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22 Cards in this Set
- Front
- Back
Does an on site manager of an apartment building need a real estate license? |
No |
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An employing broker my designate one or more brokers to serve the public in a particular transaction. The designation would be best discovered in: |
The office policy manual |
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A statutory power of attorney for property: |
May be used to grant an agent powers with respect to property and other matters. |
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If a buyer does not receive a loan commitment by the loan commitment deadline,and does not notify the seller in writing, the buyer may: |
Loose Ernest money |
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What is MEC |
Mutual exicution of contract |
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If the title commitment or title documents are not delivered to the buyer on the date specified in the contract the contract maybe: |
Terminated with proper form |
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The purpose of the brokers signing in the "Broker Acknowledgements" area of the contract to Buy and Sell , is to acknowledge: |
Receipt of the earnest money |
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When a licensee measures a property and makes disclosure of square footage on the property form she must disclose: |
That the disclosure is for loan purposes |
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A property manager must deposit rents collected in a trust account not later than: |
Five business days |
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When an employing broker for a partnership, limited liability company or corporation receives or disburses earnest money, escrow or trust funds, the employing broker: |
Personally responsible for the funds |
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Which of the following trust account records show all transactions. |
Journal |
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Who or which of the following is responsible for complete, accurate and detailed closing statement: |
The Broker who personally established the relationship |
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If a broker instructs the closing company to prepare the deed to convey title for the closing, who is typically responsible for the preparation or the deed? The : |
Broker |
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What is the debit/credit entry for a loan assumption? |
Credit buyer and debit seller |
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How would earnest money held by the broker be entered on the closing statement? |
Credit buyer and debit broker |
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Title insurance for the buyer will be paid for by the |
Seller |
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Interest on an owner- carry new owner - carry loan will see be calculated on the statement as? |
Principal times the interest rate divided by 365 days times the day from the first of the month to the date of the closing. |
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Principal times the interest rate divided by 365 days times the days from closing to the end of the month |
Same |
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A broker wishes to retian agency status except when selling his own listing. How can this be done? |
The listing form allows for this. |
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One of the following would not be acceptable for disclosing brokerage relationships |
Definitions of working relationships |
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..... is not recognized as part of a legal contract |
Acknowledgement |
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What is another name for hold over clause? |
Protection clause |