Real Estate / Property Law

RECA Exam Questions and Answers All Correct Which of the following is NOT a RECA educational resource for industry professionals? - Answer-Spatial Information System (Spin 2) Which entity has the authority to amend the Real Estate Act - Answer-Provincial Legislature Which of the following measures the change in a cost of a fixed basket of goods and services purchased by families over a period of time - Answer-Consumer Price Index (CPI) Which of the following will occur to the supply of ...

MA Real Estate EXAM Questions and Answers 2024 What are the two types of property? -Answer-real property and personal property Real estate, Real Property, or Realty -Answer-land and certain items attached to the land What rights of ownership does the owner of real estate (real property, realty) have? - Answer-The ability transfer ownership, administer, loan against and lease. What does the owner enjoy with ownership? -Answer-Possession, control, quiet enjoyment and disposition. How is Re...

MA Real Estate Exam Study Guide 2024 Appraisal -Answer-An estimation of a property's value, usually prepared by a professional who is licensed in this field. Brokerage -Answer-The business of bringing people together in a real estate transaction. Commerical -Answer-The types of properties that include office spaces, shopping centers, stores, theaters, hotels, parking facilities, etc. Development -Answer-The term for the construction of improvements upon the land. Elevation Certificate -...

Real Estate Principles & Practices Areas of Real Estate Specialization - Answer- Brokerage, Licensee, Appraisal, Home Inspection, Property Manager, Financing, Title Agencies, Subdivision and Development, Counseling, Education Types of real property - Answer- Residential Property, Commercial property, mixed-use, industrial property, agricultural property, special purpose property Factors affecting supply for real estate - Answer- -Labor force and construction & material cost -Gove...

A local real estate developer bought an abandoned school building with the intention of converting it to residential units. This is an example of... - ....ANSWER...Converted use property An individual is exempt from paying taxes on capital gains for up to how much in profit if he/she lived in the house for at least 2 of the last 5 years. - ....ANSWER...$250,000 The employer of an agent is referred to as the... - ....ANSWER...principal An agency relationship created by oral or writt...

Real Estate Principles and Practices Exam 1 Broker - Answer- intermediary b/w a buyer and a seller for sale, purchase or rental of a property -licensed to do so -hires agents Dual Agency - Answer- broker represents both buyer and seller in the same deal -both sides need full knowledge Agent - Answer- sales person/representative -can do nothing by himself, not even take the test without a broker sponsor Appraisal - Answer- attempting to assign value -must be licensed in...

Under Ontario law, how is an 'agency relationship' defined? - Answer-The relationship between two parties in which one party (the agent) accepts responsibility for representing the other party (the principal) in dealing with a third party. While common law uses the terms 'Principal' and 'Third Party', what terms does REBBA use instead? - Answer-Client & Customer The underlying relationship of the brokerage, salesperson, seller and buyer is based on what? - AnswerThe Common Law of Agen...

PA Mandated Law for Appraisers Exam Questions and Correct Solutions 2024 If an appraiser's certificate has been revoked by the Board, he or she is prohibited from ever applying for an appraisal certification again. - Answer -FALSE Which of these is NOT a specific power of the State Board of Certified Real Estate Appraisers, per Act 98? - Answer -editing USPAP Which of the following is a violation of Act 98? - Answer -making an appraisal fee contingent upon a property owner's tax assessm...

COLORADO REAL ESTATE EXAM REVIEW QUESTIONS AND ANSWERS, RATED A+. Duties of the Colorado Real Estate Commission include all of the following EXCEPT A) Investigation of verified written complaints. B) Approving errors and omissions carriers. C) Creating the Annual Commission Update course each year. D) Hearing disputes between brokers. - -D) Hearing disputed between brokers. A buyer in a closed transaction has filed a complaint with the Colorado Real Estate Commission, claiming the buye...

COLORADO REAL ESTATE PRACTICE EXAM PART 1 QUESTIONS AND ANSWERS, GRADED A+/ VERIFIED Which of the following requires the use of the Licensee Buyout Addendum to the Contract to Buy and Sell? - -An associate is offering a guarantee buyout arrangement as an inducement to list with his or her company. All of the following must be in compliance with a broker's escrow or trust account EXCEPT - -by being maintained in the name of the licensed brokerage. The approved Earnest Money Promissory...