A seller tells the listing agent that her home was

  • No School
  • AA 1
  • ConstableWaterBuffalo15071
  • 14
  • 100% (3) 3 out of 3 people found this document helpful

This preview shows page 2 - 5 out of 14 pages.

A seller tells the listing agent that her home was treated for termites 10 years ago, so there are no termites now. Before listing the property, the agent should 1. tell the seller not to disclose, because the statute of limitations has run out. 2. tell the seller to disclose the termite treatment on the property disclosure. 3. talk to neighbors to see if there are termites in the neighborhood. 4. talk to the planning and zoning department for local termite eradication ordinance. MOST closed real estate transactions should be reported to the IRS. REQUIRED information includes seller name(s) and social security number(s) and 1. buyer name(s) and social security number(s). 2. the property financing. 3. the mortgage lender's name and address. 4. the sale price
Image of page 2
A lawsuit for inverse condemnation may be brought by 1. the police. 2. the city. 3. a homeowner. 4. the zoning board. The buyer wants to make the purchase offer contingent on a complex mortgage arrangement. The buyer's agent who is drawing up the contract should 1. include the provision for the mortgage as the buyer requests. 2. suggest the buyer ask a lawyer to furnish the wording. 3. consult the supervising broker for advice. 4. refer the matter to the seller's agent. An Environmental Impact Statement (EIS) 1. summarizes the environmental impact of an existing project. 2. projects the impact on the environment of a proposed project. 3. is used primarily for state and Federally funded projects. 4. must be approved by all affected water districts. When preparing a market data estimate of value, which of the following categories of adjustment is NOT essential? 1. The amount of square footage. 2. The location of the property. 3. The original cost of the building. 4. The date of sale of the comparables. Which of the following BEST illustrates the concept and intent of a buffer zone? 1. Garden apartments located between a single-family residential neighborhood and a shopping center. 2. A warehouse located between a single-family residential neighborhood and a park. 3. A single-family residential neighborhood located between a high-rise apartment building and office buildings. 4. An office park located between two residential developments. Antitrust laws prohibit competing brokers from all of the following EXCEPT 1. boycotting other brokers in the marketplace. 2. dividing the market to restrict competition. 3. agreeing to set sales commissions and management rates. 4. receiving compensation from both the buyer and the seller. The amount of commission to be paid is
Image of page 3
2. set by Federal law. 3. set by multiple listing service. 4. agreed upon by the seller and agent on the contract. Usury laws were enacted to protect the 1. lender. 2. broker. 3. seller. 4. borrower. A buyer was negotiating the purchase of a house for himself. During a conversation with the seller, the seller agreed to include all kitchen appliances in the sale, and this fact was included in the sales contract. In this situation, if the seller takes the appliances with him, what recourse does the buyer have?
Image of page 4
Image of page 5

You've reached the end of your free preview.

Want to read all 14 pages?

  • Fall '19
  • managing broker

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture