The main purpose of respa - Study guides, Class notes & Summaries

Real Estate Practice Exam Questions and Answers with Verified Solutions 1. Brokerage definition... the business practice of bringing together the parties in a practice. 2. What are two examples of special use property? schools and cemetary 3. What is an example of functional obsolescence? bathroom 4. Principal definition... a consumer of real estate services who has entered into an agency relationship with a broker or another licensee employed by a broker. 5. Capitalization definition... the...

Appraisal - Answer an estimate or opinion of value based on supportable evidence and approval methods CMA - Comparable Market Analysis - Answer an analysis of probable value of real estate done by individual other than an appraiser BPO - Broker Price Opinion - Answer an opinion of value of real estate value done by a licensee with a broker level license. can charge Elements of Value - Answer 1) demand with purchasing power 2) utility 3) scarcity 4) transferability Market Value - A...

When agent Andy took a listing, he promised the seller that he would advertise the property in a magazine until it was sold. Andy told the seller he submitted the ad, but the magazine said Andy never contacted them or submitted the ad. Andy is guilty of: - Actual Fraud A fee simple estate is: - an estate of inheritance If an appraiser is appraising a special purpose property he would probably use the: - Cost Approach The main purpose of "RESPA" (Real Estate Settlement Procedures Act) is t...

When agent Andy took a listing, he promised the seller that he would advertise the property in a magazine until it was sold. Andy told the seller he submitted the ad, but the magazine said Andy never contacted them or submitted the ad. Andy is guilty of: Actual Fraud A fee simple estate is: an estate of inheritance If an appraiser is appraising a special purpose property he would probably use the: Cost Approach The main purpose of "RESPA" (Real Estate Settlement Procedu...

NY Real Estate Exam questions and answers latest top score. According to the New York State real property law, a real estate salespersons license is issued for a term of how many years? - correct answers.2 years 2. What type of residential real property transfer would require a property condition disclosure statement? - correct answers.Newly constructed property that has not been previously inhabited 3. What happens to the licenses of salesperson's if they're spo...

When agent Andy took a listing, he promised the seller that he would advertise the property in a magazine until it was sold. Andy told the seller he submitted the ad, but the magazine said Andy never contacted them or submitted the ad. Andy is guilty of: Actual Fraud A fee simple estate is: an estate of inheritance 00:02 01:17 If an appraiser is appraising a special purpose property he would probably use the: Cost Approach The main purpose of "RESPA" (Real Est...

Under RESPA, the servicer may require a borrower to pay into an escrow account to cover disbursements that are unanticipated or disbursements made before the borrower's monthly payments are available in the account, a cushion or reserve that must be no greater than _____ of the estimated total annual disbursements from the escrow account. The answer is one sixth. Under RESPA, a lender may require the borrower to establish an escrow account at closing. The loan servicer may require a borrower ...

Exam Question Master 1 T/F - Real estate professionals provide knowledge of market conditions - ANS True The product that real estate licensees market is - ANS Expert Information Real estate professionals provide expert information in three areas: - ANS Property transfer, market conditions, and how to market real estate and businesses. D.B.P.R (Department of Business and Professional Regulation) main office location - ANS - Located in Tallahassee, FL. DRE (Divisio...

Real Estate Sales Person Exam Prep (California) (2022/2023) Rated A+ When agent Andy took a listing, he promised the seller that he would advertise the property in a magazine until it was sold. Andy told the seller he submitted the ad, but the magazine said Andy never contacted them or submitted the ad. Andy is guilty of: Actual Fraud A fee simple estate is: an estate of inheritance If an appraiser is appraising a special purpose property he would probably use the: Cost Approach The main pur...

FloridaFlorida Real Estate STATE exam The best protection that the public has during a Real Estate transaction is (are) A. The national and state association of REALTORS B. The punishment of licensees dealing dishonesty C. the high ethical standards of real estate agents D. FREC and the license law - ANS D. FREC and the license law A group license A. allows a broker to have a branch office B. allows a sales associate to work for more than one broker C. may be held by a sa...