principles and practices

Question 1

the law of agency

Answer 1

real estate agents owe the fiduciary duties to their respective clients

Question 2

obedience

Answer 2

agent cannot exceed the authority given by the principal and must follow all lawful instructions

Question 3

loyalty

Answer 3

agent must put clients interests ahead of all others, including the agents interests

Question 4

disclosure

Answer 4

agent must disclose affirmatively all information concerning the transaction that might affect the principals best interests

Question 5

confidentiality

Answer 5

agent cannot disclose confidential information of the principal to others

Question 6

account

Answer 6

agent is required to promptly report all money received and paid out

Question 7

reasonable care

Answer 7

agent is required to protect the principal from foreseeable risks of harm

Question 8

buyer is

Answer 8

offeror

Question 9

seller is

Answer 9

offeree

Question 10

municipal taxes

Answer 10

property is assessed annually according to value (ad valorem)

Question 11

special assessments

Answer 11

additional taxes for property enhanced by expenditure of public funds

Question 12

zoning ordinances

Answer 12

are a means of regulating and controlling land and its use even though the property is privately owned

Question 13

setbacks

Answer 13

a distance from frontage, side lines and rear lot lines before foot of building (foundation) is allowed

Question 14

variance

Answer 14

a formal legal process to permit doing something that an existing zoning ordinance forbids

Question 15

noncomforming use

Answer 15

a legal use that existed prior to the enactment of the ordinances

Question 16

conditional use permit

Answer 16

allows a special use if deemed desirable for the public good or convenience

Question 17

building codes

Answer 17

define basic requirements for construction, performance and maintenance standards, not specific materials or designs.

Question 18

easements

Answer 18

an irrevocable right or interest one party has in the land of another, a non possessory interest in land of another; a right running with the land

Question 19

easement appurtenant

Answer 19

two adjoining lots. owner of one lot has right of way across next lot

Question 20

dominant tenement

Answer 20

is the party with right, receivable benefit- an appurtenance

Question 21

servient tenement

Answer 21

is the party who’s property is burdened- an encumbrance

Question 22

creation of easement appurtenant

Answer 22

by deed- a voluntary giving of a right

Question 23

easement in gross

Answer 23

owner gives personal right in writing, to another who does not own adjoining lot

Question 24

encroachments

Answer 24

unauthorized intrusion of another discovered by survey

Question 25

adverse possession

Answer 25

neighbor claiming a legal right to continue use of land

Question 26

cooperatives

Answer 26

a corporation that acquires realty to provide the shareholders with housing