condominium tends to be more affordable
Which of the following would be an easement by necessity?
A driveway through a neighbor's property which provides the only access to a public street
A tenant with a triple net lease rents a building that has the following yearly operating expenses: Property taxes $5,000, Utilities $7000, Repairs & Maintenance $1,500. The tenant would be responsible for how much of these expenses?
$13,500
A $45,000 house depreciates at twice the average rate of 40 years. What is the value after one year?
$42,750(45,000/40=1125,,45,000-1125-1125=42,750)
If the interest rate is 5-1/4% and the monthly interest payment is $350, the principal sum would be:
$80,000
The sellers have agreed to give the buyer a carpet allowance to replace the living room carpet. They will allow $19.95 per square yard for carpet plus $5 per square yard for a pad and installation. If the family room is 22'6" x 15', how much will it cost the owners (to the nearest cent)?
$935.63
A tax rate of 7 mills can be expressed as:
0.007
A home buyer wants to borrow $100,000. The lender quotes on the loan origination fee of 1 point plus a loan discount fee of 1 point. What size loan must be obtained to pay the 2 points and still leave $100,000?
102.041
Which of the following is a direct benefit of investing in income producing real estate?
1031 exchanges may be utilized for income properties (NOT: tenant responsible for improvements)
The typical Gross Rent Multiplier in a neighborhood is 150. The annual rent for a home in the neighborhood is $12,000. What is the estimated value of the property?
150,000
What is the value of a property where the gross rent multiplier is 170 and the annual rent is $12,000?
170,000
A national company desires a parcel of land which MUST be four times the size of its proposed building. If the building design includes 20,000 square feet, then which of the following MINIMUM lots should be purchased:
2 acres
What is the commission rate on a sale of $129,750? The commission was $4,541.25.
3.5%
**If a property sold for $525,000 and an owner made a 50% profit, what did he pay for it?**
350,000***525,000/1.5 = 350,000
If property has increased in value to $82,000 today from its cost of $27,000, what is the annual appreciation rate assuming the property was purchased 11 years ago?
67%
An investor wants to purchase a 24-unit apartment house where rents are $360 per month. What is the most that he can pay for the property if he wants his money to earn 12%?
864,000(24x360x12=103,680. divide that by .12)
A seller wishes to net $845,950 for the sale of her property. If her broker is to receive a fee of 4% of the selling price and an allowance of $50 for expenses, what must the selling price be?
881,250x.96-846000-5=845,950
A building is valued at $1,250,000. If the monthly gross rents are $13,020, what is the gross income multiplier?
96(13,020x96=1,250,000)
A and B purchase an apartment building for $220,000. A contributed $132,000, B invests $88,000. At the end of the year, the net worth is $12,000. How much will each partner receive based on their individual investment?
A $7,200 B $4,800
According to RESPA, lenders must provide:
A booklet explaining all the costs involved in owning a home
A broker's duties include:
A fiduciary duty to the principal
Which of these special assessments would not be assessed on an ad valorem basis?
A special assessment for sidewalks. (What would be assessed: build a playground in the center of town, cover the city's liability of lawsuit, build a factory)
The three major evidences of title are:
Abstract and opinion, Torrens certificate, title insurance
Which would not be considered in the Comparison Approach:
Accrued depreciation
Dual agency refers to which of the following:
Acting as an agent for a buyer and seller in the same transaction
A seller who carries back an interest-only note on the sale of his home and rolls over the entire profit into a new home claims:
Additional income on his tax return
A managing broker may be held responsible for?
All real estate activities of salesperson (NOT all actions, just real estate)
Which of these is always inheritable EXCEPT:
An Encumbrence (fee simple, leasehold, freehold)
A salesperson lists a property with a state contract that allows dual agency. The sales person is considered?
An agent to the buyer and an agent to the seller
Purchase of common stock in a corporation gives:
An interest that is classified as personal property.
An appraisal represents:
An opinion of the value of the property on the date of the appraisal inspection
Crops that are growing in a field on a land purchase contract:
Are negotiated as part of the contract
A father dies and leaves a large piece of investment property (vacant land) equally to all of his children. During the probate proceedings, it is discovered that the father did not own the property alone; he had only 50% undivided interest with another investor as tenants in common. What will be the disposition of the property?
