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Two sellers lead a buyer to believe that broker Charlotte is their agent without notifying
Charlotte of the fact. This is an example of express agency.
Elaine wants to leave her real estate to her nephew, Farquart, but desires the flexibility
to change her mind in the future. She can accomplish this goal with a joint tenancy with
her nephew.
Real estate salespeople may reasonably be expected to work for a salary.
An acceleration clause most nearly means to speed up the payments.
The cash-on-cash ratio for a property that has a cash flow of $16,900 and could be
purchased with a down payment of $130,000 would be 7.69%.
Under section 203(b), the FHA lends to the secondary market.
A joint venture is a partnership formed to carry out a ____________________ business
venture.
The effect of a proposed development on a community is determined by the preparation
of an environmental impact statement.
A broker who misrepresents a property to a prospect may be subject to the loss of rights
to a ____________________.
Regarding the non-judicial foreclosure of a deed of trust, the property is sold at auction.
A rider is any addition annexed to a document and made a part of the document by
reference is also known as a(n) ____________________ or a(n)
____________________.
In the rectangular survey system of land description, principal meridians run in a
north-south direction.
Loan discount points shorten the repayment time of the loan.
A right of possession for a fixed term that allows for automatic renewals for additional
terms is called a periodic tenancy.
A real estate licensee may not work as the agent for both parties in a transaction unless
the licensee has the written consent of both the buyer and the seller to this dual agency.
