In stating a seller's price and terms to a prospective buyer, the seller's broker is required by the law of agency to state ONLY those terms that
... [Show More] are
a. included in the listing agreement
b. based on the brokers evaluation of prevailing prices and terms
c. favorable for the seller, as determined by the broker
d. attractive to buyers, as determined by the broker - correct answer a. included in the listing agreement
a lot measuring 110 feet wide by 140 feet deep has a required setback of 30 feet in front, 20 feet in the rear, and 20 feet on each side. if a builder wants to put a one-story building on the lot, the MAXIMUM square footage it can contain is
a. 3,300 sq ft
b. 3,600 sq ft
c. 6,300 sq ft
d. 6,600 sq ft - correct answer c. 6,300 sq ft
a house with a market value of $80,000 is located where property is assessed at 70% of market value. if the tax rate is $4 per $100 of assessed value, the property taxes are
a. $224
b. $960
c. $2,240
d. $3,200 - correct answer c. $2,240
a broker charges a leasing fee of one-half of the first months rent and a management fee of 8% of all rents collected. the broker negotiates a two-year lease at a monthly rental of $550. which of the following amounts will the broker earn on this lease
a. $1,378
b $1,331
c. $1,287
d. $1,056 - correct answer b. $1,331
a property manager works in the BEST interests of the
a. tenant
b. owner
c. agent
d. bank - correct answer b. owner
in reviewing the deed to a listed property, a licensee noted a number of limitations regarding its use. these limitations aare commonly known as:
A. Codicils
B. constraints
C. building codes
D. restricted covenants - correct answer D. Restricted covenants
the price at which a willing and informed buyer would buy and a willing and informed seller would sell is called the
a. assessed value
b. book value
c. income approach to value
d. market value - correct answer d. market value
the income approach is MOST likely to be used when determining the value of a
A. vacant residential lot
b. office building
c. single-family home
d. cooperative apartment - correct answer b. office building
the G's purchased a house from the T's. the G's agreed to the following terms: monthly payments of $650 to the T's and the balance to be paid in full after 7 years. at the time the balance is paid, the T's will give the G's a warranty deed transferring title. in this situation, what type of financing was used
a. fha loan
b. wrap around mortgage
c. package mortgage
d. contract for deed - correct answer d. contract for deed
the provision in a mortgage or deed of trust that gives the lender the right to call the entire balance due upon a default in any payment is called a:
a. acceleration clause
b. prepayment penalty clause
c. prepayment priveledge clause
d. right of redemption clause - correct answer a. acceleration clause
a broker who represents a buyer is trying to negotiate on the buyer's behalf in a potential transaction. the broker realizes that by negotiating a reduced price for the buyer, the broker's commission will also be reduced. in this situation, the broker is obligated to negotiate the BEST price for the
A. buyer and broker
b. buyer
c. seller
d. brokerage - correct answer b. buyer
K and R bought a house as tenants in common. If K dies, which of the following statements about ownership of the house is CORRECT? [Show Less]