Real Estate Practice : Lesson 751 - 07/26/10 01:48 AM
                                                       #751
If money is held before the acceptance of an offer of a sales contract for the purchase of a home, the money belongs to both the seller and the buyer.
Is this true or false ?
Remember to take your time. The solution is posted below the wildlife photo.

A. False
The money belongs to the buyer only and is usually a deposit toward the purchase price
… (0 comments)

Real Estate Practice : Lesson 750 - 07/26/10 01:47 AM
                                                       #750
Sally defaulted on her mortgage and subsequently missed a few payments in the process.
He lender had to begin the foreclosure process.
Before the foreclosure slae took place Sally paid back the entire amount and cured the debt.
Sally has actually excercised her rights of statutory equitable limitation.
Is this true or false ?
Take your time. The solution is posted below the wildlife photo.

A. False
Sally exercised her 'equitable right of redemption' .
There's no such thing as a statutory equitable limitation.
The equitable right of redemption is the right of a debtor to to redeem … (0 comments)

Real Estate Practice : Lesson 749 - 07/26/10 01:45 AM
                                                            #749
If a buyer gives a deposit check to a broker it can be held by the broker and retained contingent upon the rejection or acceptance of a buyer's offer.
Is this fact true or false ?
Please remember to take your time. The solution will be posted below the royalty free wildlife photo.

A. This is true.
Most state real estate laws permit the broker to retain a buyer's deposit check until the seller either rejects or accepts the buyer's offer.
… (0 comments)

Real Estate Practice : Lesson 748 - 07/26/10 01:43 AM
                                                  #748
Money may be given to a broker to hold in trust or escrow  for a buyer to pay for a home inspection.
Is this true or false ?
Take your time. The solution is posted below the wildlife photo

A. This is true.
A broker may receive money from a buyer to be held for a home inspection.
A broker may also hold a good faith deposit.
Can you think of anythoing that a broker can't retain in escrow or trust for a buyer, such as the money to purchase new drapes ?
… (0 comments)

Real Estate Practice : Lesson 747 - 07/26/10 01:41 AM
                                                      #747
If the commission rate a listing broker has with a seller becomes a source of contention between the seller and the broker, the broker can change the commission structure at will without the consent of the selller, but the seller has the right to refuse the change to the commission structure.
Is this true or false ? (watch out, it's tricky)
Take your time. The solution is posted below the royalty free wildlife photo.

 
A. It's true and false.
The commission rate has to be adjudicated between both the broker and the seller and the broker can't … (0 comments)

Real Estate Practice : Lesson 746 - 07/26/10 01:40 AM
                                                    #746
Any time a seller or buyer wants to create an agency relationship with a broker all the principal has to do is agree to the agency relationship orally.
It actually doesn't have to be in writing.
Is this true or false ?
Take your time. The solution is posted below the wildlife photograph.
(don't blow this one)
 theory
A. True
It's possible, and legal, to create an agency agreement by either oral or written means.
Some rule of evidence must be applied to confirm the agency relationship if it's an oral agreement.
Make sure that you and your client understand what … (0 comments)

Real Estate Practice : Lesson 745 - 07/26/10 01:38 AM
                                                          #745
A house sits on top of a hill not far from the city landfill.
You can see the dump trucks in the destance, but a nice forest is nearby.
The agent says to the buyer, "This is absolutely one of the most beautiful views you'll find in the county, and this home is constructed of some of the best materials you'll find anywhere".
The agent is committing fraud.
Is this true or false ?
Take your time. The solution is posted below the wildlife photo.

A. False
The agent is "puffing".
Puffing is an exaggerated expression more or … (0 comments)

Real Estate Practice : Lesson 744 - 07/26/10 01:36 AM
                                               #744
Any time a broker takes a listing the seller has given the broker the right to enter into a firm contract on behalf of the seller and decide the selling price if the seller can't decide.
Is this fact true or false ?
Take your time. The solution is posted below the wildlife photo.

