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Falk had a property for sale for $129,000. Murphy made an offer of $123,000. Falk made a counteroffer of $127,000. Which of the following statements is NOT true regarding this situation?
Falk had a property for sale for $129,000. Murphy made an offer of $123,000. Falk made a counteroffer of $127,000. Which of the following statements is NOT true regarding this situation?
- Falk's counteroffer terminated the first offer
- The counteroffer would be binding on Murphy (correct)
- With the second offer, Murphy would become the offeree
- The original offer, Murphy was the offeror
A 16-year-old bought a piece of property. The seller found out that he was a minor and wanted to void the deal. Could he do so?
A 16-year-old bought a piece of property. The seller found out that he was a minor and wanted to void the deal. Could he do so?
- Yes, because the buyer is not of legal age
- Yes, because the buyer did not inform the seller of his correct age
- No, only the buyer could void the contract (correct)
- No, because both buyer and seller must agree
A seller had his home listed with a broker. During the listing period, the seller found his own buyer and refused to pay the broker's commission. The broker then sued the seller and won. What type of listing did the broker most likely have?
A seller had his home listed with a broker. During the listing period, the seller found his own buyer and refused to pay the broker's commission. The broker then sued the seller and won. What type of listing did the broker most likely have?
- Exclusive right to sell (correct)
- Exclusive agency
- Net listing
- Open listing
Which best describes the sale price for a property in an option agreement?
Which best describes the sale price for a property in an option agreement?
A broker described the boundaries of a property to a prospective buyer without informing her that the boundaries described were not exact. After purchasing the property, the buyer extended a fence within the described boundaries. A neighbor then brought an injunction against the new owner because the fence extended beyond the actual property boundaries. Can the broker be accountable for misrepresentation?
A broker described the boundaries of a property to a prospective buyer without informing her that the boundaries described were not exact. After purchasing the property, the buyer extended a fence within the described boundaries. A neighbor then brought an injunction against the new owner because the fence extended beyond the actual property boundaries. Can the broker be accountable for misrepresentation?
All the following would be considered evidence of marketable title except a(n)
All the following would be considered evidence of marketable title except a(n)
A promissory note
A promissory note
A house built in 1920 had a garage that measured 12' x 18'. If today an acceptable garage is 16' x 20', this property suffers from
A house built in 1920 had a garage that measured 12' x 18'. If today an acceptable garage is 16' x 20', this property suffers from
A broker produces a supposedly ready, willing and able buyer. At closing, the seller is unable to provide marketable title to the property and the buyer cannot come up with the financing to purchase the home. Is the broker due a commission?
A broker produces a supposedly ready, willing and able buyer. At closing, the seller is unable to provide marketable title to the property and the buyer cannot come up with the financing to purchase the home. Is the broker due a commission?
Which of the following permits the mortgagor to obtain additional funds at the later date without writing a new mortgage?
Which of the following permits the mortgagor to obtain additional funds at the later date without writing a new mortgage?
What is the difference between a variance and nonconforming use?
What is the difference between a variance and nonconforming use?
In the appraisal process looking at shopping centers, the social fiber of the community and distances from schools is called.
In the appraisal process looking at shopping centers, the social fiber of the community and distances from schools is called.
A person rents a lakeside cabin to a young couple. Every day the lessor comes back to the beach area that he leased, and sells popcorn and hot dogs to people from the public beach nearby. Can the sun-tanners break the lease?
A person rents a lakeside cabin to a young couple. Every day the lessor comes back to the beach area that he leased, and sells popcorn and hot dogs to people from the public beach nearby. Can the sun-tanners break the lease?
A person bought a house and wanted to bring a pet cougar to keep in the backyard. Which would most likely prevent this?
A person bought a house and wanted to bring a pet cougar to keep in the backyard. Which would most likely prevent this?
If a tenant stays over without the landlord's permission, this is called
If a tenant stays over without the landlord's permission, this is called
An owner's equity in property represents
An owner's equity in property represents
Jones, Smith and Rogers own a property as tenants in common. Jones wants to sell the property, but Smith and Rogers do not want to sell. What would be the most likely thing for Jones to do?
Jones, Smith and Rogers own a property as tenants in common. Jones wants to sell the property, but Smith and Rogers do not want to sell. What would be the most likely thing for Jones to do?
ABC Inc. was organized with five stockholders. How would ABC Inc take title to the property?
ABC Inc. was organized with five stockholders. How would ABC Inc take title to the property?
A general lien affects the owner's
A general lien affects the owner's
When a seller chooses to place a property on the multiple listing service (MLS)
When a seller chooses to place a property on the multiple listing service (MLS)
After closing on a property, the buyer discovered there was an encroachment on the property. What could the buyer do?
After closing on a property, the buyer discovered there was an encroachment on the property. What could the buyer do?
All the following elements have an effect on real estate value except
All the following elements have an effect on real estate value except
A borrower has a loan where she pays interest only during the loan period and pays off the principal balance at the end with a balloon payment. This type of loan is
A borrower has a loan where she pays interest only during the loan period and pays off the principal balance at the end with a balloon payment. This type of loan is
Which of the following is an example of functional obsolescence in a commercial building?
Which of the following is an example of functional obsolescence in a commercial building?
How is interest calculated in mortgage payments?
How is interest calculated in mortgage payments?
The purpose of the Truth in Lending Law (Regulation Z) is for all reasons except
The purpose of the Truth in Lending Law (Regulation Z) is for all reasons except
Which of the following valuation approaches would be used on a 20-unit apartment building?
Which of the following valuation approaches would be used on a 20-unit apartment building?
An agent pre-qualified as a prospect to determine financial ability prior to showing the prospect property. When should the agent disclose her status as a licensee?
An agent pre-qualified as a prospect to determine financial ability prior to showing the prospect property. When should the agent disclose her status as a licensee?
Which of the following is always true about liens?
Which of the following is always true about liens?
A blanket mortgage usually contains which of the following clauses?
A blanket mortgage usually contains which of the following clauses?
Which is not a purchaser of home mortgage loans in the secondary market?
Which is not a purchaser of home mortgage loans in the secondary market?
A salesperson sold a property. In the sales contract, the buyer agreed to pay the commission involved. From whom should the salesperson collect the commission?
A salesperson sold a property. In the sales contract, the buyer agreed to pay the commission involved. From whom should the salesperson collect the commission?
Which is a form of riparian rights?
Which is a form of riparian rights?
An appraiser is hired to estimate the market value of an office building. In performing this task, the appraiser would be concerned with all of the following except
An appraiser is hired to estimate the market value of an office building. In performing this task, the appraiser would be concerned with all of the following except
An increase in the availability of money would lead to which effect?
An increase in the availability of money would lead to which effect?
An agent had a listing contract with a seller for $55,000. The agent then showed the home to a buyer who could go up to the $55,000 price. The agent should
An agent had a listing contract with a seller for $55,000. The agent then showed the home to a buyer who could go up to the $55,000 price. The agent should
Which of the following statements best describes the effect of mineral rights when the land is sold?
Which of the following statements best describes the effect of mineral rights when the land is sold?
What is an example of ostensible agency
What is an example of ostensible agency
All the following clauses could be included in some mortgage loans except
All the following clauses could be included in some mortgage loans except
The Truth in Lending law (Regulation Z) provides consumers with protection by
The Truth in Lending law (Regulation Z) provides consumers with protection by
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