Gradespins

Estate in land - correct answers degree of ownership one holds in the land. Feudal system - correct answers all land was once owned by the king/government Allodial System (USA) - correct answers although the government detains some rights, individuals own property without proprietary control of government. Freehold estate - correct answers the estate lasts at least a lifetime; leasehold estate - renting or leasing. Types of freehold: - correct answers Fee simple (fee simple absolut...

Documents that create, assign, reference, or transfer interests in real property by reference to a legal description must be prepared by whom? - correct answers Professional land surveyor Land descriptions within the boundaries of Montana are comprised of townships, sections, section subdivisions, and special surveys. These are known collectively as what? - correct answers Montana Public Land Survey System Is it true that townhouses, townhomes and condominiums are all considered statutory ...

what happens with a Judicial foreclosure? - correct answers the mortgaged property is sold under the supervision of a court broker Dean realizes he has relocation buyers. What is something he should focus on with these buyers? - correct answers finding a property with good resale value real estate licensees should know enough about building ordinances to be able to... - correct answers alert clients of potential problems in a home if an industrial property is described as "special-pu...

What is the Education, Research & Recovery Fund? - correct answers Compensates customers for damages caused by a real estate licensee. What is the minimum balance of the Fund? - correct answers At least $1,000,000. What happens if the Fund balance drops below $1,000,000? - correct answers Licensees may be assessed a fee of up to $30 per year. What is the purpose of the Fund's investment income? - correct answers To further real estate education and research in Georgia. How much do...

A licensee who is interested in retail stores and shopping centers should look into entering: residential real estate. commercial real estate. real estate counseling. real estate appraisal. - correct answers Commercial Of the following, which would NOT likely be a prospect? Blogs FSBOs People in your target audience Sphere of influence - correct answers Blogs Which of the following is considered the most important factor in real estate value due to the limited supply of land and im...

Which of the following ways of specializing is common in the real estate brokerage business? A. By type of mortgage financing required B. By years of experience in the business C. By type of property D. By background of client - correct answers C. By type of property Which of the following is included in the legal concept of land? A. A corn crop B. A lake C. A felled tree D. An abandoned vehicle - correct answers B. A lake A property abuts a non-navigable stream. What does the prop...

Maria offered to purchase Alexander's house for $135,000. After talking it over with his agent, Alexander signed the offer and returned it to Maria. At this point, what type of title does Maria have to the house? Legal Indivisible Equitable Chattel - correct answers Equitable A buyer receives equitable title to the property once the sales contract has been signed. Siobhan listed her property with ABC Realty. She asks her agent, Robert, to draft deed covenants that will prevent a ...

Which of the following provisions would be included in an independent contractor employment agreement? A. The required work schedule B. Benefits provided by the broker C. The amount of taxes the broker would pay D. Which expenses the broker will pay - correct answers D. Which expenses the broker will pay In an IRS audit, which of the following situations would cause the IRS to think that a contractor might really be an employee? A. The licensee attends sales meetings. B. The license...

Agent - correct answers Someone who acts on behalf on another, such as a real estate licensee when representing a client Brokerage - correct answers A company where people go to buy and sell real estate through certified professionals. Broker - correct answers A real estate licensee with several years of experience who has received advanced training and passed a broker exam. Corporation - correct answers A legal entity with rights like a person. It has a centralized management and board...

A devisee is the A. Female maker of a will B. Male maker of a will C. Property being transferred by a will D. Beneficiary of a will - correct answers D. Beneficiary of a will How can a property owner avert the danger of losing title by adverse possession? A. By recording proof of ownership in county title records B. By inspecting the property and evicting any trespassers found C. By claiming hostile and notorious possession D. By filing a claim of right with the county recorder - ...