ACEABLE FINAL EXAM STUDY GUIDE(GA) |GUARANTEED |VERIFIED
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What is one way a co-op sales contract differs from the sales contract for a single-family home? - Accurate Answersthe co-op sales contract includes a section detailing what the buyer must do it they hope to gains the corporations board approval (One of the most important differences is that purcha...
ACEABLE FINAL EXAM STUDY
GUIDE(GA) |GUARANTEED |
VERIFIED
What is one way a co-op sales contract differs from the sales contract for
a single-family home? - Accurate Answers✔✔the co-op sales contract
includes a section detailing what the buyer must do it they hope to gains
the corporations board approval (One of the most important differences
is that purchasing cooperative shares requires the approval of the
corporation. So the co-op sales contract includes a section detailing what
the buyer must do if they hope to gain the corporation's approval
(usually called "board approval").
which of the following BEST defines a circumstance requiring a real
estate license? - Accurate Answers✔✔performing a real estate act for
another party with the intent to receive compensation (Performing a real
estate act for another party with the intent to receive compensation best
defines the real estate license requirement.)
What is the MOST COMMON clause in listing agreements? - Accurate
Answers✔✔sign posting clause
which document provides a detailed list of each partys expenses at
closing? - Accurate Answers✔✔the closing disclosure
how is debt service ratio calculated? - Accurate Answers✔✔by dividing
net operating income by total debt service
, What is NOT NEEDED when prorating an expense? - Accurate
Answers✔✔real estate transfer amount (usually paid by seller)
what mortgage is short-term and paid out in draws? - Accurate
Answers✔✔construction mortgage (lender pays funds to borrower in
installments, called draws, as the construction progress)
Molly wants to buy a property downtown so she will be closer to the
local nightlife and have a shorter work commute. Her interest in a
property is greatly influenced by the economic significance of the
property's location. What is Molly influenced by? - Accurate
Answers✔✔Situs (economic significance of a propertys location)
Seller Jordan chooses to not disclose an easement on his property and
the buyer never asks about it. What is this an example of? - Accurate
Answers✔✔Silent fraud
Agent Laura completed a CMA on a property her client was interested in
making an offer on. What kind of value was Laura attempting to
determine? - Accurate Answers✔✔Market Value (CMA = comparative
market analysis)
what does "vicarious liability" mean? - Accurate Answers✔✔broker is
responsible for their licensees actions or omissions
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