Children will each inherit their proportional shares but only of the fathers half
"executed" means that the contract has been:
Completed
At a July 17th closing, with all adjustments paid through the day of closing, in a statutory year where the current county assessment is $2,250.00, the buyer's portion would be paid in arrears. Represented as A:
Credit buyer 1,231.25 (this is the amount the seller owes)
A real estate broker enters into an agreement to represent a buyer who is seeking a property to purchase, and remains a single agent throughout the transaction. A seller with whom this broker negotiates is this broker's:
Customer
Which of the following would NOT be a basis for the termination of a listing?
Death of the listing salesperson (WHAT WOULD- insanity of agent, destruction of property by fire, expiration of time)
The buyer has agreed to assume the prepaid insurance on the property in the amount of $382. The policy expires next June 30th, and the close of escrow is October 22, 1991. Using a 360-day year for prorating, what is the correct entry on the closing statement?
Debit buyer $263.16, credit seller $263.16
The seller has received prepaid rents on the property in the amount of $450. The closing date is the 15th of the month. Which of these is the property entry on the closing statement?
Debit seller $225, credit buyer $225
A borrower has defaulted on the loan. The mortgage contains an acceleration clause. This allows the lender to?
Demand immediate payment of entire note
Tax deductions on a personal residence include all the following EXCEPT:
Depreciation (Include: loan points, mortgage interest, prepayment penalties)
If a parcel neighboring a listed property has recently been rezoned commercial-professional, the out of town seller should be notified of this fact because of the agent's duty of:
Disclosure
Which of the following is TRUE about asbestos?
Encapsulation of damaged asbestos can be safer than removal
Which type of insurance is customary for a broker to require of the salespeople in the brokerage?
Errors and omissions insurance
Which use would NOT likely be able to claim eminent domain to obtain land?
Expansion of a plant facility by the largest employer in the city(other answers-Claiming easements for utility line installation, Location of a new school by the school district, Expansion of airport)
Which of these is CORRECT about FHA loans?
FHA will insure up to the lesser of the appraised value or sales price
A seller hires broker A under the terms of an open listing contract. Broker B would not agree to list under an open listing agreement, so seller enters into an exclusive right to sell list agreement with broker B. Broker A produces an offer to purchase which is accepted by the seller. The seller must pay:
Full commission to both broker A and broker B
Four brokers meet to assign market segments so each can specialize in a certain price range. This is:
Illegal because of federal antitrust laws
Borrowers applied for a loan on the home of their dreams and were granted very specific terms based on their credit scores and income. At the time ofclosing, the interest rate had doubled in the loan documents that werepresented for their signatures. The borrowers were told that this was likely to be their only chance to receive any sort of loan and they MUST sign today. They were told if they did not sign that they would lose the house. This was?
Illegal because the terms changed and borrowers were pressured to take the loan
A selling agent learns of an undisclosed hail damage claim on a home that the buyer has made an offer on. The agent should:
Immediately disclose the claim to the buyer
Two lots of the same size are sold on the same street. The lot on the corner sells for $20,000 more than the lot in the middle of the street. Which of the following characteristics MOST likely explains the price difference?
Situs
Broker J has a listing on a large piece of acreage. The lot lines are very irregular and impossible to measure without a complete survey. J has heard rumors that the parcel is not as large as the seller believes it to be and that the fence along the back actually encroaches upon the next parcel. J is showing the land to a prospective purchaser. J should?
Inform both the buyer and seller that there may be some questions of survey
During property showing, an agent notices high water marks behind shelves in the basement. The property disclosure makes no mention of water problems. Before writing an offer, the agent should:
Inform the buyer of the observation and suggest inspection
A contract may be renegotiated after acceptance if the:
Inspection reveals items that need repair(not Buyer decides he did not get a good deal, Seller cannot find a suitable replacement property, Appraisal comes in higher than the purchase price)
A condominium complex is exempt from the fair housing requirements regarding housing for families with children if it:
Is intended for at least one person 55 years of age or older per unit (NOT-houses recovering alcoholics, is atleast 2 years old, is intended as an investment)
A contract is terminated if:
It is impossible for one of the parties to perform (Not third party intervene, one party decides not to move forward, one party assigns rights to another)
Which of the following items could NEVER constitute a fixture?"
Land (can-tree, shrub, swimming pool)
Which of the following could be included in a building code ordinance?
Material for plumbing (NOT: specific land use controls, type of zoning, location on plat map)
An ADVANTAGE of a partially amortized or balloon payment loan is that:
Monthly payments are relatively small
An appraiser, appraising an income-generating office building, would be most concerned with:
Net operating income
A broker informs one of her firm's salespersons that a seller whose property is listed with the firm has verbally expressed a willingness to accept less than full price. Can the salesperson share this information with a potential purchaser and why or why not?
