100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
Previously searched by you
Real Estate Exam Prep Ch 5 & 6 Champions School Of Real Estate (TEXAS - 2024) Questions And Answers With Verified Solutions 100% Correct!!!$13.99
Add to cart
Real Estate Exam Prep Ch 5 & 6
Champions School Of Real Estate
(TEXAS - 2024) Questions And Answers
With Verified Solutions 100% Correct!!!
due diligence - ANSWER✔✔ -fair, proper and due degree of care and activity. An
expressed or implied requirement in certain real estate contracts stating that a
person use good faith to perform obligations under a contract.
-a time period in which a buyer is given the opportinity to have experts I spect the
property, examine the title and review the leases to determine whether the property
matches the buyers needs. Usually begins once vonyract is signed.
Requirements of a valid listing agreement - ANSWER✔✔ -signatures of all
owners and listing licensee
-property description
-list price set by seller
-definite staring and termination date
-broker compensation
4 Types of Listing Agreements - ANSWER✔✔ 1. Open listing: list with several
agents
2. Exclusive agency: list with one but could sell themselves and not have to pay
commission
3. Exclusive right to sell: one agent
4. Net listing: all money over the amount owner wants
, General Agent - ANSWER✔✔ One who is authorized by a principal to represent
the principal in a specific range of matters. A management agreement is used to
create the relationship and define the roles and responsibilities of the agent and the
owner.
Property manager is a general agent. Their responsibilities are to generate income
for the owner, make periodic reports and develop and operating budget.
operating expenses - ANSWER✔✔ Recurring expenses necessary for the
operation and cost of a property. Fixed expenses such as taxes and insurance, and
variable costs like utilities, payroll and reserves for repairs, replacement and
maintenance.
DO NOT INCLUDE mortal age payments, depreciation or capital improvements.
Fair housing laws - ANSWER✔✔ Civil rights act of 1866: prohibits discrimination
based on race or color.
Federal fair housing act of 1968 forbids discrimination based on race color national
origin or religion.
1974 amendment added sex (to protect females) as a protected category.
Age is not covered to allow for Senior Housing.
Every broker Must have Equal housing poster displayed in office.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller classhub. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.99. You're not tied to anything after your purchase.
