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When real property is taken by means of eminent domain, the government has to pay
the landowner fair market value.
Brokers can indemnify themselves against legal actions by those with whom they deal
by purchasing errors and omission insurance.
Agents who fail to investigate the cause of an apparent underlying defect in a property
they are selling may be found liable for ____________________ damages.
As a requirement of a valid contract ____________________ and
____________________ requires that one party makes an offer to another party.
Title insurance is typically purchased after a property is purchased.
FNMA was organized by the federal government to buy FHA mortgage loans from
lenders.
With a purchase made by an installment contract or land contract title immediately
passes to the purchaser.
Real property that is willed is known as a ____________________ and the recipient is
the ____________________.
A broker was part owner of an apartment building along with two co-owners. When
they decided to sell the broker was named as the listing agent. The broker thus held an
agency by ratification.
The sale of an appreciated property structured to spread out the payment of income
taxes on the gain is called a(n) ____________________ sale.
____________________ timesharing is a method of dividing up and selling a living
unit at a vacation facility for specified lengths of time each year.
Brokers have fiduciary responsibilities to third parties with whom they deal.
The owner has rented a home to a tenant for many years. Lately, however, the owner
has failed to keep the premises in decent repair. The tenant has left in dismay and sued
for damages. The tenant would most probably claim that the owner's failure constituted
constructive eviction.
A mortgage, which is repaid in regularly scheduled equal installments, is called a
balloon mortgage.
An investor hires a broker to buy a particular property for him, naming the maximum
he will pay. The broker, however, purchases it for himself at a lower price and then sells
it to his client at a higher price without revealing his involvement. This is an example
ofillegal secret profits.
