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50 Cards in this Set
- Front
- Back
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Which of the following deeds contains no expressed or implied warranties?
A) a bargain and sale deed B) a quitclaim deed C) a warranty deed D) a grant deed |
The correct answer is "B - a quitclaim deed " A "quit claim" deed means what it implies: The seller gives up any claims he or she may have to the property but makes no warranties whatsoever about the possibility of other claims.
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When the grantor does not wish to convey certain property rights, he or she:
A) must note the exceptions in a separate document. B) may not do so, since the deed conveys the entire premises. C) may note the exceptions in the deed of conveyance. D) must convey the entire premises and have the grantee reconvey the rights to be retained by the grantor. |
The correct answer is "C - may note the exceptions in the deed of conveyance. " Most commonly known as "restrictive covenants," such deed restrictions are often used to maintain the consistency of a neighborhood by, for example, stipulating that only traditional home styleso f a particular size and painted in traditional colors may be constructed and occupied within the subdivision. These are encumbrances on the property since they limit current and future owners in how they use the property.
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A partition suit is used for which of the following?
A) determination of party fences B) to allow construction of party walls C) to force a division of property without all the owners’ consents D) to change a tenancy by entireties to some other form of ownership |
The correct answer is "C - to force a division of property without all the owners’ consents " Partition suits are typically pursued when a co-owner of a property wants to sell his or her share and the other owners are opposed. Since it is a legal action involving the courts, it is an expense with often unsatisfactory results.
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The condemnation of private property for public use is exercised under which government right?
A) taxation B) escheat C) manifest destiny D) eminent domain |
The correct answer is "D - eminent domain " As noted previously, eminent domain actions are generally reserved for "public good" projects such as highway expansion. However, there have been recent instances of municipalities using this power to condemn well-kept neighborhoods of middle-class housing to make way for high-end properties that will provide a higher tax base.
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When a claim is settled by a title insurance company, the company acquires all rights and claims of the insured against any other person who is responsible for the loss. This is known as what?
A) caveat emptor B) surety bonding C) subordination D) subrogation |
The correct answer is "D - subrogation " For example, let's say Amanda Livingstone buys a property and the seller provides a general warranty deed stipulating clear title. However, that turns out not to be the case and a third party provides a valid claim to a share of the property. Since Amada took out title insurance, the title insurance company negotiates and pays a settlement with the claimant on Amanda's behalf. Amanda's right to sue the seller then transfers to the title insurance company, which will take action to recover the amount they paid on Amanda's behalf.
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Which of the following would be used to clear a defect from the title records?
A) a lis pendens B) an estoppel certificate C) a suit to quiet title D) a writ of attachment |
The correct answer is "C - a suit to quiet title " A owner might bring a "quiet title" action to correct a minor mistake in the property description or to remove an easement that's been unused for years. Additionally, they are used when a third party tries to asset some right to the property through a dubious claim. The suit "quiets the mouth" of that person and establishes a clear title.
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A bill of sale is used to transfer the ownership of what?
A) real property B) fixtures C) personal property D) appurtenances |
The correct answer is "C - personal property " Personal property differs from "real property" in a number of respects, most importantly its portability. Cars, furniture, clothing, paintings, jewelry, appliances and just about any other non-food item one buys are examples of personal property.
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A written summary of the history of all conveyances and legal proceedings affecting a specific parcel of real estate is called a(n):
A) affidavit of title. B) certificate of title. C) abstract of title. D) title insurance policy. |
The correct answer is "C - abstract of title. " An "abstract of title" is a written summary that traces every change of ownership and claim against a property (such as mortgages, liens, and easements). In some cases, the abstract goes back to the last change of title, in others to the first recorded owner. It is part of the title report required by virtually all lenders.
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When the preliminary title report reveals the existence of an easement on the property, it indicates that the easement is a(n):
A) lien. B) encumbrance. C) encroachment. D) tenement. |
The correct answer is "B - encumbrance. " Anything that limits a person's use of a property is an encumbrance. Easements limit use in that they generally prohibit any kind of permanent structure on the area in question. For example, if a homeowner wanted to build a swimming pool in an area of his back yard and the local sewer company had an easement for pipes running under that area, he would have to find another location for his pool, even if it was not as desirable.
