RETA CARO TEST BANK ALL CHAPTERS 1 9
REVIEW SHEET TESTED QUESTIONS AND
ACCURATE ANSWERS ALREADY PASSED
⩥ Designated Agency.
Answer: - discretion of broker, must be applied to brokerage
- helps avoid conflicts of interest
- conflict arises if same designated agent is representing multiple clients
with interest in same property, either competing or opposing
- broker remains neutral
⩥ Elements of representation relationships.
Answer: - controlled by principal (client)
- involves fiduciary duties
- affects principals legal position
⩥ Transaction Brokerage.
Answer: -means to resolve conflict of interests
- if both clients accept conflict trade can proceed
- written agreement
- clients must have opportunity to review agreement before signing
- must get opportunity to ask questions
,⩥ Rights of Land.
Answer: Fee Simple - freehold, absolute owner of land
Leasehold - interest in land expires with lease agreement
life estate - interest in land for duration of life
- reverts to fee simple with death
⩥ Dover Act.
Answer: upon death non-titled spouse acquired interest
- only applies if legally married and matrimonial house
- dissolves with divorce
⩥ Quantum Meruit.
Answer: amount awarded by courts for contractual work done to date
⩥ Essential Elements of a Contract.
Answer: Legal object, capacity of both parties, consideration, intent to
contract, genuine consent, mutual agreement
⩥ Discharged contract.
, Answer: was valid and has now ended
⩥ privity of contract.
Answer: - legal actions can only be taken by contracting parties
- only original parties are bound by contract
⩥ Powers of Attorney.
Answer: General
- has no limits, can make financial and legal decisions
- cannot make decisions about health care and where they reside
Special
- specific/limited powers
Immediate
- appoints an attorney to make financial/legal decisions
- terminates upon loss of mental capacity/death
Enduring
- takes effect immediately if donor becomes incapable
⩥ Conditions precedent.
REVIEW SHEET TESTED QUESTIONS AND
ACCURATE ANSWERS ALREADY PASSED
⩥ Designated Agency.
Answer: - discretion of broker, must be applied to brokerage
- helps avoid conflicts of interest
- conflict arises if same designated agent is representing multiple clients
with interest in same property, either competing or opposing
- broker remains neutral
⩥ Elements of representation relationships.
Answer: - controlled by principal (client)
- involves fiduciary duties
- affects principals legal position
⩥ Transaction Brokerage.
Answer: -means to resolve conflict of interests
- if both clients accept conflict trade can proceed
- written agreement
- clients must have opportunity to review agreement before signing
- must get opportunity to ask questions
,⩥ Rights of Land.
Answer: Fee Simple - freehold, absolute owner of land
Leasehold - interest in land expires with lease agreement
life estate - interest in land for duration of life
- reverts to fee simple with death
⩥ Dover Act.
Answer: upon death non-titled spouse acquired interest
- only applies if legally married and matrimonial house
- dissolves with divorce
⩥ Quantum Meruit.
Answer: amount awarded by courts for contractual work done to date
⩥ Essential Elements of a Contract.
Answer: Legal object, capacity of both parties, consideration, intent to
contract, genuine consent, mutual agreement
⩥ Discharged contract.
, Answer: was valid and has now ended
⩥ privity of contract.
Answer: - legal actions can only be taken by contracting parties
- only original parties are bound by contract
⩥ Powers of Attorney.
Answer: General
- has no limits, can make financial and legal decisions
- cannot make decisions about health care and where they reside
Special
- specific/limited powers
Immediate
- appoints an attorney to make financial/legal decisions
- terminates upon loss of mental capacity/death
Enduring
- takes effect immediately if donor becomes incapable
⩥ Conditions precedent.
