Perry Real Estate College Comprehensive Final Exam 2026 Questions and Verified Answers

Fixture - -An item of personal property that has been converted to real property by being permanently affixed to the realty. Special Purpose Real Estate - -churches, schools, cemeteries, and government-held lands Propriety lease - -the lease given to shareholders in a cooperative Disposition - -Right to encumber Control - -Right to determine interest of property Accession - -Acquiring title to additions or improvements to real property as a result of a lease ending PITI - -Principal, Interest, Taxes, Insurance Exclusion - -ability to legally refuse others interest Yes - -Are Fixtures real property? third - -Mortgage interest on a ____ home affects tax returns Improvement - -any artificial thing attached on or below ground, such as a building, fence, water line or sewer pipe, as well as growing things that are made part of the landscaping. Deed - -A document that transfers ownership of property from one party to another. federally related transaction - -Appraisals are required for Condo - -An individually owned unit in an apartment-style complex with shared ownership of common areas.Owned in fee simple + undivided joint interests monetary policy - -factor in supply Old english law - -Bundle of legal rights comes from Real Estate Real Estate Fructus Industriales - -An Emblements, considered real property, plant or crop that require annual cultivation Enjoyment - -possession without harassment or interference Broker - -Point of contact between 2 or more people in negotiating the sale, rental or purchase FEMA - -administers the national flood insurance program Chattel - -an item of personal, movable property Subdivision - -the dividing of a single property into smaller parcels Agency - -Not determined by source of compensation Created by express agreement between parties and ratification, estoppel, and implication Net listings - -prohibited in some states Agent - -Principal broker of firm Puffing - -"Best deal in town" Exclusive agency - -owner sold home herself and didn't owe a commission Seller's decision - -Listed price of a property is always Breached duty of loyalty - -Showing a buyer homes outside their price range Agent is interested in a property they are showing a buyer and they make an offer on it "self dealing" Undisclosed dual agency - -repping buyer and seller without full and complete disclosure Broker - -Commission that is paid to a salesperson is determined by mutual agreement with Transaction broker - -not representing either party but helping a buyer/seller fill out a sales contract Customer - -someone who refused buyer representation Real Estate Real Estate a FSBO seller Fee for services - -unbundling of services Exclusive right to sell listing - -commission regardless if the broker aids Care violation - -Switching from residential to industrial prep w/ no experience Agency coupled with an interest - -Broker agrees to provide financing for condo being constructed with exclusive right to sell the units fee-for-service - -offering real estate services in a piecemeal fashion Patent defect - -one that can be seen with the naked eye Exclusive buyer agency agreement - -contract signed between purchaser and a broker fraud - -net listings are prohibited because they could lead to dual agent - -Principal broker appoints you to rep the buyer in designated agency Latent defect - -One that you can't see under ordinary inspection CMA - -Way to ensure a buyer doesn't overpay Retainer fee - -A small fee paid by the client upon creation of a buyer agency relationship as an advance partial compensation for services Exclusive right to sell - -most protection for a broker Ratification - -can be expressed in writing or orally accepting the acts or by principal taking the benefits Honesty and fair dealing - -If a buyer is unrepresented, listing agent still owes the buyer the duty of Open listing - -Listing given to any number of brokers; only selling broker is paid caveat emptor - -buyer beware Duty of Disclosure - -Letting the buyer know a home has a serious foundation issue Honesty - -Not a fiduciary duty owed to a client Buyers agency - -Exists when an agent represents the buyer only Real Estate Real Estate Real Estate Example of single agency contingent fee - -A fee that is only received upon a successful closing Designated agency - -A process that accommodates an in-house sale in which two different agents are involved. The broker designates one agent to represent the seller and one agent to represent the buyer. Implied agency - -May create an undisclosed dual agency unintentionally, inadvertently or accidentally Real estate fees - -Always established by the brokers in the area Principal - -In a typical listing agreement, the seller is the Common law - -an agent is a fiduciary of the principal Tenant at sufferance - -A tenant who remains in the property after the lease expires without the landlord's consent Liquidated damages - -Parties agree in advance that certain damages will be available if contract is breached Consideration - -Love and affection in a contract Environmental concerns - -Asbestos, SBS, and lead paint are all examples that a property manager may want to address Profit and loss statement - -A semiannual statement