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Recent blog posts
10
Apr
0

Liens and Lawsuits Real Estate Exam

Posted by on in Financing
A good Suretestsagent.com 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
10
Apr
0

Real Estate Option Contracts

Posted by on in Contracts
Option Contracts Questions From the Real Estate Agent Test   Before an option is exercised, the contract with this option is defined as a ______________ contract? A) UNILATERAL B) FULLY EXECUTED C) MULTI-LATERAL D) BILATERAL         Because the optionee has the right not to exercise the option, the contract would be deemed a unilateral contract, once the option is exercised, the contract is deemed to be bilateral.... Continue reading
01
Apr
0

Survey question from Suretestsagent.com

Posted by on in Valuation & Market Analysis
A survey is done to determine the                1) LOT SIZE AND BOUNDARIES          2) IF A BUILDING ENCROACHES ON THE NEIGHBORING LAND          3) IF THE ORIGINAL LAND SURVEY WAS DONE INCORRECTLY      4) EASEMENT           A survey is done by a surveyor to determine the lot size and the lot boundaries. An easement is the right to use another's land without possessing it.... Continue reading
01
Apr
0

Transfer a property from one individual to another?

Posted by on in Transfer of Property
What is used to transfer a property from one individual to another? 1) BILL OF SALE        2) DEED      3) RIPARIAN RIGHTS               4) FIXTURE AGREEMENT      The bill of sale is the legal document that will actually transfer the property from the old owner to the new owner. A new bill of sale is required every time the property is sold, and the deed stays with the land. Riparian – or Riparian Rights are rights associated with water. For example if there are six separate properties surround a lake, all property owners have equal... Continue reading
01
Apr
0

What is a holdover tenant?

Posted by on in Rental
What is a holdover tenant?   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?   1) HOLDOVER TENANT         2) BINDING TENANT              3) EXPIRED TENANT              4) PERIODIC TENANT            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.        Rental... Continue reading

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