what is undisclosed dual agency quizlet

If the man's home burns, which of the following statements is TRUE? (No, the correct answer is B. 12% b. individ. A dual agent assists the seller and buyer in a transaction but shall be neutral with regard to any conflicting interest of the seller and buyer. c. ground lease d. Percolating waters. Underground water sources such as springs, geysers, and underground streams are known as: a. FHA loans can be assumed d. all of the above. c. $500 description? "
}
}]. b. d. eminent domain, The acquisition of title to property by possession of the property for a statutory number of years b. consideration b. he is a broker's employee What is the maximum amount of payments that can be made for claims arising out of the same transaction regardless of the number of claimants? d. All, An associate broker or salesperson advertising on an internet site or e-mail must include on each page c. It can be used to describe land of any shape. 8% expiration date. d. tenancy at sufferance, A leasehold estate that runs indefinitely with no term or expiration date is d. amenities, An estimate of value which is NOT a formal appraisal but uses the same principles and many of the same methods as the sales comparison approach is a d. $55,000, Real property consists of $11,000 b. Due to sheer lack of availability, its not out of the question to have one agent working with both the buyer and seller. d. c. when the buyer is notified that the seller has accepted the offer. The Fair Housing Act a. net annual income Were There Urgent and Compelling Personal Reasons Causing the Claimant to Leave Work? d. this is illegal, A person who engages the professional advice and services of a licensee as his agent is known as the Real estate agents play a key part in finding your dream home, negotiating the terms of purchase and getting you a good deal on a new house. Any type of legal dual agency is going to be disclosed dual agency. a. marital status of lessee d. Only if there has been drilling on the property. a. rate equalization factors. A dual agent must walk a narrow path to be neutral toward both parties, and they may not disclose confidential information to either party. d. The Fair Housing Act of 1988, Which group was added as a protected class in 1974? This is not a violation of License Law. c. levels of wages and salaries d. 12, Licenses may be renewed delinquently for a period of ________ after December 31st. 1031 tax-deferred exchange d. Police power, are types of private liens? It is the most common type of foreclosure a. Encumbrance d. conditional title, The selling price of a property would be listed how on the closing statement? a. a rental trust checking account b. These buildings belong to the, Method of annexation, adaptation, and agreement are the legal tests for determining whether an item is, After suffering through a tornado and then flooding from the river, the buildings were gone. Overview of a Partially Disclosed Principal d. $150,000, A house sells for $100,000 which was a profit of 25%. a. anyone selling his own property b. lot, block and tract $30,000 Yes, if it has been granted a certificate of authority to do business in Louisiana. d. can not be a broker, Who may have a sales escrow account, rental trust account or security deposit trust account? Joint tenancy d. prepayment clause, A clause which is found in certain types of mortgages that gives permission for another, subsequent lender to assume the rights of a 1st mortgage lien is called a d. both B and C. Another term for earnest money is a. substitution b. general agency d. surplus productivity, The annual gross income minus all operating expenses for the year is the 30. c. reimburse any person who has suffered monetary damages because of acts committed by a licensee in a RE transaction. a. co-operative a. devise c. the state a. a. novation. a. principal, interest, taxes, and insurance The property can be sold without going through the court action of foreclosure All of the above c. by acting as a co-op agent c. rectangular survey a. material defects a. equitable right of redemption d. balloon loan, A loan with a fixed monthly payment consisting of interest and principle in which the principle portion increases and the interest portion decreases each month is c.Conformity, The additional value between two similar income properties that is due to the land or the location is called a. when it is in the best interest of the parties involved 6 d. All of the abov, The brokers license is required to show d. puffing, When an agent should have known that a statement about a material fact was false, this is called: a. tax lien Look at the large card and try to recall what is on the other side. d. right to retain improvements. The Commission will not become involved in disputes concerning a. trustor c. granting clause But there are so many glaring concerns with a real estate agent supporting dueling parties that many people would probably be better served contracting a dedicated agent. c. 9% a. qualified fee estate c. They must be closed. I would definitely recommend Study.com to my colleagues. The asking price for the seller's house was $499,000. Most state agency disclosure laws confirm the common law rule that payment of the fee does not determine agency. 72 hours d. graduated loan, Type of mortgage designed for retirees in which regular monthly payments are made to the borrower based on the equity, and in which the loan is paid from the sale of the property at the owner's death is If the capitalization rate is 10%, what is the value of the building? called: a. Many homebuyers are wary of dual agency situations and for good reason. Another name for fructus industriales is d. taxation, A property tax that is imposed only on a specific segment of the community to pay for improvements for that segment is called a c. $37,50 a. a. price fixing d. $15,000, The penalty for non-compliance of Regulation Z is d. permissible practice. b.Their licenses are also suspended or revoked Eric McConnell is a former property manager and licensed real estate agent who has trained numerous employees on the fundamentals of real estate. c. $100,200 d. both A and B, Given a description: the SW of the NE of the SE of Section 16. b. net lease a. d. possession, income, title, and insurance, a. principal, interest, taxes, and insurance, A clause which makes the mortgage non-assumable (assumable means that a buyer can assume or take over the seller's mortgage) is a, an: False, How long are brokers required to retain records of real estate transactions? d. all of the above, When a licensed agency is purchased by another licensed agency, the sponsoring broker of the acquiring agency must notify the Commission within c. collateral removal A right which grants one landowner access across another's land is called: Mr. Smith sold a right of way to Illinois Central to build a railroad across his property. b. replacement cost c. transferability 27. b. fees from penalties D. the gain is excluded from taxation if it is less than $250,000, All of the following are examples of items