sent to an owner that doesn't reflect the entire debt service as an expense Tenancy for years - -leasehold interest for a specific period of time Periodic tenancy - -has no specified time but rent is due at specified intervals it automatically renews itself without a notice of termination Constructive eviction - -Premises are not liveable for a tenant Assignment - -A transfer of contract rights to a third party Buyers agent gives - -seller disclosure form, signed purchase contract, and agency disclosure form to buyer Statute of frauds - -Law requires a contract for the purpose of real estate to be in writing Real Estate Real Estate Seller disclosure laws - -principle of caveat emptor has been largely superseded by Gross lease - -Landlord typically pays expenses of ownership Tenant pays basic rent Tenant - -Sublessee Tenancy at will - -a tenancy granted by landlords to tenants allowing them to remain in possession without lease agreement Voidable - -A lease prohibits the assignment or subletting without the lessor's approval and they do it anyway. The sublease is 17 year old enters into a contract Listing contract - -employment contract between a broker and a seller Unenforcable - -George wants to purchase Henry's house and they verbally agree on a price. The agreement is: Sublease - -a transfer of the tenant's interest but not his or her obligations is Installment contract - -Someone retains the title until a loan balance is paid in full Net lease - -Lessee pays the fire insurance Holdover Tenant - -A tenant who continues to occupy property after the lease has expired and can be evicted by the landlord Contingencies - -Provisions in a contract; Suitable financing, home inspection and appraisal Encumbrance - -mortgage lien Public land use restrictions - -Planning, zoning and building codes grandfathered - -A nonconforming but legal structure that existed prior to the enactment of a land use ordinance is said to be ________ Testamentary trust - -trust that is established after the death of the owner is called Easement in gross - -the right to use land for a specific, limited purpose unrelated to any adjacent parcel Real Estate Real Estate joint venture - -A partnership in which two or more individuals join to undertake a major business project. Tenancy with survivorship means - -the tenancy interest will pass to the surviving tenant(s) upon the death of one party PITT includes - -Unity of Possession, interest, time, and title Plat - -recorded and detailed map that draws the boundaries of individual lots in a subdivision appurtenant easement - -Runs with the land Survivorship - -allows a person to take title to a property without going through probate acre - -43560 square foot License - -Someone hunting on someone's land and they are no longer given access Storing camper in a neighbors yard without rent Enabling acts - -state confers zoning powers to a municipality through Certificate of Occupancy - -Upon satisfactory completion of a building project, the seller should apply for Injunction - -An order which legally prevents something- how an owner can enforce restrictions in their subdivision Trustee - -legal arrangement in which title to property is held for the benefit of a third party Condo laws - -Horizontal property laws Syndicate - -Partnership for a long term arrangement Fee simple estate - -person who has complete control over a parcel of real estate Condemnation - -The process by which the government exercises its right of eminent domain and can acquire ownership of private land for public use Conditional use permit - -(aka special use permit) Allows a land use that does not conform within existing zoning Interstate Land Sales Full Disclosure Act - -for 25 lots Real Estate Real Estate Escheat - -if a property owner dies with no heirs and no will, the property reverts to the ownership of the state town house vs condo - -Condo owners can share floors and ceilings Monument - -could tree stream or rock Private property - -Owners property extends only to the high water mark and the public may use the land beyond this point Living trust - -Way for owners can avoid probate Tenancy by the Entirety - -special ownership by married couple Fee estate subject to condition subsequent - -A person who acquired ownership that can be inherited, with the provision that the land must always be used for recreational purposes Metes and Bounds - -points of beginning, tangible and intangible monuments, degrees, minutes and seconds Tenants in common - -A form of ownership by two or more persons each having an equal or unequal interest and passing the interest to heirs, not to surviving tenants. fee simple estate - -The complete ownership of a property; may be either absolute or conditional.