macellen education agencies

Assuming all of the following individuals are performing these activities for another and for a fee, who must hold a Minnesota real estate license in order to legally perform the activity? Correct answers A son selling his parent's house Generally, anyone performing real estate services for another and for compensation must hold a real estate license. There are exceptions for burial plot sales, trustees, public officers or employees performing official duties. Before appraising a specif...

Land, plus all things permanently attached to it naturally or artificially is Correct answers Real estate The buildings associated with this type of real estate property are outfitted much differently than other types of office buildings because of their unique use. For example, plumbing and electrical are often much more substantial, and there is usually a need for reception and examination rooms Correct answers Health care Which of the following is a residential dwelling and with shared ...

Question 1 The Swansons left the family property to their son, Jason, with the stipulation that he does not build on it. The type of estate Jason holds is ______. Fee simple absolute Fee simple defeasible Leasehold Qualified lease Correct answers Fee simple defeasible Under a fee simple defeasible estate, the property holder owns the property with all legal rights, but subject to a condition. Question 2 Which of the following is a true statement about the MLS and sellers? For most s...

To whom can a broker offer exclusive agency through the use of the Exclusive Brokerage Listing Addendum to the Exclusive-Right-to-Sell Listing Contract? Buyers Landlords Sellers Sellers and landlords Correct answers Sellers and landlords Exclusive agency through the exclusive brokerage addendum can be offered to both sellers and landlords. Nick, an independent broker, is being audited by the Colorado Real Estate Commission. Which of these would NOT be part of the transaction files he...

Licensee who acts on behalf of client? Principal Agent Fiduciary Non-agent Customer Client Correct answers Agent Someone who has agency representation with the real estate salesperson or broker Fiduciary Principal Non-agent Client Customer Agent Correct answers Client Someone who is working with a real estate salesperson or broker, but who is not represented by them? Principal Agent Fiduciary Non-agent Customer Client Correct answers Customer Licensee who is in a posit...

What do riparian rights give landowners the ability to do? Correct answers Use a river running through the property. A cabin has 120 feet of lake frontage. The cabin owner's ability to access the lake is based on ______. Correct answers Littoral rights What are improvements with regard to property? Correct answers Artificial attachments to land that include items such as fencing, buildings, and walkways Along with property ownership, rights are granted to use the land's physical c...

Who generally writes a broker's price opinion? Correct answers A real estate broker for a lender. What's the purpose of the Real Estate Education and Recovery Account? Correct answers To allow consumers to be paid when they've been awarded a judgement against a licensee and have exhausted other remedies to collect the reward. Which of the following statements about covenants is true? Correct answers The full covenant and warranty deed contains the strongest and broadest form of gu...

Which one of the following tasks must licensees perform for seller clients? -Dictate the listing price of the property. -Drive the sellers around to show them other properties that are for sale in their neighborhood. -Ensure that the buyer's earnest money is deposited. -Show the sellers how they can market their property. Correct answers Ensure that the buyer's earnest money is deposited. **A licensee must ensure the collection of the earnest money deposit from the buyer. Earnest mone...

What types of laws are passed by the U.S. Congress and signed into law by the president? Case law Federal laws State laws US Constitutional law Correct answers Federal laws What property might a licensee specializing in special purpose real estate try to sell? Church Office building Orchard Shopping center Correct answers Church What area of specialization would an apartment building be considered? Commercial Industrial Residential Special purpose Correct answers Resident...

Which regulation defines the duties and responsibilities of real estate professionals? Correct answers Code of Virginia Title 54.1 Chapter 21 What is defined in VAC Title 18, Agency 135, Chapter 20? Correct answers The Virginia Real Estate Board's licensing regulations What is the VREB authorized to do? Correct answers et requirements and standards of conduct for real estate licensees as well as enforce Virginia's real estate laws How do you become a member of the Virginia Real Es...

Real estate activities have an impact on the economy. TF Correct answers True The health of the overall economy may rely heavily on construction of new properties. TF Correct answers True Which of these phases have an effect on the economy? Correct answers Planning, building, buying/selling, moving and living Engineers, city and/or county officials map out local development Correct answers Planning Engineers, contractors, and other workers build properties and infrastructure Correct ...

What method is most expedient when asking GREC to investigate a complaint? Correct answers A sworn written request for investigation of a complaint against a licensee, instructor, or license applicant is most expedient. In terms of encumbrances, what's a license? Correct answers A license is permission to do something on another's land without actually possessing any interest or ownership in the land. What type of taxation does a limited liability company enjoy? Correct answers LLCs ...

Which of the following statements about sub-agency in Maryland is true? Correct answers It is legal in Maryland Jerome, a real estate licensee, works independently instead of under a sponsoring broker. This means that he is licensed as ________. Correct answers broker In order to be enforceable, what does the Statute of Frauds require a real estate contract to be? Correct answers in writing What agency enforces fair housing laws in Maryland? Correct answers The Commission on Civil Right...

Your Aunt Peggy works in another county and is thinking of buying a townhome. She's working with the seller's agent but isn't under an agency agreement. What should you tell her about this situation? A. "Make certain you don't have to pay the seller's commission." B. "Make sure you understand that you're not represented." C. "Tell the listing agent to give me a referral fee." D. "This is illegal. Report the listing agent to the commission." Correct...

What is the maximum amount of time a protection or override clause can be in effect? Correct answers Six Months Appraiser John is determining how a property is being used to determine a more optimal function. What is he determining? Correct answers Highest and Best Use Which of the following statements is true about the listing presentation? It's best to leave out financial data (such as a CMA or comparable property information) and listing agreements, so the seller doesn't think yo...

Compared to working without a buyer agency agreement, a buyer who works under a buyer agency Correct answers Receives a higher level of service Switches that are warm to the touch, damaged panels, and lights that dim or flicker when other appliances are in use can be signs of a(n) ______ problem. Correct answers Electrical In which of the following situations would an agent be representing a customer in a real estate purchase? Correct answers Never (A real estate agent may only represent a...

When done for others and for compensation, which of the following may be done by someone who does NOT hold a real estate license in Massachusetts? Correct answers Researching school districts and crime statistics for various neighborhoods. Negotiating, selling, or offering to sell real estate all require a license if done for others and for compensation. Research using public information doesn't require a real estate license. Lance purchased a home in Massachusetts, but he won't own...

Inverse Condemnation Correct answers An action brought by a property owner seeking just compensation for land taken for public use when the taker of the property does not intend to bring eminent domain proceedings. Property is condemned because its use and value have been diminished due to an adjacent property's public use. eminent domain and Condemnation Correct answers Eminent domain is the right of the government to take private property and convert it to public use. Condemnation is the...

Depreciation Correct answers Real property ownersip has significant tax advantages. Which of the following is an advantage? The building department Correct answers Which entity ensures that contractors perform their work according to code by inspecting their job sites? Salesperson Correct answers Which type of real estate license requires a 60-hour licensing course as a condition of taking the licensing exam? Negligence Correct answers Uh-oh. You failed to present an offer on behalf of ...

As a licensee, you won't be flying solo; you'll be supervised by Correct answers your broker What are the steps of real estate Correct answers Planning Construction Buying/Selling Moving Living Planning Correct answers In this process a vacant lot, seen with an eye for development. Engineers, architects, surveyors, and utility workers are involved. Construction Correct answers In this process general contractor takes out a loan to order materials and hire sub contractors to gr...