Unit 6 - Contract Law

RECA Fundamentals Exam Questions and Answers Already Passed Which of the following is NOT a RECA educational resource for industry professionals? Spatial Information System (Spin 2) Which entity has the authority to amend the Real Estate Act Provincial Legislature Which of the following measures the change in a cost of a fixed basket of goods and services purchased by families over a period of time Consumer Price Index (CPI) Which of the following will occur to the supply of a good when there is...

An insurance policy which combines personal liability insurance and hazard insurance coverage for a dwelling and its contents is called - Correct Answer-Homeowners insurance What is the status of a contract when all the terms have been fulfilled and the transaction has been closed? - Correct Answer-Fully executed Surface rights, air, rights, and subsurface rights are all rights that can be sold by a property owner while still retaining the property itself. These rights are known as: - Corr...

(1) 1. The real estate marketplace could BEST be described as being A. homogeneous B. stratified C. perfect D. uninfluenced by emotion - answer-B. stratified (based on price) (1) 2. Most real estate agents are primarily engaged in which area of activity A. residential property B. raw land and lots C. commercial property D. development - answer-A. residential property (1) 3. The IRS will treat real estate salespeople as independent contractors if 3 criteria are met. Which is not...

00 - answer-00 A bank made a loan and charged a 4 point loan fee. Later the banker sold the note at a 3 1/2 point discount and received a check for 69580. What was most nearly the face amount of the loan? - answer-A) 72,100 B) 74500 C) 73000 D) 70000 3 and 1/2 point = 100-3.5= 96.5 69850 / .965= 72,103.63 Closest is 72,100 A) A broker told a customer that if he purchased a lot "it was a gold mine" and that it could be sold for four times what he paid for it by the end of ...

46. What is the maximum amount that may be paid from the Education, Research and Recovery Fund for each violation? - answer-The Recovery Fund will issue $150,000 per claimant, per transaction violation. The Fund is not obligated to pay more than $250,000 per licensee in total, regardless of the number of claimants. A broker has brought a ready, willing, and able buyer to a seller. In MOST listing contracts, the broker has earned his commission when - answer-the seller accepts the offer A b...

.75 FOR EVERY $500 THEREFORE 40,635/500=81.27 81.25*.75=60.96 (ROUND UP) - answer-Sam Seller sold his duplex for the sum of $40,635 on an assumption type sale. When the transaction was closed, the mortgage assumed was $20,000. What was the cost of documentary tax stamps attached to the deed $15,000 180,000+7,000+18,000=205,000 (TOTAL EXPENSES) 220,000 - 180,000= 15,000 - answer-A principal residence is bought for $180,000. A new porch is added, costing $7,000. Five years later the home se...

"Definite duration" refers to: A. Life estate B. Estate for years C. Estate at will D. Periodic tenancy - answer-b. Estate for years "Et ux" means: A. And wife B. And others C. According to value D. None of the above - answer-a. And wife A borrower takes out a mortgage loan that requires monthly payments of $875.70 for 20 years and a final payment of $24,095. This is what type of loan? A. Wraparound B. Accelerated C. Balloon D. Variable - answer-c. Balloon ...

ISSA- STRENGTH &CONDITIONING EXAM QUESTIONS AND ANSWERS 100% PASS Q: What is the neural circuitry that travels outside the spinal cord? - ANSWER- Peripheral nervous system (the correct answer) Q: Which of the following is a sensory receptor within a muscle that detects changes in length and helps regulate contraction? - ANSWER-Muscle spindle (the correct answer) Q: Which of the following are branches of the cell body that act as receivers, collecting information from other neurons? - ANS...

CMCA Sample Exam Questions and Answers 100% Pass 1. Quorum requirements conflicts are resolved by: a. state statute. b. the board of directors. c. a vote of those present at a meeting. d. appointment of a person as a proxy. - ANSWER-A 2. Fidelity insurance provides coverage to ensure that the: a. board will meet its fiduciary obligations. b. manager will faithfully follow all document provisions. c. deductible in the association's insurance policies is reimbursed. d. association wi...

Random CMCA Practice Test Questions (Under Construction) with Correct Answers 100% Pass C. A work order/response form - A, B, and D speak to elements OTHER than a control to ensure maintenance work is completed. - ANSWER-Which of the following is a common management control for ensuring maintenance work is performed in a timely manner? A. A purchase order system B. An equipment warranties C. A work order/response form D. A contractor's invoice C. Maintenance responsibility chart al...