Real Estate Principles
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| show | price tends to fall.
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| A licensed real estate professional acting as a point of contact between two or more people in negotiating the sale, rental, or purchase of a property is known as a(n): | show 🗑
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| show | Population
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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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| show | Degree of standardization of the product's price
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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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| When responsible for maintaining a client's property and maximizing return on the client's investment, a broker is serving as a(n) | show 🗑
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| Detailed information about the age, education, behavior, and other characteristics of members of a population group is called | show 🗑
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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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| Kandace is interested in a house that fits most of her needs, but it is located in a busy area where she is not sure she wants to live. Her concern about the property's location is called | show 🗑
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| Which of the following is considered personal property? | show 🗑
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| show | trade fixtures
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| show | severance
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| show | scarcity
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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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| show | Fructus naturales
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| Fixtures are | show 🗑
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| show | operate as usual
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| show | uniqueness
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| Generally, personal property can be distinguished from real property by its | show 🗑
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| show | Crops
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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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| The term improvements, when referring to real estate, would include | show 🗑
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| Which of the following is NOT a test to identify a fixture? | show 🗑
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| The owner of a house wants to fence the yard for her dog. When the fence is erected, the fencing materials are converted to real estate by | show 🗑
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| The uniqueness of land and its inability to be substituted is known as | show 🗑
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| show | compatibility
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| A bill of sale is used to transfer the ownership of | show 🗑
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| show | penalizing first-time homebuyers for using funds from IRA's
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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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| Most homeowner's insurance policies contain which of the following clauses? | show 🗑
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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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| Homeowners may deduct all of the following expenses when preparing their income tax return EXCEPT | show 🗑
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| If a homeowner's insurance policy provides coverage for less than 80 percent of the full replacement cost of the dwelling, then the loss of the residence will be settled for | show 🗑
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| The Levines sold their vacation home for $188,000. If they made a profit of 10 percent, what was the original cost of their property? | show 🗑
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| show | $10,896
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| Federal income tax law excludes gain realized on the sale of a primary residence for individuals filing separately and for couples filing jointly. The amount of this exclusion is (separately/jointly): | show 🗑
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| Damage from which of the following is NOT covered in a basic homeowner's policy? | show 🗑
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| show | real estate taxes
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| show | the use of an interest-only mortgage payment plan.
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| show | $35,500
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| Which of the following type of development combines office space, stores, and residential units in a single, vertical community known as a | show 🗑
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| show | None of it, if it is less than $500,000
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| The purchaser of a property in a planned unit development will usually NOT receive | show 🗑
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| show | disclosure
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| Which of the following would be considered dual agency? | show 🗑
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| show | fiduciary
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| show | must promote and safeguard the seller's best interest
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| show | the same agent may represent both the buyer and the seller at the same time
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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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| Which of the following would be considered lawful practice in real estate brokerage? | show 🗑
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| show | solicit an offer to purchase the property from a prospective buyer.
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| show | the broker has violated his agency relationship with the seller
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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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| show | inform any prospective buyers of the defect
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| The type of agency practiced in which there is only ever one client is | show 🗑
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| A salesperson who is employed by a broker told a prospective buyer that the house she was looking at is "the best house in the area." Because of this statement, | show 🗑
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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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| show | the seller
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| show | customer
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| Mr. Moe's house has been listed for sale for more than one year and he is very anxious to move into a retirement community. Salesperson Rachel, who is a subagent of the seller, tells a prospective buyer to make a low offer. All are true EXCEPT: | show 🗑
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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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| Two salespeople working for the same broker obtained offers on a property listed. The first offer was obtained early, the second later in the afternoon. The broker presented the first offer to the seller, and did not inform of the second. Which is true? | show 🗑
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| show | the broker must obtain the signature of the seller to effect a contract.
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| show | general agent
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| show | transactional broker
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| show | the mutual agreement with her broker.
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| show | price fixing
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| Real estate broker Todd was responsible for a chain of events that resulted in the sale of one of his client's properties. This is referred to as | show 🗑
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| show | Be free from supervision by his broker and office manager.
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| show | $960
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| A real estate salesperson, classified by the IRS as an independent contractor, receives | show 🗑
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| In a typical agency relationship between broker and client, the broker's commission is determined by | show 🗑
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| show | her broker
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| Wella works for Broker Vincent. Well sells a $150,000 home with another brokerage. Listing commission is 6.5 percent. Well is entitled to receive | show 🗑
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| All of the following are required of a broker when seeking to collect a commission for brokering the sale of a property EXCEPT | show 🗑
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| show | no commission
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| all of the following are prohibited under the antitrust laws EXCEPT | show 🗑
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| show | do nothing
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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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| show | $2,412.03
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| show | the transaction is closed
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| "Fee-for-services" means | show 🗑
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| show | was the procuring cause of the sale
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| The National Do-Not-Call Registry provides that | show 🗑
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| All of the following reasons are valid bases for terminating a listing agreement EXCEPT | show 🗑
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Created by:
ope522