Emily Landon

Helping real estate professionals sharpen their skills through knowledge and training.

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01
Apr
0

Real Estate Settlement Procedures Act (RESPA)

Posted by on in Mandated Disclosures
In accordance with Real Estate Settlement Procedures Act (RESPA), a buyer can expect to sign which of the following documents at the closing of the transition?   1) HUD-1 FORM 2) LAND SURVEY 3) AVADAVAT 4) POWER OF ATTORNEY     The HUD-1 form is a document that according to federal law, must be signed by the buyer. The HUD-1 form details the closing transaction, and provides each party with a complete list of incoming and outgoing funds. A power of attorney (POA) is a written agreement to represent and act on another's behalf in private affairs, business, or some... Continue reading
01
Apr
0

Real Estate Agent Exam broker lien law

Posted by on in Land Use Controls
Check out this Real Estate Agent Exam broker lien law question   Which law allows for a commercial real estate broker to obtain and foreclose upon a lien as a legal remedy against a property if the buyer/seller or lessee/lessor fails to pay the broker the agreed upon commission?       1) BROKER LIEN LAW 2) ENCROACHMENT 3) AGENCY LAW 4) CONDEMNATION   Many states have been exploring, or have already enacted, a commercial real estate broker’s commission lien law; so an automatic lien attaches to the commercial property to guarantee the payment of the broker's commission. The act of the... Continue reading
01
Apr
0

Dual agent disclose? Check out this question.

Posted by on in Contracts
If a broker enters into a contract to list a property for a client and two weeks later finds a buyer for the property who is also the broker’s cousin, the broker is obligated to      1) DISCLOSE TO BOTH PARTIES THAT HE IS A DUAL AGENT AND THE RELATIONSHIP 2) DISCLOSE TO HIS COUSIN THAT HE IS A DUAL AGENT 3) DISCLOSE TO THE SELLER AND BUYER THAT HE IS A DUAL AGENT 4) NO LEGAL OBLIGATION, ONLY ETHICAL            The broker not only must disclose to each party that there is a dual agency, but the broker... Continue reading
27
Mar
0

Real Estate and accretion.

Posted by on in Valuation & Market Analysis
What is Accretion?   What is the process that is described when waterborne silt is deposited into a lake or river bed, and gradually increases?          A) ACCRETION      B) SILTING             C) EROSION        D) CONTRIBUTION   Explanation Accretion is the gradual process of silt depositing into a lake or riverbed. Contribution is the set of rules that states an item is worth only what it contributes in value to the property. Erosion – Is the process, which is typically slow, of natural forces removing rock and dirt from one piece of real property and moving it... Continue reading
27
Mar
0

Rental Agreement and Expiration

Posted by on in Rental
Rental Agreement and Expiration   What is the legal term used to describe the situation when a tenant refuses to end his occupancy of a rental property after the rental agreement has expired?       A) HOLDOVER TENANT B) BINDING TENANT C) EXPIRED TENANT D) PERIODIC TENANT   Explanation Holdover Tenant is a tenant who at one point legally resided in a rental property but after the expiration of the lease continued to occupy the premises without the owner's agreement.... Continue reading

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