Tulloch

The ____ is fully responsible for the actions preformed in the course of real estate business by all persons licensed under ______. - Broker, Broker The _____ can carry out ONLY those responsbilties assigned by employing ____. - Salesperson, broker A salesperson can receive ______ ONLY from that broker. - compensation A salesperson has _______ to make contracts with or ______ from any other party. - no authority, receive compensation A brokers commission is specified in the ______ with th...

6 things a licensee cannot do without a written buyer agency agreement - >>>> 1) Ask the buyer to disclose confidential information 2) Express an opinion or give advice about particular real esate 3) Physically show the buyer an in-house listing 4) Physically show the buyer a property listed with anither firm 5) discuss an offer with the buyer 6) Engage in any verbal or written negotiations concerning purchase price, terms, or conditions The one exception where a licensee can ...

A property owner has decided to do some landscaping work on his yard. He has planted a tree surrounded by some flowering shrubs. The tree and shrubs are an example of... - improvements A property owner has a waterfront lot on a stream. He has the right to use the water from the stream. What is this right called? - riparian A tenant is aware that his lease will expire at the end of the month. He has begun to disassemble his display cabinets and shelves. Which of the following statements abo...

how often do realtors renew licenses - >>>>every 2 years by June 30th which I the end of the fiscal year how many hours of continuing education do you need - >>>>8 hrs every 2 years how long do you need to wait to reinstate your license after it is revoked - >>>>1 yr can a broker in charge be over move than 1 branch office at a time - >>>>yes broker in charge, receives earnest money at start o acceptance/written acceptance offer, how long doe...

A real estate licensee has a buyer agency agreement. What is the seller in this situation? - A customer. An optionor and an optionee make a contract for an option on a commercial piece of property. If the optionee decides to exercise his option, when must he perform? - He must exercise his option under the terms of the option contract. When can a landlord evict a disabled blind or disabled tenant from the premises? - If the tenant has loud parties, makes too much noise, and is constantly d...

Regulation Z requires the disclosure of which of following? A. Respa B. APR C. NAR D. CMA - B. APR Two men own a parcel of land as joint tenants. One of them dies, and his will stipulates that his interest will pass to his wife and, upon her death, to hiss children. What type of estate do the children have? A. Estate in reversion B. Estate in remainder C. Life estate D. No estate - D. no estate

The right of a utility company to enter someone's property for the purpose of repairing or maintaining the utility service is called (A.) an easement in gross (B.) an easement appurtenant (C.) eminent domain (D.) a prescriptive easement - (A.) An easement in gross Mark, Linda, Susanne and George own a property as joint tenants. Linda sells her interest to Phil. What is the relationship of the parties? (A.) Phil replaces Linda as a joint tenant with 25% interest in the property.

An Appraisal made by a Certified appraiser is REQUIRED? - WHEN THE BUYER IS USING A FHA LOAN TO PURCHASE Greatest advantage of using FHA financing when buyer plans to occupy? - THE REQUIRED DOWN PAYMENT MAY BE LOWER THAN CONVENTIONAL LOANS What should buyer put in purchase offer to make sure they would NOT have to purchase, if they CANNOT obtain financing? - Contingency Conditions does NOT create stigmatized property that may or may not be disclosed under the law of some state? - THE OWNE...

Who appoints the 8 members of the New Jersey Real Estate Commission? - Governor Who makes the payments to a claimant from the Guaranty Fund? - The state treasurer Agent Louis Lee is working with several people from his home town in Hong Kong. They sought him out because he speaks their native language. The Chans are anxious to purchase a house before the school year starts. Agent Lee listens to their needs and tells them, "I know exactly where you will be comfortable". Has agent Lee commi...

A secretary in a real estate office who does NOT have a real estate license may: - B. perform bookkeeping functions concerning escrowed funds When a land owner uses his land as security for a loan, the encumbrance created is called. - C. an involuntary lien Under the New Jersey Licensing Law, which of the following is an unlicensed assistant or secretary NOT permitted to do? - A. Type contracts for Approval Under what conditions may a salesperson accept a bonus offered by seller for servic...

