Colibri Real Estate Final Exam with correct answer

land contract buyer pays seller to occupy and use property net lease buyer pays rent and other expenses gross lease buyer pays only rent goes to heirs Tenants in common, 2 of 3 people die. Who gets the property of those who died? Tenant owns it in severality Joint Tenancy, 3 of 4 people die. Who gets property of those who died? Client Another word for principal race, nat. origin, sex, color, religion, disability, familial status Protected by Fair Housing Act marital status Not protected by Fair Housing Act Blockbusting telling homeowners that property values will be declining because of ethical/racial makeup is changing flat, paved parking lot real estate put to its highest use puffing "This is the most prestigious street in town" $5,000 maximum fine for first offense name and broker an individual advertisement needs... statement that they are licensed a brokerage advertisement needs... 48 hours if listing is submitted to MLS, must notify customer within... at their next meeting Licensee must deliver Consumer Info Statement when... blanket mortgage a mortgage that covers 2 parcels of land tenancy at sufference lease expires, tenants won't leave easement in gross gas company intrudes on land to fix a gas line the seller signs the deed at a closing listing agreement least likely to require a legal description let the client know agent takes on a listing, decides to buy house for themselves honesty Open house, declined agency relationship... What does the agent owe the person? disclose it to the buyers leak in the house, seller is trying to hide it but the agent finds it listings stay with brokerage agent switches brokerages, what happens to their listings? net listing a seller wants a certain amount, the rest of the money goes to the agent as commission redlining refusing to make loans in a minority neighborhood consequence NOT an element for a valid and enforceable contract liquidity damages seller keeps earnest money deposit when the buyer backs out security deposit LEAST likely to be needed in a lease hypothecation pledge of property as collateral for a loan 7 business days lender must deliver loan estimate within ... 10 days of receipt broker pays agent within... metes and bounds beginning point (street name), then the direction to go call for late payments What can an unlicensed assistant NOT do? PITI principal, interest, taxes, insurance clearing, adding structures, draining/filling, pesticides Wetlands: need a permit for... selling wetlands Wetlands: do not need a permit for... encroachment a fence 3 feet onto another property's lawn is considered an ... appurtenances rights that transfer with real property (runs with the land) riparian rights rights for rivers littoral rights rights for lakes bill of sale what is needed when a property is bought with additional items included? improvement man-made attachment to the land personal property lumber and concrete are delivered to a house and sitting in a backyard waiting to be used periodic tenancy specific time period tenancy at will no specified period or termination date tenancy for years specific start and end date