- will be willed to children Trustor - -beneficiary of a land trust The mortgagor Bulk zoning - -A special type of zoning used to control density by imposing restrictions, such as setbacks escheat - -The state takes property upon an owners death if there is no will & no heirs exist. time share use vs time share estate - -time share use sells only right of occupancy not a fee simple estate Legal life estate - -Dower, Curtesy, or Homestead Township units - -36 square miles Zoning ordinances - -density, natural resources, and setbacks Real Estate Real Estate Time share estate - -A fee simple interest in a time-share property. Homestead - -statutory right that a family has in its residence Syndicate - -may be set up as a corporation, a trust, a partnership encumbrance examples - -An encumbrance is any claim, liability, or charge attached to real property that may lessen the owner's bundle of rights or the value of the property. "Some common examples of encumbrances are liens, easements, encroachments, and convenants. Community Property State - -property acquired during a marriage is owned equally by both parties, and can be used to satisfy the debts of either part to the marriage- you own one half of remaining property deed restriction example - -private land use control variance - -if a landowner wants to use his land in a prohibited manner, he must obtain point of beginning - -The starting and end point in a metes and bounds description Severalty - -Ownership of real property by one person only, also called sole ownership. After a joint tenant dies and you own solo HUD - -Department of Housing and Urban Development; regulates the interstate land sales full disclosure act Survivorship - -benefit of owning property as tenants in the entirety prior of appropriation - -water rights are determined by priority of beneficial use tenants in common - -relationship between someone who receives joint tenant interest Non-conforming use - -A permissible use under former rules that is now prohibited - automatically granted when zoning regulations change Encroachment - -intrusion on a person's territory, rights, etc. reversionary interest - -if a creator of a life estate chooses not to name a remainderman Easement by necessity - -An easement allowed by law as necessary for the full enjoyment of a parcel of real estate; for example, a right of ingress and egress over a grantor's land. mile - -A customary unit of length. Real Estate Real Estate 1 mile = 5,280 feet Corporation - -Drawback is double taxation Zoning Ordinance - -A law that limits the permitted uses of land and maximum density of development in a community. fee simple - -Highest estate recognized by law Right of first refusal - -Condo wants to be able to purchase a unit owner's interest before he or she sells on the open market Lien holders - -can take legal action against the owner to force the sale of the property to pay off the debt with proceeds from its sale Deed validity - -grantor, grantee, in writing, legal description General liens - -affects all real and personal property of the debtor Suit to quiet table - -legal action to remove a cloud on a title Statutory right of redemption - -Owner whose property has been foreclosed on may still have some rights Appropriation - -the way a taxing authority authorizes the expenditure of funds and provides for the source of the funding Priority - -date and time that a document was recorded will help establish Torrens system - -certificate of title issued by the county clerk without any need for a further search is used in collateral - -another word for security words of conveyance - -the words convey, grant and remise are examples of ad valorem taxes - -boat or car taxes are not real estate taxes, they are Mechanics lien - -Liens that arise from construction and other improvements to real estate. Lenders - -Mortgagee title insurance policies protect whom mill - -means of calculation the tax rate = .001 Real Estate Real Estate special assessment - -lien on real estate made to secure payment for a specific municipal improvement project is called Writ of attachment - -allows a law enforcement office to seize a debtors property consideration - -dollar amount paid for the property love and affection habendum clause - -"to have and to hold" foreclosure - -constitutes involuntary alienation Voluntary alienation - -transfer of title by gift sale or deed Grantor - -has to sign the deed to make it valid Lis pendens - -A recorded legal document giving constructive notice that an action affecting a particular property has been filed in either a state or a federal court. subordination agreement - -lenders may agree to change the priority of their liens federal tax lien - -general, statutory, and involuntary lien on both real and personal property exemption - -way to secure some tax relief if a fixed income person has property taxes that have increased greatly over the past few years probate - -formal judicial proceeding that confirms validity of a will attachment - -writ allows a court to retain custody of a debtors property until the creditors lawsuit is finalized Habendum Clause - -its purpose is to define ownership lis pendens - -A recorded notice stating that a lawsuit is pending that may affect title and put a possible future lien adverse possession must be - -Open, continuous Notorious and hostile possession of the property notary - -person the deed must be acknowledged by Covenant of further assurances - -grantors promise to obtain any further documents that are necessary to convey good title Real Estate Real Estate Priority - -When a document is filed in public records it has _____ over subsequent documents Both delivery and acceptance - -Transfer of title requires: Local improvement district - -Needed to fund capital projects Where is a deed recorded? - -The county where the