Practice Exam 1 Missed Questions Flashcards
(33 cards)
John owns the dominant estate with an easement appurtenant. John sells the property. What happens to the easement?
It belongs to the buyer
A surveyor has described a property from a point of beginning 200 ft north on Broad St. from the oak tree at the intersection of Main St and Broad St then 90 degree east for 100 ft then 90 degree north for 50 ft……what type of description is this?
Metes and bounds contain Point of Beginning/Terminal Point/Monuments
What would be sufficient cause for escheat?
property owner abandons the property
The government with take property under the right of escheat if an owner dies both without a will and without heirs. They will also take abandoned property.
When encroachment exists on a listed property what are the roles of the agents involved?
the listing agent discloses the encroachment and the buyers agent recommends a survey
John, Maria and Mark are joint tenants. Mark dies. Maria sells her share to Jane. John and Jane are?
tenants in common
partition to tenants in common is the only way to divide interest out of joint tenancy and sell to a third party
Mary’s parents gave her a life estate on a house. John is the remainderman. Mary leased the property to Bob for 5 years. During the lease, Bob died. What happens to the property?
When the tenant dies the property goes to Mary
the life estate is solely based on Mary’s life and not the life of her tenant. john only gets it if Mary dies
Joe received payment from his title insurance company to compensate him for a defect in his title. Subsequently, he was awarded a judgement against the seller, and collected the funds from the seller, to compensate him for the same defect. The title company has claimed the right to a refund from Joe. What clause in the title company to make this claim?
Subrogation
The “no double dipping” or subrogation clause in the title policy allows the title company to claim a refund from the property owner who collects from both the title company and a seller for one problem.
An appraiser has valued a single-family rental property in a neighborhood where almost all the homes are leased. What approach did he most likely use to determine the value of the property
the income approach
if the property produces income, user the income approach.
What situation would require an appraisal?
appraisals are required on any action involving the courts
What is the highest weighted criteria for an appraiser using the income approach?
NOI (Net Annual Income or Net Operating Income is the highest weighted criteria
Can a sales license holder prepare a BPO?
Yes
What is true about the duties of all license holders?
A license holder must treat all parties honestly and fairly
A seller has received and accepted an offer on his property with a closing date of November 15th; time is of the essence. Two days before closing, the seller notifies the buyer that he will be unable to close on the required date but will be able to close 2 days later if the buyer agrees. At that point this contract is?
voidable at the option of the buyer
the injured party in the breached contract has a voidable contract
A buyers written offer was presented to a seller. The seller sent a written counteroffer to the buyer. The counteroffer expires at 5 pm on Friday. When can the seller withdraw?
Seller may withdraw any time before buyer accepts and communicates their acceptance
What would create a general agency relationship?
A management agreement
The management agreement creates general agency between the property manager and owner
A landlord tenant negotiates a verbal lease agreement on the phone for an 8-month term. The tenant later decides not to move in. What term best describes the lease agreement these two parties had?
valid and enforceable
According to the Statute of Frauds, a verbal lease agreement for one year or less is valid and enforceable
A broker has a one-on-one relationship with a client. This is an example of?
Agency
What are the requirements of a valid and enforceable real estate contract?
consideration, in writing, and legal purpose
earnest money is not required
A broker has purchased General Liability insurance for his company. This policy with protect the company assets if?
A client is injured on company property
What insurance covers a client getting injured while viewing properties?
homeowners insurance
What does the Uniform Electronic Transactions Act guaranteee in court?
Electronic signatures will always be upheld if all parties agreed to their use
A senior apartment complex has more than 80% of the units occupied by someone 55 years old or older. There is a vacant apartment. Can they refuse to lease it to a single mother with a child?
Yes
The civil rights act of 1866 prohibits discrimination based on?
color
Color and race were the first two protected classes in 1866. National origin and religion were protected in 1968
If a discrimination complaint is filed with HUD regarding a license holder, what will HUD do?
HUD will file suit against the agent seeking civil penalties
