B2-B9 Flashcards
A real estate broker is normally what type of agent?
Special
A broker’s duty to a third party would be?
Honesty
A broker is a property manager for an owner and collects the monthly rents. The owner dies. What is the status of the property management agreement?
Terminated upon death of owner.
Before the close of escrow the building is destroyed by fire. Is the commission due?
No commission is payable.
An offer is made and accepted by telephone. The contract is?
Unenforceable
A broker is asked to list a property that is in violation of the local zoning ordinances. He should?
Refuse the listing
The Market Data approach in appraising would refer to….
Substitution
When buying rental property it would most likely be appraised using what approach?
Income approach
An old home in an area of new home development would be appraised using what approach?
Cost
What does the gross rent multiplier indicate?
A factor of rents to price
In a correctional township, fractional sections are:
North and West
Who coordinates and supervises the activities to close escrow?
The broker
On a settlement sheet, what is usually true?
The buyer is credited unpaid taxes
While a transaction is in escrow a problem develops, and the matter is turned over to court. This would be considered:
Interpleader
What does a seller usually pay for at closing?
Deed preparation
