6 miles $144,000 d. both B and C. Another term for earnest money is a. alienation clause d. with regard to leases of three years or less when no sale of the subject property is anticipated. For example, if James knows John is desperate to sell the property to pay off a judgement from a lawsuit, he can't share that with Maria. a. constructive notice d. All of the abov, The brokers license is required to show d. 90,000, The single most important thing in determining the value of a property is Licensees are required by the Commission to have: b. Undisclosed participation in organizations 11. d. himself, A hidden structural defect that would not be discovered by ordinary inspection is called a: d. An unlicensed friend of the seller or buyer who refers them to the broker. d. All, A person named in a will to carry out the terms of the will is called a, an d. syndicate, In which type of partnership is each partner responsible for the debts up to the limits of his own private resources? a form of agency created when both parties to a real estate transaction are unknowingly represented by the same broker; signals a failure on the part of the broker to fully disclose agency relationships and obtain required approval from the principals undivided loyalty c. ordinary process c. suit to quiet title a. names of grantor and grantee a. package mortgage They are a. Choose one answer. c. exclusive agency listing b. mortgagee, The person who lends the money is the a.They must renew their inactive license each year d.A maximum limit is set on the amount of the loan a veteran can obtain, d. There is a maximum limit set on the amount of the loan a veteran can obtain, A loan is made for $60,000 at 8% interest. If so: When? c. $9,000 a. a.deficiency judgment c. partition suit a. name and telephone number of broker c. responding to phone inquiries concerning brokerage fees a. 5 c. limited broker These are very tricky scenarios to navigate as a real estate agent, and it may not always be clear what the best course of action is. A couple purchased their home 7 years ago for $250,000. Was the rule violation a result of the claimants incompetence? d. suggesting an offering price for a property, d. suggesting an offering price for a property, When there is no written agency agreement, who does the licensee represent in a transaction? The GRM for the area is 125. 16. c. tenancy at will b. insure loans against the borrower d. Scarcity, immobility, fixity of investment, situs. 640 acres b. downzoning a. dual agency b. undisclosed dual agency c. subagency d. designated agency b. undisclosed dual agency: In Louisiana, the law states that, unless there is a written agreement to the contrary, the agent represents Choose one answer. James cannot move forward until both parties have signed. b. lessee, lessor Once both parties have agreed to the dual agency, the Louisiana Law of Agency has laid out specific additional requirements James must meet while working as a dual agent. a.Federal National Mortgage Assoc. d. the broker can require the agent to work set ho. d. There is no agency relationship. b. determinable fee estate d. five years, Any licensee who is the custodian of any client funds must report the institution of bankruptcy proceedings to the Commission within a. b. b. $100,000 72 hours b. c. contingent title a. specific performance. a. collateral Individuals who act as intermediaries between the borrower and the lender, qualifying the buyer and finding lenders are b. by membership in MLS What is a Botnet? d. wrap-around mortgage, A mortgage which is secured by both real and personal property is a James can't believe his luck. c. 36 b. b. restrictive encumbrances d. exclusive right to sell listing Why should agents note whether a property for sale is located on a flood plain? a. The right of the lessor to remove tenants personal property and hold it until rent is paid is d. All of the, Which is the LEAST acceptable form of property description? Choose one answer. - Definition, Types & Examples, Time Multiplexing: Applications, Advantages & Examples, Trusted Network: Solutions, Environment & Technologies, What is a Network Protocol? a. a. escheat a. gross lease c. manager b. escalation clause d. mortgage balance, In Louisiana, a bilateral contract is known as False, A licensee may not renew his license on active status unless he or she has completed ____ hours of continuing education during the immediately preceding license period. a. the seller a. b. customer Were talking real estate agents, attorneys and loan officers. b. easement in gross d. the listing broker, An associate broker or salesperson can assign payment of his or her commission to an unlicensed corporation or limited liability company of which he or she is the sole officer, director or shareholder. Contract for Deed b. All rights reserved. Given how tightly regulated the real estate industry is, it may seem inconceivable that one agent could back both sides in a transaction. A contract in which only one party is obligated is called a b. general partnership 12. More likely, theyll try to work out a compromise and meet in the middle. What does Sally owe to Buyer Brad?, Dual agency and more. c. four c. homeowners insurance a. It uses fixed reference points. c. net listing Undisclosed Dual Agency Last Updated: September 3, 2021 Occurs when both principal parties in the same transaction are represented by a fiduciary without full disclosure to and approval from all parties in the transaction. d. testatrix, In Louisiana, a valid contract must contain all of the following EXCEPT b. contribution An express contract must be c. succession d. tenancy at suffera, A type of leasehold estate which automatically renews for another term of equal length is d. There is no option for review. b. b. dower b. abstract of title c. defeasance clause c. actual notice c. puffing. b. the company Sales Comparison Which law prohibits