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Contracts. Practice Real Estate Exam

Posted by on in Contracts
Contracts. Practice Real Estate Exam   177        What is the toxic insulation material that was used in residential housing for insulation from the 1970’s to the 1980’s?               UREA-FORMALDEHYDE INSULATION        ASBESTOS            FIBERGLASS         LEAD BASED INSULATION            Urea-formaldehyde foam insulation (UFFI) started being used in the 1970s and stopped being used In the 1980s because concerns began to develop about the toxic formaldehyde from the breakdown of old foam. Asbestos was a commonly used material for insulation and is no longer commonly used in construction in the United States.       Contracts 178        Which of the following best describes a... Continue reading

Real Estate Option Contracts

Posted by on in Contracts
Option Contracts Questions From the Real Estate Agent Test   Before an option is exercised, the contract with this option is defined as a ______________ contract? A) UNILATERAL B) FULLY EXECUTED C) MULTI-LATERAL D) BILATERAL         Because the optionee has the right not to exercise the option, the contract would be deemed a unilateral contract, once the option is exercised, the contract is deemed to be bilateral.... Continue reading

Dual agent disclose? Check out this question.

Posted by on in Contracts
If a broker enters into a contract to list a property for a client and two weeks later finds a buyer for the property who is also the broker’s cousin, the broker is obligated to      1) DISCLOSE TO BOTH PARTIES THAT HE IS A DUAL AGENT AND THE RELATIONSHIP 2) DISCLOSE TO HIS COUSIN THAT HE IS A DUAL AGENT 3) DISCLOSE TO THE SELLER AND BUYER THAT HE IS A DUAL AGENT 4) NO LEGAL OBLIGATION, ONLY ETHICAL            The broker not only must disclose to each party that there is a dual agency, but the broker... Continue reading

Agents and latent defects

Posted by on in Contracts
Responsibility of the client, agent and seller with regards to latent defects   If there is a latent defect, where a basement will take on heavy water during a rainstorm and this information is not disclosed to the buyer, who is considered to be responsible? A) SELLER    B) LISTING AGENT         C) BROKERAGE D) BUYER   Explanation A client hires the agent; therefore the client is responsible for the actions of the agent. However, the agent may be found liable for violating his or hers fiduciary duties... Continue reading

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