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The list of previous owners of conveyance from whom the present real estate owner derives his or her title is known as the:
A) chain of title. B) certificate of title. C) title insurance policy. D) abstract of title. |
The correct answer is "A - chain of title. " The "chain" links together the successive owners of a property from the most recent to the original recorded title holder. In addition, it notes other relevant information such as mortgages, judgments, liens, death of title holders, inheritors and so forth.
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A person agrees to sell a property for $500,000. The buyer gives the seller $150 as valuable consideration for a six-month option. Which of the following statements is true?
A) The $150 is valuable consideration if the seller accepted it. B) The buyer must have at least 5% down as valuable consideration. C) The buyer must have at least 20% down. D) The seller cannot accept money for the option. |
The correct answer is "A - The $150 is valuable consideration if the seller accepted it. " "Valuable consideration" is a necessary component of all contracts. It is the benefit one party receives in exchange for granting benefit to the other. Generally it is money in any amount both parties agree to, though it can take other forms such as personal property, work or refraining from an act.
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Which of the following activities is a violation of the Federal Fair Housing Act?
A) a nonprofit church that denies access to its retirement home to any person because of race B) a nonprofit private club that gives preference in renting units to its members at lower rates C) the owner of a single-family residence selling his/her own home who gives preference to a buyer based on his/her sex D) discrimination in the sale of a warehouse based on the prospective purchaser's gender |
The correct answer is "A - a nonprofit church that denies access to its retirement home to any person because of race " The private club is exempt because its preferential treatment is based on its membership; the home owner is exempt, so long as he is selling his home without a broker; the warehouse is exempt because it's not a housing unit.
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A Savings & Loan institution would be violating the Federal Fair Housing Act by denying a loan to Mr. and Mrs. Happy Borrower for which of the following reasons?
A) low earnings B) too old C) too many loans D) minority background |
The correct answer is "D - minority background " Fair Housing and other anti-discrimination legislation doesn't force lenders or others to abandon sound business practices (such as denying loans to unqualified borrowers), merely to be fair and equally accessible to all people.
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The Civil Rights Act of 1866 prohibits discrimination in housing based on which of the following reasons?
A) race B) religion C) sex D) marital status |
The correct answer is "A - race " Although surprising to many, the original civil rights legislation was passed in 1866--by one vote over the veto of President Andrew Johnson.
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An agent working as a subagent of the seller would suggest that the buyer hire an inspector from an outside service in all of the following cases EXCEPT:
A) when they smell gas in the basement. B) when there is a slow drain in the toilet. C) when a hinge is off the door. D) when there is sawdust in the kitchen cabinets. |
The correct answer is "C - when a hinge is off the door. " Home inspectors are hired to find significant and often hidden property defects, such as signs of a leaking roof, termites, foundation cracking and so forth. Hinges and other "wear and tear" items are obvious and not among the reasons for hiring an inspector.
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The federal anti-discriminatory laws apply to which of the following?
A) a broker selling a single-family home B) a private club not open to the general public C) office building sales D) the rental of industrial property |
The correct answer is "A - a broker selling a single-family home " Civil rights laws apply to owners of residential property, rental units, hotels and virtually any other building offering housing or accommodations to the general public.
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A tenant complained to HUD about his landlord's discriminatory practices in his/her building. A week later the landlord gave the tenant an eviction notice. Under which of the following situations would the Federal Fair Housing Act be violated?
A) when the tenant is two months behind in his/her rent B) when the landlord evicts the tenant for reporting him to HUD C) when the tenant has damaged the premises D) when the tenant is conducting an illegal use on the premises |
The correct answer is "B - when the landlord evicts the tenant for reporting him to HUD " Anti-discrimination laws do not apply to situations that are in violation of generally accepted policies such as paying rent on time, maintaining the premises and abiding by use agreements.
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The Federal Fair Housing Act states that a prima facie (at first view) case against a broker for discrimination be established after a complaint has been received because the broker has failed to do which of the following?
A) The broker has failed to display a HUD Equal Opportunity poster. B) The broker has failed to join an affirmative marketing program. C) The broker has failed to join the HUD anti-discriminatory task force. D) The broker has failed to attend mandatory classes on fair housing. |
The correct answer is "A - The broker has failed to display a HUD Equal Opportunity poster. " Included among Fair Housing regulations is the requirement that the HUD Equal Opportunity signage be prominently displayed.
