Submit both offers at the same time

A agent for the seller has a duty to disclose all offers, unless directed by the seller to not present an offer after one has been accepted.

Her broker

Bonus and commissions are paid to the broker, who then pays the licensee

Disclosure

It is the licensee's duty to keep the principal informed of all facts or information that could affect a transaction.

Open listing 

In an open listing, the seller retains the right to employ any number of licensees as agents. The licensees can act simultaneously, and the seller is obligated to pay a commission only to that licensee who successfully produces a ready, willing and able buyer.

She acted appropriately to get the seller's property sold.

A subagent owes the same fiduciary duties to a principal as an agent and may not compromise a seller's position.

must commence and finish at the same identifiable point.

A metes-and-bounds description starts at a POB and always ends back at the POB, so that the described tract is completely enclosed.

encroachment

When all or part of a structure illegally extends beyond the land of its owner, this is called an encroachment.

general agent

A property manager usually represents the principal in a broad range of matters and is usually considered a general agent.

A property manager's primary obligation is to ?

owners

The management agreement creates the agency relationship between the property manager and the owner in which the fiduciary relationship that is established requires the duty of loyalty of the property manager to the owner.

Procuring cause

A licensee who starts a chain of events that results in a sale and does so without abandoning the transaction may be considered the procuring cause of the sale.

negotiated commissions on transactions

An independent contractor may not receive any employee benefits and must not be treated as an employee for federal tax purposes. An independent contractor may negotiate commissions for the broker on transactions.

Home inspector 

The home inspector, who performes an analyical report of a visual inspection of the property and its structure's systems, is becoming more important in the real estate transaction as more consumers rely on these reports when buying property.

lot and block system.

A recorded subdivision plat, which becomes part of the legal description, uses the lot and block system.

The licensee has violated his agency relationship with the seller.

When the principal is the seller, the licensee may not reveal such things as the principal's willingness to accept less than the list price or his or her anxiousness to sell, unless the principal has authorized the disclosure.

homestead

A homestead is a legal life estate that ensures the home (or part of it) is protected from creditors during the occupants lifetime.

Tenancy in sufferance

Tenancy (estate) at sufferance occurs when a tenant who lawfully possessed real property continues in possession of the premises without the landlord's consent after the rights expire.

$16,000 for the first offense

The penalty for the first offense violation of the Fair Housing Act of $16,000 and $27,500 for the second violation within five years.

They are tenants in common

If a joint tenant sells his or er interest in the jointly held property, the unities of time and title are destroyed. The new ower, Charlie, becomes a tenant in common with Abel.

personalty

a trade fixture can be removed by the tenant. It is considered personal property (personalty) even though it may be attached to a building.

All of the following are categories of the uses of real property EXCEPT?

A) developmental

B) residential

C) industrial

D) agricultural

developmental

Residential, agricultural, and industrial are all classifications of real estate. Development can occur with any of these types.

All of the following are duties of a property manager EXCEPT?

A) renting space to tenants

B) repairing tenants fixtures

C) complying with legal requirements

D) preparing a budget

repairing tenants fixtures

tenants fixtures are personal property belonging to the tenant and are maintained by the tenant.

All of the following are economic characteristics of land EXCEPT?

A) permaece of investment

B) area preference 

C) uniqueness

D) scarcity 

Uniqueness

uniqueness is a physical characteristic of real estate, along with immobility and indestructibility

All of the following are prohibited under the antitrust laws EXCEPT?

A) competing property management companies agreeing to standardized management fees.

B) a broker setting a company commission schedule

C) competing brokers allocating markets based on the value of homes

D) real estate companies agreeing not to cooperate with a broker because of the fees that broker charges

a broker setting a company commission schedule.

A broker may independently determine commission rates or fees for the firm only

All of the following are required of a broker when seeking to collec a commission for brokering the sale of a property 

A) having had a contract of employment an agency representation agreement 

B) complying with a set commission rate set by a trade organization

C) having been the procuring cause in the transaction or having an exclusive right to sell agreement

D) having a valid real estate broker's license

complying with a set commission rate set by a trade organization

Professional organizations may not set fees or commissions splits

All of the following reasons are valid bases for terminating a listing agreement EXCEPT?

A) destruction of the premises

B) agreement of the parties

C) death of the salesperson

D) sale of the property

Death of the salesperson

A listing agreement is a personal service agreement between a broker and a seller, not between a salesperson and a seller

All of the following would cause a high vacancy rate EXCEPT?

A) very desirable amenities

B) poor location 

C) inept management

D) excessive rent

Very desirable amenities

Desirable amenities would be found in properties with a low vacancy rate. WHen the vacancy rate is high, the manager needs to determine why. The manager should first identify and correct problems before lowering rents as the problem could possibly be poor management or a defective or undesirable property.

the sale does not affect the lease

Since a lease is a contract transferring the owner's right of possession to the tenant for a specified period of time, the lease does not terminate if the property is sold. The new owner takes the property subject to the rights of the tenants.

