Ks real estate exam - Study guides, Class notes & Summaries

A broker listed a residential property for 180 days. After the listing expired, the seller asked the broker to rent it out. Which of the following statements BEST describes the broker's obligations? The broker could hire an unlicensed person to rent the property. A licensed Florida broker is doing seminars on Florida property at dinners in various places in Kansas. Some people have asked her if they can purchase the properties. Which is true regarding her need for a Kansas license? She...

llinois Real Estate Practice Exam/ 225 Qs & Ans . Terms like: Title Insurance - Answer: Best evidence of marketable title A borrower has a mortgage loan that requires monthly payments of $936.25 for 10 years and a final payment of $136,287. Type of loan? - Answer: Balloon Loan Brokers should deposit all earnest money checks they receive into an escrow account or trust account to prevent being accused. - Answer: Commingling

A broker listed a residential property for 180 days. After the listing expired, the seller asked the broker to rent it out. Which of the following statements BEST describes the broker's obligations? - correct answerThe broker could hire an unlicensed person to rent the property. A licensed Florida broker is doing seminars on Florida property at dinners in various places in Kansas. Some people have asked her if they can purchase the properties. Which is true regarding her need for a Kansas li...

What duties are owed to the buyer when representing the seller? - correct answer1.) Disclose known material defects w/ the property or title 2.) Seller's agent has no o ligation to investigate the property for the buyer 3.) If seller's agent knows something was incorrect in an inspection the seller's agent has the duty to inform the buyer & seller 4.) IF licensee does investigate the property he/she must do so in a manner that is consistent w/ the knowledge, skills, and training of s...

Contracts (bar exam) questions & answers 2023/2024 Contracts - General Issues - ANSWER-Applicable law Formation of contracts Terms of contract Performance Remedies for unexcused nonperformance Excuse of nonperformance Third-party problems Unilateral Contract - ANSWER-results from an offer that EXPRESSLY REQUIRES performance as the ONLY POSSIBLE METHOD OF ACCEPTANCE Bilateral Contract - ANSWER-ALL other offers → usually offer is silent as to the method of acceptance BILATERAL ...

Real Estate Kansas Portion Questions and Answers 100% CorrectReal Estate Kansas Portion Questions and Answers 100% CorrectReal Estate Kansas Portion Questions and Answers 100% CorrectReal Estate Kansas Portion Questions and Answers 100% Correct Activities requiring a license - ANSWER-Compensation to do 1) Sell 2) Purchase 3) Lease COMMERCIAL property 4) Auction OR assist by procuring bids Activity NOT requiring a license in Kansas - ANSWER-Residential leasing OR 1) FSBO 2) Attorney per...

Activities requiring a license - ANSWER-Compensation to do 1) Sell 2) Purchase 3) Lease COMMERCIAL property 4) Auction OR assist by procuring bids Activity NOT requiring a license in Kansas - ANSWER-Residential leasing OR 1) FSBO 2) Attorney performing attorney's duties for hourly fee, NOT commission 3) Person acting under court's authority, ie. trustee 4) Gov officers performing gov duty 5) Railroad/Utilities on GROSS EASEMENTS 6) Employees that own minimum 5% corporate stock 7...

MIE 305 Final Exam What are the "bundle of rights" associated with property ownership? - ANS 1) Control; 2) Possession; 3) Enjoyment; 4) Exclusion; 5) Disposition Possession - ANS The property is legally owned by whoever owns the title. Control - ANS The titled owner (freeholder) controls the use of the property. Enjoyment - ANS Rights-holder can enjoy the property in any legal or contractually agreed manner. Exclusion - ANS Ow...

MIE 305 Final Exam Contract - ANS a promise or set of promises supported by the exchange of bargained-for consideration for the breach of which the law gives a remedy, or the performance of which the law recognizes as an enforceable duty. "a promise or set of promises that are enforceable in court." primarily state based common law contract elements - ANS -Agreement: the parties agree to the exchange of legal detriment as to each other -Bargained-for consideration: exc...

BSL 212 - CHAPTERS 15-16 EXAM QUESTIONS WITH VERIFIED ANSWERS { GRADED A+} statute of frauds - broad legal principle that guides the types of agreements that need to be in writing; agreements that must be in writing fall within this agreements that fall within the statute of frauds - (1) suretyship agreements (2) Ks for the sale of real estate (3) Ks that cannot be completed in less than 1 year (4) Ks for the sale of goods $500 or more (5) Ks where the executor of an estate pro...