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True or false, when working with a buyer, an agent should make sure the buyer has enough for a down payment AND closing costs? correct answers True A major difference of a Comparative Market Analysis and an appraisal performed for a lender is that ___ correct answers Lender's appraisals for fede...

Can the Real Estate Commission dictate the ethical standards of licensees? correct answers no, this is false If payment is made from the recovery fund for a judgment against a licensee, correct answers The licensee automatically loses his or her license In order to get a real estate license, y...

All of the following are prohibited acts which may be considered inducements except: 1. Soliciting, selling, or offering for sale real estate by offering free lots or conducting lotteries for the purpose of influencing a purchaser or prospective purchaser of real estate 2. Preparation of dual cont...

In the Exclusive Right-to-Sell Listing Contract, if a buyer calls the seller, the seller should 1. tell the buyer if he would wait 60 days, he could sell the home without the agent. 2. show the property to the buyer. 3. tell the buyer to call his agent. 4. tell the buyer about the home, and th...

covenants, conditions, and restrictions (CC&Rs) may limit all of the following except? 1. Length of time a garage door may be left open 2. The type and amount of owner Mortgages 3. The maximum height of new home construction 4. Types of pet allowed correct answers 2. The type and amount of owner mor...

Fiduciary duties of transaction broker are the following: a. care, obedience, accounting, loyalty and disclosure. b. care and disclosure c. transaction brokers do not have fiduciary duties. d. care, accounting, and disclosure. correct answers c. transaction brokers do not have fiduciary duties ...

The rules were that what you borrowed, plus interest, must be paid back the next year or at some other agreed upon time. This is called a _______. correct answers Term Loan A word that literally means to kill off. Each payment is an ___________ partially pays off BOTH principal and interest. corr...

The Conway-Bogue Decision correct answers is a court case that gave real estate agents in the state of Colorado the right to assist buyers and sellers in some legal aspect of the real estate transaction process. This ruling established the right of real estate licensees to use approved, standardi...

Which of the following is NOT required for a deed to be valid? 1. Delivery 2. Acceptance 3. Conveyance 4. Recordation correct answers 4. Recordation While recording a deed does not affect its validity, it is extremely important to record since recordation protects the grantee. If a grantee fa...

Adaptation correct answers Concerns fixtures. How an item fits can determine whether the item is personal property or real property. If an item is "made" for a specific spot, it is a fixture. Ex: window shades are usually fixtures as they are made to fit inside the window frame. Agreement of...

Buffer zone correct answers A strip of land, usually used as a park or designated for a similar use, separating land designated for one use from land designated for another use. (Ex: residential from commercial) Building code correct answers Ordinance that specifies minimum standards of constru...

Question: A sublessee is a(n) correct answers . Tenant Question: A major disadvantage of owning investment property might be correct answers Lack of Liquidity Question: The most favorable thing about a VA loan is that correct answers VA loans guarranty gives the veteran favorable financing ter...

What are the real estate rights above ground surface called? correct answers Air Space An item that is attached to, and made part of the land is an correct answers Appurtenance What information does a broker or sales agent typically market? correct answers Market Conditions A broker or sale...

Abatement correct answers DEFINITION: To decrease, reduce or stop an activity. EXAMPLE: An abatement action would require removal of a nuisance (a smell or loud sound) or a hazard (such as lead paint). Abstract of Judgment correct answers DEFINITION: A general lien placed on a debtor's real and...