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Real Estate 306 Final Exam Question with 100 % correct answers | Verified

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1968 case in which U.S. supreme court ruled that discrimination by race is absolutely prohibited in any form or at any level - Jones v. Mayer 2 docs borrow must always create in a mortgage loan - note & deed of trust (mortgage) 2 important functions of a commercial RE broker - provide prospectiv...

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  • August 2, 2024
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  • 2024/2025
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  • Real Estate 306
  • Real Estate 306

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Real Estate 306 Final Exam
1968 case in which U.S. supreme court ruled that discrimination by race is absolutely prohibited in any
form or at any level - Jones v. Mayer



2 docs borrow must always create in a mortgage loan - note & deed of trust (mortgage)



2 important functions of a commercial RE broker - provide prospective buyer w/ info about
property & to negotiate compromises



2 levels of brokerage licensure - salesperson: must work for broker

broker: can operate own brokerage agency



3 approaches to value - sales comparison (market) approach

cost approach

income approach



3 aspects of legal competency - legal age, not incapacitated, having authority to enter contract



3 basic perspectives from which development projects arise - 1. a site in search of use

2. a use in search of site

3. capital in search of opportunity



3 concerns to get an environmental consult - presence of wetlands, toxic substances & wildlife
habitat



3 conditions that represent "price of success" in RE brokerage - dedication to welfare of
customers, preparation & hard work

,3 factors that might influence a customer's choice of brokerage firm - reputation of broker

recommendation of friends

familiarity of broker



3 nonviable rights inherent in residential lease - 1. right to have property maintained in safe &
habitable condition

2. right to be protected from unreasonable searches & inspections by owner

3. right to cancel leases if premises are destroyed by fire or other hazards



3 possible defects to mutual assent - fraud, serious errors, one party being under duress



3 powers gov't uses to regulate RE market - 1. police

-zoning restrictions, land use

2. eminent domain

3. taxation



3 sectors that interact to determine RE values - 1. user (space) markets

2. capital markets

3. governmental sector



4 quadrants of RE capital markets - 1. equity/owners

or

2. debt/lenders

&

1. public (indirectly held)

or

2. Private (directly held)

,5 areas in which an expert RE broker has special knowledge - current prices & terms

successful marketing procedures

legal obligations of all parties of transaction + procedures for a transaction

knowledge of properties in the market

needs of prospective buyers



5 issues that a seller should be clear on before signing a listing agreement - 1. advertising program
used

2. placed in MLS?

3. length of term of listing

4. what progress reports will be provided ?

5. what personal property is being listed ?



5 RE services that require licensing to be performed for others - buying

auctioning

renting

managing

selling



5 things in lease that don't require negotiation - 1. names of landlord & tenant

2. adequate description of leases premises

3. agreement to transfer possession of property from landlord to tenant

4. start & end dates of agreement

5. description of rental payments



6 duties broker owes the principal? - confidentiality

obedience

accounting

, loyalty

disclosure

skill & vare



7 factors on which discrimination is prohibited under fair housing laws - 1. refusing to sell, rent or
deal w/ any person

2. offering terms & conditions that differ among buyers/renters

3. advertising housing available to only certain buyers

4. denying housing is available when it actually is

5. "blockbusting" persuading someone to sell housing by saying minority groups are moving in
neighborhood

6. denying/varying home loans on basis of prohibited characteristics

7. coercing, intimidating, interfering w/ any person in the exercise or enjoyment of these federal rights



a broker's relationship to a principal is characterized by what phrase? - agent must "stand in the
shoes" of the principal



a down payment deposit from a potential buyer must be held in: - broker's escrow trust account



a new house in good condition that has a poor floor plan would suffer what type of accrued
depreciation? - incurable functional obsolescence



acceleration clause - MORTGAGE

enables lender to declare the entire loan balance due & payable in the event of default

-if this weren't in place, default would only apply to amount overdue & cost of legal action against
borrower would exceed what could be recovered



according to most listing contracts, a broker has earned commission when : - the broker finds a
buyer who is ready, willing & able to buy on the terms specified in the listing contract

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