real estate Flashcards
What action must a licensee take with a purchase and sales agreement signed by both the buyer and the seller?
Retain a copy in secure files
A principal in a listing agreement is the?
Seller
A property management agreement is between the?
Property owner (and the management firm)
Which of the following terms describes how the value of the real estate is influenced by the addition of desirable facilities and amenities in the surrounding areas?
Progression
Owners, who disagree with the appraised value of the property may present their objection to the local board of appeal.
May require an adjustment to the average asset value of adjoining properties
Sellers who know their house contains lead based paint are required to?
Disclose that fact to potential buyers
Which of the following elements is required for a contract to be enforced?
Implied agency agreement
A home inspector performing an inspection as part of a buyer’s due diligence, Will primarily be converted with the?
Title report
A person with free simple ownership of a unit in a project, undivided interest in the project’s common areas owns a?
Condominium
The lien that takes priority over all others?
Recorded lien for real estate taxes
Condemnation of a part of a property is most likely the result of?
The state exercising it’s rights of eminent domain
Which of the following would be described in an environmental impact statement?
acreage
When mortgages are sold after they have been funded, they are considered part of the?
Secondary mortgage market
The right to use the land of another for a specific purpose is called?
Easement
The federal fair housing act is enforced through the?
Department of housing and urban development HUD
During the course of leasing a home, the real estate license overseeing the process denies the tenant based on receiving public assistance. The licensee is?
Violating the federal fair housing act
A license is showing a listed house and notices a latent defect. In this situation the license?
Should disclose the problem to prospective buyer
The area of a rectangular that 5 ft by17 t is?
85 square ft
A lease states the obligation of the tenant. Which of the following is likely an obligation of the tenant?
Comply with rules and regulations
The commission charged by a listing broker who is a member of an MLS is?
Negotiated between the broker and the seller
A landlord leases an apartment to a tenant who without the landlord’s approval installs new kitchen cabinets. The tenant vacates. What is the status of the kitchen cabinets?
The landlord is entitled to the cabinets without compensating the tenant
Which of the following is an example of iInvoluntary alienation?
A state taking property to build a road
A license deposits a client’s earnest money into the licensees personal account to hold. The licensee is guilty of?
Commingling
Which of the following options best describes an appraisal?
An opinion of value
Which of the following options best describes an appraisal?
An opinion of value
To file a complaint of discrimination the complaint must?
Suspect discrimination occurred
To file a complaint of discrimination the complaint must?
Suspect discrimination occurred
