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Real Estate Dynamics 18th ed. GA > mid-term exam > Flashcards

mid-term exam Flashcards

1
Q

A buyer and broker entered into a buyer agency agreement The buyer’s broker cooperated with another brokerage company representing a seller. The buyer’s broker would consider the seller to be the:

A

b) Customer

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2
Q

All of the following are true of BRRETA except:

A

***b) material facts must be disclosed to seller clients but not buyer customers.

c) dual agency requires informed written consent.
d) a non-exclusive agency, without an agreement to the contrary, will expire in 1 year.
a) the Broker owes a fiduciary duty to the client.

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3
Q

While doing urban renewal the city acquired privately owned property in a deteriorated neighborhood by eminent domain and sold it to a private developer who redeveloped it. Is the city justified in doing this?

A

a) Yes, but only if just compensation is paid to the private landowners

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4
Q

A change in zoning from multi-family to single-family use would be an example of:

A

down zoning

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5
Q

a buyer and seller have a verbal agreement stating the seller will pay all closing costs. When the agreement was put in writing, it stated the buyer would pay all closing costs. If both the seller and buyer sign the agreement, who would MOST LIKELY be responsible for the closing costs?

A

the buyer

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6
Q

A property was listed for $125,000 and the broker found a buyer who made an offer of $115,000 which was not accepted by the seller. This situation would be BEST describe as a(an):

A

rejected offer

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7
Q

A bowling alley is located on the outskirts of a city. The areas was recently rezoned for residential use. Will this change affect the present operation of the bowling alley?

A

NO, the bowling alley is considered a nonconforming use because it was constructed prior to the enactment of the ordinance so it may continue operating.

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8
Q

Under a lease, the leasehold estate is a right belonging to the:

A

tenant

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9
Q

The developer of a property is planning to install an underground septic tank and needs information to determine the soil’s absorption and drainage capacity. This information would be obtained from:

A

a percolation test

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10
Q

To allow a more intensive use of subdivision land, a zoning variation would be required to permit which of the following?

A

An increase in the number of building sites per acre

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11
Q

A listing agreement provides for the payment of a commission to the broker even if the owner sells the property without the brokers help. This type of listing agreement is called:

A

Exclusive right to sell listing

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12
Q

In a deed, which of the following is true?

A

*The grantee can be a minor

the grantee is the seller
the grantor records the deed
the grantor is the buyer

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13
Q

which of the following are NOT necessarily appurtenances that pass with the transfer of real property?

A

easement in gross

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14
Q

a seller accepts an offer from a buyer on a listed parcel of residential property. Before the closing, the property is rezoned commercial and due to the increase in value the seller refuses to sell. the buyer’s BEST course of action would be to:

A

enter a suit for specific performance against the seller

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15
Q

with which of the following are rental payments guaranteed to increase during the term of the lease?

A

step-up lease

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16
Q

a broker and seller signed a standard listing agreement. which of the following would NOT be among the acts that the broker was appointed to perform under the terms of the listing?

A

sell, trade, or convey title to the real property

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17
Q

which of the following statements BEST describes a fixture?

A

An article that was once personal property

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18
Q

in law, a fiduciary role is one that:

A

implies a position of trust and confidence

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19
Q

A buyer made an offer to purchase the seller’s property for $96,000 providing the seller would sign a general warranty deed at closing. the seller agreed to the $96k purchase price but agreed to sign a special warranty deed. Has a contractual obligation been created between the buyer and the seller?

A

NO, the buyer’s offer was rejected and the seller made a counteroffer

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20
Q

which of the following practices would NOT be considered a violation of anti-trust laws?

A

A broker who requires that the independent contractors within his company follow a set rate of commission without deviation

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21
Q

a map of a subdivision indicating the location and boundaries of individual properties is called a:

A

plat map

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22
Q

the seller has a contract to sell the property for $80k. another buyer wants to make an offer for $85k. you should

A

make sure the new offer is contingent on the first offer not closing and then present it to the seller.

*under BRETTA you have to show all offers

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23
Q

which of the following properties would MOST LIKELY involve riparian rights?

A

A cabin next to a stream

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24
Q

a tenant who has a one year lease on an apartment, commencing on january1st must:

A

vacate the premises by December 31st.

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25
Q

which of the following would NOT be considered an agent?