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A broker is discussing a new listing with a prospective Mexican American buyer. The buyer wants to inspect the property immediately, but the owner of said property has instructed the broker, in writing, not to show the house during the owner's three-week absence. The buyer insists on viewing the property. The broker should:
A) Show the property to avoid a violation of the Federal Fair Housing Act. B) Request the Real Estate Commission arbitrate the problem. C) Inform the buyer of the seller's instructions. D) Notify the nearest HUD office. |
The correct answer is "C - Inform the buyer of the seller's instructions. " Following an owner's lawful instructions is not only allowable, but a responsibility of the licensee. However, if the owner instructed the broker to tell minority buyers that he was out of town when he was not in order to avoid selling to a minority, the broker would be in violation of the law if he acted as the owner requested.
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A three-story apartment complex built in 1965 does not meet with the handicapped access provisions for the 1988 Fair Housing Act. The owner must:
A) Make the ground floor handicapped accessible. B) Make the 1st and 2nd floors accessible. C) Make the entire building accessible. D) The owner doesn't have to comply since it's less than 4 stories. |
The correct answer is "A - Make the ground floor handicapped accessible. " Because the building was constructed before the 1991 standards went into effect, only the first floor needs to be modified.
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What type of a listing agreement allows the owner to appoint an exclusive agent to sell his property, but retains the right to sell the property himself?
A) open B) exclusive right to sell C) multiple listing D) exclusive agency |
The correct answer is "D - exclusive agency " Open listings mean that if the owner or any other broker or salesperson produces the buyer, the broker will lose his or her commission. Exclusive Right to Sell gives the broker his or her commission regardless of who actually sells the property, even if it is the owner. Exclusive Agency allows the seller to appoint an exclusive agent, but retain the right to sell the property himself.
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Under an Exclusive Right to Sell Listing agreement, if the seller produces a ready, willing and able buyer he:
A) will not have to pay a commission since he produced the buyer. B) will only have to pay the broker half the commission since he produced the buyer. C) owes the listing broker a full commission. D) will not be able to turn the buyer over to the listing agent since the agent has the exclusive right to sell the property. |
The correct answer is "C - owes the listing broker a full commission. " In contrast to exclusive agency, the exclusive right to sell entitles the broker to his or her commission regardless of who actually sells the property.
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Which of the following would not terminate an agency relationship?
A) abandonment by the agent B) revocation by the principal C) submission by the agent of two offers at the same time D) fulfillment of the agency purpose |
he correct answer is "C - submission by the agent of two offers at the same time " Submitting offers doesn't end the relationship--only the owner's acceptance of one and ultimately closing on the transaction.
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The buyer of an apartment complex is told that the refrigerator in one of the apartments goes with the sale. After taking title, he discovered that the refrigerator belonged to the tenant. Which is true about this situation?
A) Since the refrigerator was in the apartment, it automatically belongs to the new owner. B) The refrigerator is the personal property of the tenant. The seller had no right to offer it to the buyer. C) The refrigerator was plugged into the wall and that makes it real property. D) The tenant will have to get permission from the new owner to remove the refrigerator. |
The correct answer is "B - The refrigerator is the personal property of the tenant. The seller had no right to offer it to the buyer. " Plugging in an appliance does not constitute installation. Thus it is personal property that belongs to the tenant.
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The illegal process of a banker refusing to approve loans for a neighborhood based on the racial composition of the area is:
A) blockbusting. B) steering. C) redlining. D) panic peddling. |
The correct answer is "C - redlining. " Loans may only be approved or denied on the basis of whether a specific individual and property meet established standards. Thus lenders are well within their rights to deny a loan to a particular person because he or she lacks sufficient income or has poor credit. Additionally, a loan for a partially completed home or one that doesn't meet code can also be denied. However, "macro" issues such as race or neighborhood cannot be considered.
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The illegal practice of directing minorities to areas populated by the same race or religion is called:
A) steering. B) blockbusting. C) redlining. D) panic peddling. |
The correct answer is "A - steering. " "Steering" is driving people towards particular neighborhoods, and is the correct answer to this question. On the other hand, "blockbusting" is the opposite side of the same coin. Synonymous with "panic peddling," it refers to trying to generate panic selling in a neighborhood dominated by one race or ethnic group by representing that another group is about to start moving in.
