Steve Provost

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Practice Real Estate Rentals

Posted by on in Rental
Real Estate Practice Questions - Rentals   289        In a standard relationship between property management and owner, what is the frequency in which the manager should report to the owner?   QUARTERLY        BI-MONTHLY      MONTHLY           ANNUALLY          As far as a standard management agreement goes, a property manager must report with the owner on a quarterly basis. Remember that certain states and cities will have unique requirements concerning management laws.         Rental 290        What document must an owner of a rental property and a property management company sign in order for a management services to legally take effect?      PROPERTY MANAGEMENT... Continue reading

Mishandled Disclosure ? Practice Real Estate Exam

Posted by on in Mandated Disclosures
Who is responsible for a mishandled disclosure ? Check out this question.   If a property is built before January 1st, 1978 a lead based paint disclosure form is required to be signed by whom?              A) BUYER, SELLER, BOTH AGENTS B) SELLER AND BOTH AGENTS C) BUYER AND SELLER D) BOTH AGENTS   All parties involved in the transition must sign a lead based paint disclosure form, including both agents. A power of attorney (POA) is a written agreement to represent and act on another's behalf in private affairs, business, or some other legal matter.... Continue reading

Types of Agents - Real Estate Agent Exam Questions

Posted by on in Property Ownership
Types of Agents - Real Estate Agent Exam Questions   An agent has been given the power of attorney and therefore, controls all matters of real estate on behalf of a client.  Which type of agent would this be?       A) UNIVERSAL AGENT        B) FULL AGENT     C) GENERAL AGENT           D) EXCLUSIVE AGENT      A Universal Agent is authorized to perform all acts or duties his or her principal is empowered to perform. A general agent is authorized to perform a series of transactions over a  continuous period of time, unlike a Specific or Special agent,... Continue reading

Real Estate Exam - Transfer of Title

Posted by on in Transfer of Property
Transfer of Title Practice Question   The key function of the deed is to _____________.               A) TRANSFER THE TITLE        B) GIVE NOTICE TO THE PUBLIC          C) GIVE NOTICE TO LIEN HOLDERS                  D) TRANSFER THE LEASE       The key function of the deed is to transfer the title of the property. A deed is a legal instrument that confirms the legal passing of the a property and conveys ownership.... Continue reading

Liens and Lawsuits Real Estate Exam

Posted by on in Financing
A good question regarding liens and lawsuits.   When dealing with a pending lawsuit on a property that could result in a lien, what is set in place to prevent the transfer of title? A) ORDER OF ATTACHMENT B) LIS PENDENDS C) STATUTE OF FRAUDS D) INSTALLMENT NOTE In order for an individual to prevent the transfer of the title property that may be affected by pending litigation, one would need to file with the courts for an order of attachment. An installment note is a form of promissory note calling repayment of periodic payment of principal only, with... Continue reading

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