CompUCram Simulation 1 || with Error-free Solutions.
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CompUCram Simulation 1
Institution
CompUCram Simulation 1
Minerals are not considered to be personal property until the correct answers minerals are extracted from the earth
Which can the operation of law NOT create? correct answers joint tenancy
Which term best describes value being attributed to a property because of its desirable location? correc...
CompUCram Simulation 1 || with Error-free Solutions.
Minerals are not considered to be personal property until the correct answers minerals are extracted from the earth
Which can the operation of law NOT create? correct answers joint tenancy
Which term best describes value being attributed to a property because of its desirable location? correct answers situs
From an investment standpoint, it is usually the best idea, based on the theory of progression and
recession, to buy the ________ house on the block. correct answers least expensive
An owner's interest or value in property, over and above the mortgage debt, is known as correct answers equity
According to Fannie Mae and Freddie Mac standards, how much of a borrower's income can be dedicated to housing expenses for a conventional loan? correct answers 28%
After listing a property that the agent believes is overpriced, the agent returns to the office and vents his frustration to a fellow licensee at the brokerage. Which duty has the agent breached? correct answers loyalty
Which is NOT a fiduciary duty? correct answers obedience
During a phone call, a salesperson discusses showing a property to a prospect. Three days later, the agent shows the property; at that time the customer reveals her financial abilities and motivation. Three days after that, the agent prepares her offer and asks the buyer to sign an agency disclosure statement stating the agent represents the seller. When should the agent have disclosed this fact? correct answers before showing the house
If it is the policy of the broker to prohibit non-management-level licensee dual agency, what CANNOT happen? correct answers a buyer's agent can also represent the seller in the same transaction
In which situation is there no fiduciary relationship? correct answers seller and buyer
An agent is showing a house to a customer. The agent tells the buyer that the seller is desperate for an offer. Which duty has the agent breached? correct answers loyalty
Chelsea is a listing agent working for the listing broker and encounters a customer at the open house. The customer asks Chelsea if she could recommend an offering price. Chelsea should recommend that the customer correct answers offer list price
Taking measures to reduce adverse impacts on the environment is known as correct answers mitigation A seller lists a house that was built in 1972. Which documents should be presented to the seller on a listing appointment? correct answers listing agreement, MLS data entry sheet, lead disclosure
Which is the environmental program established to address abandoned hazardous waste sites? correct answers Superfund
The amount that parties to a contract agree to, in advance, that will serve as compensation in the event of a breach is known as correct answers liquidated damages
Melanie signs a one-year lease but, after living in the apartment for three months, gets the opportunity to go abroad for three months. Melanie transfers her possessory interest in the property to a friend. After her trip, Melanie comes back to the apartment, which had just been vacated by her friend. Which type of arrangement did Melanie have with her friend? correct answers sublease
Archie and Bert mutually agree to terminate a contract. The buyer, Bert, asks for the earnest money back and the seller, Archie, consents. This is an example of correct answers recession
Harvey enters into a lease where he must pay 30 percent of the landlord's expenses. Which type of lease did Harvey sign? correct answers net lease
When a buyer has a right of preemption, he has a right to correct answers A right of preemption is the right to have the first chance to buy or lease property, but only if the owner decides to sell or lease it. This is sometimes referred to as a right of first refusal. If a third party makes an offer to buy or lease, and the owner is willing to accept it, the preemption right holder must match the terms of that offer in order to acquire the property.
The agreement whereby a broker is entitled to be paid a commission by a buyer is a(n) correct answers buyer-broker contract
When one party lets the other parties know, before the time limit of performance, that the one party is not going to perform as agreed, the action is called correct answers anticipatory repudiation
When a party repudiates a contract, the other party can then sue for performance or damages. The non-breaching party does not have to wait for a specified closing date to begin litigation.
Which clause allows a broker to sue for a commission if the owner waits until expiration of the listing to contract with a buyer to purchase without the broker? correct answers protection
The law requiring buyers and sellers to be given an itemization of all costs and expenses of the buying and selling of a home is correct answers RESPA
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