A. False
The broker's listing agreement with a seller does not give the broker the authority to enter into a legal contract on behalf of the seller, nor establish a selling price for the property.
The seller sets the price.
… (0 comments)

Real Estate Practice : Lesson 743 - 07/26/10 01:35 AM
                                                      #743
When we talk about dual agency we're usually talking about a form of agency which is considered legal as long as the agent receives the same amount of money and compensation from both of the principals involved in the agency agreement.
Is this considered to be true or false ?
Remember to take your time. The solution is posted below the wildlife photo.


A. False
Dual agency is legal in most every state as long as both the buyer and the seller are told that the agent is representing boith of them, and both the buyer and … (0 comments)

Real Estate Practice : Lesson 742 - 07/26/10 01:33 AM
                                               #742
Your company listed a home for seller A.
B came to see you about the house and you told B that you couldn't give them any information about A's house until they signed a buyer's agency agreement.
Does B have to sign a buyer's agency agreement ?
Take your time. The solution is posted below the wildlife photo.
 

A. No
Your company has the right to share information about A's property, B doesn't have to sign a buyer's agency agreement, and has B has a right to information which may be shared with them about A,s property. An … (0 comments)

Real Estate Practice : Lesson 741 - 07/19/10 01:29 AM
                                                   #741
An agent has an obligation to perform the duties in an agency relationship of confidence, obedience, accountability, loyalty, disclosure to both the principal who grants the agent the authority to deal with third parties, and any third parties making inquiries.
Is this true or false ?
Please remember to take your time. The solution is posted below the wildlife photo.

A. False
The agent only owes the duties of confidence, obedience, accountability, loyalty and disclosure to the principal who hires the agent.
Third parties, and the principal, are entitled to the performance of duty which demonstrates reasonable skill and care for all parties.
… (0 comments)

Real Estate Practice : Lesson 740 - 07/19/10 01:27 AM
                                                     #740
One of the great benefits that a buyer has by signing a buyer's agency agreement is that they have access to confidential information about the seller's absolute lowest price for the property.
Is this fact true or false ? (if you blow this one shame on you) :-)
Take your time. The solution is posted below the royalty free wildlife photo.

A. False
A buyer retaining the services of a buyer's agent will never have access to information about the seller's negotiating position for the property.
… (0 comments)

Real Estate Practice : Lesson 739 - 07/19/10 01:26 AM
                                                    #739
A buyer's agent does not have the right to be be compensated by the seller.
Is this true or false ?
Take your time. The solution is posted below the wildlife photo.
 
A. False
A buyer's agent may always accept a share of the commission that the listing broker has received from a seller.
No agency relationship is established between the buyer's agent and the seller because of the commission split.
… (0 comments)

Real Estate Practice : Lesson 738 - 07/19/10 01:23 AM
                                                  #738
A contract is considered to be a void contract if it can't be enforced because of a statute of limitations.
Is this true or false ?
Take your time. The solution is posted bel;ow the royalty free wildlife photo.


A. False
If a statute of limitations is involved we have an expired contract.
Contracts are considered void if some absolutely necessary component was removed from the contract renedering it unenforceable.
The contract will have no legal impact.
… (0 comments)

Real Estate Practice : Lesson 737 - 07/19/10 01:21 AM
                                                         #737
If an option to purchase real estate has been recorded but has never been worked out, the option may always be reverted to a form of protection or collateral for a new loan.
Is this true or false ?
Take your time. The solution is posted below the wildlife photo.

A. False
If the option is recorded and has never been carried out it creates a cloud on the title and may only be cleared by obtaining a release from the optionee.
… (0 comments)

Real Estate Practice : Lesson 736 - 07/19/10 01:20 AM
                                                     #736
A latent defect never has to be disclosed to a buyer because of the confidential nature of the relationship the broker has with the seller.
Is this fact true or false ?
Take your time. The solution is posted below the wildlife photo.

A. False
A latent defect always has to be disclosed to the buyer by the seller or by the seller's broker.
… (0 comments)

Real Estate Practice : Lesson 735 - 07/19/10 01:18 AM
                                                            #735
When we talk about a latent defect we're speaking of a defect endemic to a particular property and obvious.
Is this true or false ?
Take your time. The solution is posted below the wildlife photo.

