Aceable stuvia - Study guides, Class notes & Summaries

Aceable | 100 Questions| Accurate Answers| Correct 100% Mike's 21-year old cousin will be visiting from Germany next month. Will MIke's cousin be able to help drive Mike to school? - ANSWER Yes, as long as he has a valid driver license in Germany. Tyeera wants to work as a driver for a tourist van company. She has a basic Class C license. Is she eligible to drive a tourist van? - ANSWER No. Tyeera needs a Class C Commercial Driver License first. Ryan's dad needs to drive bigger com...

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Agent Clark is working with seller Jean to sell her property. Agent Clark used to go to college with Buyer agent Sally. Clark and Sally meet up for lunch one day, and Clark tells Sally his seller is willing to accept less than the listed price. What is TRUE of this situation? - ANSWERSClark has violated his duty of loyalty and confidentiality to his client. All of the following are TRUE about the Information About Broker Services (IABS) form EXCEPT: - ANSWERSIt needs to be given for transacti...

Ben has recently purchased a policy for title insurance. Two weeks after making his purchase, it is revealed that there were unknown liens attached to the title. What is TRUE of this situation? - ANSWER -Any problems that arise after policy purchase are not covered. Which of the following is an example of something that would be listed on a Closing Disclosure as a credit to the buyer? - ANSWER -A credit is an amount a person receives at closing. Gladys owns two properties: one is a residen...

Agency by actual authority - ANSWERSrefers to actions an agent has been authorized to complete on behalf of a principal Agency by estoppel - ANSWERSAgency that is imposed by law when it is determined that ostensible agency existed Agency by ratification - ANSWERSAn unauthorized action taken on behalf of a principal which is accepted and legitimized after the fact by the principal Arbitration - ANSWERSA forum where parties and counsel present their positions before an impartial third par...

Tenant - ANSWER -one who possesses a property under a lease without ownership Broker - ANSWER -someone who assists in buying and selling to receive a commission Client - ANSWER -a person or company that buys or leases any product or service Land - ANSWER -the surface of the earth, extending down to the center of the earth and up into space Real Estate - ANSWER -includes the land and any natural or manmade improvements attached to it Real Property - ANSWER -includes land and any na...

What is investment gain? - ANSWERSan increase in property value due to active and purposeful developments or improvements Ben has recently purchased a policy for title insurance. Two weeks after making his purchase, it is revealed that there were unknown liens attached to the title. What is TRUE of this situation? - ANSWERSAny problems that arise after policy purchase are not covered. Which of the following is an example of something that would be listed on a Closing Disclosure as a credit...

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Real Estate Mortgage Investment Conduit (REMIC) - ANSWER -A type of SPV that holds commercial and residential mortgages in trust, assembles said mortgages into pools based on risk, and issues bonds (securities) on these pools to sell to investors in the secondary mortgage market is a(n): a concession - ANSWER -Julio considers leasing an apartment unit from Bruno, the landlord of an apartment complex. Bruno really wants Julio to sign so the complex doesn't have vacancies. To convince Julio, B...

When a client decides to end an agency relationship, it is called ____. a. revocation b. renunciation c. deuces d. mutual rescission - ANSWERSa. revocation What is required for an agency relationship to form? - ANSWERSconsent of an agent and the principal Which of the following BEST describes what happens when Broker Bob signs a listing agreement with Seller Sally? - ANSWERSA fiduciary relationship is formed A broker who enters into a Listing Agreement with a seller is considered ...