Real estate licenses - Study guides, Class notes & Summaries

Deficiency A ________, in the reasonable judgment of the inspector, is a condition that adversely and materially affects the performance of a system, or component. Inspection Process of examining accessible items, and reporting their condition RESPA Prohibits abusive practices like undisclosed referral fees and kickbacks. Designed to help consumers become more knowledgeable of settlement services costs. Departure Provision The inspector may not inspect an item if the ...

If the Alaska real estate commission directs the investigator to conduct an unannounced trust account audit a broker may request a 24 hour delay - Answer- To meet schedule obligations but the records to be audited must be sealed by the investigator and unavailable to the broker during that time In Alaska who of the following would need to be a licensed real estate broker or sales person - Answer- Person who employs fewer than three apartment licenses. In Alaska which of the following is re...

Who licenses real estate inspectors? CORRECT ANSWER TREC The role of sales agent in disclosing property condition: CORRECT ANSWER agent must refrain from giving an opinion of the condition of the property or the validity of any findings in the report. Sales agents responsibility to explain the inspection process. TREC standards of practice - what properties are covered CORRECT ANSWER resales or substantially completed houses. Inspection of houses under construction is a growing segment. ...

An appraisal can be completed by which of the following? A home inspector A real estate broker A licensed appraiser using USPAP standards A mortgage loan originator - ANSWERA licensed appraiser using USPAP standards What is a BPO? Broker Price Opinion Best Practice Organization Best Prospective Offer Beyond Present Opportunities - ANSWERBroker Price Opinion Which of the following is incorrect? Farming methods include Direct Mail and Just Listed Post Cards. Farming only invo...

The acronym TRELA stands for which of the following...? Texas Real Estate License Association Texas Real Estate License Act Texas Real Estate Legal Act Texas Real Estate Legislation Act - Answer- Texas Real Estate License Act The rules and regulations regarding real estate licenses in Texas are described in which of the following...? Texas Real Estate License Act Texas Real Estate Law Texas Bureau of Real Estate Article 12-A of the State Real Estate Law - Answer- Texas Real Estate Lic...

One who is given a power-of-attorney that allows them to sign the name of a principal to a contract of sale is a(n): A) attorney-in-fact B) broker with a listing C) special agent D) attorney-at-law attorney-in-fact No two parcels of land are exactly alike because no two parcels can occupy the same position on the globe. This is known as: A) township B) section C) scarcity D) nonhomogeneity nonhomogeneity The five essential elements that make a contract valid are: comp...

Test Bank for Business Law and the Legal Environment Version 3.0 by Don Mayer, Daniel Warner, George Siedel, and Jethro K. Lieberman. Full Chapters test bank are included - Chapter 1 to 53 Chapter 1: Introduction to Law and Legal Systems 1.1 What Is Law? 1.2 Schools of Legal Thought 1.3 Basic Concepts and Categories of U.S. Law 1.4 Who Makes the Law 1.5 Legal and Political Systems of the World 1.6 A Sample Case 1.7 Summary and Exercises Chapter 2: Introduction to Corporate Social Resp...

Which of the following licenses allows a licensee to engage in property management activity. a. Broker b. Principal Broker c. Property Manager d. All of the above - Answer d. all of the above A broker needs how many years of experience in order to become a Principal Broker? - Answer 3 years What is the maximum term a real estate license is good for per renewal? - Answer 2 years If you are found guilty of stealing funds from your clients, what action is the real estate agency ...

NYREI STATE EXAM GROUP TUTORING question and answers 2023 passed According to the New York State Real Property Law, a real estate salesperson's license is issued for a term of how many years? - correct answer Two What type of residential real property transfer would require a property condition disclosure statement? - correct answer Re-sales What happens to the licenses of salespersons if their sponsoring broker's license is revoked or suspended? - correct answer They are suspended A...

NYS Colibri Real Estate Final Exam Questions and Complete Solutions Expressed Agency - Answer: An agency created in a written or oral agreement General Agent - Answer: One who is authorized by a principal to represent the principal in a specific range of matters Fiduciary - Answer: Person in a position of trust, held by law to high standards of good faith and loyalty Fiduciary Duties - Answer: care, obedience, accounting, loyalty, and disclosure COALD Group Boycott - Answer: An or...