No, because the seller dot not tell the salesperson personally in writing
An agent acting as a broker for the seller presents an offer to buy from the agent's former college roommate. The broker knows that the buyer will increase the amount of the offer if the seller turns it down. When presenting the offer, the broker then should?
Not disclose that the buyer will pay more to ensure fair treatment of all parties
What kind of deed is used to guarantee that during the duration of the current owner, he has not jeopardized the title?
Special warranty deed
The party making an offer is called the:
Offeror
A property is encumbered by a first mortgage, a second mortgage, a third mortgage and tax lien. The second mortgagee forecloses and the third mortgagee buys the property at the foreclosure sale. Who owns the property subject to which, if any, remaining liens?
Owner - 3rd mortgagee. Remaining liens - 1st and tax
The power of a city to require permits and compliance with building code is:
Police power
Which of these brokerage functions would be performed by a broker when the brokerage is closing its own transaction?
Preparing a 1099-S for the sale of the seller's property
A buyer receives a seller's property condition disclosure in which the buyer's agent believes the seller has misrepresented the condition of the property.The buyer's agent should:
Print out his or her concern to the buyer and recommend further inspection or investigation before proceeding
In periods of rapidly changing prices, which of the following should be done when preparing a market analysis?
Properties sold within 6 months should be used as comparable
A management agreement is a contract which identifies which one of the following?
Property manager's authority
An acknowledgment:
Provides evidence that a signature is genuine
Salesperson K of Westside Realty has listed seller R's home. Salesperson W of Eastside Realty has a buyer brokerage agreement with buyer J. Which statement is CORRECT?
R is Westside Realty's principal
Antitrust laws prohibit competing agents from all of the following except?
Receiving compensation from both the buyer and seller (agree to set sales commissions and management rates, dividing the market to restrict competition, boycotting other brokers)
An older couple is represented by a buyer broker who does not hold any professional license other than the broker license. The couple finds a home they want to purchase and ask their broker's advice about how to take title,explaining that they want to be sure that when one of them dies, the other will automatically become the sole owner of the home. It would be inappropriate for the broker to:
Recommend that taking title as joint tenants or tenants by the entirety will ensure the desired outcome
The seller is offering the property "as is." A buyer asks if termites could be present. The buyer's broker should:
Recommend that the buyer obtain a wood infestation report
The annual report of XYZ Mortgage Company, issued as a requirement of the Home Mortgage Disclosure Act, shows a pattern of numerous loans made in one area of the city and very few made in another area. The XYZ Company lending patterns might constitute:
Redlining
The purchase and sales agreement provides for release of earnest money to the seller after the buyer's property inspection. The seller requests the earnest money prior to the property inspection. The broker should:
Refuse to release the earnest money
The cost approach is based upon:
Reproduction or replacement cost
The best way for a lender to avoid a tax sale is:
Require the borrower to place sufficient money in a tax reserve escrow
The Department of Housing and Urban Development estimates that the majority of private homes built prior to 1978 contain potentially dangerous levels of lead. Because of this, Some Federal agencies, such as FHA:
Require the buyer to acknowledge disclosure of the presence of any known lead paint.
If conditions for purchase are in a deed and these conditions are violated, what is the penalty?
Return of the property to the original owner.
The rights of a landowner to use waters on an adjacent stream or river are:
Riparian rights
Two people decide to buy real estate in the name of a corporation. What form of ownership applies?
Severalty
Which factor is most harmful to be used for a comparable?
The comp was sold 14 months ago(not square footage, not different construction, not garage space)
The broker has a single agency relationship with the seller, and the property is being sold "as is." Which of the following MUST the broker nevertheless discloses to the buyer who is the broker's customer?
The cracked trusses, which compromise the structure of the house (NOT- dripping faucets wasting water, roof leaks/water spots on ceiling, or nothing since property sold as is)
A property management business plan may serve different purposes for different owners, and usually has to strike a balance between preservation of the property's value and generation of income. Which of the following owners would MOST likely prefer a property manager who emphasizes maintenance of the value over profitability?
The department of Housing and Urban Development.
A characteristic of owning property by land trust, is that:
The identity of the legal owner is kept confidential
A real estate licensee is a partial owner of a local title company. It ispermissible for the licensee to tell all of his clients to use this companywhen:
The licensee discloses his interest in the company to the client
The real estate broker who is listing a house for sale should verify?
