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1. A veteran buying a home from a for sale by owner and financing it with a VA loan can do all of the following except: Immediately rent the home after closing to make the monthly payments 2. After Charlie's death, his will indicates that all of his real property must go to charity what can Charlie's wife do? Nothing Brainpower Read More 3. Two Brokers decide to go broke 60/40 in favor of the listing broker, and each broker split 50 Dash 50 with his sales person. How much will the lis...

"Which of the following is TRUE about Michigan transfer tax? A)Transfer tax is a charge to the buyer at the closing. B)Transfer tax is calculated on the sale price of the real estate being conveyed. C)Transfer tax is collected at the time a mortgage to real property is recorded. D)There are two types of transfer tax: county and city." - Answer- "B-Explanation: The answer is transfer tax is calculated on the sale price of the real estate being conveyed. The two types of transfer tax ar...

Special Assessment - Answer- A category of property tax levied upon a property according to specific benefits that it receives. Special assessments are levied for those improvements that only benefit a limited number of properties such as street paving, water & sewer lines, sidewalks and lighting. Riparian Land - Answer- Land which is bounded by or touches a natural water source, such as river or stream. Littoral Land - Answer- Land that borders an ocean, sea, or one of the Great Lakes...

A person authorized by the broker to act as the agent of a specific principal - common in dual agency relationships, two salespersons from the same company can represent opposite sides of the sale. - Answer- Designated Agent What approach does an appraiser take primarily for an investment property? - Answer- Income Approach Charlie is the personal assistant for the top producer in the office, and he would like to have his own business cards. What can Charlie list as his title? - Answer...

vendee - Answer- a buyer or purchaser particularly someone buying property under a deed vendor - Answer- seller ,particularly someone selling property by means of a contract for deed escalation clause - Answer- increase or decrease interest rate based on annual percent deed - Answer- written document conveys title to real property deed of trust - Answer- voluntary lien on real property to secure repayment of debt deed restriction - Answer- provisions in deed that restrict land us...

When land is conveyed to a trustee, what may a trustee do? - Answer- Whatever is permitted under the trust agreement. What is true of both special assessments an ad valorem taxes? - Answer- Delinquent payment is grounds for sale of the property. At the time of harvest, crops that require annual plantin gare generally considered to be what? - Answer- Personal property. A homeowner has negotiated with a neighbor to obtain the permanent right to pass over the northern part of the neigh...

Accretion - Answer- The addition to real estate by accumulation of soil and land through nature. Accrued Depreciation - Answer- Loss in value of a property due to time. Difference of replacement cost and the presently appraised value. Acre - Answer- 43,560 Sq Ft Actual Notice - Answer- Notifying person of an existing property by showing documents or other physical evidence. Ad Valorem - Answer- According to value. (Latin) Administrator - Answer- A Personal representative. A per...