Missed Questions Exam 3

The parks sign a buyer representation agreement with Salazar, and agent from a different brokerage. They make an offer of 435,000 for millers building.

Give the parks a federally mandated lead-based paint disclosure form

Mold question

Tell Steve that he should consult both an attorney and accountant to determine his future liability before he puts his house on the market

Steve wife did in the living room

what do you tell him

Because this information does not concern the condition or title of the property he is not required to include it in the disclosure statement. However, now that he has told you about it you are obligated to disclose it to prospective buyers

Because this information does not concern the condition or title of the property he is not required to include it in the disclosure statement. However, if somebody specifically asks either you or him whether anyone has died in the house, nigher of you may give them false information

The lings approach you about renting an apartment in a complex that I manage. You have both two and three bedroom units that are vacant

How many people will be living in the unit

Can the groundskeeping service provide the discount in the form of cash rather than a billing reduction

What does the license law say regarding kickbacks

decorating the olivine lobby

because this is nonessential property expense what source of funds should be used to pay the artists

The property's operational trust funds

The property owner's personal checking or savings account

Problem 7

A prospective buyer, Marie Ferrin, aks you to help her make an offer on a house listed with another firm. She plans to offer $250,000 and provide a $15,000 deposit.

Which of the following pieces of information do you need in order to handle the deposit appropriately at this state in the transaction

What form the deposit will take (personal check, casheck, cash, promissory note, etc)

What options concerning the deposit are provided for in the purchase and sale agreement form

Under state law, the deadline for depositing a buyer's deposit into a trust account or escrow

your brokerage firm's policies regarding buyers deposits and trust funds in general

MLS policies concerning buyers deposits

whether the listing includes any special instructions concerning the deposit

complaint about new agent

How did they first hear about jones

where is the house located

Investment property question

Seller's adjusted basis in property

balance in seller's replacement reserve account

Chandler asks you to help him negotiate the financing terms with the lender. For the lender, one of the key considerations in deciding whether to aprove Chandler's Loan application- and on what terms is the dept t

Question 4

The title report prepared for Chandler and the lender confirms that the title is helf in fee simple absolute by Hilldale, Inc. The report lists the following matters that were discovered in the title search:

A lien for the current year's general real estate taxes, not yet due

a judgment lien against the seller arising out of a lawsuit decided two years ago

A deed of trust executed by the seller in favor of Skye Mortgage Company

a 15 foot commercial easement in gross along the property's souther boundary granted to a now defunct telephone company

an easement allowing all subsequent owners of teh lot to the west to use the driveway for ingress and egress

a restrictive covenant from a 1937 deed, prohibiting the property from being used for the sale of intoxicating liquor

Which of the following statemnts correctly describes the legal status of these matters or how they will be handled in Chandler's transaction

The general real estate taxes will be prorated as of the closing date

Teh judgment lien will automatically be extinguished by the transfer of title

The seller will be required to pay off the judgment and the deed of trust before the transaction closes, so that the title will no longer be subject to those liens

the defunct company may have assigned its commercial easement to another entity

the seller will be required to pay off the judgment and the deed of trust before the transaction closes, so that the title will no longer be subject to those liens

the defunct company may have assigned its commercial easement to another entity

the seller will be required to arrainge for the removal of the driveway easement since it makes the title unmarketable

Since the restrictive covenant was imposed more than 50 years ago, its no longer enforceable

The restrictive covenant may still be enforcable, and violation of it would lead to forfeiture of title

Matters listed in the title report will be excluded from coverage when the title policy is issued

Matters listed in the title report will be covered in the title insurance policy

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