Question

A. complete a new property disclosure statement himself
B. inform the local housing authority
C. inform the Department of Licensing
D. inform the prospective buyer that there is misrepresented information on the disclosure form

Answer 1

Answer: D. inform the prospective buyer that there is misrepresented information on the disclosure form
A real estate agent has the duty to disclose known material facts to the parties in a transaction, even when the agent's principal would prefer not to have the information disclosed. A leaking basement is a latent defect and certainly qualifies as a material fact.

Answer 2

Answer: D. will be automatically transferred (conveyed) to Kim and Diane
Joint tenancy includes the right of survivorship, which means that upon the death of one joint tenant, title passes immediately to the remaining joint tenant(s). The property interest is not subject to probate; the transfer of title is automatic.

Answer 3

Answer: C. voidable by the intoxicated party
A contract signed by a person who is temporarily incompetent (through intoxication, for instance) may be voidable, if the person takes action to rescind the contract within a reasonable time after regaining competency.

Answer 4

Answer: B. $5,225.00
The first step in calculating a tax problem is to find the property's assessed value ($190,000 x .5 = $95,000). Divide the assessed value by $1,000 to find the number of increments ($95,000 / $1,000 = 95) and then multiply by the tax rate to find the annual tax bill (95 x $55 = $5,225).

Answer 5

Answer: A. Enforcement may be brought about by filing a complaint with the Dept. of Housing and Urban Development
The Fair Housing Act enforced through the Department of Housing and Urban Development's Office of Fair Housing and Equal Opportunity. Jones vs. Mayer upheld the application of the Civil Rights Act of 1866 in sale or rental of real property. State laws are not preempted by federal antidiscrimination laws; in some cases, they may be more strict than federal law.

Answer 6

Answer: A. it doesn't include the loan's annual percentage rate and other financial terms
Under the truth in lending act. if an advertisement contains a triggering term, such as the amount of a downpayment, then it must disclose all of the other information concerning the loan. This includes the loan's annual percentage rate.

Answer 7

Answer: A. plat map
Subdivided property is usually described in deeds and purchase and sale agreements by reference to a map of the subdivision and particular lot. The map, known as a plat map, describes the boundaries of the lot and is prepared by a surveyor.

Answer 8

Answer: C. Yes, but he may be partly or fully protected by homestead laws
Homestead laws are state-level laws that give limited protection against foreclosure over judgement liens. Generally, foreclosure is not allowed unless the net value of the property exceeds the homestead exemption amount.

Answer 9

Answer: A. brokerage and licensee must enter into a written agreement
The Internal Revenue Service will consider a real estate licensee an independent contractor only if the brokerage firm and the licensee have a written contract saying that the licensee will not be treated as an employee for federal tax purposes. In addition, substantially all of the licensee's compensation must be based commission rather than hours worked.

Answer 10

Answer: B. $100,000
Use the capitalization formula (Income / Capitalization Rate = Value) to find a property's value : $12,000 net income / .12 rate of return = $100,000 value.

Answer 11

Answer: A. Say that only a bona fide retirement communities may exclude children
The Fair Housing Act forbids "adult only" apartment complexes. There is, however, an exemption for properties that qualify as "housing for older persons," such as those intended and solely intended by persons 62 or over.

Answer 12

Answer: C. A veteran or deceased veteran's un-remarried surviving spouse
A veteran's surviving spouse may be eligible for a VA loan if he or she has not remarried, and the veteran was killed in action or died of service-related injuries.

Answer 13

Answer: C. Yes, because the seller won't provide marketable title, which is considered a default.
The misting agent has earned a commission if, after a suitable buyer agrees to buy, the sale fails to close and the seller is at fault. The seller's main responsibility regarding closing is to deposit into escrow a deed with marketable title. The seller failed to do that here.

Answer 14

Answer: B. Seller Dies
According to agency law, if either the principal (in this case the seller) or the agent dies, the agency is terminated. However, the "agent" in an agency relationship is the real estate firm, not the individual who took the listing, so the listing is still in effect even if the individual real estate agent dies or moves to another firm.

Answer 15

Answer: B. suit for specific performance
The legal premise that no two properties are alike is the basis for a suit for specific performance, which asks the court to order someone who has breached to actually perform the contract as agreed (deliver the deed to the buyer), rather than simply pay money damages.

Answer 16

Answer: B. the benefit the property receives from the improvements
As a rule, special assessments are allocated according to the benefits each property receives, instead of the market value of the property. Thus a special assessment is not an ad valorem tax. Sometimes the allocation is based on the front footage of the lot, if the assessment is levied to pay for the storm drains, curbs, and gutters.

Answer 17

Answer: C. limited partnership
In a limited partnership, the limited partners are not personally liable for the partnership's debts and obligations. Limited partners are commonly passive investors who aren't directly involved in managing the business.

Answer 18

Answer: D. rectangular survey method
The rectangular survey system, also known as the government survey system, divides the land into a series of grids, identified by meridians and base lines.

Answer 19

Answer: A. Percentage lease
Percentage leases are frequently used in shopping centers and with other retail properties. They enable the landlord to share in the tenant's profits as part of the rent.

Answer 20

Answer: C. principal and interest on a loan
A fully amortized loan is repaid through regular paymets that include both apportion of the principal and interest. Final payment will pay off the principal balance, leaving no need for a balloon payment.

Answer 21

Answer: B. children under the age of 18 living on the property
Discrimination based on familial status refers to discrimination against someone because a child (a person under 18 years old) is or will be living on the property. In addition to parents, this rule protects legal guardians, pregnant women, and people in the process of obtaining custody of a child.

Answer 22

Answer: B. Income

Answer 23

Answer: C. Package mortgage
uses both real and personal property as collateral

Answer 24

Answer: D. No, the listing agent has no further resources
If a listing agreement does not include an extender clause, no resources.

Answer 25

Answer: D. Statute of Frauds
requires certain contracts, including cirtually all real estate contracts, to be in writing.

Answer 26

Answer: B. Seller's agent is not creaching the duty of loyaly
A seller's agent has the duty to the seller. However, a real estate licensee will most likely have other clients as well, so even if a dual agency doesn't exist, the duty of loyalty to one client must still be balanced against the need to work for the best interests of other clients as well.

Answer 27

Answer: A. consult with an environmental expert
expert could conduct tests whether the soil has been contaminated and determine any abandoned undergournd storage tanks. Buyer does not need EPA approval before buying a site that may have been contaminated.

Answer 28

Answer: D. valid, the use was open and Carl's knowledge of the use isn't considered
prescriptive easement requires a use that is open and notorious, rule only requires actions that would be enough to put the typical owner on notice that his property interest is threatened.

Answer 29

Answer: D. Tenants can will a partial interest in th eproperty
Unlike joint tenancy, a tenant in common can deed or will her share of the property to someone else. There is no right of survivorship, and no requirements of equal interests, in a tenancy in common.

Answer 30

Answer: D. personal property
The generator is he personal property of the company that owns it. While it might remain on the property after possession of the property changes, it still belongs to the rental company and they could reclaim it according to the terms of their contract.

Answer 31

Answer: C. $4,050
First calculate the building's volume ( 60 x 90x 15= 81000 cubic feet) Multiply that by monthly rate (81000 x .05= 4050)

Answer 32

Answer: D. specific rules and regulations
including rules that govern the tenancy in the lease itself helps disputes between landlord and tenant.