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?
For which purposes can land be subdivided?
For which purposes can land be subdivided?
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?
Which statement is NOT true regarding recording?
Which statement is NOT true regarding recording?
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Which statement is TRUE about required disclosures to residential buyers?
Which statement is TRUE about required disclosures to residential buyers?
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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.
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Description
This quiz covers key principles and practices in real estate, including buyer broker agreements, land subdivision, funds management, and legal responsibilities of landlords. Test your knowledge on how these elements interact in the real estate market.
