Real Estate Recovery fund is funded by - ANSWERS-fines and fees paid by licensees
Riparian Rights - ANSWERS-An owner's rights in land that borders on or includes a
stream, river, or lake. These rights include access to and use of the water.
Broker hiding value of property - ANSWERS-Could be charged with concealment
If office is closed, reopened, in same license period - ANSWERS-request a reissue- no
fee
real estate taxes are - ANSWERS-Ad Valorem tax
The four factors of production - ANSWERS-land, labor, capital, and entrepreneurial
ability
Maximum number of years on FREC - ANSWERS-no limit
Land, improvements, interest and rights - ANSWERS-Real Property
Gross lease - ANSWERS-Tenant pays a fixed rent and the landlord (Lesser) pays all
property expenses
To cure a defect or cloud on the title to a piece of property, the parties should: -
ANSWERS-quitclam deed
Sales associate working for a broker - ANSWERS-general agency relationship
Brokers office - ANSWERS-Building of stationary construction
More than 1 active broker, 1 license revoked - ANSWERS-no affect on other licenses
Corporation registered to broker real estate - ANSWERS-at least 1 officer licensed as
an active broker
Equal DUE rights, same or different deeds - ANSWERS-Tenancy in common
rental property is temporarily diminished - ANSWERS-see temporary reduction of rent
from court
property to property with same utility - ANSWERS-Principle of Substitution
Broker refuses to pay a commission due - ANSWERS-Charged with Failure to Account
$50,000 - ANSWERS-Single judgement from Real Estate Recovery Fund
, Post-dated check - ANSWERS-Legal- give to broker immediately
Business known as a company - ANSWERS-is a corporation for profit
Broker represents as escrow agent - ANSWERS-Buyer and seller
Expert knowledge by RE licensees - ANSWERS-Valuation, Marketing, Property
Transfer
Financial protection due to defective title - ANSWERS-Title insurance
1 bath in a 4 bed home - ANSWERS-functional obsolescence
Least effective method of the FED Reserve - ANSWERS-Changing the discount rate
Seeking testimony from a witness - ANSWERS-Administrative law judge will subpoena
Tenant in property with temporary agreement - ANSWERS-Tenancy at will
Cannot comply with legal instructions - ANSWERS-Withdraw from the transaction
Developer conveys ownership-streets etc. - ANSWERS-Dedication
Deed Promise- no hostile claims made - ANSWERS-Warrant of quiet enjoyment
In closing statement title insurance - ANSWERS-not prorated
No brokerage relationship - ANSWERS-Customer refused representation
sales associate leaves broker and joins another - ANSWERS-must obtain a reissue of
license with new broker
Chairperson of FREC powers - ANSWERS-Executive
Issued by owner-employer multiple location - ANSWERS-Group license
Lien Theory State - ANSWERS-Title held by mortgagor (borrower)
Most important factor for investment - ANSWERS-economic soundness
expenses of buyer/seller to 3rd party - ANSWERS-On closing statement, entered a
debits
Joint Tenancy - ANSWERS-Possession, interest, time & title (PITT)
Inducing to list/sell - minorities moving in - ANSWERS-Blockbusting
Riparian Rights - ANSWERS-An owner's rights in land that borders on or includes a
stream, river, or lake. These rights include access to and use of the water.
Broker hiding value of property - ANSWERS-Could be charged with concealment
If office is closed, reopened, in same license period - ANSWERS-request a reissue- no
fee
real estate taxes are - ANSWERS-Ad Valorem tax
The four factors of production - ANSWERS-land, labor, capital, and entrepreneurial
ability
Maximum number of years on FREC - ANSWERS-no limit
Land, improvements, interest and rights - ANSWERS-Real Property
Gross lease - ANSWERS-Tenant pays a fixed rent and the landlord (Lesser) pays all
property expenses
To cure a defect or cloud on the title to a piece of property, the parties should: -
ANSWERS-quitclam deed
Sales associate working for a broker - ANSWERS-general agency relationship
Brokers office - ANSWERS-Building of stationary construction
More than 1 active broker, 1 license revoked - ANSWERS-no affect on other licenses
Corporation registered to broker real estate - ANSWERS-at least 1 officer licensed as
an active broker
Equal DUE rights, same or different deeds - ANSWERS-Tenancy in common
rental property is temporarily diminished - ANSWERS-see temporary reduction of rent
from court
property to property with same utility - ANSWERS-Principle of Substitution
Broker refuses to pay a commission due - ANSWERS-Charged with Failure to Account
$50,000 - ANSWERS-Single judgement from Real Estate Recovery Fund
, Post-dated check - ANSWERS-Legal- give to broker immediately
Business known as a company - ANSWERS-is a corporation for profit
Broker represents as escrow agent - ANSWERS-Buyer and seller
Expert knowledge by RE licensees - ANSWERS-Valuation, Marketing, Property
Transfer
Financial protection due to defective title - ANSWERS-Title insurance
1 bath in a 4 bed home - ANSWERS-functional obsolescence
Least effective method of the FED Reserve - ANSWERS-Changing the discount rate
Seeking testimony from a witness - ANSWERS-Administrative law judge will subpoena
Tenant in property with temporary agreement - ANSWERS-Tenancy at will
Cannot comply with legal instructions - ANSWERS-Withdraw from the transaction
Developer conveys ownership-streets etc. - ANSWERS-Dedication
Deed Promise- no hostile claims made - ANSWERS-Warrant of quiet enjoyment
In closing statement title insurance - ANSWERS-not prorated
No brokerage relationship - ANSWERS-Customer refused representation
sales associate leaves broker and joins another - ANSWERS-must obtain a reissue of
license with new broker
Chairperson of FREC powers - ANSWERS-Executive
Issued by owner-employer multiple location - ANSWERS-Group license
Lien Theory State - ANSWERS-Title held by mortgagor (borrower)
Most important factor for investment - ANSWERS-economic soundness
expenses of buyer/seller to 3rd party - ANSWERS-On closing statement, entered a
debits
Joint Tenancy - ANSWERS-Possession, interest, time & title (PITT)
Inducing to list/sell - minorities moving in - ANSWERS-Blockbusting