property is located Constructive notice - -review of circumstances reveals facts about a title Properly recording documents in the public record Void - -Grantor of a title has been declared mentally incompetent by a judge mortgage lien - -aka a deed of trust lien Quitclaim - -Deed warrants only the grantor and no owner before him Rights of parties in possession - -Certificate of title will NOT reveal IRS tax lien - -Involuntary, General, Statutory Real property tax - -Targets homeowners in particular Mortgage and judgement lien - -Both liens involve a debtor and creditor relationship Real estate tax lien - -Specific, involuntary Foreclosure - -Creditor takes a property due to a non payment Financing agreement - -Under the Ucc a lender who wishes to give notice of its security interest must file Straight loan - -Type of loan divided into two parts. to be paid off separately by periodic interest payments followed by a payment in full at the end of the term Taxes and insurance - -Mortgage companies may require a borrower to place funds into a escrow account to cover these payments Hypothecation - -Pledging property for a loan without giving up possession 3 - -Under the truth in lending act, if a borrower secures a loan with residence she has______ days to rescind Lien theory state - -Mortgagor retains both legal and equitable title in a _____ Real Estate Real Estate Seller financing - -Contract for deed is an example of Fiduciary lenders - -Commercial banks, thrifts, saving associations Violation of truth in lending act - -Having specific numbers in an advertisement US treasury securities - -In adjustable rate mortgage, changes in rate of interest are tied to 3 - -Deed of trust is a ___ party instrument used in place of a mortgage Private Mortgage Insurance (PMI) - -If Down payment is less than 20% of the loan amount, lender may require Subordination - -Agreeing to stay in a junior loan position Power of sale - -Requires a public sale alienation clause - -aka due on sale clause, call clause, resale clause Growing Equity Mortgage - -aka rapid payoff mortgage discount points - -A fee charged by the lender at settlement that results in increasing the lender's effective yield on the money borrowed. One discount point equals one percent of the loan amount. Federal National Mortgage association - -NOT managed by federal gov A privately owned corporation, active in buying FHA and VA mortgage loans, known as fannie mae truth in lending act - -requires disclosure from discount points, interest rate, and loan origination fee requires that finance charges be stated as an annual percentage rate Reverse annuity mortgage - -Allows borrowers (62 years or older) to borrow against their equity. Can supplement their retirement income satisfaction - -when a loan is paid in full, a defeasance clause requires the lender executes a after default letter is sent - -equitable right of redemption period begins Real Estate Real Estate defeasance - -when a borrower pays off his or her loan, lender must file a release and satisfaction RESPA - -Prohibits a lender from making a borrower keep excessive amounts in the escrow Purchase money mortgage - -note and mortgage created at the time of the closing title theory state - -legal title is given to the mortgager when the loan is paid in full assuming the loan - -alienation clause in a loan document will prevent a future buyer from consumer credit - -recission provisions of truth in lending act apply to When FRB raises its discount rate - -mortgage money will become scarce, buyers points will increase, and percentage of ARMS will increase mortgagor - -borrower in a mortgage loan Deed in Lieu of Foreclosure - -A deed given by the mortgagor to the mortgagee when the mortgagor is in default. This is a way for the mortgagor to avoid foreclosure. predetermined - -in a fixed rate loan the amount of interest is Pools - -package of loans sold on the secondary market deed of trust - -has power of sale clause, buyer signs agreeing to give up the property if in default Truth in Lending Act - -7.5 percent annual interest rate Junior liens - -when a borrower gives a deed in lieu of foreclosure, the title is still subject to package loan - -all personal property and appliances are covered as security along with the real estate balloon loan - -any loan in which the final payment is larger than the preceding payments secondary mortgage market - -if a lender buys and sells loans after they are already funded redemption - -right of a mortgager to reclaim his property upon payment of the obligation Real Estate subordination agreement - -change priority of liens amount borrowed - -discount points on a mortgage are computed as percentage of primary mortgage market - -lenders who deal directly with borrowers qualified lenders - -FHA loans are usually provided by 12 - -FRS consists of ___ federal reserve district banks mortgagee - -lender secondary market make up - -institutional investors who buy or sell loans HUD - -FHA falls under which federal agency? term mortgage loan - -The entire principal amount is due at the end of the term Title theory states - -if owner gives up legal title of mortgaged real estate then the state is known as index - -in an adjustable rate mortgage, the interest rate is tied to an economic indicator