The type of deed that warrants only that the grantor has not impaired the title during the term in which he held it is referred to as. 1. Quitclaim Deed 2. General Warranty Deed 3. Bargain and Sale Deed 4. Bargain and Sale Deed, CAG - Bargain and Sale Deed, CAG Taxes raised to pay for improvements that benefit real estate are referred to as 1. Special Assessments 2. Facilities Taxes 3. Ad Valorem Taxes 4. Luxury Rates - Special Assessments After Borrowers have indicated an intent to p...

List Three parts of the Federal Reserve System - A. The Board of Governors B. The Reserve Banks C. The Federal Open Market Committee Why was the Federal Reserve system created? - To create stability in the economy and to improve to the efficiency of the national payments system. When was the Federal Reserve system created? - Congress wrote the act in 1913. How many people are on the Board of Governors? - Seven members. How do they Board of Governors get their jobs? - They are appointed ...

You are recording an accrued expense for your seller client, Sam Bosworth. This represents an item that Sam ____________________. - Has incurred but hasn't paid Because proper trust fund handling and record keeping is extremely important, the ________ conducts routine audits of real estate companies. - Washington State Department of Licensing Karen would like to sell her own home. What's the minimum real estate license she must possess? - None Carla is selling her house in Wenatchee to ...

A buyer purchases a rental home that is fully furnished. The document used to transfer title to the furniture is: a. quitclaim deed b. bill of sale c. special warranty deed d. general warranty deed - b. bill of sale Deeds transfer title to real estate, a bill of sale is generally needed to transfer title to personal property. Ben receives a life estate in a property, with his nephew Will designated as the remainderman. When Ben dies, what kind of interest does Will receive? A. Fee Simp...

Which of the following is most likely to be considered a fixture? A. Draperies B. lamp C. Plumbing D. Washing Machine - C. Plumbing A life estate will last until: A. Economic conditions render it unfeasible B. The death of the grantor C. the death of the recipient D. the recipient moves out - C. the death of the recipient The deed that states that there is

when does the real estate agent give the seller's a copy of their listing agreement form? - immediately what are the elements needed for a valid purchase and sales agreement? - consideration (not of monetary value), in writing & lawful purpose. There does not need to be earnest money but often is a mortgage that secures both real and personal property as collateral to secure a borrower's debt - package mortgage name of the state/local sales tax debt to the seller in the transfer of prop...

A promissory note that is secured by a mortgage is: a. a defeasance agreement b. primary evidence of the debt c. a guarantee of payment d. security for the loan - b. primary evidence of the debt Which of the following is an advantage of using private mortgage insurance, from a borrower's perspective? a. It allows for a smaller downpayment b. It protects against default c. It protects the buyer's little against other claimants d. It reimburses a borrower for property damage from probl...

When using the replacement cost approach to estimate the value of a home that is three years old, the appraiser should do which of the following? a. capitalize the net income b. determine replacement cost and then deduct for depreciation c. adjust for inflation that has occurred since the sale of any comparable properties d. estimate the cost, on the basis of current prices, of reproducing a replica home with the same or closely similar materials - b. determine replacement cost and then de...

At what point in a transaction must you disclose your agency status in writing? A. at closing B. When first meeting any potential party to the transaction C. Within 24 hours after a party signs an offer D. Before a party signs an offer - D. Before a party signs an offer A counteroffer: A. acts as a rejection of the current offer B. is used to rescind a previously existing contract C. is used to only to make an offer contingent on a particular event D. is used when a buyer wants to make ...

Which of the following is likeliest to be considered a fixture? a. Draperies b. Lamp C. Plumbing D. Washing machine - C. Plumbing A life estate will last until: a. economic conditions render it unfeasible b. the death of the grantor c. the death of the recipient d. the recipient moves out - c. the death of the recipient The deed that states that there is conveyance of interest, if any, is the: a. grant deed b. bargain and sale deed c. quitclaim deed d. special warranty deed - c. qu...