What is an escrow account Study guides, Class notes & Summaries

Post Licensing 303 Questions and Answers 100% Pass What should a broker do if they notice discrepancies in a client’s financial documents during a transaction? Notify the client immediately and work to resolve the discrepancies before proceeding. What is required for a property management agreement to be enforceable? It must be in writing and include details about the property, management duties, and fees. How often must a broker update their trust account records? Regular...

What action should the seller take when an offer is rejected? Make a formal counter offer. Complete a contract rider. Complete an addendum. Note the rejection on the offer. Note the rejection on the offer. Which of the following requires a written contract? The purchase of a TV for $378.00 A real estate lease for a term less than one year A real estate lease for a term longer than one year A potential buyer visiting an open house showing A real estate lease for a term longer...

NC Post License 303 Selected Topics Questions and Answers 100% Pass What is the purpose of a rental application? To gather information about a prospective tenant’s background, including credit history and rental history What does the term “property tax lien” refer to? A legal claim against a property for unpaid property taxes What should a real estate agent do if they suspect fraud in a transaction? Report the suspicion to the appropriate authorities and follow legal and e...

Sales associate, Tim, received a signed contract from a buyer and mailed it to the seller. The seller agreed to the terms and the escrow deposit was deposited safely in the broker's escrow account. Tim has a disagreement with his broker and quits. The broker refuses to pay a commission since Tim was not in their employ when the contract was actually received and signed. What should Tim do? a. Notify the state b. Sue the seller for his share c. Sue the broker d. Forget it; he is not en...

Wrongful or criminal deception intended to result in financial or personal gain is called: - Answer- fraud The Buyer and Seller Temporary Residential Lease forms may be used for a lease period not to exceed: - Answer- 90 days __________ extend above the surface without limitation. - Answer- air rights An example(s) of an appurtenance would be: - Answer- easements There is no upper limit on the value of a Texas homestead. - Answer- true A(n) __________ is one that combines some of ...

Which law applies to Land Registration & Ownership (Role of DLD) - ANSWER Law No. 7/2006 Which law applies to Designated Areas (Freehold vs Leasehold for non GCC) - ANSWER Regulation No. 3 of 2006 Which law applies to Regulation of Real Estate Brokers - ANSWER Law No. 85/2006 Which law applies to Establishment of RERA - ANSWER Law No. 16/2007 Which law applies to Escrow Accounts - ANSWER Law No. 8/2007 Which law applies to Tenancy Law - ANSWER Law No. 26/2007 Law No....

Deed Restrictions - Correct answer-Legally enforceable terms that govern the use of real estate Redlining - Correct answer-The practice of refusing to make residential loans or imposing more onerous terms on any loans made because of the predominant race, color, national origin, religion, sex, disability, or familial status of the area's residents. Civil Rights Act of 1968 - Correct answer-Following the assassination of Dr. Martin Luther King Jr., Congress passed what monumental piece of ...

licensee who is affiliated with a broker in charge or a property manager in charge Associated Licensee A sub office of a company in which full-service real estate activities are conducted and at which a broker-in-charge or property manager-in-charge is licensed to conduct real estate transactions. branch office a wholesaler who does not take title to goods and whose function is to bring buyers and sellers together and assist in negotiation Broker Broker who is designed as...

NC Post-Licensing Section 302 Questions and Answers Already Passed What is the primary role of a property manager in tenant relations? To ensure tenants' needs are addressed and manage any issues or complaints. What is typically included in a property management agreement? Responsibilities of the property manager, management fees, and terms of service. How should rent collection be handled by a property manager? Rent should be collected on a regular schedule as specified in th...

VA State Exam With Complete Questions And Answers Which of these is a rule that governs how escrow money can be disbursed? Brokers can disburse escrow money at the conclusion of the transaction to settle the agreement between the parties. Brokers can disburse escrow money in a different way than the contract indicates. If the contract doesn't give any instructions about the escrow account, the money always goes back to the client who paid it. Licensees must open an escrow account on the...