A listing agreement in w - Study guides, Class notes & Summaries

Unilateral Contract - ANSWER Contract containing ONE promise given in exchange for completing an act. NO obligation to act. Bilateral Contract - ANSWER Contract containing TWO promises. Example: A listing agreement is a bilateral contract Client/Principal - ANSWER A person who has entered into an agency relationship w/ a licensee & with whom there is a written contract Customer - ANSWER Any 3rd party w/ whom a licensee works In-Company Transaction - ANSWER Transaction in which the bu...

Constructive eviction - ANSWER Acts done or not done by the landlord which materially disturb or impair tenants occupancy so as the tenant is forced to leave Surrender and acceptance - ANSWER Mutual agreement to terminate lease The residential landlord and tenant act - ANSWER Covers leased structures used as home, residence or sleeping place. EXCLUDES nursing homes, lease to own, dorms, frats, resident managers homes Law of agency - ANSWER Statutory law controlling the rights and duties...

A married couple purchased a primary residence for $600,000 in 2015. They lived there for seven years. In 2022, they sold the property for $1,000,000. How much profit will they owe capital gains tax on? - 0 What is a REALTOR®? - a member of the National Association of Realtors®. Which of the following is NOT a category of the NAR® Code of Ethics? - Duties to lenders Select the statement that describes why trade fixtures are considered personal property. - Trade fixtures are items tha...

Hawaii real estate Exam Questions With Verified Answers. 4 land districts - answerUrban Rural Agricultural Conservation What is UCC? - answerUniform Commercial Code- it's a legal form a creditor files to give notice that it may have interest in personal property of debtor. Gives public notice of right to take possession of and sell property for repayment. Can also be security or financing agreement, bulk sales, business opp or direct taxation. Tenancy in entirety is same as? - answerR...

The listing broker is the seller's - agent A licensee writes an offer for a buyer on the licensee's listing. The buyer is the licensee's - customer When a firm is representing only one side of the transaction, the firm is practicing what type of agency? - Single agency Multiple Representation may only occur if - there is full written consent and disclosure from all parties A broker shall provide a copy of the disclosure form to a client: - no later than the time of agency agreement Ag...

Final Review-Texas Law of Agency Exam Questions And Answers Intermediary Agency - ANS where a licensee represents both sides of a transaction in an agent-client capacity Special Agency - ANS AKA specific agency. The principal delegates authority to conduct a specific activity, after which the agency relationship terminates. In most cases, the special agent may not bind the principal to a contract. In most instances, real estate brokerage is based on a special agency. The principal hires...

National Real Estate Exam Prep |Latest Release| 100% Correct ‘ Unilateral Contract *Ans* Contract containing ONE promise given in exchange for completing an act. NO obligation to act. Bilateral Contract *Ans* Contract containing TWO promises. Example: A listing agreement is a bilateral contract Client/Principal *Ans* A person who has entered into an agency relationship w/ a licensee & with whom there is a written contract Customer *Ans* Any 3rd party w/ whom a licensee works In-Co...

Arkansas Real Estate Law Mid-Term Graded A In a timely manner ️A licensee is representing the seller solely in a real estate transaction. When must the agent disclose his or her agency relationship to the prospective buyer? At first contact ️A licensee is representing the buyer solely in a real estate transaction. When must the agent disclose his or her agency relationship to the seller or the agent of the seller? No, not without written consent from the seller for dual representat...

Indiana Real Estate Exam with Correct Answers 2024 Update The ____ is fully responsible for the actions preformed in the course of real estate business by all persons licensed under ______. - Answer -Broker, Broker The _____ can carry out ONLY those responsbilties assigned by employing ____. - Answer -Salesperson, broker A salesperson can receive ______ ONLY from that broker. - Answer -compensation A salesperson has _______ to make contracts with or ______ from any other party. - Answer -...

WI Real Estate Sales Exam All Questions Marking Scheme The listing broker is the seller's - Answer -agent A licensee writes an offer for a buyer on the licensee's listing. The buyer is the licensee's - Answer -customer When a firm is representing only one side of the transaction, the firm is practicing what type of agency? - Answer -Single agency Multiple Representation may only occur if - Answer -there is full written consent and disclosure from all parties A broker shall prov...