REE Final Exam Questions With Correct
Answers
Meeting of the minds - answerpeople agree on a price but there is nothing yet in writing
Elements of a Contract - answerOffer and Acceptance,
Consideration,
Capacity of the Parties,
Must be for a Lawful Purpose,
Must be in Writing
Consideration ...
EXAM STUDY MATERIALS July 30, 2024 11:26 AM REE Final Exam Questions With Correct Answers Meeting of the minds - answer✔✔people agree on a price but there is nothing yet in writing Elements of a Contract - answer✔✔Offer and Acceptance, Consideration, Capacity of the Parties, Must be for a Lawful Purpose, Must be in Writing Consideration - answer✔✔Legal Detriment/Benefit (not a valid contract unless there is consideration, amount doesn't matter) Capacity of The Parties - answer✔✔Must be of legal age, must be mentally able or's - answer✔✔person who makes the offer ee's - answer✔✔person who receives the offer Implied Contract - answer✔✔Implied by the actions both parties have taken, based on past performance of the parties verbal contract - answer✔✔harde r to prove in court but can be binding, if ever involved have a credible witness One way to protect yourself when the seller's broker creates a purchase contract for you to sign and you Can't wait for your lawyer to review it - answer✔✔You (buyer) add to t he bottom of the contract "subject to the approval of my attorney" (also a way to get out of almost any contract) Properties that transfer hands - answer✔✔Need to have legal description of the property, What is staying with the house How the purchase price is to be paid? All cash or is financing required Due diligence period Deposit checks into escrow account of the broker EXAM STUDY MATERIALS July 30, 2024 11:26 AM Most frequent reason people are let out of a contract - answer✔✔they cannot qualify for financing Options Contract - answer✔✔The buyer i s not sure they actually want to buy the property so they buy the right to buy the property by a certain date Stated Period of Time for a Stated Price - answer✔✔IF contract is exercised - option price usually, but not always, goes towards the purchase price IF you DON'T exercise the option, the deposit you put down stays with the seller, the one who gave you the option in the first place right of first refusal - answer✔✔no contracts, no money changes hands, not legally binding - but you are asking the seller - if you ever sell this, I am interested, would you give me the first right to buy it? Appraisal - answer✔✔Estimate of Value Market Value - answer✔✔Probable selling price - you as an owner want this to be high Investment value - answer✔✔the value to one part icular investor. As an owner you also want this to be high Assessed Value - answer✔✔Used by the property appraiser's office for taxing purposes, you want this to be low Insurable Value - answer✔✔how much you need to reproduce the entity. An owner would wan t this to be low but not too low Appraisal Methodology - answer✔✔Define the problem Gather Data Analyze the Data Arrive at your conclusion Write up your conclusion (opinion of value) Define the problem (Appraisal method) - answer✔✔What rights are being appraised? What rights do the property owners have? Fee simple rights? Less than Fee Simple? What is the date of the appraisal? (The last day of fieldwork) In the state of Florida you mu st (when appraising a property) - answer✔✔appraise the property at the highest and best use If you are appraising 4 or few attached units (single, duplex, triplex, quadplex) - answer✔✔you use a Freddie Mac Form
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