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| in most states, a person is exempt from licensure as a real estate agent when performing which of the following activities, even if receiving a fee? |
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Definition
| selling real property as an executor of an estate |
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| a typical broker salesperosn employment contract should include all of the following EXcept |
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Definition
| tax withholding requirments |
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| the purpose of a trust account is to |
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Definition
| hold money belonging to clients and customers |
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| examples of zoning ordinances are |
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| generally, for every job created by a base industry, there will be created in service industries approximately |
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| multiple listing orgs typically use |
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Definition
| an exclusive right to sell listing |
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Term
| from a broker's point of view, one of the least desirable listings is an |
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| a woman owned a duplex and lived in half and rented out the other half. she put a for rent sign in the front yard. the first applicant was a black man whom she turned down stating that she didnt' rent to men. under the fair housing laws, she |
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Definition
| is within her rights since she didnt' use any discriminatory advertising |
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Term
| a broker who must perform as promised in the listing conract and not depart from the principal's instructions owes the client a duty of: |
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Term
| when there is a sudden increase in the demand for housing in a community, the price of existing housing will |
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Definition
| rise rapidly, then fall slightly as supply catches up with demand |
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Term
| broker commissions for the sale of real property are usually based on |
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Definition
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| a listing that does not require the listing agent to show that he or his subagents are the procuring cause in order to earn a commission is |
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Definition
| an exclusive right to sell listing |
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Term
| the basic intent for real estate license laws and regulations was to |
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Definition
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Term
| an existing structure that would be prohibited under current zoning laws is called |
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Definition
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Term
| which of the following is exempt from 1968 fair housing law |
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Definition
| property owned by a private club for its members noncommercial use |
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Term
| if o'malley deeds property to 0'halloran on the condition that no englishmen live there, what is the status of the deed? |
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Definition
| the deed is valid but the condition is unenforcable |
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Term
| the listing salesperson was told by a prospective buyer to present an offer of 150k w/ the promise that he would increase it to 152k if the seller rejected 150k. the salesperson must |
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Definition
| present the offer and disclose the promise to increase the offer |
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Term
| a real estate agent suggesting that a particular neighborhood is "safer" than another may be an example of: |
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Definition
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Definition
| must be disclosed to all parties |
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Term
| under Neb real property agency relationships, agency authority may NOT be established by: |
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Definition
| payment of compenstion alone |
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Term
| an agent, in the couse of listing a property, was told by the seller that he would not sell to persons of a certain race. the agent should |
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Definition
| refuse to take the listing with that exception |
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Term
| listing may be terminated by all of the following except |
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Definition
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Term
| over time, states have established licensing requirements dealing with all Except |
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Definition
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Term
| under the fair housing law of 1968, apartment managers may discriminate against which of the following categories of people |
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Definition
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Term
| real estate commissions typically do all of the following Except |
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Definition
| enact new real estate legislation or amend existing legislation |
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Term
| a real estate listing is a contact between |
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Definition
| the owner and the listing broker |
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Term
| licensees must provide written disclosure of their agency representation to customers and clients: |
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Definition
| during or immediately following the first significant contract |
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Term
| under neb real property agency relationships, a broker w/ a buyer as a client must NOT: |
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Definition
| disclose to the customer the client's financial ablity to perform the terms of the transcation |
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Term
| the least appropriate person to chose which title and escrow company to use in closing a real estate sale would be |
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Definition
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Term
| in neb, unless there is a contract specifying to the contrary, real estate agents are assumed to be agents for: |
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Definition
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Term
| the broker and the seller know of major plumbing repairs needed on the seller's property. they, therefore, sell the house to a buyer "as is" but do not disclose plumbing problems. the buyer discovers the defects after closing and decides to sue the broker and the seller. what is the most likely outcome of this decision? |
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Definition
| the buyer would probably win because the defects should have been disclosed |
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Term
| traditionally, in residential sales, prior to the emphasis on buyer agency, the broker considers the buyer to be |
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Definition
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Term
| if, in showing a property, the salesperson said, "in my opinion, this house is absolutely the greatest in the world," the salesperson |
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Definition
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Term
| the laws of agency govern: |
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Definition
| the legal responsiblities of a broker to his or her principal |
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Term
| a written agreement giving the listing broker the right to collect a commission, no matter who sells the property, within the term of the agreement, is |
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Definition
| an exclusive right to sell listing |
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Term
| the employing broker of a real estate firm automatically becomes a dual agency when |
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Definition
| he personally represents both a landlord and a tentant in a single transaction |
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Term
| when the supply and demand relationship in a market is unbalanced because of excess supply, it is to the advantage of |
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Definition
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Term
| the amount of commission to be paid the broker for selling a property is |
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Definition
| stated in the listing contract |
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Term
| a listing agreement authorizes the broker to |
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Definition
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Term
| a broker has an exclusive right to sell listing with the sellers. the brokers brings an offer to buy at the seller's asking price and terms from a capable buyer. at what point has the broker earned her commission |
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Definition
| upon presentation of the offer |
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Term
| a white woman owned a duplex and lived in a half and rented out the other half. she put a for rent sign in the front yard. the first applicant was a black man whom she turned down stating that she didn't rent to men. he later learned that she had rented the unit to a white man. under the circumstances, the first applicant has |
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Definition
| a discrimination case based on the civil rights act of 1866 |
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Term
| disclosure to the customer of which of the following would NOT require the informed consent of the client |
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Definition
| the client's financial inability to perform if the offer is accepted |
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Term
| a landowner wishing to deviate slightly from existing zoning codes would ask for |
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Definition
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Term
| the nat assciation of REALTORS code of ethics |
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Definition
| was implemented prior to any state licening law |
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Term
| a real estate broker differs from a real estate salesperson under the law in that the |
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Definition
| broker is liable for the acts of the salesperson |
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Term
| when listing is taken, the seller would be referred to as |
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Definition
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Term
| an investor is using borrowed money to increase the rate of return on a cash investment in an income property. he is |
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Definition
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Term
| a disabled muslim lawyer responsible to a classified advertisment, applied to rent an apartment in a large complex for which she and her two young children were financially qualified to rent. the property manager: |
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Definition
| may reject the application on the basis of her employment as a lawyer |
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Term
| monetary benefits of investing in real estate come from all of the following except |
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Definition
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