A. False
A latent defect is never obvious and is usually a hidden defect on a property.
… (0 comments)

Real Estate Practice : Lesson 734 - 07/19/10 01:17 AM
                                                           #734
When we spedak about a dual agency, a rule of thumb is that any time an agent assumes dual agency the dual agent is obligated to disclose all confidential information to both parties.
Is this true or false ?
Take your time. The solution is posted below the wildlife photo ?

A. False
A dual agent has an obligation to keep all confidential information confidential between the parties, and to not disclose confidential information to either party in the dual agency relationship.
The cardinal rule is to not disclose either parties negotiating position.
… (0 comments)

Real Estate Practice : Lesson 733 - 07/19/10 01:15 AM
                                                              #733
If a listing broker negotiates the sale of a property with a ready, willing and able buyer and all of the terms established between the buyer and seller are met, and correspond with the terms of the listing agreement, if the seller decides not to sell the property the seller isn't obligated to pay the broker a commission.
Is this true or false ?
Take your time. The solution is posted below the wildlife photo.

A. False
If all of the terms of the listing agreement are met and the broker has presented a ready, willing and able buyer … (0 comments)

Are You Being Stiffed By Your Homeowners Insurance Underwriter ??? - 07/19/10 01:05 AM
                                                   
                                                                                                  
I received a letter recently from my homeowner's insurance provider with an increase in my premium.
I contacted my insurance agent and he began explaining how "the economy has affected their business and they had to increase the premium for everyone in order to have the much needed revenue to process new claims."
I didn't buy that stupid garbage at all. Arrrrgh !!!!
I've been with the same underwriter for years and have never filed a claim.
I also noticed that the insured value of my home was inflated in the policy and out of step with the … (4 comments)

Real Estate Practice : Lesson 732 - 07/12/10 03:29 PM
                                                            #732
When an agreement to purchase real estate is created, a purchase agreement, it must state what the methods of payment will be from the buyer, the type of financing terms arranged by the buyer, the listing price of the property, and the total purchase price of the property.
Is this true or false ?
Please take your time. The solution is posted below the wildlife photo.

A. False
The agreement to purchase does not have to include the listing price, but all of the other considerations are included.
 
… (0 comments)

Real Estate Practice : Lesson 731 - 07/12/10 03:27 PM
                                                                   #731
When a provision is added to a contract for the purchase of property (a purchase agreement) that states the contract will not become a binding contract unless the buyer has secured the financing necessary for the purchase of the property this provision is commonly referred to as a clause attesting to the defeasability of occupancy.
Is this considered to be true or false ?
Take your time. The solution is posted below the wildlife photo,

A. False
Whenever a provision is included in apurchase and sale agreement that makes the purchase contingent on the occurrence of financing this … (0 comments)

Real Estate Practice : Lesson 730 - 07/12/10 03:25 PM
                                                       #730
When a safety clause is added to a contract for the listing of a property it basically creates a measure of safety for the broker which effectively entitles the broker to a commission if the property is sold within a specified time, after the listing contract has expired, to a buyer that the broker had shown the property to during the term of the listing agreement.
Is this true or false ?
Take your time. The solution is posted below the wildlife photo.

A. True
The safety clause may be established for a set amount of time with a definite expiration date … (0 comments)

Real Estate Practice : Lesson 729 - 07/12/10 03:24 PM
                                                                   #729
For a lease to be considered a binding contract it always has to be signed by the tenant.
Is this considered to be true or false ?
Remember to take your time. The solution is posted below the wildlife photo.

A. False
The best policy is always to have both the landlord and the tenant sign the lease agreement, but the only person that need to sign the lease for it to become a valid lease is the landlord.
If the tenant pays the rent and takes possession of the property it's taken for granted that the tenant … (0 comments)

Real Estate Practice : Lesson 728 - 07/12/10 03:21 PM
                                                           #728
If a tenant farmer decides to build a hen house and a building for his tractor, who do these buildings belong to ?
Take you time. The solution is posted below the wildlife photo.

