Consensual agreement - Study guides, Revision notes & Summaries

Can you fill out forms on behalf of a buyer when you are employed by the seller? - Answer-yes, you can because you are helping the sale go through. but you can't give them any discretionary advice or judgment calls. you cant give them confidential advice you cant also represent them ELEMENTS OF REPRESENTATION RELATIONSHIPS - Answer-Creation of Law Consensual Controlled by Principal: Usually Involves Fiduciary Duties: Affects Principal's Legal Position Is a real estate agent allowed t...

How to approach on the exam? correct answer: o (1) Call of the question o (2) Identify and classify the property at issue o (3) Determine which parties have or claim an interest in the collateral o (4) For each security interest, assess: § Attachment - has SI attached? To which collateral? When? § Perfection - has secured party perfected SI? When? How? o (5) Find and apply appropriate rule to the facts to resolve the dispute Vocabulary correct answer: o Security Interest - an intere...

RECA Fundamentals of Mortgage Brokerage 2024 Exam AACI Correct Answer Accredited Appraiser Canadian Institute - designation granted by Appraisal Institute of Canada Accelerated Payments Correct Answer payment options stream whereby the monthly mortgage payment is either split in half or in quarters and is paid every two weeks (bi-weekly) or every week (weekly) Accredited Mortgage Professional - AMP Correct Answer national designation for mortgage professionals in Canada issued by the Ca...

2 specific codes in the New York Code of Rules and Regulations (NYCRR) - 1. Regulation 175.21 Supervision of salesperson by broker 2. Regulation 175.23 Records of transactions to be maintained Accountability - The duty of financial accountability recognizes that money received in an agency relationship is received on behalf of the principal, not the agent. The broker must put this money into a seperate trust account so as not to commingle the principal's funds with those of the brokerage. ...

contract - correct answer fundamental idea is that the obligations finds it's source in an agreement, in sale eg, the agreement must be on object to be exchanges for a fixed definite price in money note: there are 4 distinct principles of liability limits of contractual obligations - correct answer -privity- a contract in principle binds only the parties to it: hence in principle third persons can ne...

LEGL test 3 Review Questions and answers/ rated A+ Why do we care about Agency? - --it is essential to how businesses operate -delegation (because many people do things through others) Nature of Agency - -consensual relationship in which one person (the agent) acts as a representative of or otherwise acts on behalf of another person (the principal) with power to affect the legal rights and duties of the principal Third Party - -the person/party that is dealing with the agent but really...

A buyer client is preparing an offer on a property. He wants to make sure his offer stands out above all others and is accepted, so he discusses waiving the inspection contingency. What should the agent do? - Encourage the buyer to get an inspection, and if he still wants to waive it, put it in writing that you advised against waiving the inspection and have him sign. A licensee has several tasks to perform for seller clients. What's one of those tasks? - Communicate all offers and counter...

Alabama License Law Questions and Answers Already Passed How many days does a licensee have to notify commission of criminal prosecution or civil complaint? 10 days How many days does the real estate commission have to notify licensee of time, date, and place of hearing? 15 days How many days does the commission have to render a decision? 30 days How many days does a licensee have after the date of the commissions final order to file for rehearing? 30 days After transaction closes qualifyin...

Agency relationships: a. do not necessarily need to be in writing. b. are consensual in nature. c. are typically formed by agreement of the parties. d. All of these answers are correct. correct answers d. All of these answers are correct. Agents for sales of real property: a. must follow the equal dignities rule contracting on the principal's behalf. b. must follow the equal dignities rule except when they will bind the principal. c. All of these answers are correct. d. are normally ...

NMLS QUESTIONS WITH SOLUTIONS, GRADED A+ Acceleration Clause Allows lenders to demand payment in full if the borrower defaults on the loan (can be construed as predatory lending) Alienation Clause (Due on Sale Clause) Says you must repay your mortgage if you sell your home to a new owner (loan is not assumable) Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:03 / 0:15 Full screen Appraiser Independance Requirements replace...