The number of square feet in the building
A prospective buyer wrote a contract to purchase property. The owner responded with a counteroffer. While the buyer was reviewing the counteroffer, the owner received a better offer. The owner can accept the second offer if?
The owner has not been informed of purchaser's acceptance
A sub divider has met the mapping requirements of the local government and applied to have the subdivision plat approved. Once approval is granted, what additional step MUST be taken before lots may be sold?
The plat must be recorded
Which of these situations would NOT terminate a listing agreement?
The sale of the neighboring parcel to the county for a proposed airport (what would- bankruptcy of broker, death of the principal, destruction of property)
Broker A takes a six month listing agreement beginning January 1. On February 22, the seller informs broker A that she no longer wishes to sell. Which of the following is true?
The seller may be responsible for broker's expenses
X owns a lot that fronts a lake. Y owns the lot directly behind X's lot. Y procures an easement from X to gain access to the lake. Which of the following is likely to be true?
The value of Y's lot is increased
The method of depreciating investment property is to depreciate:
The value of the improvement only
If a salesperson changes brokerage firms, what happens to the salesperson's listings?
They remain with the original brokerage firm
Why do state laws require brokers to maintain trust accounts if they handle any funds that belong to their clients or customers?
To ensure that client funds are clearly identified and accounted for
A seller signs a 90-day exclusive right to sell listing with a broker. The selleris entitled to cancel the listing WITHOUT penalty:
When the broker has violated the terms of the listing
When is flood insurance necessary in order to obtain a loan?
When the property is located in flood hazard zone
The mortgage secured by 2 or more parcels is called:
a blanket mortgage
A prospective seller asks a salesperson to provide a listing price for a property. The salesperson should suggest:
a competitive market analysis to determine the propertys value
When a foreclosure sale of a property does not produce sufficient funds to cover the loan balance, the mortgagee may be entitled to a personal judgement against the mortgagor. This personal judgement is called:
a deficiency judgement
Because of the trust involved in handling property and money, the typical relationship created through a real estate listing agreement is?
a fiduciary relationship(not exclusive or special)
An owner hired a company to build a swimming pool at a home. The owner failed to pay the bill once the work was completed and the construction company filed a lien to obtain payment of the debt. The encumbrance created is called:
a mechanics lien
Which licensee would be construed as an independent contractor of the brokerage?
a salesperson in sales
A tax against a specific property resulting from a public improvement that benefits that property is known as:
a special assessment (not proportional method of assessing property, improvement cost, or benevolence to community redevelopment)
When the ownership of a property cannot be traced from its origin to the present owner because of a break in the chain of title, the establishment of current ownership usually REQUIRES:
a suit to quiet title
Which of these is CORRECT regarding taxation?
a tax assessed to property according to its value is an ad valorem
Which of the following will give the taxpayer the greatest benefit?
a tax credit of $1 (NOT- comission of 1, wages of 1, or tax depreciation of 1 from its top)
A void contract is which of these?
a verbal contract of real property(all other answers are physical contracts with issues)
Which of the common-law agency duties of an agent will be easiest for a dual agent to perform fairly for both parties to a transaction?
accounting
Which would not be considered in the Comparison Approach:
accrued depreciation (would: cost per square foot, cost of comparable properties, condition of property)
An assessment of taxes on real property according to the value of the property is known as which of the following?
ad valorem
The common area of a condominium development is owned by:
all owners as tenants in common
A property owner wants to sell his home but does not want to list his property. He tells a broker, "If you sell my home, I will pay you a commission." This is most likely:
an open listing
A purchase money mortgage is:
any loan used to purchase the property
A and J enter into a lease agreement. A agrees to pay J $1,500 per month for leasing an apartment for 18 months. The lease is silent as to when the rent is due, and then it is due:
at the beginning of of each month!!!
The secondary mortgage market buys mortgages from
banks
What type of mortgage plan may permit a builder/developer to obtain the release of lots, one at a time, as they are developed:
blanket mortgage
After a salesperson explains the services to be provided, the sellers sign a listing agreement with the salesperson's realty company and broker. The salesperson also signs the listing form. As a result, an agency relationship is established between or among the:
broker and the seller
On a purchase contract, the following are considered to be parties to the contract:
buyer, seller
A special type of zoning that allows a builder to use little or no traditional setback while still complying with density requirements (and often found in Planned Unit Development) is:
cluster zoning
In valuing a public fire station, an appraiser would place the most emphasis on the:
cost approach
The purchaser has made an earnest money deposit in the agreement, and the buyer and seller have agreed that the seller is to hold it until close of escrow. The proper entry on the closing statement is:
credit buyer and debit seller
Which event will cause a tax-deferred exchange to become partially taxable?
