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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

Title theory and finance

Posted by on in Financing
When dealing with title theory states, which of the following is unique to the mortgage?      1) DEFEASANCE 2) ACCELERATION 3) ATTACHMENTS 4) LATE PAYMENT PENALTY A provision that voids a mortgage when the borrower sets aside cash or bonds sufficient enough to service the borrower's debt.        ... Continue reading
01
Apr
0

Title theory and finance.

Posted by on in Financing
When dealing with title theory states, which of the following is unique to the mortgage?      1) DEFEASANCE 2) ACCELERATION 3) ATTACHMENTS 4) LATE PAYMENT PENALTY A provision that voids a mortgage when the borrower sets aside cash or bonds sufficient enough to service the borrower's debt.        ... 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

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