Midterm Part 3

Question 1

The BIC at ACME Realty wants to be a designated agent in a transaction involving another agent in his office. With whom may this BIC conduct a transaction involving designated agency within the firm?

Answer 1

A broker licensee who does not possess prior personal/confidential information regarding the person represented by the BIC

Question 2

Unpaid real property taxes lawfully become a lien against real property as what what date?

Answer 2

JAN 1 of the tax year

Question 3

An example of a “freehold estate” that is not inheritable by the heirs of the owners include

Answer 3

Life Estate in Reversion

Question 4

All of the following are a legal handicap under the Federal Fair Housing Act

Answer 4

AIDS
Mental Retardation
Hearing Impaired

Question 5

Improper conduct by a broker who, while employed by a principal, deals with the property for the broker’s personal interest or benefit without full disclosure to and consent by the principal.

Answer 5

SELF DEALING

Question 6

Americans with Disabilities Act

Answer 6

ADA exempts two types of property from its requirements: property that is covered by the Federal Fair Housing Act and property that is exempt from coverage by the Federal Fair Housing Act

ADA requires “reasonable accommodations” in employment and access to goods, services, and public buildings

Question 7

What is the maximum amount of personal funds that a broker can keep and maintain in the trust account?

Answer 7

Whatever the bank requires