part 3 unit 25 managing contracts pt 2

Question 1

exclusive buyer rep agreement

Answer 1

work exclusively with one real estate brokerage for agreed upon time

Question 2

non-exclusive agreement

Answer 2

permits buyer to work with other brokerages

Question 3

utility right of way

Answer 3

an area on the land detailed on a specific title reserved for utilities.

Question 4

restrictive covenants

Answer 4

what a person is allowed to do with their land

Question 5

Warns people that any interest that they take in a property comes subsequent

Answer 5

caveats

Question 6

easement

Answer 6

allow a property owner a right to access another property

Question 7

encroachment agreement

Answer 7

any structure that crosses over your property line onto someone else’s property. The agreement allows the structure to remain in place.

Question 8

tax notification

Answer 8

person fails to pay taxes

Question 9

dower release

Answer 9

allows the owner on title to avoid securing the consent of their spouse each time they wish to grant an interest in land;

Question 10

document that demonstrates that someone sued the landowner and won the lawsuit

Answer 10

writ

Question 11

anyone who works on the property to improve it, may if not paid register a

Answer 11

builders lien

Question 12

postponements

Answer 12

a document that changes the order of affordability.

Question 13

upside-down or underwater mortgage

Answer 13

when mortgage amount is higher than the value of the home.

Question 14

The test for Dower rights is fairly straightforward

Answer 14

-is there only one registered owner o title (dower doesn’t apply)
-is owner legally married, also includes separated but not divorced
-has owner or spouse resided on property at any time.

Question 15

when filling clause 8.1 the fee section of the contract a real estate proof can choose to write..

Answer 15

% of sale price
flat fee
combo of both
offered by the seller or brokerage

Question 16

no further obligations by either party

Answer 16

termination agreement

Question 17

buyer is obligated to pay you if they purchase a home you introduced them to within the specified holdover period unless they sign an agreement to work with another brokerage)

Answer 17

terminated with conditions

Question 18

immediate fam includes

Answer 18

• parents, siblings, children, and spouse, as well as your spouse’s parents, siblings, and children.

Question 19

easily discernible through reasonable inspection and does not require disclosure

Answer 19

patent disclosure