A. The tenant.
If the tenant constructs a building on the property he owns it, unless other arrangements are made with the property owner.
… (0 comments)

Real Estate Practice : Lesson 727 - 07/12/10 03:20 PM
                                                                 #727
If the buildings were blown to smithereens, vaporized, bombed, imploded or torn to pieces and the land is still there, what example has been established by recognizing that the land still in place ?
 
A. The indestructability of the land.
This is one of the most prominent aspects of land. Land, essentially, cannot be destroyed. It can be moved and displaced from the surface, but it extends to the center of the earth.
… (0 comments)

Real Estate Practice : Lesson 726 - 07/12/10 03:18 PM
                                                            #726
If a landownber has posted a "no trespassing" or "no hunting"  sign on his or her property, what stick in the bundle of legal rights is this person exercising ?

A. The right of exclusioon.
The right of exclusion gives the landowner the right to say who or what has a right to be on their property.
The other rights included in the bubdle of legal rights are the rights of "control", "enjoyment" and "disposition".
… (0 comments)

Real Estate Practice : Lesson 725 - 07/12/10 03:17 PM
                                                               #725
When we consider the methods of annexation, adaptation and the type of agreement, these are considered the legal tests for determining whether or not an item is land or real estate ?
True or false ?

A. False
The method of annexation, the type of adaptation, and the kind of agreement entered into are the legal tests for considering whether or not an item is real property or personal property.
In brief, the county assessors office might have more to do with whether or not an item is to be considered real property or personal property.
… (0 comments)

Real Estate Practice : Lesson 724 - 07/12/10 03:15 PM
                                                               #724
If a property owner doesn't want to deal with the day to day task of managing an apartment complex or any other form of rental property the owner can hire a developer.
Is this true or false ?
Take your time. The answer is posted below the wildlife photo.

A. False
The property owner would hire a property manager to manage the property and see to the day to operation of it's affairs.
… (0 comments)

Real Estate Practice : Lesson 723 - 07/12/10 03:13 PM
                                                                #723
Appraisal, financing, property management, and real estate developement are all specializations directly linked to state and governmental finance policies.
Is this true or false ?
Take your time. The solution is posted below the wildlife photo.

A. False
Financing, property management, appraisal and developement are considered separate professions within the real estate industry.
… (0 comments)

Real Estate Practice : Lesson 722 - 07/05/10 11:15 AM
                                                      #722
When the population of a town suddenly increases demand for housing will start to decrease and so will real estate prices.
Is this true or false ?
Take your time. The answer is posted below the wildlife photo.

A. False
The opposite is true.
The demand for housing will begin to increase and home prices will start to follow the trend.
Prices will increase.
… (0 comments)

Real Estate Practice : Lesson 721 - 07/05/10 11:13 AM
                                                         #721
If an option to purchase real estate has been recorded but has never been worked out, the option may always be reverted to a form of protection or collateral for a new loan.
Is this true or false ?
Take your time. The solution is posted below the wildlife photo.

A. False
If the option is recorded and has never been carried out it creates a cloud on the title and may only be cleared by obtaining a release from the optionee.
… (0 comments)

Real Estate Practice : Lesson 720 - 07/05/10 11:12 AM
                                                  #720
A contract is considered to be a void contract if it can't be enforced because of a statute of limitations.
Is this true or false ?
Take your time. The solution is posted bel;ow the royalty free wildlife photo.


A. False
If a statute of limitations is involved we have an expired contract.
Contracts are considered void if some absolutely necessary component was removed from the contract renedering it unenforceable.
The contract will have no legal impact.
… (0 comments)

Real Estate Practice : Lesson 719 - 07/05/10 11:10 AM
                                                             #719
When we talk about REALTORS® we're talking about professionals that are members of the National Association of Real Estate Brokers.
Is this true or false ?
This is a very tough question, so please take your time before you scroll down below the wildlife photo for your solution.


A. False
When we talk about members of the National Association of Real Estate Brokers we're referring to Realists.
When we talk about REALTORS® we're talking about members of the National Association of REALTORS®.

