Aceable Exam 1 Questions and Answers 100% Verified

Aceable Exam 1 Questions and Answers 100% Verified For a listing agreement to be enforceable in court, it MUST be: - answerin writing Michael is a listing agent in an agency agreement where the seller has agreed to give him any money he receives in the sale of the house that is over $200,000. Which of the following BEST describes which agency agreement this is an example of? - answernet listing When should the listing agent give the seller a blank copy of the Seller's Disclosure of Property Condition to fill out? - answerthe day the sales agent lists the property. Who carries out the trustor's wishes concerning the property, and for the benefit of whom? - answerthe trustee carries out the wishes of the trustor concerning the property for the benefit of the beneficiary Which is one of the unities that distinguishes a joint tenancy from other kinds of co-ownership? - answerUnity of title In a general partnership, all partners are required to take responsibility for: - answerthe action of all partners A homestead is defined as: - answera property that a person or family owns and occupies as their primary residence What are real estate license holders obligated to tell every buyer about an abstract of title? - answerthat the buyer should obtain one and have it examined by an attorney. What are real estate license holders obligated to tell every buyer about an abstract of title? - answerriparian rights Winston and Ally purchased a home together, but both remained on the title after their divorce, even though Ally got the house to herself. While trying to sell the house, it is discovered that Winston is still considered an owner. This is an example of what type of encumbrance? - answercloud on title What is an executed contract? - answerAn existing contract in which all terms have been fulfilled. Which of the following is an essential element of a valid contract? - answerconsideration What is the term used when one contract is substituted for another? - answernovation When a party performs a majority of a contract's requirements but does not perform according to the contract's stipulations, it is considered: - answersubstantial performance Which of the following is an example of a legal description of a property? - answerLot