Rental listing services - Study guides, Class notes & Summaries

A buyer creates liquidated damages in the sales contract by (Ans- Doing nothing, the contract will default to liquidated damages Colorado Common Interest Ownership Act requires: (Ans- real property to be described in a declaration which obligates an individual unit owner to pay property tax, ins. premiums, maintenance or improvement on some declared real property owned in common When legal complications in a sales contract are beyond the expertise of the broker, the broker should alway...

What does REBBA stand for? - Answer-Real Estate and Business Brokers Act Whose role is it to enforce REBBA? - Answer-RECO Purpose of REBBA? - Answer-provide a framework for the responsive regulation of the real estate profession to protect consumers and ensure the integrity of real estate transactions is upheld. What Ontario government body is responsible for REBBA? - Answer-The Ministry of Government and Consumer Services is 'responsible' for REBBA, but it's RECO's role to interpret, e...

As a buyer's agent, should you advise your client to get a home inspection on the property she is buying? - ANSWER Yes. A qualified home inspector may spot defects not previously noted. (Agency Relationships/Contracts) A borrower must pay $5,600 for points on a $140,000 loan. How many points is the lender charging for this loan? - ANSWER 4. Divide the dollar amount of the discount points by the loan amount. $5,600/$140,000=.04 or 4 1 point=1% of the loan amount (Calculations/Poi...

WRA EXAM 2024 WITH COMPLETE SOLUTIONS. The WB-11 Residential Offer to Purchase describes which of the following as the way an earnest money payment should be handled as a result of a sale involving cooperating firms? - ANSWER The selling licensee should have all earnest money checks paid directly to the listing firm... Explanation: The Earnest Money section of the offer states: "Unless otherwise agreed, earnest money shall be paid to and held in the trust account of the listing broker." ...

Licensing Requirement: License Term and Renewal 87XX - 1. Individual license: A. Original: 2 yrs from licensee's next bday after issue B. Renewal: every 2 yrs on licensee's bday C. Business (CSAP) License: Valid for 2 yrs from date of issue and are renewable every 2 yrs 2. Business (CSAP) license: A. Original : 2 years B. Renewal : every 2 years A SALESPERSON LICENSE - 1. DOES HAVE TO BE DISPLAYED 2. DOES NOT HAVE TO BE HELD BY THE EMPLOYING BROKER 3. DOES NOT HAVE TO BE RETURNED TO T...

Virginia Real Estate Exam Questions and Answers Already Passed If, after passing the licensing exam, more than twelve months passes before applying for a license, the applicant must then _______________ before he can apply for a license. Re-take and pass the exam again. Under the Virginia Residential Landlord and Tenant Act, the security deposit, any accrued interest and any deductions, damages, and charges shall be itemized by the landlord in a written notice given to the tenant to...

WRA EXAM 2024 WITH COMPLETE SOLUTIONS. The WB-11 Residential Offer to Purchase describes which of the following as the way an earnest money payment should be handled as a result of a sale involving cooperating firms? - ANSWER The selling licensee should have all earnest money checks paid directly to the listing firm... Explanation: The Earnest Money section of the offer states: "Unless otherwise agreed, earnest money shall be paid to and held in the trust account of the listing broker." ...

WRA EXAM 2024 WITH COMPLETE SOLUTIONS. The WB-11 Residential Offer to Purchase describes which of the following as the way an earnest money payment should be handled as a result of a sale involving cooperating firms? - ANSWER The selling licensee should have all earnest money checks paid directly to the listing firm... Explanation: The Earnest Money section of the offer states: "Unless otherwise agreed, earnest money shall be paid to and held in the trust account of the listing broker." ...

WRA Real Estate Exam Questions With 100% Verified Answers Agency - answerIs the foundation upon which real estate brokerage is practiced. Agency describes a legal and ethical relationship between a real estate licensee and a party to a transaction. A party can be a buyer, a seller, a landlord, or a tenant. Licensee - answerIs any person licensed under state law to practice real estate. A licensee is any person licensed as a salesperson, an individual broker. or a broker business entity. B...

What are some examples of common expenses that a seller may incur in a typical real estate transaction? - Answer-- Home stager - Lender (i.e. a cost associated with discharging a mortgage early) - Surveyor - Lawyer - HST or capital gains tax - Moving expenses What tasks will a lawyer complete when working with a seller? - Answer-- Review the Agreement of Purchase and Sale - Note any deadlines to ensure the transaction proceeds as scheduled - Respond to any questions or concerns receive...