If a seller w - Study guides, Class notes & Summaries

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-no authority, receive compensation A brokers commission i...

National Real Estate Exam Prep Answered 100% Correctly 2024 Unilateral Contract Contract containing ONE promise given in exchange for completing an act. NO obligation to act. Bilateral Contract Contract containing TWO promises. Example: A listing agreement is a bilateral contract Client/Principal A person who has entered into an agency relationship w/ a licensee & with whom there is a written contract Customer Any 3rd party w/ whom a licensee works In-Company Transaction Transact...

Which of the following amounts are not subject to self-employment tax? - Limited partner's share of partnership income Mrs. Brinkley transferred business property (FMV $340,200; adjusted tax basis $111,700) to M&W Incorporated in exchange for a 36% interest in M&W Partnership. Determine Mrs. Brinkley's realized and recognized gain on the exchange and the tax basis in her partnership interest. - No gain recognized; $111,700 basis in property "Little Magician" is the name of a painti...

WI Real Estate Sales Exam Questions and Answers Already Passed 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...

Successions with a Will - Who signs? No liquidator = all legatees W/ a liquidator = full admin liquidator or simple admin liquidator with authorization from legatees and legal heirs. Successions w/o a Will - Who signs? No liquidator = All legal heirs W/ a liquidator = liquidator authorized by legal heirs Successions - What documents do you need? During liquidation of the succession? -Declaration of transmission (w/ or w/o a Will) -If no Will and there's a liquidator, an Act of Nominati...

Section 338(h)(10) Election correct answers - Refers to part of the tax code which allows a stock sale to be treated as an asset sale for tax purposes --> Debtor or trustee files w/ court --> BUYER BENEFITS by being able to increase the value of the target's assets to their fair value rather than using their book value (purchaser will pay lower tax when assets are sold) - Seller pays tax on the difference b/t book value and fair value of assets --> SELLER USUALLY DEMANDS A PREMIUM ...

Contract Questions Always On MBE - Review for MO Bar Exam Questions With Verified Answers. Contract Issues Always Tested on MBE 1. Where P gets an unrequested benefit and the ∆ promises to give it ≠ consideration (not consideration). the hypo was where P found stray dog, put ad in paper, ∆ (dog owner) contacted P who then returned the dog to ∆. ∆ of offered to give P a reward, but P refused. Later P changes his mind and wants and asks for the reward and ∆ refused to pay P. P ...

Chapter 1 Contemporary Marketing 1) The American Marketing Association’s updated definition of marketing is a process that identifies a need and then offers a means of satisfying that need. Answer: FALSE Diff: 2 Type: TF Page Ref: 4 Skill: Recall LO: 8 2) Organizations that concentrate on what they are capable of producing follow a marketing orientation. Answer: FALSE Diff: 2 Type: TF Page Ref: 6 Skill: Recall LO: 3 3) An organization that focuses on selling more...

CPCU 530 Practice Exam Questions and Answers common stock - Answer-An ownership interest in a corp that gives stockholders certain rights and privileges, such as the right to vote on important matters and to receive dividends preferred stock - Answer-Stock that is generally nonvoting but that has priority over common stock, usually regarding dividends and capital distribution if the corporation ends its existence Par value - Answer-An arbitrary dollar value that an organization assigns t...

WI Real Estate Sales Exam Questions and Answers Already Passed 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...