DC Real estate exam 1.2 || Already Passed!!

When preparing the sales contract, when is it acceptable for a licensee who is not an attorney to offer legal advice to the client? correct answers Never (Licensees should never offer legal advice to their clients—unless they also happen to be practicing attorneys.) In a real estate transaction, whom may a licensee represent? correct answers A client A defect on a title that can be monetary or physical is called an ______. correct answers Encumbrance What's the term for a contract for which one or more terms have yet to be completed? correct answers Executory Loans available through the Farm Service Agency have which of the following characteristics? correct answers Loan terms may be as long as 38 years. (The Farm Service Agency has loans for both rural and farm properties. Loan terms may be as long as 33 or 38 years, depending on the borrower's income) Debra is a licensed DC broker who manages two branch offices for her realty company, Effective Realty. What is true about her license? correct answers It has to be displayed at both branches. (Broker licenses must be displayed at all branches managed by the given broker.) What do shares in a co-op confer to shareholders? correct answers A proprietary lease to possess their unit, use the property, and share in the amenities (Co-op shareholders don't own any real estate; they own shares in the corporation. Those shares come with a proprietary lease to use the property, to possess their unit, and to share in the amenities. The shares are personal property, just like a share in any corporation would be.) Disclosing which of the following facts would be considered a fair housing violation? correct answers The current owner has HIV. (HIV or AIDS status cannot be disclosed under any circumstances. This is a fair housing law violation.) What's the term for certified energy-efficient homes that have met specific qualifications? correct answers ENERGY STAR®-qualified homes Fiona and her husband, Ed, have just entered into their first-ever agency agreement with their new agent, Ken. The couple is a little nervous, but they like the idea that they have something in writing that explains both their agent's responsibilities and what they're expected to do as part of the relationship agreement. Life is good. What type of agency exists between Ken and his clients? correct answers Written express agency