Term
| the relationship which is created whenon person authorizes another to act on his behalf, is called |
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Definition
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Term
| the sales associate, affiliated with a broker, who brings about a sale is paid by the |
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Definition
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Term
| a corporation that owns or leases the land and buliding and, in turn, leases space to its shareholders is characteristic of a |
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Definition
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Term
| if o'malley deeds property to o'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
| a real estate broker had a while couple interested in one of his listings but he inflated the price in talking to them and they did not make an offer. later, the broker solicited an offer from a black couple and induced them to offer less than the listed price. he submitted this offer for acceptance. was the broker liable under the federal fair housing law |
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Definition
| yes, and the white couple could seek judicial recourse |
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Term
| in an exclusive right to sell listing, |
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Definition
| there must be a definite termination date |
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Term
| a listing agreement authorizes the broker to |
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Definition
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Term
| a broker is attempting to collect a commission on a property after this exclusive right to sell listing expires. if he ends up in court, he must prove that he |
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Definition
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Term
| if a condominium owner fails to pay his portion of maintenance fees, the response of the owners association will be to |
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Definition
| place a lien against his unit |
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Term
| when a listing is taken, the seller would be referred to as |
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Definition
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Term
| to determine whether or not a location can be put to future use as a retail store one would examine the: |
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Definition
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Term
| which of the following would NOT be permitted under the federal fair housing act |
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Definition
| the owner of a 20 unit apartment building rents to women only |
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Term
| an agent, in the course 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
| 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
| the illegal practice of inducing panic selling in a neighborhood for financial gain is called |
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Definition
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Term
| in the following examples, who needs a real estate license |
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Definition
| a nonexempt person dealing in real property for others for compensation |
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Term
| who, of the following would be required to have a real estate license |
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Definition
| a person who solicits buyers and sellers for a broker |
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Term
| to be considered for a good investment, when a property which generates a negative cash flow is sold, |
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Definition
| there must be a substatial increase in property value |
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Term
| all of the following are examples of fiduciary relationships Except |
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Definition
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Term
| it is the responsiblity of the real estate broker to |
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Definition
| quote only the listing price, but present all offers |
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Term
| if you are an owner of a unit in a co- op apartment, your interest would be |
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Definition
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Term
| price fixing and monopolies are prohibited by federal |
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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
| a rental property produces 2k month in rents and consumes $800 per month in operating expenses. the mortgage payment is $1,500 per month. for the investor, this property produces a |
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Definition
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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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Term
| one of the advantages of condominium ownership v. cooperative ownership is that |
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Definition
| condos units can be individually mortgaged |
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Term
| under exclusive authority to purchase agreement, the buyer becomes a |
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Definition
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Term
| when a broker takes a listing, he is acting under what kind of agency? |
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Definition
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