Podcast
Questions and Answers
What type of deed did the buyer receive if the deed says, 'remises, releases, alienates and conveys'?
What type of deed did the buyer receive if the deed says, 'remises, releases, alienates and conveys'?
- Bargain and Sale
- General Warranty
- Quitclaim
- Special Warranty (correct)
Which of the following would best describe the equipment installed by the business leasing a building?
Which of the following would best describe the equipment installed by the business leasing a building?
- Trade Equipment
- Emblements
- Improvements
- Trade Fixtures (correct)
What will be considered a violation of HUD guidelines in an advertisement?
What will be considered a violation of HUD guidelines in an advertisement?
- 360 degree mountain and ocean views
- Beautiful home next to the Catholic Church (correct)
- In-law apartment with private entrance
- Shopping within walking distance
What term is used for an agent at an open house who describes upgrades and features of a property in an exaggerated and subjective manner?
What term is used for an agent at an open house who describes upgrades and features of a property in an exaggerated and subjective manner?
What type of professional should be obtained if an appraisal is desired?
What type of professional should be obtained if an appraisal is desired?
How is Phase II different from Phase I in property testing?
How is Phase II different from Phase I in property testing?
If a buyer submits an offer accepted by the seller, and the listing agent does not provide a fully executed copy to the buyer, is the status of the contract good?
If a buyer submits an offer accepted by the seller, and the listing agent does not provide a fully executed copy to the buyer, is the status of the contract good?
If an owner dies intestate, their property will be distributed according to which law?
If an owner dies intestate, their property will be distributed according to which law?
What is the primary purpose of an appraisal in real estate?
What is the primary purpose of an appraisal in real estate?
Which document would reveal a cloud on title?
Which document would reveal a cloud on title?
If a minor inherits a family estate and decides to sell it, what is the status of the purchase agreement upon mutual acceptance?
If a minor inherits a family estate and decides to sell it, what is the status of the purchase agreement upon mutual acceptance?
What is the term for the right of absolute ownership in real estate?
What is the term for the right of absolute ownership in real estate?
Who is best qualified to provide an impartial opinion of value for a property?
Who is best qualified to provide an impartial opinion of value for a property?
What document will transfer the furniture outside of escrow?
What document will transfer the furniture outside of escrow?
In the scenario where the seller refuses to pay the agent a commission at closing that has not signed a listing agreement, who is obligated to pay?
In the scenario where the seller refuses to pay the agent a commission at closing that has not signed a listing agreement, who is obligated to pay?
What legal document establishes a security interest in real property?
What legal document establishes a security interest in real property?
If an agent is the 'procuring cause' of a property sale, what are they typically entitled to?
If an agent is the 'procuring cause' of a property sale, what are they typically entitled to?
Study Notes
- Business A leases a building while waiting for their own to be built, installing equipment for use and planning to remove it before lease expires
- Business A receives a deed with terms "remises, releases, alienates and conveys," receiving a deed of ______
- Advertisement of property with mountain and ocean views, in-law apartment, beautiful home near Catholic Church, shopping within walking distance considered HUD violation
- Agent hosts open house, puffs about property upgrades and neighborhood
- Owner's interstate estate will be distributed according to ______ law
- Appraisal best used for establishing most probable selling price of a home
- Document revealing a cloud on title is a Preliminary Title Report
- Minor inherits family estate and decides to sell, purchase agreement is _______ upon acceptance
- Right of ownership in real estate that is absolute is known as _______
- Seller pays agent 5% if they find a buyer, but refuses to pay commission at closing, true statement is _______
- Two corporations purchasing a property, require services of a licensed or certified appraiser for _______
- Phase II requires more invasive testing than Phase I, _______ or optional
- Buyer submits offer accepted by seller, listing agent does not provide fully executed copy, valid contract is _______
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Description
Test your knowledge on real estate sales processes including conveyance of furniture and paintings outside of escrow, additional agreements between buyer and seller, and agent commissions. Choose the correct terms for various scenarios.