Usury laws - -aim to protect borrowers from predatory lenders FDIC - -Federal Deposit Insurance Corporation Ginnie mae - -Administers special assistance programs and guarantees mortgage backed securities and a pass through certificate Blanket loan - -A mortgage covering more than one parcel of real estate, providing for each parcel's partial release from the mortgage lien upon repayment of a definite portion of the debt. Sale and leaseback - -For industrial sales deficiency judgement - -If the foreclosure sale does not produce enough to cover the debt the mortgagee (lender) is entitled to a ____________ against the borrower for the unpaid amount capitalization rate - -The rate of return a property will produce on the owner's investment. income/capitalization rate Real Estate Real Estate capital gains - -difference between adjusted cost basis of a property and selling price REMIC - -tax entity that issues securities backed by a pool of mortgages lack of liquity - -disadvantage of owning real estate sales comparison approach - -aka market data approach most probable - -market value is the ___ price a property should bring in an arms length sale cost approach - -when appraising a church building, which approach is used? pyramiding - -using one property to purchase more properties 29.5 years - -current term for straight line depreciation for residential properties real estate and mortgages - -REITS invest in: deferred - -tax on an exchange is Qualified Intermediary - -in order to properly execute an exchange and avoid tax consequences a buyer might have to use a 95% - -A reit doesnt have to pay corporate income tax as long as ___ of income is distributed non-federally related transaction - -A BPO may be used in depreciation - -aka cost recovery Gross Rent Multiplier - -in a SFH the appraiser may assess rental income with Pyramiding through selling - -Flipping is an example of Income approach - -Uses a rate of investment return basis - -owners original cost for tax purposes value - -income divided by rate equals Plottage - -amount a property increases in value after successful assemblage CAP rate - -estimated rate of return straight line method - -cost approach estimates accrued depreciation using Real Estate Real Estate passive investors - -may not deduct expenses of real estate law of diminishing returns - -point where additional improvements do not increase income or value marketability - -value is created by all of the following except Boot - -owner might recieve profits in form of additional capital or property 39 years - -straight line depreciation for commercial properties index method - -estimating reproduction costs is usually used as a way to check another method pro rata basis - -holders of interest in a REMIC receive these distributions Depreciation - -main source of tax shelter obsolescense - -loss in value based upon markets response to an item industrial buildings - -Tax credits are NOT available for this reno Like kind property - -Property may be exchanged for Contribution - -Before adding a swimming pool to a property consider.. Market price - -amount a property will bring in the open market higher rent/ security deposit - -landlord cannot charge a ____ because the family has children occupant is 62 years of age or older - -occupancy requirement is exempt from familial status protection if sex and gender - -1974 congress added two classes protected class - -people against whom discrimination in housing is prohibited 1 year - -time limit to file a complaint with HUD Megan's law - -sex offenders conciliation - -remedying a fair housing complaint within first 100 days may be employers - -RE professionals legal obligation to comply with ADA Real Estate Real Estate Real Estate Redlining - -Often a major contributer to deterioration of older neighborhoods steering - -The act of directing buyers to or away from certain geographical areas for the purpose of discriminating. handicap - -FHA prohibited discrimination based on ____ in 1988 financial or administrative burden - -Withold consent only where modification is unreasonable due to ___ it imposes 120 days - -Law judge has ___ to commence a hearing on charges filed 15 - -Companies with ___ or more employees must make reasonable accomondations Title VIII - -amended by Housing and Community Development Act of 1974 and Fair Housing Amendments Act of 1988 10 million - -annual reporting by lenders with assets greater than administrative enforcement, attorney general litigation and private litigation - -3 avenues for redressing housing discrimination under the act Steering pt 2 - -increase diversity in all areas with a city ordinance to require agents to show properties in under-represented areas 11,000 - -fine for first violation of FHA could be as much as ECOA - -refusing to make a loan to a singer mother Redlining - -lender refusing to loan money to borrowers in certain areas of town bc of racial makeup of those areas 2 years - -aggrieved party may bring private enforcement action in court for Brown v Board - -overturned separate but equal federal court - -Complaints under Civil rights act of 1866 are heard by 3 categories of discrimination - -direct discrimination, reasonable modification and reasonable accommodation 4 - -rentals with ___ or less units are exempt