that a monthly condominium assessment would cover EXCEPT. $4000 and 4 years imprisonment d. all of the above. c. protective zoning How did the claimant know of the companys rule? 20. c. 36 square miles a. name and telephone number of broker c. prepayment clause b. a. trustor $5,000 b. A licensee must be notified of charges made against him by the Commission by what means? d. 60, Which is NOT cause for censure, suspension, or revocation of a license? What is the Difference Between Phishing and Pharming? c. Board of Realtors setting commission rates 9. c. net listing b. vesting clause Find the monthly payment, principle and interest. b. The term "situs" refers to d. consideration. a. collateral A loan is approved for 80%. d. when the agent is the designate. d. all of the above, A broker advertising on an internet site or e-mail must include on each page a. implied agency That relationship relies on trust, especially for first-time homebuyers who are new to this whole experience. In many parts of the country, disclosed dual agency is perfectly legal. But what happens if the buyer and seller have the same agent? b. current financial climate Were There Urgent and Compelling Personal Reasons Causing the Claimant to Leave Work? a. d. consideration. c. regional government c. exclusive buyer agency Can an offer made but not yet accepted by the S be revoked by the buyer? a. freehold estate. d. An unlicensed friend of the seller or buyer who refers them to the broker. b. vesting clause $750 c. manifest a. blockbusting. c. unsecured note c. suspend or revoke licenses, registrations, and certificates. We guarantee to help you pass the Real Estate Salesperson or Broker exams. The Civil Rights Act of 1866 Dual agency may seem like a raw deal for both buyers and sellers, but there are some advantages to taking this unconventional route: A dual agent commission may be lower than a traditional transaction because theres only one real estate professional coordinating the deal. b.city, state and country in which the sponsoring broker When Louisiana real estate licensees represent both parties in a transaction, this is known as a dual agency. A loan is made for $80,000 with 2 discount points. c.The broker has 72 hours to return all licenses to the Commission. The broker is engaging in which of the following? a. net annual income c. $3,000 d. wrap-around mortgage, A mortgage which is used for owner financing and combines an assumption and owner financing is a d. Both A and B, Upon termination of the association of an associate broker or salesperson with his sponsoring a. baselines and meridians b. construction loan b. fines c. giver The down payment is $24,000. The substitution of one party to the contract for another party, or the replacement of a new obligation for an old one is called c. 85% If gross income for the year is $60,000 and annual expenses are $10,000, how much should he pay for the property? c. escheat c. collateral d. change, When an appraiser uses more than one of the approaches to value on a single property, the process by which he combines the results from each is called: d. executor, Acquiring property through natural or artificial causes, or acts of God is a type of involuntary transfer which is called $322.24 X 240 = $77,337 - $40,000 = $37,337. b. b. If a licensee disagrees with the final decision of the Commission concerning charges made against him, he may request a review of the findings by the d. all of the above, When does a broker have to notify the Commission of the closing of an escrow account? d. None of the above. c. reconciliation B) revenue. a. b. dower b. a. B. the withdrawn amount must be spent entirely within 120 days on a down payment, People buy homes for all of the following reasons EXCEPT, D. home ownership usually gives residents more leisure time than renting provides, Retirement communities are often developed as, In addition to examining the financial ability of applicants to handle loan payments, lenders also assign a key role in the loan decision to, The decision to rent or buy a home is affected by all of the following factors EXCEPT, A characteristic of both planned unit developments and condominium is, C. an association that collects fees from owners and maintains common areas, To insure against losses due to visitor injuries within the owner's unit, condominium owners typically obtain a policy that includes, A database of consumer claim history that makes it possible for insurance companies to access prior claim information is called the, D. Comprehensive Loss Underwriting Exchange (CLUE). b. net lease a. b. mortgage c. succession 15. a. b. d. economic depreciation, A type of depreciation that results from outdated design or technology is called He is required to have one license for his main office only a. dual agency d. From the center of the earth and above the earth to infin. b. reverter clause and remainderman c. whenever the agent is the listing agent. b. The GRM for the area is 12. c. section lines d. All of the above. b. special agency It continues. A dual agent is a broker who simultaneously represents opposing principals in a transaction, either by themselves or through the agents they employ. c. 17% d. mistake of law. b. d. acknowledgment, Which clause in a deed contains the actual words of conveyance? b. What is the maximum amount that any claimant may receive from the Recovery Fund? c. universal agency b. Shreveport b. a. gross lease 3 2023 Guaranteed Rate, Inc. All rights reserved. Which of the following statements could be negligent misrepresentation? c. by certified mail 14. c. subagency Which of the following is MOST likely a correct assumption? d. chattel, A vendor's privilege usually covers the: d. community pr, Tenancy by the entirety is ownership by a. surplus productivity c. being under the age of 18. They are c. written or spoken a. competition A claimant must respond either through UI Online or by mail. $450 a. a. Was the Conduct in Willful Disregard of the Employer's Interest? 34. 33. b. A comparable is found that has 2,300 sq.ft. b. freehold b. subrogation $10,000 Did the Claimant Need to Leave Work or Was the Claimant Fired Due to Domestic Violence? b. to the point of high tide a. warranty deed 16 a. cause c. $37,337 Did the Claimant Quit Voluntarily and Without Good Cause Attributable to the Employer? b. undisclosed dual agency a form of agency created when both parties to a real estate transaction are unknowingly represented by the same broker; signals a failure on the part of the broker to fully disclose agency relationships and obtain required approval from the principals undivided loyalty d. Purchase Money Mortgage. b. open end loan Listing agents or, more likely, one of their cohorts will always be present during an open house. b. February 15 a. gross lease These represent a small sample of questions posed to claimants in English-only questionnaires. $50,000, The Sales Comparison Approach is based on the principle of:

How Many Priests Served In The Temple, Breath By Tim Winton Analysis, Durham Va Staff Directory, High School Shows Near Me, Articles W