Tip: Click the ("plain-text" link in this section to view all text in this description) ---- For an investor, purchase price plus closing expenses is known as ___________________. Which situation would most likely require a new survey? A plan adopted by every city or county in the state outlining the development of the area is called a ______, also known as a master plan. What is a non-judicial foreclosure? What's 35% of 650? (Round to the nearest whole number.) The term "real property" includes real estate and ________. When it comes to loan pre-qualification and loan pre-approval, which of the following is a true statement? The market for real estate in Gabrielle's area has experienced an increase in supply, and there are more homes than there are buyers for them. What's the condition of the real estate market in Gabrielle's area? What is 25% of 250? Can a timeshare estate be sold? What distinguishes trade fixtures from fixtures? Ensuring land is put to the use for which it is best suited while also protecting livability of a community and property values is achieved through ______. Which one of the following liens is a specific lien? What's the term for an addition to a sales agreement form that can be added before it is signed without changing any of the other terms that have already been agreed upon? A licensee is preparing a purchase offer for their buyer client. It's a fairly standard offer: a little less than list price, with the seller paying a little toward the buyer's closing costs. The licensee fills in the blanks on a standard form used in their brokerage firm based on the current situation. Is this okay? Which of the following measurement systems is mostly used in states that were part of the original 13 colonies? Which of the following is an example of a voluntary lien? Which of the following is a private control that impacts the use of the land? Marnie decided the listing she was representing would be perfect for her family. She had her brother buy it, and after closing, he sold it to her. What is this an example of? Jay's new loan to purchase a property includes the seller's existing mortgage. What type of loan is this? A licensed sales associate has the legal authority to prepare listing agreements, broker representation agreements, _________________________. Which step of the appraisal process addresses the appraisal's purpose? Which is NOT a right of appurtenant to the ownership of real property? An agent has an open house scheduled for Sunday, but lets her friend in on Saturday to preview it. It's love at first sight! With the owner out of town, the agent decides to cancel the open house so there won't be any other offers. Her friend makes an offer and it's accepted on Monday. What fiduciary duty or duties has the agent breached? Why would an advertisement that includes the words, “Home prices in your neighborhood are falling fast. Better call XYZ Brokerage at 555-255-1234,” be prohibited? Which entity governs private sewage disposal systems, such as septic systems? As supply increases, what happens to price? How should a licensee respond to a client who asks to be shown property based on the racial makeup of neighborhoods? Tyson estimates property values based on established valuation guidelines. He must be a(n) ______. Bianca wants to buy a cooperative, but she’s unsure that she can afford it. With a cooperative, her share of mortgage interest and real estate taxes will be ______. Incapacity or death, bankruptcy, or destruction of property are examples of circumstances where agency terminates by ______. Which of the following is a levy the local government applies to individual parcels of real estate that will benefit from a public improvement? What occurs when the parties can't legally or practically do what they’ve agreed upon due to circumstances beyond their control? What's a real estate licensee's responsibility regarding radon? Just before closing, your buyer applies for a credit card. What could be the advantage or disadvantage at closing? Which type of mortgage has a payment that adjusts (usually upward) based on a predetermined schedule and amount? Which of the following opinions can a real estate licensee provide? When supply exceeds demand, which of the following is a true statement? Your investor client Oliver is in the process of selling a small starter home, and he mentions to you that he hates the idea of the capital gains tax he’ll be subject to. Which of the following statements would it be appropriate for you to give him? Which of the following is a method a real estate licensee uses to determine an appropriate listing price range? What percentage of profit would the seller make if she paid $25,000 for a vacant lot, built a home on the lot that cost $165,500, and then sold the property for $210,080 (round your answer to the nearest percentage)? Aside from price, which of the following is a major reason to counter an offer? Which of the following is a recommended way to protect yourself from committing unauthorized practice of law when drafting a document? Net to seller equals the ______ multiplied by the percent to seller. If you want to capitalize on the time value of money concept, you should ______. What kind of rights give a property owner access to ponds, lakes, oceans, and other closed bodies of water bordering the owner's land? In relation to appraisals, what is a "federally related transaction"? Mixing escrow funds with personal funds is illegal and called ______. Which of the following is an example of a metes and bounds description? What will a typical condominium legal description reference? 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