Legal Aspects of Real Estate: Q15/Chp 38-40

Question 1

1) An investor who rent skims from __________ parcels they took title to during any two-year period may be held liable for multiple acts of rent skimming.
a. one or more
b. three or fewer
c. five or more
d. two or fewer

Answer 1

c. five or more

Question 2

2) A tenant’s recovery from an investor who engages in rent skimming includes:
a. the security deposit.
b. moving expenses.
c. attorney fees.
d. All of the above

Answer 2

d. All of the above

Question 3

3) An investor is subject to _______ for one charge of multiple rent skimming.
a. one-year imprisonment
b. a fine of $30,000
c. Both a. and b.
d. None of the above

Answer 3

a. one-year imprisonment

Question 4

4) A rent-skimming investor avoids both criminal and civil rent skimming when they:
a. use the money to pay for a new investment property.
b. use the money to pay medical expenses within 30 days of collecting the rent, and no other funds were available to pay the expenses.
c. obtain a waiver of rent skimming liability from the tenant.
d. All of the above.

Answer 4

b. use the money to pay medical expenses within 30 days of collecting the rent, and no other funds were available to pay the expenses.

Question 5

5) A(n) _______ is a provision in an agreement permitting the prevailing party in a dispute to receive attorney fees when litigation arises due to the agreement.
a. choice-of-law clause
b. further-improvements provision
c. litigation fund clause
d. attorney fees provision

Answer 5

d. attorney fees provision

Question 6

6) The reciprocal fee statute applies to actions regarding:
a. contracts.
b. deceit
c. breach of agency duties.
d. misrepresentation.

Answer 6

a. contracts.

Question 7

7) When the court enters its final judgment in a case, the prevailing party is the individual who:
a. receives the greater money damages award.
b. receives the requested equitable relief.
c. successfully defends against the plaintiff’s claim and the plaintiff obtains no relief.
d. Any of the above.

Answer 7

d. Any of the above.

Question 8

8) The amount of attorney fees the non-prevailing party owes to the prevailing party is offset by:
a. any excess financial benefit received by the prevailing party from the nonprevailing party.
b. court costs paid by the prevailing party.
c. $1,000 for each action.
d. All of the above

Answer 8

a. any excess financial benefit received by the prevailing party from the nonprevailing party.

Question 9

9) Fee agreements for attorney services must be in writing when it is known the fees will exceed:
a. $500.
b. $1,000.
c. $1,500.
d. $2,000.

Answer 9

b. $1,000.

Question 10

10) An attorney must provide an itemized billing within ______ days following a broker’s request for the billing statement.
a. 5
b. 10
c. 15
d. 30

Answer 10

b. ten