debt relief
An appraiser looks at a house that is in good condition and well kept. Other homes on the street have junked cars and un-kept yards. This is an example of a (an):
economic obsolescence
Private property that has been abandoned and taken by the government is:
eminent domain
Under which circumstances is an agency terminated with no liability to either party?
expiration of the contract
A broker has an agency relationship with a seller for a listed property. The seller has had many problems with the broker and the listing agent. He feels that the property has not sold due to a lack of open houses. The broker feels that the property has NOT sold due to the seller's severe limitation of access to the property. They CANNOTagree on a termination of the listing agreement, so the listing will run untilthe expiration date UNLESS the:
home burns to the ground (NOT Terminated when: seller hospitalized, broker moves office to new city, listing agent dies)
J has offered property as collateral for a loan but maintains possession of the property. This is an example of:
hypothecation
A selling agent learns of an undisclosed hail damage claim on a home that the buyer has made an offer on. The agent should:
immediately disclose claim to buyer
A DISADVANTAGE of a high degree of leverage may be that:
it entails a large amount of risk
The right of survivor-ship feature is usually found in:
joint tenancy
Which of the following interests may NOT be mortgaged?
license (what can-leased fee, leasehold,life estate
Regulation Z addresses all of these lending issues EXCEPT:
loans to small corporations (advertising prices and down payments, a car lan of 15,000, and APR)
A qualified fee estate was owned by two persons who wanted to use the property for a purpose that was forbidden in their deed. They went ahead with their plan for the property. The grantor of the estate:
may be able to regain title to the property(NOT- sue for specific performance, sue for money damages, has no recourse available)
An easement can be created by any of the following EXCEPT:
merger of the titles (can be- definition within a deed, the parties behaving as though there was an agreement, a written agreement between those involved)
To determine the market value of a house, a broker checks prices for which similar homes in the same neighborhood have sold. What principle is the broker using to arrive at a market value for the house?
substitution
A provision contained in a two-year lease states that should the tenant retain possession after expiration of the lease, it will be on a month-to-month basis with a 50% increase in rent. This provision is intended to discourage a:
tenancy at sufferance(NOT: lease renewal, lease extention, surrender of the premises)
Ownership in the common areas of a condominium is held by all owners as:
tenants in common
A buys a house with an $80,000 first loan and a $5,000 second loan which were recorded by the lenders. A $10,000 judgment lien is later recorded by someone the buyer owed money to prior to buying the home. Which lien has priority?
the 80,000 first
Depreciation usually applies to:
the building only
In a jurisdiction where the common law of agency governs real estate activities, a broker has a single agency relationship with a seller. This relationship will terminate when:
the sale of the property is completed
An agent has brought a ready, willing, and able buyer to a seller. In MOST listing contracts, the broker has earned his commission when:
the seller accepts the offer (not the sale closes, any offer is delivered to seller, or all contingencies are removed)
Two weeks after entering into a listing agreement, a broker learns that the subject property is within an improvement district whose assessment roll has just been confirmed. Both broker and seller now have an obligation to disclose to prospective buyers that:
there is now a special assessment that is a lien against the property
Which deed conveys the most interested real estate?
they all convey the same interest(special warranty deed, general warranty deed, bargain and sale deed)
Which of the following statements about discount points is FALSE?
they are computed as a percentage of the selling price(TRUE: used to buy down interest rate, paid by either the buyer or seller, a function of the marketplace)
Horizontal township lines are known as:
tiers
Errors and Omissions insurance typically covers the broker for:
unintentional misrepresentation
Some states establish MAXIMUM limits on the interest rates that lenders may charge on real estate loans. These laws are intended to prevent:
usuary-illegal action of lending money with unreasonably high rates of return interest
Under an installment Land contract, who retains ownership of the property?
vendor
Broker A listed a property and later found out that the seller's doctor had declared her incompetent. The listing agreement is now:
voidable
Which of the following will NOT be considered relevant if HUD investigates a prospective home buyer's allegation of discriminatory treatment by a licensee in a brokerage office?
whether the licensee believed she was acting in the best interests of the prospective buyer(Would be relevant- The reports of undercover testers who visit the office, Whether or not the HUD Equal Housing Opportunity poster is displayed in the office, Records of the houses shown and properties suggested to the prospective buyer)
Is a man who refuses to sell a home to a buyer because she is white violating the law?
yes