A

an employee of a multiple listing service

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26
Q

a buyer and seller are negotiating the sale of a house through the mail. A written offer mailed to the offeree is accepted. if the offer did not specify a method to communicate the acceptance, a contract is created when:

A

the offeree places the acceptance in the mail

once delivered; put in mailbox it’s accepted

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27
Q

a buyer purchased a house for the listed price of $180k. after closing the buyer discovered the seller had taken the remote garage door opener and house keys. the buyer would have a valid claim to these items because they would MOST LIKELY be considered:

A

fixtures

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28
Q

a residential subdivision of single homes would MOST LIKELY be separated from an industrial park by which of the following:

A

A buffer zone

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29
Q

an adult buyer who is illiterate signs a contract to purchase property from a seller. the buyer understands the nature of the contract because the terms were explained orally. is the contract binding?

A

YES, because the buyer understands the terms of the contract

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30
Q

to be in compliance with the Federal Trade Commission’s Do Not Call Implementation Act, a broker may do all but which of the following?

A

place a call at 9:30pm to a For Sale Owner whose phone number is NOT listed on the DO NOT CALL Registry

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31
Q

Baird finds a prospect for a house under an open listing. The seller signs a sales contract several days later with a different buyer produced by broker Carr. Who should receive the commission on the sale?

A

Carr should receive the entire commission

32
Q

a buyer and broker entered into a buyer agency agreement The buyer’s broker cooperated with another brokerage company representing a seller. The buyer’s broker would considered the seller to be the:

A

customer

*they don’t have an agreement

33
Q

All of the following are true of BRRETA except:

A

material facts must be disclosed to seller clients but not buyer customers.

THESE ARE TRUE*

  • the broker owes a fiduciary duty to the client
  • dual agency requires informed written consent.
  • a non-exclusive agency, without an agreement to the contrary, will expire in 1yr.
34
Q

while doing urban renewal the city acquired privately owned property in a deteriorated neighborhood by eminent domain and sold it to a private developer who redeveloped it. Is the city justified in doing this?

A

YES, but only if just compensation is paid to the private landowners

35
Q

a fixture may be legally removed from a property if:

A

there is an expressed agreement allowing the removal

36
Q

which of the following is a physical characteristic of land?

A

Uniqueness (non-homogeneity)

37
Q

agent Karen can best determined to have been the procuring cause of a sale when:

A

she began an uninterrupted chain of events that eventually lead to the sale

38
Q

A riparian owner’s land is washed away by a sudden or violent action of nature. The owner does not lose title to the lost land and the boundary lines stay the same. This would be an example of:

A

Avulsion (violent away of the land)

39
Q

Something that transfers with the sale of real property would BEST be defined as:

A

An appurtenance

40
Q

the intent of the statute of fraud is to:

A

Require real estate contracts to be in writing in order to be legally enforceable

41
Q

The owner of a property agreed in writing to convey to a neighbor the ownership of a piece of land between the owner’s fence and the neighbor’s property line. Both parties agreed the transfer would take place within four months of the agreement. Later, the owner changed his mind and refused to transfer the property to the neighbor. Would the neighbor have any recourse against the land owner?

A

YES, the agreement was in writing and could be enforced.

42
Q

A deed is presumed to have been delivered if the deed is:

A

Recorded by the grantee (acknowledge by a party (testation) witnessing; puts the public on notice
establishes ownership

43
Q

the provisions of the CAN-SPAM Act require all of the following to be included in commercial e-mail EXCEPT:

A

(A) A relevant subject line
(B)an opt-out provision
(C)A VALID PHONE NUMBER
(D) a valid postal address

44
Q

which of the following deeds is used in most real estate deed transfers and offers the greatest protection to the buyer?

A

A) Quit Claim deed
B) Bargain and sale deed
C) GENERAL WARRANRTY DEED
D) special warranty deed

45
Q

Carlos, a popular rock star, leased entertainment quarters from Wilfred Jones for the period from May 1, 2006 to July 31, 2006. Carlos’s interest is:

A

an estate for years

46
Q

the law pertaining to the period of time within which legal proceeding against certain actions in a contract must be brought to court is called the:

A

Statute of Limitations: a specified statutory period after which a claimant is barred from enforcing his claim by suit.

47
Q

the obligations an agent owns to a customer include all of the following EXCEPT:

A

CONFIDENTIALITY: because you can’t disclose confidential information from your client to the customer

48
Q

a person has been in possession of a property for a long time w/out the owner’s consent. That person’s rights have been determined to supersede those of the fee simple owner. this method of acquiring the title to real property is an example of:

A

Adverse Possession: a means of acquiring title to real estate where an occupant has been in actual, open, NOTORIOUS, exclusive, hostile, and continuous occupancy of property for the period required by state law. Permission from the owner, as given by a lease, does not qualify because it is not hostile (squatter’s rights)

49
Q

A parcel of property is described as follows: starting at a point of beginning on the North side of Jones Road, thence running north 2,200ft. to the iron pin, thence running east 1,500 ft. to the iron pin thence running south 2,200 ft. to an iron pin, thence running west to the point of beginning. Approximately how many acres are contained in this parcel of land?

