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31 Cards in this Set
- Front
- Back
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What are an agents fiduciary duties?
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Obedience,
Loyalty (undivided) Disclosure (full) Confidentiality Account (full) Reasonable care memory Jogger: OLDCAR |
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Under Federal Fair Housing laws, int installation of a grab bar is?
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reasonable alteration at tenants expense
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How does an agent earn a commission?
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by putting a ready and able seller and buyer together according to terms of hiring
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What should the listing broker do if he knows the buyer has bad credit?
"LISTING BROKER" |
tell the seller
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how much time does a complaint have to file a federal fair housing suit?
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1 year
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Does Multiple Listing Service (MLS) set the commission paid?
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no, the commission is always negotiated by the parties to the transaction
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A vendee is a?
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Buyer (vendor is seller)
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What are fair housing amendments of 1988 and when did they become effective?
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March 13 1989; these amendments added children and handicapped to the protected class
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If a handicapped person wanted a parking space nearer the apartment entrance, must the landlord comply?
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yes if the space is available
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Must the landlord allow handicapped tenant to make reasonable alterations at tenants expense to facilitate occupancy?
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yes
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May the landlord require that alterations be returned to the original condition at termination of tenancy at handicapped tenants expense?
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yes
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May a landlord inquire if tenant applicant is on public assistance?
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no
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When offeror withdraws offer, when is he entitled to a refund of deposit?
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Immediately
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What is an example of a rejected offer?
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a counteroffer
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Withdrawal of an offer before acceptance is called?
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Revocation
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Regarding Commission rates, the agent cannot say to the principle:
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"commission rates are standard"
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If the selling agent does not have an agreement with the buyer, what was her or her relationship with the seller?
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Traditional subagent to the seller
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When an agent advised the buyer about which property is the best buy, the agent is?
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a buyers agent
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In a multiple listing sale, which party typically holds any earnest money deposits?
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the listing/sellers agent not the buyers agent
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is age a protected class under FEDERAL law?
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no, it is a protected class under MASS law only
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A lender presents unusual requirements to a buyer planning to buy in a racially - mixed area. This may be an example of:
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Redlining
Definition: presenting different terms of condition to perspective borrower based on people residing where collateral is located |
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Threat for profit that a protected class is moving into an area is:
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Blockbusting
making false, usually discriminatory statements to create business or to buy real property for less that market value |
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Fair housing act of 1968 prohibitions apply to privately-owned housing when?
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Discriminatory add is used, an agent is used, discrimination based on race.
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A complaint under fair housing laws has how long to complain?
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1 year
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Agent is asked by a widow in a owner-occupied two-family to bring only foreign students as tenants. Agent should?
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refuse the listing
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As a business practice, a manager may try to match her sales person to the ethnic background of a prospective buyer. This is:
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Acceptable
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An agent receives an offer with a 5 day time limit. may the offeror withdraw the offer before the time limit?
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yes
an offer may at any time be withdrawn by the offeror unless the offeree has accepted the offer. |
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A sellers agent may accept an offer on behalf of an absentee client if:
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Agent has a written power of attorney to bind principle
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The law governing the relationship between the principle and the agent is:
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Law of Agency
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the nature of the relationship between principle and agent is:
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Fiduciary
The agent as a fiduciary works in the best interest of the principle. |
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The law requires real property contracts to be in writing in order to be enforceable is:
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Statute of Frauds
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