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01
Apr
0

Types of Property Ownership

Posted by on in Property Ownership
Types of Property Ownership   Andrew and Kelly both have equal ownership of a property.  Upon Andrew's death, he has instructed that his portion of the property rights be given to an heir.  Kelly wants full ownership of the property upon Andrew's death and intends to seek legal action.  Kelly's attorney tells Kelly that she will likely be unsuccessful in gaining full property ownership.  The type of ownership described is:   1) TENANCY IN COMMON   2) JOINT TENANCY 3) TENANCY IN SEVERALTY 4) TENANCY BY ENTIRETIES   Tenancy in common is best described as two or more tenants owning... Continue reading
01
Apr
0

Property Ownership / The Real Estate Exam

Posted by on in Property Ownership
Property Ownership questions on the Real Estate Exam Andrew and Kelly both have equal ownership of a property.  Upon Andrew's death, he has instructed that his portion of the property rights be given to an heir.  Kelly wants full ownership of the property upon Andrew's death and intends to seek legal action.  Kelly's attorney tells Kelly that she will likely be unsuccessful in gaining full property ownership.  The type of ownership described is:   1) TENANCY IN COMMON   2) JOINT TENANCY 3) TENANCY IN SEVERALTY 4) TENANCY BY ENTIRETIES   Tenancy in common is best described as two or... Continue reading
01
Apr
0

In real estate and Accretion

Posted by on in Practice of Real Estate
In real estate and Accretion   In real estate, when an earthquake moves the land, this is called   1) AVULSION 2) ACCRETION 3) APPROPRIATIVE 4) RIPARIAN   A sudden change in land is avulsion, whereas a subtle change in land is termed accretion. Another example of this outside of an earthquake would be a river changing course. 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 use to the water as long as they use it reasonably. If there is not enough... Continue reading
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

Salesperson Disclosures

Posted by on in Law of Agency
Salesperson Disclosure   When should a salesperson disclose the fact to the buyer that he or she is also representing a seller? 1) AS SOON AS POSSIBLE 2) NEVER   3) WITHIN 14 DAYS OF THE AGENT REPRESENTING THE SELLER 4) BEFORE PREPARING THE OFFER                The salesperson has the duty to be fair and honest, so the salesperson must disclose to the potential buyer that he or she also represents the seller.... Continue reading

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