Broker Test Prep

Question 1

tenants in common

Answer 1

share in the matter of possession, no right of survivorship

joint tenancy is all unities aka TTIP

Question 2

economic life of building

Answer 2

time which building provides a return or is useful to an owner.

Physical life of building is longer, building will continue to stand but won’t be economical to use.

Question 3

builders plan types

Answer 3

foundation - displays footings, subfloor, column

plot plan - show’s location of structures on plot

Question 4

Federal Insterstate Land Sales Full Disclosure Act

Answer 4

applies to sales of 25 lots or more state to state

seven day right of recission

Question 5

Uniform Commercial Code

Answer 5

bulk transfers