On February 1, a seller paid $1,140 in annual property tax for the current
calendar year. He sold the house with the closing set for April 1. What will be
the seller's credit for the property taxes already paid if the buyer pays for the
day of closing? Use a 360-day year and a 30-day month.
...
What critical aspect of the property inspection process MUST licensees convey
to prospective buyers?
✓~ Need for inspections to be completed within the time stated in the contract.
A contract for the sale of a home has been signed by both parties. This
contract will remain executory until
✓~ the transaction has closed.
A broker is showing a buyer one of his residential listings. The buyer says he
wants to establish a day care center for seniors in the property. The property
has been used as a day care center for no more than five children. How should
the broker advise this buyer?
✓~ Provide the buyer with contact information for the local planning and zoning
office to confirm the zoning and determine whether it permits his use.
,A broker hires a salesperson as an independent contractor. In order for the
salesperson to be considered an independent contractor for federal income tax
purposes, the broker's written contract with the salesperson MUST specify
✓~ that the salesperson will not be treated as an employee for federal income tax
purposes.
The sellers want to accept a purchase offer, but only if the price is raised by
$5,000. What should they give the prospective buyer?
✓~ Counteroffer.
When the sellers are lending part of the purchase price, they may secure the
debt either with a deed of trust or a mortgage. For the seller, one benefit of
the deed of trust is that
✓~ foreclosure is usually simpler and faster.
Even after an offer has been accepted and is binding, the buyer and seller may
still choose to sign mutual release papers rather than proceed to closing. Which
of the following circumstances would NOT give either party a justifiable reason
to insist on a mutual release?
, ✓~ The buyer finds a better property for better terms.
A tenant rented an apartment, signing a 15-month lease. After the lease
expired, the tenant paid 1 month's rent and got a receipt. What kind of
leasehold does the tenant have?
✓~ Tenancy at will.
MOST closed real estate transactions should be reported to the IRS.
REQUIRED information includes seller name(s) and social security number(s)
and
✓~ the sale price.
A minority couple come to a salesperson looking for a house. The salesperson has
some properties for which the couple qualify but avoids showing or mentioning
these listings. Instead, the salesperson shows only properties in low-priced and
integrated neighborhoods. This practice is known as
✓~ steering.
Failure of a real estate agent to comply with Fair Housing practices is
punishable by
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