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Carl Chauvinist, the owner of an apartment complex, lives in one unit of a triplex and routinely refuses to rent either of the other two units to a female. Can he do this?
A) Yes. He may do this if he does not use a broker or discriminate in advertising. B) Yes. He may do this if he doesn't ask the tenant's age. C) No. Carl can never discriminate on sex. D) No. Carl must live in a single family home to discriminate. |
The correct answer is "A - Yes. He may do this if he does not use a broker or discriminate in advertising. " Although laws vary by state as to number of units that fall under this type of provision, if a person owns and lives in a unit, he or she is entitled to practice a certain measure of discrimination. The view is that a person's dwelling (which includes units such as duplexes and triplexes) enjoys a degree of "sanctity" and the person may choose whom he or she brings into their "home."
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An aggrieved party with a Fair Housing violation claim has how long to file a complaint with the Department of Housing and Urban Development?
A) 1 month B) 1 week C) 1 year D) 7 years |
The correct answer is "C - 1 year " If the complaint is not filed within one year, a person may still file a civil suit in a Federal Court.
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Jim Jones, the landlord, rents a property to Tom Smith, a handicapped person. Mr. Smith, with Mr. Jones' permission, modifies the house to suit his needs. When the lease expires, which of the following requirements would not have to be met by Mr. Smith?
A) Mr. Smith must remove the "grab rails" in the bathroom that were installed for his use. B) Mr. Smith must raise the kitchen cabinets that were lowered for his use. C) Mr. Smith must repair the walls where the "grab rails" in the bathroom were removed. D) Mr. Smith must restore the wide doorways, that were installed for him, to the original size. |
The correct answer is "D - Mr. Smith must restore the wide doorways, that were installed for him, to the original size. " Since the width of the door will not in any way be detremental to future tenants, there is not a requirement for the original width of the doors to be replaced by the handicapped tenant. All of the other issues must be restored to original status.
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All of the following are duties of the property manager EXCEPT:
A) reporting to the owner all notices of building violations. B) providing upkeep and maintenance on the property. C) maintaining financial records and accounts. D) securing tenants of a particular ethnic origin in accordance with the owner's wishes. |
The correct answer is "D - securing tenants of a particular ethnic origin in accordance with the owner's wishes. " Except in certain circumstances regarding the rental of space within one's personal residence or unit, owners, landlords and their agents are not permitted to discriminate against people based on race, gender, creed, handicap and other personal characteristics.
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A mobility impaired person was renting a unit in an apartment complex. Half the units had been assigned parking spaces near the door; the other half had not. The owner:
A) may charge extra money to the handicapped person for providing the parking space near the door. B) must take a vote of all tenants to see if they want to allow the handicapped person a parking space. C) must give a parking space near the door to the handicapped person, if one is available and a need is demonstrated. D) must allow the handicapped person to live there for a month and if a space becomes available during that time, give the parking space to the handicapped person. |
The correct answer is "C - must give a parking space near the door to the handicapped person, if one is available and a need is demonstrated. " The "equal access" aspects of fair housing legislation do not necessarily mean equal treatment. "Reasonable accommodation" must also be made to meet the needs of handicapped people, including exceptions to standard policies such as convenient parking and guide dogs.
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A salesperson is involved in a transaction where an individual wishes a six-month lease with an option to buy. What is true about this situation?
A) The individual must go to an attorney since it is too complicated a transaction for a salesperson. B) This transaction is too complicated for a salesperson. Only a person with a broker's license should handle this transaction. C) A salesperson could use two standard forms, fill in the blanks and request that his or her broker review the forms before signing. D) The salesperson should write the purchase offer. A lease for 6 months does not need to be in writing. |
The correct answer is "C - A salesperson could use two standard forms, fill in the blanks and request that his or her broker review the forms before signing. " Generally speaking, salespeople may complete standard forms so long as they are reviewed by and with the approval of their broker.
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A void contract is one that is:
A) not in writing. B) not legally enforceable. C) rescindable by agreement. D) voidable by only one of the parties. |
The correct answer is "B - not legally enforceable. " In order to be enforceable, real estate contracts must meet the legal requirements for contracts in general. For example, a contract signed by a minor or a "seller" who doesn't own the property in question was never legal to begin with and is thus "void."