Become shareholders in a corporation

In a cooperative, a corporation holds title to the land and building and offers shares of stock

associate broker

flood

Flood insurance is required in designated areas and is a separate policy from the basic homeowners policy

Demographics

Information about members of a population group is called demographics. These factors are important as they contribute to the amount and type of housing needed.

False

supply and demand

Supply and demand in real estate recognizes that the marketplace can influence trends in occupancy and vacancy rates, which in turn affect rental rates.

Physical location of the property

Redlining refers to literally drawing a line around particular areas and refusing to make loans in that area, rather than looking at the economic qualifications of the applicant

terminated

A listing agreement may be terminated if either party dies or becomes incapacitated.

the doctrine of prior appropriation

The doctrine of prior appropriation usually applies in states where water is scarce. The landowner receives a permit to  a specified amount of water, and priority of water rights is usually determined by the oldest recorded permit dates.

released of liability

severance 

Severing an item from real property results in the item becoming personalty, or personal property

in severalty 

Under joint tenancy, the ownership remains with the surviving joint tenants. Because there is only one owner i this case, Shelly owns the property in severalty.

ranges

The land on either side of a principal meridian is divided into six-mile-wide strips that run north and south parallel to the meridian, and the strips of land are called ranges.

equity

The equity represents the increasing ownership interest (the paid off share) in the property as the mortagage debt, the principal, is reduced. The value of the property minus the mortgage debt equals the equity

Department of Housing and Urban Development

The Fair Housing Act is administered by the Department of Housing and Urban Development HUD

mutual agreement with his or her broker

All commissions must be paid through the broker, and the amount the salesperson receives is set by mutual agreement between these two parties

The essential elements of a contract include all of the following EXCEPT

A) offer and acceptance

B) signatures of the parties

C) competent parties

D) consideration

signatures of the parties

To be legally valid, a contract does not require signatures of the parties

discriminating on the basis of marital status

Marital status is not one of the seven protected classes under the federal Fair Housing Act.

statute of frauds 

The statute of frauds requires real estate contracts to be in writing to be enforceable. An oral contract, although unenforceable, is still valid between parties

Ensure the health, safety, and welfare of the community.

Individual rights are subject to certain powers, one of which is police power: the power to preserve order, protect the public health and safety, and promote the general welfare of the community

The method of describing land that uses degrees, feet, and monuments is known as the

Metes and bounds system

A Metes and bounds description starts at a POB (point of beginning) and proceeds around the property's boundaries by referring to linear measurements, monuments, and directions

Commingling

commingling, or mixing of funds, is illegal regardless of the size of an office. Conversion occurs when a broker uses escrow funds for his or her own use.

Northeast corner and then runs westerly

Township sections are numbered 1-36 and Section 1 is always in the northeast upper right hand corner.

Lessor 

The lessor is the owner of real estate

A direct ownership interest in the common areas

Planned unit development (PUD) owners do not have direct ownership interest in the common areas and have a community association to maintain those areas with fees collected from the owners

constructive eviction

constructive eviction terminates the lease when the landlord breaches any clause of the lease agreement. The tenant must prove that the premises have become unusable because of the conscious neglect of the landlord

exclusive right to sell listing

In an exclusive right to sell listing if the property is sold while the listing is in effect, the seller must pay the broker a commission regardless of who sells the property

fee simple estate.

nonhomogenity

Nonhomogenity is another termfor uniqueness, as two parcels of land are never exactly alike

riparian rights

Riparian rights are common law rights granted owners of land along the course of a river

racial considerations 

Civil rights act of 1866

Exclusive-agency listing AND Open listing

In an exclusive agency listing, one licensee is authorized to act as the exclusive agent of the principal. However, the seller retains the right to sel the property without obligation to the licensee. In an open listing, the seller retains the right to employ any number of licensees as agents. If the seller personally sells the property without the aid of any of the licensees, the seller is not obligated to pay a commission

Inform any prospective buyers of the defect 

A seller's agent is also expected to disclose information about material defects in the property to prospective buyers.

called blockbusting

Blockbusting is inducing panic selling by claiming the entry of a protected class eill have some sort of negative impact on property values. It is illegal.

price tends to rise

Under the lawss of supply and demand, if the supply of a commodity decreases with demand remaining the same or increasing, the price goes up

Contract that may be either enforced or declared void by one of the parties

A voidable contract has all the legal elements of a contract but may  be rescinded or disaffirmed by one or both parties based on some legal principal

Freehold estate

Freehold estates, which last an indeterminable length of time, include fee simple, defeasible fee, and life estates.

Patio furniture

personal property such as patio furniture is movable. A fireplace, bathtubs, and awnings are all attached to the property and considered real property 

Exaggerated statements about the property

Puffing is legal exaggeration of a property's benefits

mixed-use development

a mixed use development (MUD) combines commerical and residential in a single highrise.