Current Rev Flashcards
Broker Knorr advertised that anyone who bought a property listed with the broker would receive a free, flat screen TV valued at $2,000. Such action is:
Legal provided full disclosure is made to all interested parties
When real property secured by a first trust deed sells for a price that is less than the loan amount owed on that note, this is called
A short sale
An offer or counteroffer could be expressed in all of the following, except;
Telex
A real estate agent sold a house to a minority family in a non-minority neighborhood. In the eyes of the Federal Fair Housing Act of 1968 what would this be considered;
Acceptable
In a personal property transaction, how much is the minimum amount for which you must write up a bill of sale?
500
Which of the following best expresses the difference between a buyer’s deposit in a sales transaction, and an optionee’s deposit in an option contract:
In an option contract, the optionee’s deposit is nonrefundable
Which of the following is NOT a principal;
Escrow
Regarding employment, what length of time would a lender like to see that a borrower has been on the job in a particular industry in order to qualify for a loan?
2 years
Which of the following Latin phrases means “Buyer Beware?”
Caveat Emptor
In real estate, what does the term “draw” refer to?
An advance on future commissions
With the Exclusive Agency Listing form changed, what is the name of the new form?
Residential Listing Agreement Seller Reserved
A real estate agent has a Seller Reserved listing. The seller sells the house to a work friend without the agent’s involvement. How much commission does the agent receive?
No commission
What is the maximum number of units that could be considered a principal residence?
4
If a 16 unit building had wood bearing balconies which are 6.5 feet high how often does it need to be professionally inspected.
Every 6 years
In which case does a seller need to provide to the buyer the lead based paint discloser form in “target housing?”
SFR built in 1976
