Simulated Exam 1-25 Flashcards
Real property that is acquired by a neighbor through natural processes such as erosion is an example of:
Accretion
If evidence of active infestation is found, a structural pest control report is required to be provided:
When the home being purchased is financed by a FHA insured loan or a VA guaranteed loan.
A purchaser of a condo unit requests a copy of the C,C&R’s. These documents need to be provided within:
Ten days
The expression “company dollar” refers to:
Money left over after a salesperson’s share of a commission has been paid.
If an appraiser uses improper valuation methods or is negligent in completing a government loan assignment, they may be guilty of:
Violating appraisal ethics & committing a felony
The calendar date that is of most concern to an appraiser is the date:
The purchase contract was signed
Fee amounts are always
Negotiable and not fixed by law
The term “kiosk” refers to a(n):
Open-sided booth
Agency relationships may not be solely created by:
TRICK QUESTION
voluntary offer by the agent
An agency relationship cannot be created solely by the voluntary act of only the agent. The formation of an agency relationship requires a written or oral agreement between both the principal and the agent.
When representing their client to third persons in a sale, a licensed real estate broker is operating under the law of:
Agency
Gloria is considering an income-producing property to purchase as an investment. In analyzing its suitability for investment, what is Gloria most interested in?
The capitalization rate
The annual rate of return on invested capital based on net operating income
What occurs when a listing agent deletes provisions on the face of a buyer’s signed purchase agreement and adds copy to replace the deleted material?
Interlineation
The process of modifying wording in a form by inserting additional language between printed lines.
A contract has been fully executed when it has been:
Completely and fully performed.
Real property that builds up along a riverbank is acquired through:
Accession
A metropolitan area where the cities within it have grown together is known as a(n):
Megalopolis
When a salesperson’s employing broker dies, the salesperson needs to:
Stop all real estate activity immediately until they find a new employing broker.
The final step in the appraisal process is to:
Reconcile the different approaches and arrive at a conclusion.
The principle that housing passes down to lower economic groups would be:
Filtering down
When a broker solicits and accepts a deposit on the purchase of real property without express written authorization from the owner to sell the property, the broker is:
Acting as an agent for the buyer
A real estate broker generally acts from a position of trust for the seller or buyer. This is described legally as a(n):
Fiduciary relationship
Nathan agreed to list his property for sale with broker Chan. In the listing agreement, Nathan specified broker Chan is not authorized to accept a deposit towards the purchase price from the buyer. What happens if broker Chan produces a buyer?
If he accepts a deposit, he holds it as an agent of the buyer until the offer is accepted by the seller.
What is an individual’s opinion or estimate of a property’s value on a specific date?
Appraisal
The employment agreement between a broker and a salesperson needs to be retained by the broker and salesperson for:
Three years from the date of the termination of the salesperson’s employment
How soon must a broker deposit a client check that is made out to the broker’s trust account?
Three business days
Who must receiver a copy of the structural pest control report?
The buyer
