REAL ESTATE FINAL questions and answers rated A+ 2023/2024

REAL ESTATE FINAL1. In preparing an estimate of value for a client, an agent must consider: A. The principle of contribution. B. The principle of substitution. C. Regional economic forces. D. All of the above. - correct answer All of the above A fixture is considered to be: - correct answer Real Property A seller who defaults on a contract for the sale of real estate may find himself: - correct answer Before a court that may order specific performance. Unless a consumer has specifically requested not to be called by a real estate brokerage agency, a licensee affiliated with the agency may call: A. A current client. B. A client who conducted a real estate transaction 10 months ago. C. A client who conducted a real estate transaction 16 months ago. D. All of the above. - correct answer All of the Above A Designated Broker in Maine must review and initial all documents related to a transaction for how many days after a sales agent licensee affiliates with the agency? - correct answer 90 days Which of the following may not be disclosed by a disclosed dual agent in Maine? A. The motivation of either party B. The willingness of the buyer to offer more than has been offered C. The willingness of the seller to accept less than has been offered D. All of the above - correct answer All of the above Jay's driveway crosses his neighbor's property. This right is recorded in the registry of deeds and will transfer to the new owner when Jay sells his property. Jay has a(n): - correct answer Easement Appurtenant If one party fails to meet a contingency of the contract, the contract is: - correct answer Voidable When a buyer decides to purchase the less expensive of two similar properties, he is providing an example of the valuation principle of: - correct answer Substitution The secondary mortgage market is important because it: - correct answer Makes money available for home purchases On the day before closing, the buyer agent and her client visit the property to conduct what is known as a: - correct answer Walk-through Which of the following is NOT part of the definition of Fair Market Value? A. Payment is made in money B. Exposure to the market for a reasonable period of time C. Financing is customary and usual for similar properties D. Sellers are forced to sell due to eminent domain - correct answer Sellers are forced to sell due to eminent domain A landlord may properly evict a tenant who is behind in his or her rent by: - correct answer Commencing eviction proceedings. According to Mane Law & Rule, the property disclosure form is to be delivered to a buyer: - correct answer Prior to or during the preparation of an offer.