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A developer retains agent Suzy to sell townhouses. Joey, a licensed agent, submits an offer to buy unit 1603 for $120,000, and a sales contract is executed.
Through a typographical error, however, the contract identified unit 1602 which was listed for $150,000. This contract would fall under which category?CorrectIncorrect
Marcus submits an offer to purchase a home from Iris. Iris, wishing to keep the foyer chandelier, adds to the contract the words “foyer chandelier not included” before signing and returning it to Marcus.
Is the contact binding?CorrectIncorrect
Anthony is in-contract with a broker to sell his property. Anthony’s contract with the broker states that he will pay a commission to the broker that sells the property.
What type of agency agreement does this best describe?CorrectIncorrect
Phillip, a licensed agent, had a written representation agreement with a buyer but was paid 4% of the selling price at the closing by the seller.
Under these circumstances, the broker was acting asCorrectIncorrect
Which statement is TRUE about down payments under the Federal Housing Administration (FHA)?CorrectIncorrect
A bank letter to the borrower saying that it will fund a mortgage loan is known as aCorrectIncorrect
Tommy, a licensed broker, sells a house and receives a commision of 21,600, which is 6% of the sale price, what is the sale price?CorrectIncorrect
A 50 feet by 125 feet lot zoned for commercial use was sold for $455,000. What was the price per square foot?CorrectIncorrect
Per capita and household income are significant determinants of land and its value and falls under the following category of forces affecting real estate value?CorrectIncorrect
A comparative market analysis (CMA) resembles which approach to real estate valuation?CorrectIncorrect
At closing, the title company will ask the seller to sign a document assuring that there have been no judgments, bankruptcies, or divorces involving the seller since the date of the title examination.
What is the name of that document?CorrectIncorrect
Midboro Property Management is contracted to receive 10% of the monthly rental income collected at the Dunbar Apartments. The monthly rent roll for the property is $55,000.
One tenant only paid $250 of his $1,000 monthly rent and three tenants skipped out on their $1,000 monthly rents. How much is Midboro Property Management owed?CorrectIncorrect
An abstract of each tenant’s existing lease and a description of the property’s curb appeal are maintained in a property manager’sCorrectIncorrect
When Charles does not assert his rights when there is an encroachment on his property such as a neighbor’s garage straddling his property line, this is calledCorrectIncorrect
Which is NOT considered chattel?CorrectIncorrect
A broker may legally pay all or part of a real estate commission toCorrectIncorrect
Janice, an un-licensed agent, canvasses homeowners by phone to see if they are interested in selling their homes. Shelly, who is licensed, gives Janice $100 for every lead she turns up.
Does this violate license law?CorrectIncorrect
Commissions are usually earned whenCorrectIncorrect
To qualify for innocent landowner immunity, the owner must not have had either actual or constructive knowledge of damage on the property and, at the time of purchasing the property, must haveCorrectIncorrect
Richard, an agent, declines to show a Muslim family a house in a neighborhood because he feels the area isn’t Muslim-friendly. This is known as what?CorrectIncorrect