Real Estate Principles
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| When demand for a commodity decreases and supply remains the same: | show 🗑
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| show | broker.
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| All of the following would affect supply EXCEPT: | show 🗑
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| All of the following are categories of the uses of real property EXCEPT | show 🗑
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| show | Fiscal policy
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| All of the following affect how quickly the forces of supply and demand work EXCEPT | show 🗑
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| A real estate professional who performs a visual survey of a property's structure and systems and prepares an analytical report for a purchaser or an owner is acting as a(an): | show 🗑
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| show | price tends to rise
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| show | property manager
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| show | demographics
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| show | the definition of real property
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| All of the following are included in the right to control one's property EXCEPT | show 🗑
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| According to law, a trade fixture is usually treated as | show 🗑
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| show | area preference
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| Which of the following is considered personal property? | show 🗑
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| show | trade fixtures
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| Real property can become personal property by | show 🗑
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| All of the following are physical characteristics of land EXCEPT | show 🗑
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| show | none of the identified items
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| show | indestructible
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| show | The rancher
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| show | manufactured
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| All of the following are treated as personal property EXCEPT | show 🗑
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| show | treated as real property
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| show | operate as usual
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| All of the following are economic characteristics of land EXCEPT | show 🗑
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| show | mobility.
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| An important characteristic of land is that it may be modified or improved at some point in time. Depending on its type, an improvement may increase the value of real estate greatly. all of the following are considered to be improvements EXCEPT | show 🗑
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| show | If Klem does not remove them at lease expiration.
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| Rights or privileges which are connected with real property, are | show 🗑
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| show | sidewalks.
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| show | Size of the item
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| show | annexation.
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| The uniqueness of land and its inability to be substituted is known as | show 🗑
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| The rights of ownership of real property include all of the following EXCEPT the right of | show 🗑
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| A bill of sale is used to transfer the ownership of | show 🗑
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| Efforts to increase home ownership include all of the following EXCEPT | show 🗑
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| show | Personal property taxes
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| Margie listed her real estate for sale at $100,000. If her cost was 80 percent of the listing price, what will her percentage of profit be when her real estate is sold for the listing price? | show 🗑
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| show | A coinsurance clause
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| The portion of the value of owners' property that exceeds the amount of their mortgage debt is called | show 🗑
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| show | mortgage interest on a third home.
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| show | either the actual cash value or the prorated repair cost.
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| show | $170,900
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| The selling price of a property is $96,000. This can be financed if the buyer can put 10 percet down and pay a loan origination fee of 1.5 percent. How much cash must the buyer produce to complete this transaction? | show 🗑
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| show | $250,000/$500,000
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| show | Flood
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| show | real estate taxes
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| When Homeowner Harry's sold his residence recently, he found that he had more than $20,000 in equity. This equity did NOT come from | show 🗑
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| The buyer of a $125,000 home was paid $2,000 as earnest money and has a loan commitment for 70 percent of the purchase price. The balance of the cash the buyer needs to complete the transaction is | show 🗑
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| show | mixed-use development
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| show | None of it, if it is less than $500,000
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| show | a direct ownership interest in the common areas
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| A real estate broker's responsibility to keep the principal informed of all of the facts that could affect a transaction is the duty of | show 🗑
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| show | A broker's acting for both the buyer and the seller in the same transaction
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| The relationship of a broker to his or her client is that of a(n) | show 🗑
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| A real estate broker acting as the agent of the seller | show 🗑
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| In designated agency all of the following apply EXCEPT | show 🗑
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| A broker is permitted to represent both the seller and the buyer in the same transaction when | show 🗑
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| show | Exaggerated statements about the property
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| As an agent for the seller, a real estate broker can | show 🗑
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| A seller has listed her home with the broker for $190,000. The listing broker tells a prospective buyer to submit a low offer because the seller is desperate to sell. They buyer offers $185,000 and the seller accepts it. In this situation, | show 🗑
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| show | must obey the lawful instructions of his principal.
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| show | agent has fiduciary obligations to the principal.
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| Upon discovering a latent defect in a property, the Broker Alice should discuss the problem with seller Juan and then | show 🗑
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| The type of agency practiced in which there is only ever one client is | show 🗑
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| show | the salesperson was practicing puffing.
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| show | The rules of law that apply to the responsibilities of a person who acts as agent for another.
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| show | Advise the buyer if the listing price of the seller's house is unrealistic
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| A salesperson sells buyer Fred property listed by another brokerage firm in the Multiple Listing System. The salesperson has been working with Fred for many months but does not have an agency contract with him. Fiduciary obligations to | show 🗑
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| Broker Joan shows properties listed for sale with her company to prospect Karl. Karl has refused buyer representation. Karl is Joan's | show 🗑
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| show | She acted appropriately to get the seller's property sold.
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| show | Withholding the information prevents the buyer from making an informed decision.
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| show | Successful defense against all charges based on loyalty to his client-seller
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| show | acts on behalf of LaRue, her broker
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| A broker who represents a seller under an exclusive-agency listing receives two offers for the property at the same time, one from one of his salespeople and one from the salesperson of a cooperating broker. What should the broker do? | show 🗑
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| show | The broker has no authority to withhold any offers from the seller.
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| show | the broker must obtain the signature of the seller to effect a contract.
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| A property manager is hired to manage a property while the owner is overseas for two years. The property manage is a(n) | show 🗑
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| show | transactional broker
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| show | the mutual agreement with her broker.
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| Broker Janna was accused of violating antitrust laws. Of the following, she was most likely accused of | show 🗑
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| show | procuring cause
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| Salesperson Norman wants to be classified as a qualified real estate agent-the equivalent of holding independent contractor status. All of the following are requirements for him to meet EXCEPT | show 🗑
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| A parcel of vacant land 80 feet wide and 200 feed deep was sold for $200 per front foot. How much money would salesperson receive for her 60 percent share in the 10 percent commission? | show 🗑
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| A real estate salesperson, classified by the IRS as an independent contractor, receives | show 🗑
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| show | mutual agreement
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| Salesperson Nellie finally concluded some extremely difficult negotiations that resulted in the sale of a listed parcel of land. For all of her extra efforts, she can legally receive a performance bonus from | show 🗑
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| show | $3,217.50
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| show | Complying with a set commission rate set by a trade organization
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| show | no commission
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| show | A broker's setting a company commission schedule
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| Landowner Shelley subdivides her acreage and offers the lots for sale. Broker Ernie tells her that he can sell the lots. After Ernie sells some of the lots, the landowner refuses to pay him a commission. The broker can | show 🗑
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| Owners have been interviewing salespersons from different firms. They tell Aida's Ramses that Botchko Properties will charge 2 percent lower commission for selling home. What should Aida's salesperson say to the owner in order to get the listing? | show 🗑
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| The listing and the selling broker agree to split a 7 percent commission 50/50 on $196,900. the listing broker gives the salesperson 30 percent of commission, and selling broker gives salesperson 35 percent commission. How much selling salesperson earn? | show 🗑
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| Unless some other written agreement has been made, broker Hugo will usually receive his brokerage commission when | show 🗑
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| show | offering real estate services in a piecemeal fashion
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| Each of two brokerage companies claimed full commission for the sale of a property that was listed by both the firms under open listing agreements. The broker who is entitled to the commission is the one who | show 🗑
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| show | consumers who have made an inquiry to a licensee may be contacted up to 3 months later
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| All of the following reasons are valid bases for terminating a listing agreement EXCEPT | show 🗑
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| show |
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Created by:
ope522