16 Flashcards
(22 cards)
According to the Do Not Call list and Established Business Relationship (EBR) Rules, how many months does a real estate professional have to call an expired listing client to solicit new business (referral)?
18 months
Typically a warranty deed contains how many covenants?
two to three
three to four
five to six
eight to nine
5 ot 6
A legal way to dissolve the relationship when the parties don’t voluntarily agree to its termination is called
disbursement
divorce
partition
parceling out
partition
Real property can be converted to personal property by
Inference
Severance
Accession
Changement
Severence
what is severance?
Severance is the opposite of attachment. Severance is taking an item that is attached to the land and removing it as personal property.
12 / 75
A claim that has the appearance of having valid title, but in reality, the person either does not hold actual title, or there is a significant defect in the written documents supporting title, that makes it invalid. This an example of which legal concept:
Falsifiable Action
Intangible Title
Color of Title
Clerical Title
Color of title
In a single agency relationship a real estate broker represents who?
The buyer only.
The seller only.
The buyer or seller.
The buyer or seller, but not both.
the buyer or seller, but not both
Under agency law in New York Dual Agency is
illegal.
legal with the consent of one party.
legal with the consent of the broker.
legal with the consent of all parties.
legal with the consent of all parties.
Which of the following is a private land-use control?
Zoning
Building codes
Deed restrictions
Taxation
Deed restrictions
19 / 75
The term “Licensee,” is commonly used in real estate law. A licensee is just:
a renter.
a homeowner.
a real estate agent.
a third party principal.
a real estate agent.
What best describes an agency relationship where an agent has legal authority to act on behalf of the principal?
A special agency
A general agency
A universal agency
An exclusive agency
A universal agency
what is an unilateral contract?
a contract in which only one party makes a promise to perform an action. An insurance contract or a reward contract are both examples of unilateral contracts. Unilateral contracts appear more often than you may think; one of the most common instances is a reward contract. Imagine you’ve lost your cat, Coco. You place an advertisement online offering a $250 reward to the person who returns Coco. By providing a reward, you’re offering a unilateral contract.
What is a written supplement or amendment to an existing will such as one affecting the transfer of real estate upon death?
Novation
Treaty
Codicil
Option
Codicil
Fees that the buyer pays to close the deal are called:
seller costs
closing costs
broker fees
earnest deposits
closing costs
Closing is the final step!
In most cases, a tenant in an apartment holds:
an easement.
a license.
a freehold interest.
a leasehold interest.
a leasehold interest.
In real estate, alienation is best described as:
denying use of an easement.
changing a property from one zoning district to another.
the act of transferring bonds, cash, money or any form of currency in escrow.
the act of transferring title, ownership, an estate, or an interest in real estate from one party to another.
the act of transferring title, ownership, an estate, or an interest in real estate from one party to another.
Which of the following best describes a blind offer?
A purchase contract that was made by an unlicensed individual or without the authorization of a real estate professional.
A purchase contract written by a buyer without seeing the property.
An offer that includes restrictive covenants.
An offer without earnest money.
A purchase contract written by a buyer without seeing the property.
what is a package loan?
A package loan is a real estate loan used to finance the purchase of both real property and personal property, such as in the purchase of a fully furnished condominium.
what is functional obsolescence?
refers to the loss of property value due to an obsolete design feature. Outdated plumbing would be considered functionally obsolete because it is outdated. Who determines what is obsolete or not? Usually the buyer or homeowners. If a neighborhood is filled houses with new bathrooms and/or new plumbing, and your’s isn’t, It would be considered functionally obsolete.
Economic versus functional obsolescence
The lender in a traditional mortgage loan transaction is known as what?
A mortgagee
A mortgagor
A trustor
A trustee
A mortgagee
