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A payment cap leaves open the amount the borrower's monthly payment can increase in
any one year.
A common element where the use is restricted to a specific unit owner is called a
____________________ common element.
A salesperson worked for broker Barbara when they agreed to take a note from a seller
for a deferred commission. The salesperson left the first broker and now works for
another broker. When the note is paid, the salesperson is entitled to receive the
commission directly from Barbara because she was working for her at the time she
earned the commission.
A lease-option allows a tenant to buy a property at a preset price and terms during the
option period.
In nearly all states, if two or more persons are named as owners, and there is no
indication as to how title was taken, they are presumed to be
______________________________.
Usury laws are established by the federal statutes.
In the covenant of good repair the borrower promises not to remove or demolish any
buildings or improvements.
The property to be appraised is known as the ____________________ property.
A properly recorded easement on real property is an ____________________.
A listing for which the commission is the difference between the sales price and a
minimum price set by the seller is called a(n) ____________________ listing.
Shortly after a salesperson listed a property, there was an immediate offer through
another broker. Before the salesperson could present this offer to the seller, he himself
had a customer make an offer on the same property. The salesperson can properly
present both offers.
In a promissory note, the term "principal" refers to the borrower.
A(n) ____________________ contract occurs when the parties to the contract declare
their intentions either orally or in writing.
The penalties for violation of federal fair housing laws include fines of not more than
____________________.
The rent that a property can command in the competitive open market is called the
____________________ rent.
After the buyer signs the sales contract, he retains one copy and the rest are delivered to
the seller for his decision.
When title is clouded by judgments against recent owners or pending lawsuits that
might later affect title, information may be found in the judgment rolls or the lis
pendens index.