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The essential elements of a contract include all of the following EXCEPT:
A) offer and acceptance. B) notarized signatures. C) competent parties. D) consideration. |
The correct answer is "B - notarized signatures. " A contract sets forth the terms and conditions of a real estate transaction, but does not itself transfer ownership. Thus it does not need to be notarized.
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If, upon the receipt of an offer to purchase his property under certain conditions, the seller makes a counteroffer, the prospective buyer is:
A) bound by his original offer. B) bound to accept the counteroffer. C) bound by whichever offer is lower. D) relieved of his original offer. |
The correct answer is "D - relieved of his original offer. " Offers are "one-time-only" events that must be accepted or rejected. Once the seller made a counter-proposal, he rejected the buyer's offer and no contract exists. The buyer is under no obligation to continue and is entitled to have any earnest money that accompanied the offer returned immediately.
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The amount of earnest money deposit is determined by:
A) the real estate licensing statutes. B) an agreement between the parties. C) the broker's office policy on such matters. D) the acceptable minimum of 5 percent of the purchase price. |
The correct answer is "B - an agreement between the parties. " Earnest money is a demonstration of sincerity on the part of the purchaser and provides preliminary evidence that he or she is financially capable of completing the transaction. While it should be substantial enough to meet these two criteria, there is no set or customary amount or percentage.
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If the buyer defaulted some time ago on a written contract to purchase a seller's real estate, the seller can still sue for damages, if he is not prohibited from doing so by the:
A) statute of frauds. B) law of agency. C) statute of limitations. D) broker-attorney accord. |
The correct answer is "C - statute of limitations. " Statutes of limitations exist to keep the legal system from getting bogged down in old disputes and allow for evidence and recollections to remain reasonably fresh. Civil limitations typically range from one to six years, though in some cases up to twenty-five years.
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A competent and disinterested person who is authorized by another person to act in his or her place and sign a contract of sale is called:
A) an attorney in fact. B) a substitute grantor. C) a vendor. D) an agent. |
The correct answer is "A - an attorney in fact. " "Disinterested" means being able to act in an objective manner without any hidden motivation or prospect of gain. For example, a person who made a secret deal to sign a contract contrary to his client's best interests in exchange for an under-the-table payment would not be "disinterested."
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An option:
A) requires the optionor to complete the transaction. B) gives the optionee an easement on the property. C) does not keep the offer open for a specified time. D) makes the seller liable for a commission. |
The correct answer is "A - requires the optionor to complete the transaction. " It is up to the optionor (seller)to finish the transaction. The optionee (buyer) does not have to complete (close) on the property, but would lose whatever option monies that have been deposited.
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When a prospective buyer makes a written purchase offer that the seller accepts, then the:
A) Buyer may take possession of the real estate. B) Seller grants the buyer ownership rights. C) Buyer receives legal title to the property. D) Buyer receives equitable title to the property. |
The correct answer is "D - Buyer receives equitable title to the property. " "Equitable title" means that the prospective buyer has obtained the right to acquire ownership of a property currently owned and occupied by another.
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Of the following statements, which one best describes the term, "complete" escrow?
A) The full set of closing documents have been properly completed and are ready for final signatures. B) All costs of home ownership, including principal, interest, taxes and insurance are to be paid by the escrow company. C) All services of the escrow company have been used in preparation for the closing. D) The closing process has been successfully completed. |
The correct answer is "A - The full set of closing documents have been properly completed and are ready for final signatures. " The word "escrow" means holding in trust... and is often used to describe two very different parts of the real estate purchase and ownership process. "Complete escrow" refers only to closing. However, the single word "escrow" can mean documents and funding preparations are still underway for closing ("the house is in escrow"), or the process of collecting and disbursing funds for insurance and taxes. In the first case, the tasks are generally performed by a real estate licensee and an escrow company; in the second by a department within the lending firm or institution.
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Which of the following would be considered a "promotional note?"
A) A discounted loan to buyers of a new home in the first phase of construction. B) A short-term loan that allows buyers to purchase a property in a new development while they sell their current home. C) A loan to a developer secured by unimproved property. D) Builder-supplied financing, with interest or closing costs below market to attract buyers to a new development |
The correct answer is "C - A loan to a developer secured by unimproved property. " Promotional loans of up to thirty-six months are given to developers who are building or plan to build new homes but have not yet completed the first transaction.
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Golden State is a life insurance company that also makes real estate loans. If a buyer was interested in obtaining a Golden State mortgage, who would that person generally contact?
