What is an escrow account - Study guides, Class notes & Summaries

State Portion Real Estate Exam Questions and Answers Already Passed Not psychologically affected if Reputation of haunted ghost Operate INDIANA property management firm outside of the broker company What is Correct ? Broker me do with formal approval of original managing broke Listing agreement should be delivered to Owner Upon signing Broker hires interactive broker to conduct open house The broker may face disciplinary action for incompetent practice Broker a discovers a former buyers clie...

Post Licensing 303 Questions and Answers 100% Pass What should a broker do if they notice discrepancies in a client’s financial documents during a transaction? Notify the client immediately and work to resolve the discrepancies before proceeding. What is required for a property management agreement to be enforceable? It must be in writing and include details about the property, management duties, and fees. How often must a broker update their trust account records? Regular...

What is the form you sign that says you will pay the loan back ? -ANSWER promissory note What is the post licensing grace period after first expiration ? -ANSWER none Deposits is a form of... -ANSWER valuable consideration Physical land and improvements -ANSWER real property Is it a violation if a sales associate work for two brokers Monday-Friday, and Saturday and Sunday and getting paid commission from both -ANSWER Yes What is the maximum fine per offense ? -ANSWER $5,000 per fi...

NC Post License 303 Selected Topics Questions and Answers 100% Pass What is the purpose of a rental application? To gather information about a prospective tenant’s background, including credit history and rental history What does the term “property tax lien” refer to? A legal claim against a property for unpaid property taxes What should a real estate agent do if they suspect fraud in a transaction? Report the suspicion to the appropriate authorities and follow legal and e...

What action should the seller take when an offer is rejected? Make a formal counter offer. Complete a contract rider. Complete an addendum. Note the rejection on the offer. Note the rejection on the offer. Which of the following requires a written contract? The purchase of a TV for $378.00 A real estate lease for a term less than one year A real estate lease for a term longer than one year A potential buyer visiting an open house showing A real estate lease for a term longer...

Sales associate, Tim, received a signed contract from a buyer and mailed it to the seller. The seller agreed to the terms and the escrow deposit was deposited safely in the broker's escrow account. Tim has a disagreement with his broker and quits. The broker refuses to pay a commission since Tim was not in their employ when the contract was actually received and signed. What should Tim do? a. Notify the state b. Sue the seller for his share c. Sue the broker d. Forget it; he is not en...

NC Post-Licensing Section 302 Questions and Answers Already Passed What is the primary role of a property manager in tenant relations? To ensure tenants' needs are addressed and manage any issues or complaints. What is typically included in a property management agreement? Responsibilities of the property manager, management fees, and terms of service. How should rent collection be handled by a property manager? Rent should be collected on a regular schedule as specified in th...

Which of the following is most vital or important in planning a subdivision: - ANSWER-Market Analysis When rent is computed on the gross sales of a business occupying real property, the lease is correctly termed: - ANSWER-Percentage Lease What is not an adequate method of transferring property? - ANSWER-Executive Sale What is considered personal property? - ANSWER-Existing Mortgage If an income property is valued at $100,000 based on an 8% capitalization rate, what would be the value...

licensee who is affiliated with a broker in charge or a property manager in charge Associated Licensee A sub office of a company in which full-service real estate activities are conducted and at which a broker-in-charge or property manager-in-charge is licensed to conduct real estate transactions. branch office a wholesaler who does not take title to goods and whose function is to bring buyers and sellers together and assist in negotiation Broker Broker who is designed as...

Florida Real Estate Exam Tested Questions With Revised Correct Detailed Answers >Latest Update>> An agency relationship is formed when a customer: A. Asks for information about a particular property B. Pays a broker for help C. Asks questions about a broker's services and qualifications D. Gives a broker authority to act on his/her behalf - ANSWER broker authority to act on his/her behalf D. Gives a A broker who represents both the buyer and seller in a r...