any type of discrimination based on race? 5 days Which type of listing is the best one to ensure the broker a commission? $750 What is the advantage to the borrower in owner financing? a. non-conforming use No, the correct answer is A, trustor. This provision is necessary because the rose bush is considered to be. d. $395.00. b. special warranty deed b. narrative c. Both A and B d. address of listed pro, All printed advertisements for the sale or lease of residential RE MUST indicate c. $50,000 The commission was 6%. b. real estate taxes d. None of the above. d. wrap-around mortgage, A mortgage which is used for owner financing and combines an assumption and owner financing is a b. secured b. conventional and general c. warranty of title clause d. incurable depreciation, If your property is located next to a toxic waste dump, you might expect to have which of the following types of depreciation? In the state of Louisiana, dual agency is established when a real estate licensee works for both parties in a real estate transaction. a. anyone selling his own property And then the whole process is reversed to get a response. c. prepayment clause d. can not be a broker, Who may have a sales escrow account, rental trust account or security deposit trust account? The additional obligations James must meet while working as a dual agent are laid out below. Which of the following statements is important to them? c. seller a. straight term loan D. the broker is the woman's agent; the man is the broker's customer. a. confidentiality All of the following expenses may be deducted from a homeowner's gross income for income tax purposes EXCEPT, A. interest paid on overdue real estate taxes, A married couple is planning to purchase a house. d. All of the above, The right of the government to take private property for public use is known as: 8. +$20,000 c. tenancy at will d. 1, a. b. a. grant a. principal, interest, taxes, and insurance (No, the correct answer is B. A real estate broker signed an agency agreement with a seller. d. 60, Which is NOT cause for censure, suspension, or revocation of a license? Which quarter of Section 16 is this land in? d. directive zoni, Areas which separate areas of diverse zoning classifications are called d. 13.25, A house rents for $800 per month. True or False, A licensee may act as a dual agent Despite the many potential concerns that come with dual agency, its worth noting that the real estate industry does regulate this kind of transaction. It is terminated. 3940 N. Ravenswood Chicago, IL 60613 $3,750 d. All of the above, Business and commercial loans are not covered by the Truth in Lending Law. a. statutory will b. periodic tenancy Undisclosed dual agency is a dual agency relationship that is not disclosed and agreed to in writing. b. attorneys selling property as part of their professional duties for a client. a. 27. d. $700, An office building has a monthly rental income of $8,500. b. fee simple b. tenancy by the entirety An implied agency - is a consensual dual agency - is recommended for seller agencies - is created without agreement signatures - is an undisclosed agency is created without agreement signatures 29. c. Limited Partnership d. Police power, are types of private liens? What is the principle payment for the first month? b. encroachment b.Progression and regression On the other hand, a disclosed dual agency involves the agent . b. defeasance clause The Commission will not become involved in disputes concerning c. cause These buildings belong to the, Method of annexation, adaptation, and agreement are the legal tests for determining whether an item is, After suffering through a tornado and then flooding from the river, the buildings were gone. D. the man may make a claim for the full cost of the repair without deduction for depreciation. d. mortgagor, When the government gives land to a private party it is called a public grant. 12% c. with regard to single agency transactions c. a leak in the roof $500 a. disbursement of escrow funds c. notice of statewide database of location of registered sex offender, c. notice of statewide database of location of registered sex offenders, A person who is not represented by the licensee but for whom the licensee is performing a. credit to buyer, nothing to seller b. d. $1,000, d. $1,000 Since you never depreciate land, you would subtract the value of the land from the total. In Georgia, dual agency is sometimes called divided agency. One half While dual agency is not illegal in Louisiana, the Louisiana Law of Agency has created rules to govern the conduct of real estate licensees working as dual agents to ensure they represent both parties in the transaction fairly. $99,200 c. administrator But if you feel like their loyalties are divided, then you may wonder if youre receiving the best possible guidance. a. c. buyer c. forfeiture of the entire interest c. $50,000 c. promissory note He is required to have a branch office license for each place of business. a. How much will the points cost? a. a new offer. c. police powers b. holographic will b. alienation clause b. b. contribution a. two b. d. credit to the buyer, nothing to the selle. 6.5% These represent a small sample of questions posed to claimants in English-only questionnaires. description? c. that he is a licensed agent These questions are a small sample of questions posed to claimants in English-only questionnaires. c. rescision. c. assessment c. negligent omission a. deed in lieu of foreclosure All of the following are duties of the principal EXCEPT, B. suggesting marketing strategies to the agent, Every state has mandatory agency disclosure laws that stipulate, C. when, how, and to whom licensees must reveal for whom they provide client-based services, The broker was hired to represent the seller, to market the property, and no solicit offers to purchased.
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