Affecting home buying - Study guides, Class notes & Summaries

What is a contract? A legally binding agreement between two or more persons, competent at law to enter into such agreement, for consideration or value, to do or refrain from doing something lawful. True or false? An oral contract for the acquisition or disposition of any interest in the land is enforceable. False. Any contract in real estate is required to be in writing. When drafting a contract, what does The Statute of Frauds require? - Must be in writing to be enforceable by ...

Notary Exam 2024 Practice Questions Complete Solutions If a Notary identifies a signer through proper ID but forgets to put the information in her journal, she would be fined for? 750 Aaron has filed his Oath of Office and bond with the county recorder's office where he holds his principal place of business. Aaron is under oath for the duration of his commission to follow all Notary laws as a result. If Arron falsifies a statement, verbally or in writing, he may be found guilty of: Fo...

The Nevada legislation which sets forth the rights, obligations, and duties of the parties under most residential lease transactions is known as: - Answer The Residential Landlord and Tenant Act. Which of the following lease types is the most common lease used in residential apartments or homes? - Answer Gross lease A two-day stay in a hotel room can be considered: - Answer An estate for years. A situation in which someone is both the tenant and the landlord to the same property occurs ...

Notary Exam 2022 Practice Questions with complete solutions. If a Notary identifies a signer through proper ID but forgets to put the information in her journal, she would be fined for? - correct answer. 750 Aaron has filed his Oath of Office and bond with the county recorder's office where he holds his principal place of business. Aaron is under oath for the duration of his commission to follow all Notary laws as a result. If Arron falsifies a statement, verbally o...

Loan Signing Questions and Answers Rated A contingency a clause in an agreement that keeps things from being legally binding unless a condition is met. A typical contingency clause might read like this: "This contract is contingent upon Buyer successfully obtaining a mortgage loan at an interest rate of 6 percent or less." recording fee The fee charged by a government agency for registering or recording a real estate purchase or sale, so that it becomes a matter of public record. Recording fe...

Notary Exam 2024 Practice Questions with 100% Correct Answers If a Notary identifies a signer through proper ID but forgets to put the information in her journal, she would be fined for? - Answer- 750 Aaron has filed his Oath of Office and bond with the county recorder's office where he holds his principal place of business. Aaron is under oath for the duration of his commission to follow all Notary laws as a result. If Arron falsifies a statement, verbally or in writing, he may be found...

Illinois Real Estate Broker Exam Truth in lending laws apply to which of the following loans? - Answer-A loan to a first-time home buyer To qualify as tax-deferred exchange, the property must be - Answer-held for productive use in trade or business A buyer wants a guarantee that there are no unknown encumbrances against the property he is buying. The buyer should require - Answer-Title Insurance John Jones has owned and operated a gas station for 15 years. The city has decided to rez...

Module 2: Idaho Real Estate (2023/2024) Already Passed Appraisal The process of estimating and supporting an opinion of value as of a certain date. Market Value A real estate appraiser estimates the market value or fair market value 4 Characteristics of Demand 1. Demand 2. Utility 3. Scarcity 4. Transferability Anticipation The value of a property may increase or decrease based on potential purchaser's belief that some future event will benefit or detract from the value of the property Chan...

Basic Appraisal Principles Final Exam Questions and Answers Graded A+ In a particular market, there is a demand for 500 houses per year, and there are currently 1,500 houses for sale. What does this most likely indicate? there is a three-year supply of homes currently for sale "A business arrangement in which two or more persons jointly own a business and share in its profits and losses" is the definition of partnertransferable development rightsship Property Owner A has the right to develo...

Notary Exam 2024 Practice Questions with 100% Correct Answers If a Notary identifies a signer through proper ID but forgets to put the information in her journal, she would be fined for? - Answer- 750 Aaron has filed his Oath of Office and bond with the county recorder's office where he holds his principal place of business. Aaron is under oath for the duration of his commission to follow all Notary laws as a result. If Arron falsifies a statement, verbally or in writing, he may be found...