A

2,200 x 1,500= 3,300,000

3,300,000 ÷ 43,560 = 75.75 acres round up to 76*

50
Q

the assessed valuation of all real property within a taxing jurisdiction is the:

A

Tax Base

51
Q

a minor signed a written sales contract to purchaser a parcel of property from an adult seller. After the contract was signed, the seller learned the buyer was a minor and declared the contract void. is the seller’s action permissible?

A

No, in this situation only the buyer could void the contract

adult has higher expectations, he should be more aware; the minor has no fault; it’s voidable by the minor only

52
Q

a general warranty deed would most likely include all the following covenants EXCEPT:

A

covenant of restricted ownership (this doesn’t exist)

a) covenant of Seizing
b) covenant of Quiet enjoyment(no superior title)
c) covenant of further assurance (make sure you have a good title)

53
Q

when listing property, the sellers asked the salesperson to give them an opinion on the validity of the title. the salesperson should:

A

Suggest they get some legal advise

54
Q

A co-owner of a property, held in joint tenancy, conveyed his interest to a buyer by general warranty deed signed only by the co-owner. Which of the following statement is TRUE regarding this transaction?

A

The rights of the other co-owners were not transferred by the general warranty deed.

55
Q

after the statutory period of time has been reached, what action would an adverse possessor file to claim title to the property?

A

Quiet title action: a suit in court to remove a defect, cloud on the title, or suspicion regarding the legal rights of an owner to a certain parcel of real property.

56
Q

Real property would NOT include:

A

emblements (personal property)

57
Q

Burton owns an apartment building free of an encumbrance. Burton has leased an apartment to Frazier who, in turn, sublets to Gresham.

A

Burton’s agreement with Frazier is not affected by the sublease in terms of Frazier’s liability.

58
Q

The legal remedy of terminating a contract and restoring the parties to their original position prior to contract is called:

A

Rescission: the act of cancelling or terminating a contract. (mistake, fraud, misrepresentation, etc).

59
Q

if asked by a prospective buyer, the listing agent must disclose:

A

that a murder had taken place on the grounds.

60
Q

which of the following BEST expresses the difference between building codes and zoning regulations?

A

Building codes apply to improvements on the property; zoning regulations apply to the use of the property

61
Q

a lease is all of the following EXCEPT:

A

an option*

it’s a conveyance, a contract, and an agreement.

62
Q

a leasing arrangement used by a business property owner to generate capital is called:

A

a sale-leaseback.

63
Q

a salesperson advertising a seller’s property should NOT:

A

run an advertisement in the salesperson’s name (broker!!!!)

64
Q

which of the following relationships BEST describes a general agency?
(general agency: one who has authority to bind his/her principal in a particular business)

A

a broker working for an owner as a property manager.

65
Q

a quit claim deed is generally used to:

A

Remove a cloud on the title

66
Q

A city government wants to encourage growth in a particular area and thereafter rezones the area. the government would MOST LIEKLY be exercising its right of:

A

police power: the government’s right to enact and enforce legislation which regulates the use of real estate to provide for the public safety , health, morals and general welfare of the community.

67
Q

an effective residential property manager would often use all of the following EXCEPT:

A

bond market quotations.*

accounting procedures, knowledge of hazard insurance, and marketing techniques.

68
Q

in the purchase of real estate, the buyer is probably acting in which of the following legal capacities?

A

grantee

69
Q

a builder has seven house under construction and hires a real estate agent to find buyers for two of them. the type of agency relationship established was MOST LIKELY a(an):

A

Special Agency:: one who is engaged to act for another, with limited authority.

70
Q

all of the following are typical provisions in a listing agreement EXCEPT:

A

CLOSING DATE OF THE SALE*

commission rate to be paid to the broker
names of the seller and broker
and legal description of the property

71
Q

the method of land description that includes principal meridians and base lines is called:

A

rectangular (government) survey system.

72
Q

a valid written lease does not require:

A

the signatures of both parties

73
Q

all of the following require written notice to terminate EXCEPT:

A

estate for years

74
Q

Baird submits an offer to buy a house, giving the seller 24hr in which to make a decision. under which of the following circumstance would a contract be created?

A

the seller accepts Baird’s offer as presented and notifies him of the acceptance within the time specified.

75
Q

A seller who was recently divorced received ownership of the property through the divorce proceeding. She wants to sell the property but her ex-husband’s name is on the original deed and she is unable to locate him. Her BEST action would be:

A

File a quiet title action

Real Estate Dynamics 18th ed. GA (16 decks)

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