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(Joint tenancy)The four unities that must exist for this type of ownership to exist are: - answer-1.Interest: Each owner has the same interest. 2.Possession: All owners hold an undivided interest. 3.Time: All owners receive their interest at the same time. 4.Title: All owners acquire their interest with the same deed. (Math) Interest Per year - answer-Loan $ (x) interest % (/) year = Interest Dollars Per Year A brokers commission is specified in the ______ with the principal. - answer-c...

A broker brings his seller an offer from a potential buyer. If the seller asks about the buyer's race, the broker: - answer-may not disclose this information, because to do so would violate the Rumford Act A broker received an offer with a deposit for one of his listings. The seller accepted the offer. But before the transaction closed, the buyer and seller mutually agreed to cancel it. The buyer requests the return of the deposit, and the seller has no objection. The broker: - answer-must...

46. What is the maximum amount that may be paid from the Education, Research and Recovery Fund for each violation? - answer-The Recovery Fund will issue $150,000 per claimant, per transaction violation. The Fund is not obligated to pay more than $250,000 per licensee in total, regardless of the number of claimants. A broker has brought a ready, willing, and able buyer to a seller. In MOST listing contracts, the broker has earned his commission when - answer-the seller accepts the offer A b...

Acceleration clause - answer-A provision in a written mortgage, note, bond, or conditional sales contract that in the even of default, the whole amount of the principal and the interest may be declared due and payable at once. Accession - answer-Title to improvements or additions to real property is acquired as a result of the accretion of alluvial deposits along the banks of streams or as a result of the annexation of fixtures. Accretion - answer-Increase or addition to land by the deposi...

"Contiguous" means: - answer-Parcels of land connected or touching each other "Effective gross income" best describes: - answer-Gross income minus a figure for vacancy and collection losses "Gross income" best describes: - answer-Income before expenses "Net income" best describes: - answer-Income after expenses "Quiet Enjoyment" in a lease means: - answer-The lease will not be terminated if the building is sold "The rate" refers to: - answer-The...

______ fixtures are fixtures that belong to the tenant, but are removed at the end of the lease. - answer-Trade Fixtures (salon chairs, etc.) ______ requires that all deeds be in writing. - answer-Statute of Frauds "Adults Only" Housing Prohibited Unless: - answer--All units are occupied by individuals age 62 or older. OR -80% of units have persons age 55 or older and has a written policy statement of intent to house the elderly. 1 acre = ___ sq. ft. - answer-1 acre = 43,560...

.75 FOR EVERY $500 THEREFORE 40,635/500=81.27 81.25*.75=60.96 (ROUND UP) - answer-Sam Seller sold his duplex for the sum of $40,635 on an assumption type sale. When the transaction was closed, the mortgage assumed was $20,000. What was the cost of documentary tax stamps attached to the deed $15,000 180,000+7,000+18,000=205,000 (TOTAL EXPENSES) 220,000 - 180,000= 15,000 - answer-A principal residence is bought for $180,000. A new porch is added, costing $7,000. Five years later the home se...

A bank refuses to issue mortgages to a historically Black part of town. This practice is: - answer-redlining, and it's illegal A buyer offers additional consideration to add a 10-day option period to the sales contract. During this period, the buyer can:* - answer-terminate the contract for any reason A buyer representation agreement establishes an agency relationship between a buyer and a: - answer-broker A Christian organization owns a fourplex. It wants to rent to only Christian t...

"Flipping" a consumer home loan means the making of a consumer home loan that refinances within how long an existing consumer home loan of the borrower when the new loan does not have a reasonable, tangible net benefit to the borrower? - answer-42 months A "blighted area" means an area that, - answer-in its present condition and use substantially impairs or arrests the sound growth of the municipality, retards the provision of housing accommodations, or constitutes an economic or ...

A basic owners title insurance policy will cover all of the following EXCEPT? - answer-Building permit Violations A broker has a listing on a property. The seller has accepted an offer from the buyer, but the transaction fails to close. Under which of the following conditions would the broker be eligible for a commission? - answer-The seller has refused to clear up a cloud on the title and the property cannot be transferred to a buyer. A broker has listed a seller's property. The seller...