Podcast
Questions and Answers
Who is responsible for providing a copy of any buyer broker agreement?
Who is responsible for providing a copy of any buyer broker agreement?
- The seller
- The real estate agent (correct)
- The escrow agent
- The buyer
For which purposes can land be subdivided?
For which purposes can land be subdivided?
- Lease
- All of these (correct)
- Sale
- Financing
What is the approximate increase in a lender's effective yield after four discount points?
What is the approximate increase in a lender's effective yield after four discount points?
- 1/4% (correct)
- 4%
- 1/2%
- 1/8%
Which statement is NOT true regarding recording?
Which statement is NOT true regarding recording?
Which statement is TRUE about required disclosures to residential buyers?
Which statement is TRUE about required disclosures to residential buyers?
Flashcards
Who is responsible for providing a buyer broker agreement?
Who is responsible for providing a buyer broker agreement?
The responsibility of providing a copy of a buyer broker agreement lies with the real estate agent representing the buyer.
What are the purposes for which land can be subdivided?
What are the purposes for which land can be subdivided?
Land can be divided for various purposes, including sale, lease, and financing.
How does a discount point affect a lender's yield?
How does a discount point affect a lender's yield?
Each discount point increases the lender's effective yield by approximately 1/4%. Therefore, four discount points would increase the yield by 1% (4 x 1/4%).
What is the Equator platform used for?
What is the Equator platform used for?
Signup and view all the flashcards
What document is needed to determine the balance due on a loan?
What document is needed to determine the balance due on a loan?
Signup and view all the flashcards
Study Notes
Real Estate Principles
- Buyer Broker Agreement Responsibility: The real estate agent is responsible for providing a copy of the buyer broker agreement.
- Land Subdivision Purposes: Land can be subdivided for sale, lease, and financing.
- Discount Points Impact on Yield: Four discount points increase a lender's effective yield by approximately 0.5%.
- Equator Platform Use: The Equator platform is for loan approval.
- Loan Balance Determination: Escrow requests a closing statement to determine the balance due on a loan.
Real Estate Practice
- Landlord Discrimination: A landlord cannot refuse to accept an applicant based on their appearance, sexual orientation or possible pregnancy, however, other valid discriminations are allowed by law.
- Guide Dogs and Housing: A landlord cannot refuse to rent to someone with a guide dog, even if the apartment is on the fourth floor.
Legal Aspects Of Real Estate
- Recording's Effects: Recording provides constructive notice, determines priority, and creates a presumption of delivery. It does not provide actual notice.
- Subordinate Loan Type: A wraparound loan includes the amounts of other loans.
- Buyer Disclosure Duty: Both the seller and buyer have a duty to exercise reasonable care in a real estate transaction; the buyer has a duty to inspect. There is no two year statute of limitations on disclosure in real estate.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
