Caveat emptor - Study guides, Class notes & Summaries

335 real estate law Questions with complete solution Capital gains tax benefits include up to $___ exclusion of profit on the sale of a home owned an occupied as a principal residence for at least two of the five years before the sale - correct answer $500,000 First time homebuyers are allowed penalty free withdraws up to $___from an IRA - correct answer 10,000 Under The Texas mortgage credit certificate MCC program eligible first time home buyers may claim a federal tax credit for up ...

(AAERT TEST) LATIN TERMINOLOGY EXAM QUESTIONS AND ANSWERS ad hoc - ANS for this purpose only ab ovo - ANS from the egg - at the beginning, from the start ad curiam - ANS to (at) court ad infinitum - ANS to infinity - without limit, indefinitely ad litem - ANS to the suit - for the purposes of a lawsuit, pending a lawsuit: A guardian ad litem is appointed to act on behalf of an incompetent. ad nauseam - ANS to the point of inducing nausea NOTE: It is NOT sp...

General Lien (also Statatory) - correct answer attaches to all the property of the debtor, not exempt from forced sale (Example: a judgment or IRS lien) Diplomacy - correct answer the ability to handle clients and situations in a sensitive and effective way - is critical in commercial real estate, and a lack of it can expose you immediately as a beginner. DTPA - correct answer The Deceptive Trade Practices Act (DTPA) is a Texas law that was passed in 1973. It allows an aggrieved consumer to...

301 Post Licensing Exam Questions With 100% Correct Answers. What are the basic duties that an agent owes a principal under Agency Law? - answerOLDCAR or LOADS - loyalty/confidentiality, obedience, accounting, disclosure, skill, care and diligence. What is the definition of a fiduciary relationship? - answerA person who acts for another in a relationship of trust and who is obligated to act in the other's best interests, placing the other's interests before any self- interest. Does vi...

301 NC Post-licensing Questions And Answers Armin, a broker affiliated with Best Homes Realty, listed a property for sale and conducted an open house. Courtney visited the open house and decided to make an offer. The seller had completed the Residential Property and Owners' Association Disclosure Statement (RPOADS) indicating all defects the seller knows that exist about the property. In this situation, which of the following statements is TRUE? A) Courtney needs to be advised to ...

Latin terms for AAERT (CER) Exam 100% Correct infra below, beneath inter between, among super above, in ultra beyond ad hoc for this purpose ab ovo from the beginning ad curiam before the court, to the court ad litem for the suit (lawsuit) amicus curiae friend of the court arguendo arguing for the sake of argument bona fide in good faith caveat emptor let the buyer beware Caveat Venditor let the seller beware certiorai a writ or order by which a highe...

A buyer purchases a rental home that is fully furnished. The document used to transfer title to the furniture is: a. quitclaim deed b. bill of sale c. special warranty deed d. general warranty deed - b. bill of sale Deeds transfer title to real estate, a bill of sale is generally needed to transfer title to personal property. Ben receives a life estate in a property, with his nephew Will designated as the remainderman. When Ben dies, what kind of interest does Will receive? A. Fee Simpl...

McKissock Learning - Basic Appraisal Principles"A document or a clause in a document in which the borrower accepts responsibility for the repayment of a debt" is the definition of: A) CC&R B) bond C) mortgage note D) debt - correct answer mortgage note "The earth's surface, both land and water, and anything that is attached to it whether by the course of nature or human hands" is the definition of: A) land B) site C) water D) real property - correct answer A The public restriction on ...

Truth in Lending Act - ANSWER any organization issuing credit to a consumer to disclose the full terms of the lending arrangement and all costs associated with entering into that arrangement. Equal Credit Opportunity Act - ANSWER a federal act prohibiting any organization that issues credit to consumers from denying credit to a consumer on the basis of race, gender, age, marital status, religion, national origin, or skin color. Fair Housing Act - ANSWER a similar anti-discrimination act...

LES 305 Exam 1 Questions and Answers All Correct Executive orders - Answer-Laws of the executive branch of the federal government. President will give these orders. State codes - Answer-This contains the state's criminal laws, laws for incorporation, laws governing partnerships, and contract laws. Much of the law that affects business is found in these. Uniform codes - Answer-These are drafted by groups of business people, scholars, and lawyers in an effort to make interstate business le...