from FHA if owner lives there 50,000 ; 100,000 - -____ first offense and up to ____ for subsequent violation Real Estate Familial status - -ECOA of 1974 prohibits everything except discrimination of location of the property - -redlining refers to denial of loans based upon Must be taken to federal courts - -complaints related to Civil rights act of 1866 FHA (1968) - -made it illegal to discriminate on basis of religion HUD pt 2 - -enforces fair housing act 1 year - -complaint regarding a violation of FHA must be brought by 30 days - -parties have __ to appeal case to appropriate fed court of appeals credit to the buyer - -earnest money on a deposit with the broker 75% - -of homes built before 1978 have lead base paint CFCS - -Chlorofluorocarbons CERCLA - -Comprehensive Environmental Response, Compensation, and Liability Act Buyer - -accrued items are typically credited to the mold - -no fed requirements to disclose ___ contamination at this time HUD-1 - -Uniform Settlement Statement PCBs - -banned manufacturing processing and commercial distribution in 1979 1978 - -asbestos banned in insulation when deed is delivered and accepted by the buyer - -legal title passes from seller to buyer Asbestos - -A mineral once used in insulation and other materials that can cause respiratory diseases. urea-formaldehyde - -banned in 1982 one sixth - -RESPA allows an escrow cushion equal to how much of total amount of taxes and insurance 20% - -percentage of commercial properties that contain asbestos Seller - -paying for prorated days of closings Real Estate Real Estate Cash needed to complete the purchase - -needs to be deposited in escrow from buyer UFFI - -first used in building industry as insulation lump sum - -FHA borrower owes premium in what way? purpose of RESPA - -make sure borrowers know all costs be applied to any federally related loan Radon - -radioactive gas produced by natural decay of other radioactive substances Phase 1 - -determines if there are any environmental hazards settlement - -aka closing offering a giftcard - -illegal bc it is a kickback encapsulation - -sealing disintegrating asbestos Purchase price - -Section 101 of uniform settlement statement is for retroactive - -if liability includes those who have previously owned a property 200 - -More than ___ deaths occur from carbon monoxide poisoning 6 - -kids under the age of ___ are most vulnerable to lead based poisoning Fuel on hand - -example of prorated item credit to the seller - -prepaid item by the seller strict liability - -owner is responsible legally w/o any excuse debit - -an amount to be paid by buyer or seller HUD 1 statement - -closing statement PCB stands for - -polychlorinated biphenyls carbon monoxide - -a colorless, odorless, and poisonous gas special info booklet - -provides borrowers with general info ab costs respa provisions and USS Real Estate Real Estate Superfund - -Established by CERCLA 1996 - -manufacture of CFCs ended in UFFI stands for - -urea-formaldehyde foam insulation proration - -how real estate taxes are typically dealt with electrical equipment - -PCBs are commonly found in innocent developers - -brownsfield legislation was passed to protect 48 hours - -new licensee must complete ___ in post license ed designated agency - -broker appoints one agent to work for buyer and another to work for the seller 50,000 - -Commission can pay ___ from recovery fund condomiums - -KY passed a new law that governs sale of which type of property? at time of listing - -sellers disclosure form must be completed by monthly - -prop managers must send an accounting to the owner 30 days - -landlord must wait this long before removing the deposit and applying the money to the unpaid rent 10 - -if a licensee moves to a new residence you have this many days to notify the commission injunction - -commission can NOT order___ if in violation of license laws 20,000 - -max amount of recovery fund auctioneer and broker - -who needs to present to sell real estate at an auction 20 days - -to file an answer to a complaint from the commission can appeal to the circuit court - -if a licensee is found in violation of law and discipline real estate advertising - -must contain company name or principal broker name and status he or she moves out of state - -licensed commissioner can be removed if Real Estate Real Estate remit all monies to rightful owner - -duty of accounting means licensee must 4 - -commission cannot have more than ___ members from one political party 60 days - -how long does a licensee have to send the owner final accounting after an a managing agreement is terminated? immediately - -if agent tells broker they are going to new company they must have their license returned KY association of realtors - -how governor appoints commissioners 7 members of commission - -6 broker and 1 consumer Sellers disclosure form - -must be obtained at time of listing one year - -time frame you have to renew your license revocation - -cannot seek reinstatement for a minimum of five years mandatory - -In KY errors and omissions insurance is rebate - -return of paid commissions disclosed in writing - -if a licensee offers a rebate or an inducement to a client it must be three - -earnest money deposit must be placed in escrow within ___ biz days of receipt Real Estate