All wildlife photos are royalty free.
… (0 comments)

Real Estate Practice : Lesson 718 - 07/05/10 10:58 AM
                                                      #718
When we speak of the statute of frauds we're talking about a law which requires that all contracts must contain a provision for habendum clause.
Is this true or false ?
Take your time. The solution is posted below the wildlife photo

A. False
The statute of frauds is a statute that requires that contracts must be signed and in writing by the parties to the contract.
Habendum clause is a clause placed after a granting clause in a deed which will begin with the words "to have and to hold" and will indicate the type of the estate … (0 comments)

Real Estate Practice : Lesson 717 - 07/05/10 10:54 AM
                                                  #717
A contract can be discharged, terminated and cancelled if it is breached by any party to the contract, and any liability for the contract is also terminanted.
Is this true or false ?
Take your time. The solution is posted below the wildlife photo.

A. False
If a contract is breached the contract may not be cancelled or discharged.
The breach will violate the duty to carry out a contractual obligation in the contract and is not an excuse to terminate the contract.
Failure to perform is not excusable in a breach of contract.
… (0 comments)

Real Estate Practice : Lesson 716 - 07/05/10 10:51 AM
                                                    #716
If a clause is included in a contract that will award five thousand dollars to one party if the other part breaches the contract, and the party receiving the five thousand dollars cannot sue the party that breaches the contract for more than five thousand dollars, this clause is known as a just compensation clause.
Is this true or false ?
Take your time. The soution is npoosted below the wildlife photo.

A. False
This type of clause is known as a liquidated damamges clause .
Just compensation is a Constitutional entity that requires the government to fairly … (0 comments)

Real Estate Practice : Lesson 715 - 07/05/10 10:49 AM
                                                         #715
Special assessment taxes are transfer taxes imposed at closing and affect the transfer of deed, are mandated by the state, and derive revenue from real property sales.
Is this true or false ?
Take your time. The solution is posted below the wildlife photo.

A. False
A special assessment tax is generally considered to be the same thing as an improvement tax which would be imposed for the purpose of paying for improvements, such as paving a street or road.
… (0 comments)

Real Estate Practice : Lesson 714 - 07/05/10 10:48 AM
                                                     #714
In order to obtain a nonconforming use permit a property owner has to demonstrate to the zoning commission that denial of the use the property currently supports would create a hardship.
Is this true or false ?
Take your time. The soultion is posted below the royalty free wildlife photo.

A. False
A petition for variance is what the owner is seeking and would allow modifications or improvement to a property which is restricted by a zoning ordinance.
 
… (0 comments)

Real Estate Practice : Lesson 713 - 07/05/10 10:46 AM
                                                        #713
If the owner of a property believes that their property was unfairly or improperly zoned by their zoning commission the owner should apply for a conditional use permit.
Is this true or false ?
Take your time. The solution is posted below the wildlife photo.

A. False
A conditional use permit  is a permit that would permit a special use of a property in a neighborhood where the type of use being applied for would normally be prohibited because of zoning ordinances.
If the owner believes the property was not zoned correctly the owner should petition for an amendment … (0 comments)

 
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David Saks

Broker

Memphis, TN

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The Real Estate Mart of Tennessee, Inc.

Address: 4040 North Watkins, Suite #4, Memphis, TN, 38127

Office Phone: (901) 357-4663

Cell Phone: (901) 217-4114

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Legal Disclaimer:

The information and notices contained in this blog are intended to summarize recent developments and news. The posts are presented as general research and information. These posts are not intended, nor should be regarded, as legal advice. Some blog posts concern allegations made in civil lawsuits and in criminal indictments in United States Courts. All persons are presumed innocent until convicted of a crime and proven guilty. Readers who have particular questions or who believe that they need legal counsel should seek the advice of a qualified attorney. It is neither the editor's or author's intention to create a confidential relationship or any broker-client relationship via communication from this site at any time. Please consult with your state real estate board if questions & answers in the education section conflict with the laws of your region or if you need clarification regarding their applicability or how they may govern the services that you provide.

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