A seller obtained listing presentations from three different agents. The first one
proposed a price of $700,000. The second one proposed a price of $800,000. The
third agent didn't perform a CMA and simply set the price at $900,000. The property
eventually sold for $720,000. The third agent's actions are a good example of:
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Negligence
Which of the following gives the BEST evidence of the buyers intention to carry out
the terms of the real estate purchase contract?
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The EM deposit
,The buyers ask a listing agent about a rumor they've heard that a sex offender lives in
the neighborhood. The agent should:
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Inform the buyers where this kind of information can be verified
Sam takes possession of an unused farm and begins growing crops. He sends the
farm's owner a letter describing his actions. Can Sam ever become owner of the farm?
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Yes, as long as he maintains possession
K buys a piece of landlocked property from L on the condition that L provide an
easement across the property for ingress and egress. The easement isn't recorded, K
later sells the property. Is the easement still valid for the new owner?
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Yes, because an easement of this types runs with the land, rather than
belonging to an individual
When can a minor enter into a binding contract?
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, if a guardian co-signs
A contract for deed wouldn't be a good idea if the seller's mortgage has a/an:
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Alienation clause
A real estate licensee is performing a competitive market analysis. He locates a
comparable property that is slightly older than the subject property. The age of the
comparable makes it worth $2,000 less. The comparable has a small porch worth
$1,000 that the subject property lacks. If the comparable sold for $269,500 recently,
what is the estimated value of the subject property?
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$270,500 -
To estimate the value of the subject property, adjust the comparable's sales
price to reflect what it would sell for if it were identical to the subject
property. Add $2,000 to the comparable's sales price (to make it more like
the subject property, which is newer), and then subtract $1,000 from the
comparable's sales price (again, to make it more like the subject property,
which lacks a porch). ($269,500 + $2,000 - $1,000 = $270,500.)
A prospective tenant applies to rent a unit in a 12-unit apartment building, where the
owner lives in one of the units and handles all lease transactions on his own. The
tenant is turned down, and believes he has been discriminated against on the basis of
his race. If true, this would be:
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, unlawful, because this is a 12-unit building
- If the rental application was in fact turned down because of the tenant's
race, this would be a violation of the Fair Housing Act. There is no
exemption that applies to this transaction: even though the owner lives on
the premises and did not employ a real estate agent, the "Mrs. Murphy"
exemption only applies to dwellings with four or fewer units. Note in
addition that the Civil Rights of 1866 flatly prohibits racial discrimination in
housing, without regard to building size or any other factor.
The real estate commission does:
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Prepare licensing questions, advise the director regarding new regulations,
hold educational conferences for the benefit of the real estate industry
A $4500 EM check bounces because of insufficient funds. The first thing the broker
should do is:
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Notify the principals
A licensee hears that a religious group will be opening a commune in a
neighborhood. He begins contacting neighbors and telling them about this,
encouraging them to list their properties with him before property values decline. This
is:
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proposed a price of $700,000. The second one proposed a price of $800,000. The
third agent didn't perform a CMA and simply set the price at $900,000. The property
eventually sold for $720,000. The third agent's actions are a good example of:
Give this one a try later!
Negligence
Which of the following gives the BEST evidence of the buyers intention to carry out
the terms of the real estate purchase contract?
Give this one a try later!
The EM deposit
,The buyers ask a listing agent about a rumor they've heard that a sex offender lives in
the neighborhood. The agent should:
Give this one a try later!
Inform the buyers where this kind of information can be verified
Sam takes possession of an unused farm and begins growing crops. He sends the
farm's owner a letter describing his actions. Can Sam ever become owner of the farm?
Give this one a try later!
Yes, as long as he maintains possession
K buys a piece of landlocked property from L on the condition that L provide an
easement across the property for ingress and egress. The easement isn't recorded, K
later sells the property. Is the easement still valid for the new owner?
Give this one a try later!
Yes, because an easement of this types runs with the land, rather than
belonging to an individual
When can a minor enter into a binding contract?
Give this one a try later!
, if a guardian co-signs
A contract for deed wouldn't be a good idea if the seller's mortgage has a/an:
Give this one a try later!
Alienation clause
A real estate licensee is performing a competitive market analysis. He locates a
comparable property that is slightly older than the subject property. The age of the
comparable makes it worth $2,000 less. The comparable has a small porch worth
$1,000 that the subject property lacks. If the comparable sold for $269,500 recently,
what is the estimated value of the subject property?
Give this one a try later!
$270,500 -
To estimate the value of the subject property, adjust the comparable's sales
price to reflect what it would sell for if it were identical to the subject
property. Add $2,000 to the comparable's sales price (to make it more like
the subject property, which is newer), and then subtract $1,000 from the
comparable's sales price (again, to make it more like the subject property,
which lacks a porch). ($269,500 + $2,000 - $1,000 = $270,500.)
A prospective tenant applies to rent a unit in a 12-unit apartment building, where the
owner lives in one of the units and handles all lease transactions on his own. The
tenant is turned down, and believes he has been discriminated against on the basis of
his race. If true, this would be:
Give this one a try later!
, unlawful, because this is a 12-unit building
- If the rental application was in fact turned down because of the tenant's
race, this would be a violation of the Fair Housing Act. There is no
exemption that applies to this transaction: even though the owner lives on
the premises and did not employ a real estate agent, the "Mrs. Murphy"
exemption only applies to dwellings with four or fewer units. Note in
addition that the Civil Rights of 1866 flatly prohibits racial discrimination in
housing, without regard to building size or any other factor.
The real estate commission does:
Give this one a try later!
Prepare licensing questions, advise the director regarding new regulations,
hold educational conferences for the benefit of the real estate industry
A $4500 EM check bounces because of insufficient funds. The first thing the broker
should do is:
Give this one a try later!
Notify the principals
A licensee hears that a religious group will be opening a commune in a
neighborhood. He begins contacting neighbors and telling them about this,
encouraging them to list their properties with him before property values decline. This
is:
Give this one a try later!
