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A duly qualified person who has passed the real estate license exam and joined a
brokerage firm is most properly referred to as a licensee.
Zoning laws compensate an owner for loss of property value due to zoning.
The most important feature of a(n) ____________________ contract is that the seller
does not deliver a deed to the buyer at closing.
Over a period of years, the supply of residential housing is one of temporary shortages
and temporary excesses.
Money for tax and insurance payments that accompanies principal and interest could be
placed in an escrow account or trust account.
Subchapter S corporations are not popular as a method of organization for real estate
brokers and developers.
A lawsuit for specific performance is an action in court to force the innocent party to
carry out the remainder of the contract.
An easement for the adjacent property owner is appurtenant to real estate.
When a small area of land in an existing neighborhood is rezoned, this is known as
down zoning.
GNMA buys loans from primary market loan originators.
Accelerated depreciation schedules, set up before the Tax Reform Act of 1986 became
effective, weregrand fathered in and did not change.
Under the terms of a multiple listing agreement, if a broker other than the listing broker
sells the property, the seller may be responsible for paying two commissions.
Those parts of a condominium that are owned by all the unit owners are known as
common elements.
If two or more parties want to express their mutual intention to buy, sell, lease, develop,
or invest, and wish to do so without creating any firm, legal obligation, they may use a
______________________________.
The relationship of a sales associate to the employing broker is that of a
____________________ agent.
The vendor holds legal title to real property when a land sales contract has been entered
into between the seller of the property and a buyer.