A) The VA, if that person was a veteran or the FHA if not. B) A mortgage broker or banker. C) A chartered Savings & Loan institution. D) A local bank. |
The correct answer is "B - A mortgage broker or banker. " Mortgage loans are available from three primary sources: 1) government agencies, such as the VA and FHA… 2) banks, S&Ls and other direct lenders who sell only their own products… 3) everyone else. "Everyone else" includes private investors and institutions such as insurance companies and pension funds. The best source for these loans are mortgage brokers and bankers since they handle a variety of products from many different lenders.
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What is a "homestead" right?
A) The right to acquire government land through a bidding or other process. B) The right to use water that is adjacent to or under one's own property. C) A form of title or ownership. D) The right to have certain protections to any equity one has in one's principal residence. |
The correct answer is "D - The right to have certain protections to any equity one has in one's principal residence. " However, there are a number of terms and conditions… the protection does not cover all creditors… and there is a limit to the amount of equity that can be protected.
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For homestead to be effective, when must a homeowner assert those rights?
A) Before any bankruptcy proceedings begin. B) Before any lawsuits are filed by creditors. C) Before any court judgments are recorded. D) Before any court judgments are rendered. |
The correct answer is "C - Before any court judgments are recorded. " In bankruptcy proceedings, a judgment is first "rendered" before it is "recorded" and made final. Homestead rights may be asserted up to that last moment.
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Which of the following would be paid before any homestead exemption is applied?
A) Property taxes. B) A deed of trust and any mechanics' liens. C) Neither a nor b. D) Both a and b. |
The correct answer is "D - Both a and b. " These are all "secured liens" or specific liens that must be paid before any remaining equity reverts to the homeowner. However, a homeowner's equity (within varying limits depending on a number of circumstances) would be protected against unsecured debt such as credit cards, personal loans, debts for services not involving mechanics liens and so forth.
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The court orders that the property of Cliff Dimsdale be sold to satisfy creditors. What document will they issue ordering this judgment?
A) A writ of execution. B) An attachment. C) A bench warrant. D) A "true bill." |
The correct answer is "A - A writ of execution. " A "writ" is a judicial order and a "writ of execution" is a written command to carry out a sentence or procedure in accordance with the judgment of the court.
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Stephanie Hollingsworth is a real estate salesperson employed by Pacific Coast Properties. She sells a home listed by another broker, Island View Realty. After escrow was opened, but before closing, she asks the Island View broker for a $1,000 advance against her commission. What happens if the Island View broker agrees?
A) Nothing, it's simply an advance against earnings between two real estate professionals. B) The Island View broker can advance the money to Stephanie's broker who can then give her the advance. C) It will be a violation of real estate law. D) It will be viewed as unprofessional, but not illegal. |
The correct answer is "C - It will be a violation of real estate law. " If the Island View broker acted as Stephanie asked, it would, in fact, be a violation of the law on two counts. First, a licensee can only accept compensation from his or her employing broker. Second, no commission is earned until closing, so an "advance" against a specific sale can never take place.
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Rhonda was the listing agent for a property that Dennis, a salesperson from another brokerage, found a buyer for. At closing, Dennis' commission is for less than what he believes was agreed to and a dispute arises. According to the Code of Ethics of the National Association of REALTORS(R) how will they settle this matter?
A) Arbitration. B) Litigation. C) Estoppel. D) Mandamus. |
The correct answer is "A - Arbitration. " The purpose of arbitration is to settle disputes as quickly, as simply and as cost-effectively as possible. In a sense, it's the opposite of litigation which involves attorneys, courts, high costs and drawn-out procedures. However, while the Code of Ethics mandates arbitration as the first step, it does not deny a plaintive the right to sue later if agreement cannot be reached or one party fails to live up to the agreement.
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What is the definition of "dual agency" in California?
A) One firm represents both the buyer and the seller equally. B) One firm represents the seller and another represents the buyer in the same transaction. C) One firm represents both the buyer and the seller, but owes primary loyalty to seller. D) One firm represents both the buyer and the seller, but owes primary loyalty to the buyer. |
The correct answer is "A - One firm represents both the buyer and the seller equally. " Dual agency is legal in California, but requires a written agreement signed by all parties that includes compensation details. Further, licensees must represent the interests both parties in the transaction equally.
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