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In order to be enforceable, what does the Statute of Frauds require a real estate contract to be? correct answers a) In writing Which of the following items is something a lender is prohibited from doing if the lender wants to write qualified mortgages? correct answers Payback terms longer than 30 years Janice's life tenant, Jacob, is currently living on her property. Once Jacob dies, Janice has made arrangements that the property will go to the School for the Gifted. What interest does t...

In Maryland, you could be fined up to $1,000 per solicitation if you use this method to advertise and a prior business relationship does not exist.Fax machineFlyersFor Sale signsTelephone correct answers Fax Machine Roth IRA and First Time Home Buyers correct answers REMEMBER THIS: First-time home buyers can access up to $10,000 of their Roth IRA accounts, penalty-free, under certain conditions, which includes the requirement that the account has been open for at least five years. Reside...

"Beginning at a stake and about 30 feet from center of brook..." correct answers Metes and Bounds description 4 types of government power correct answers Taxation, Eminent Domain, Escheat, Police Power potential buyer of option contract correct answers optionee 3 primary acts that impact mortgage loan disclosure? correct answers RESPA, TILA, Dodd-Frank owner of a condo has what type of ownership in common elements (areas) correct answers undivided interest what tank must be regi...

Lenders will require which type of fund for taxes and insurance? Balloon fund Emergency fund Mortgage fund Reserve fund correct answers Reserve fund Mark works at Farm and Country Bank, and has arranged an agricultural loan for Josh, a local organic farmer. Josh didn't meet the bank's normal underwriting standards, but Mark made the loan because he was able to arrange for a guarantee from ______. Farmer Mac The Farm Credit System The Farm Service Agency The Federal Agricultural...

Personal property correct answers All property not classified as real property Real property correct answers Land and everything permanently attached to it, can you be removed without causing damage? Land correct answers The earths surface extending downward to the center of the earth and upward to infinity, including permanently attached natural objects Real estate correct answers land and anything that is attached to it Real property correct answers Real estate and interest, benefi...

Seller is the client buyer is the customer in this type of single agent relationship correct answers As a seller's agent, you have a relationship with both the seller and the buyer, but in what capacity? General correct answers Which type of partner shares full personal liability for the partnership's debts and obligations? An exception to the real estate licensing requirement correct answers A person performing real estate activities under the judgment or order of a court, such as a...

__________, A practice introduced to the U.S. from England, is based on a general custom rather than written law. correct answers Common Law Who appoints the members of Hawaii's Land Use Commission? correct answers The governor Allentown sits on the river, and its many bridges need repair. Which police power is Allentown likely to use in order to fund improvements to its bridges? correct answers Taxation The doctrine of "use it or lose it" is known as the doctrine of ________. correc...

The north-south line that runs through the initial point of RGSS correct answers True meridian, or principal meridian The east-west line that runs through the initial point of RGSS correct answers Base line. This is where all initial measurements originate Range Lines correct answers North south line that don't run through the initial point Township lines correct answers East-west lines that don't run through initial point Land correct answers The earth's surface, extending downwa...

Statute of Frauds correct answers requires real estate contracts to be in writing to be enforceable 5 elements of a valid contract correct answers offer, acceptance, consideration, capacity, lawful purpose. Capacity - competent and of age Severability correct answers clause providing that, in the event that one or more provisions of the agreement are declared unenforceable, the balance of the agreement remains in force Acceptance vs Binding Acceptance correct answers Acceptance --signe...

Julie has received notice that the house she is renting was sold in foreclosure. She has a month-to-month lease, so how long does she have until her lease may be terminated? correct answers 90 days Amy acts like a salesperson and is supervised by a broker, but she holds her broker's license. What is her job title? correct answers Associate broker Which one of the following statements about investors and tax depreciation is true? correct answers Investors can depreciate an appreciating ass...