1. A void contract is one that is
The legal proceeding or legal action brought by either the buyer or the seller under a purchase contract to enforce the terms of the contract is known as
3. The essential elements of a contract include all of the following EXCEPT
If, upon the receipt of an offer to purchase his property under certain conditions, the seller makes a counteroffer, the prospective buyer is
5. The amount of earnest money deposit is determined by
A management agreement is to a property manager like a(n)
7. A real estate broker acting as an owner's property manager
8. Adaptations of property specifications to suit tenant requirements are
9. A high vacancy rate may be caused by any of the following EXCEPT
In determining rental amounts, a property manager considers the economic principle of
A broker is permitted to represent both the seller and the buyer in the same transaction when
As the licensee representing the seller, a real estate broker can
13. Upon discovering a latent defect in the property, the licensee should discuss the problem with the seller and then
14. A broker who is the licensee representing the buyer should do which of the following?
15. A salesperson who represents the seller is showing a house to a prospective buyer. The salesperson knows that the house has a wet basement. Which of the following is true?
Zoning ordinances normally define specific uses for land that are permitted within a municipality. Which of the following is NOT a designated use in the ordinances?
A method of sealing off disintegrating asbestos is called
In a condominium a Certificate of completion is executed by
19. In a new subdivision, streets, curbs, and sidewalks are usually required by the
20. Which of the following is acceptable as the evidence of marketable title?
21. Do not allow the buyers to violate the sellers' privacy by looking in closets and cabinets without first obtaining the sellers' permission
22. If you know there are features about the house that may be undesirable to the buyers, you should
23. When you arrive at the house with the buyers, which of the following approaches should you take?
24. It is generally better to avoid a route to the property that takes the buyers through unattractive or undesirable areas
25. It's best to leave home comparison sheets, listing information and purchase agreements at the office since paperwork is distracting to buyers during showings and should be handled in a more appropriate location.
26. N agrees to purchase G's property for $85,500. N deposits the purchase price with V, and G deposits a warranty deed for the property with V. V is instructed to record the deed in N's favor when G shows good title to the property. V is also instructed to pay the purchase price, less some agreed prorations, to G when N has received the deed. This transaction is called
27. At the closing, F's attorney informed him that he would be giving credit to T, the buyer, for certain accrued items. These items represent
28. The Real Estate Settlement Procedures Act (RESPA) applies to the activities of
29. The details of a sales transaction are always governed by
At the closing, the real estate broker's commission generally appears as a
31. Lease options are bilateral agreements
32. Lease purchases and lease options are the same thing
33. One form of options are first rights of refusal
34. Because lease purchases are bilateral agreements both sides are bound to the agreement
35. Lease options can be verbal as well as written agreements
36. If the owner of the dominant tenement becomes the owner of the servient and merges the two properties,
Which of the following is NOT an ownership right to real estate?
J and S are next-door neighbors. S tells J that he can store his camper in her yard for a few weeks until she needs the space. S did not charge J rent for the use of her yard. S has given J a(n)
39. The local utility company dug up F's garden to install a natural gas line. The company claimed it had a valid easement and proved it by the county records. F claimed the easement was not valid because he did not know about it. The easement
Many states determine the order of water rights according to which users of the water hold a recorded beneficial use permit. This allocation of water rights is determined by
41. When a seller is selling a house they should provide:
The real estate licensee should document disclosure if
When there is information that the property is stigmatized
What would be important to document
45. Which of the following environmental issues need to be disclosed?
Before showing a home for the first time, I should ask the sellers:
47. To find a first-rate self-defense course in my area, I should:
48. To protect against theft during a home showing, I should:
49. One way to stay safe on the job is to have a distress voice signal for when you want to call for help without alarming someone who can overhear you. To create such a signal, I should:
50. When holding an open house, I should:
51. The income approach to value would be most important in the appraisal of a(n)
52. An appraiser is responsible for
In the valuation of a large apartment complex, the most weight would be approaches to value?
54. In the cost approach to value, the appraiser makes use of
55. A building is valued at $215,000 and contains 4 apartments that rent for $470 each per month. The owner estimates that the net operating income is 65 percent of the gross rental receipts. What is the capitalization rate?