Amanda wants to know how long, on average, homes are staying on the market before they sell. What market indicator can give her this
... [Show More] information?
Inventory rates
Price levels
Sales volume
Vacancy rates - ANSWER -Inventory rates
Who might be impacted by the expiration of abatements?
Adjoining states
New buyers
Prior homeowners
Renters - ANSWER -New buyers
Which of these property owners is eligible to take advantage of a 1031 tax-deferred exchange?
Ann owns a single-family home, but rents it out to a coworker while she's on a two-year military tour.
Chanel sells an investment property. A year later, she finds an almost identical investment property to purchase, and does so.
Reggie sells an apartment complex and purchases a new complex a month later in a different part of the city.
Sigmund sells his single-family home and purchases a new home for his family to reside in. - ANSWER -Reggie sells an apartment complex and purchases a new complex a month later in a different part of the city.
Ken understands the importance of interpreting market conditions. He has found that keeping track of how many new homes are being built in his area is a valuable indicator of demand. Which market indicator provides this information?
Inventory rates
New building permits
Price levels
Sales volume - ANSWER -New building permits
Bob signed a contract to purchase Ingrid's apartment building. Bob decided he didn't want to be a landlord, and Ingrid decided she didn't want to sell and move to Maui. They mutually agreed to cancel the contract and Ingrid returned Bob's earnest money. This is referred to as ______.
Assignment
Breach of contract
Novation
Rescission - ANSWER -Rescission
When licensees focus all their efforts on one segment of the real estate market with the intention of minimizing, and perhaps even eliminating, the competition, this is known as ______.
Foolhardy
Niche marketing
Smart business
Supply and demand - ANSWER -Niche marketing
When does partial performance of a contract occur?
Both parties fully meet the terms of the contract.
Due to circumstances out of their control, the parties cannot legally or practically do what they've agreed to do.
One or both parties have completed only a portion of the terms agreed to in the contract.
One party did not meet the terms of the contract in the specified time frame and is being required to do exactly what was agreed to in the contract. - ANSWER -One or both parties have completed only a portion of the terms agreed to in the contract.
Which of these statements accurately represents one of the required elements in a deed?
The deed includes an act of conveyance.
The grantee must be legally competent.
The grantee must be of legal age.
The grantee must sign the deed and provide consideration. - ANSWER -The deed includes an act of conveyance.
When calculating square footage in an office building, the hallways, lobby, basement, elevators and elevator shafts, and storage areas ______.
Are considered non-productive space
Are considered part of the usable square footage
Are considered productive space
Aren't taken into consideration - ANSWER -Are considered non-productive space
What's the purpose of an attornment clause in a lease?
It notifies tenants that their lease is still in effect if the building ownership changes.
It notifies tenants that the landlord may begin eviction proceedings if the tenant doesn't pay the rent.
It provides for the return of the security deposit in the event the building changes ownership.
It requires tenants to notify the landlord if guests will stay beyond seven days. - ANSWER -It notifies tenants that their lease is still in effect if the building ownership changes.
Which of the following statements is a true statement about points paid by a borrower for refinancing?
If a portion of the amount refinanced is used to improve the home, points could be deductible
Points paid to refinance a mortgage are fully deductible in the year paid
Points paid to refinance a mortgage are never deductible in the year paid
Points reduce the purchase price of the home - ANSWER -If a portion of the amount refinanced is used to improve the home, points could be deductible [Show Less]