David Saks

Real Estate Practice : Lesson 434

David Saks - Broker (The Real Estate Mart of Tennessee, Inc.) — Mon, 30 Nov 2009 01:18:23 -0600

#434

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.

Real Estate Practice : Lesson 433

David Saks - Broker (The Real Estate Mart of Tennessee, Inc.) — Mon, 30 Nov 2009 01:15:59 -0600

#433

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 to the seller, and all of the terms as set forth in the listing agreement have been met, the seller owes the broker a commission whether or not the seller sells the house to the buyer presented by the broker.

Real Estate Practice : Lesson 432

David Saks - Broker (The Real Estate Mart of Tennessee, Inc.) — Mon, 30 Nov 2009 01:15:21 -0600

#432

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.

Real Estate Practice : Lesson 431

David Saks - Broker (The Real Estate Mart of Tennessee, Inc.) — Mon, 30 Nov 2009 01:14:08 -0600

#431

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 type of provision is known as a contingency clause.

(You knew that !) :-)

Real Estate Practice : Lesson 430

David Saks - Broker (The Real Estate Mart of Tennessee, Inc.) — Mon, 30 Nov 2009 01:13:17 -0600

#430

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 and will entitle the broker to a commission if the property, listed in the listing contract, is sold to any buyer that the broker had shown the property to or negotiated with during the term of the listing agreement, and entitles the broker to a commission after the listing agreement expires.

Real Estate Practice : Lesson 429

David Saks - Broker (The Real Estate Mart of Tennessee, Inc.) — Mon, 30 Nov 2009 01:12:35 -0600

#429

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 has accepted the termsa of the lease.

Real Estate Practice : Lesson 428

David Saks - Broker (The Real Estate Mart of Tennessee, Inc.) — Mon, 30 Nov 2009 01:11:25 -0600

#428

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.

Real Estate Practice : Lesson 427

David Saks - Broker (The Real Estate Mart of Tennessee, Inc.) — Mon, 30 Nov 2009 01:10:06 -0600

#427

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.

Real Estate Practice : Lesson 426

David Saks - Broker (The Real Estate Mart of Tennessee, Inc.) — Mon, 30 Nov 2009 01:09:38 -0600

#426

If a landownber has npoated 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".

Real Estate Practice : Lesson 425

David Saks - Broker (The Real Estate Mart of Tennessee, Inc.) — Mon, 30 Nov 2009 01:09:06 -0600

#425

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.

Real Estate Practice : Lesson 424

David Saks - Broker (The Real Estate Mart of Tennessee, Inc.) — Tue, 24 Nov 2009 18:34:18 -0600

#424

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.

Real Estate Practice : Lesson 423

David Saks - Broker (The Real Estate Mart of Tennessee, Inc.) — Tue, 24 Nov 2009 18:32:43 -0600

#423

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.

Real Estate Practice : Lesson 422

David Saks - Broker (The Real Estate Mart of Tennessee, Inc.) — Tue, 24 Nov 2009 18:31:01 -0600

#422

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.

Real Estate Practice : Lesson 421

David Saks - Broker (The Real Estate Mart of Tennessee, Inc.) — Mon, 23 Nov 2009 14:43:38 -0600

#421

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.

Real Estate Practice : Lesson 420

David Saks - Broker (The Real Estate Mart of Tennessee, Inc.) — Mon, 23 Nov 2009 14:40:14 -0600

#420

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.

Real Estate Practice : Lesson 419

David Saks - Broker (The Real Estate Mart of Tennessee, Inc.) — Mon, 23 Nov 2009 14:16:21 -0600

#419

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.

Real Estate Practice : Lesson 418

David Saks - Broker (The Real Estate Mart of Tennessee, Inc.) — Mon, 23 Nov 2009 13:44:44 -0600

#418

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 acquired by the grantee.

Real Estate Practice : Lesson 417

David Saks - Broker (The Real Estate Mart of Tennessee, Inc.) — Mon, 23 Nov 2009 13:23:55 -0600

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.

Real Estate Practice : Lesson 416

David Saks - Broker (The Real Estate Mart of Tennessee, Inc.) — Mon, 23 Nov 2009 13:12:47 -0600

#416

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 compensate a property owner when the property owner's property is taken under eminent domain.

Liquidated damages is the full amount of money that parties to a contract will agree to in advance if there is a breach of contract.

Real Estate Practice : Lesson 415

David Saks - Broker (The Real Estate Mart of Tennessee, Inc.) — Mon, 23 Nov 2009 12:33:30 -0600

#415

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.

Real Estate Practice : Lesson 414

David Saks - Broker (The Real Estate Mart of Tennessee, Inc.) — Mon, 16 Nov 2009 20:07:24 -0600

#414

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.

Real Estate Practice : Lesson 413

David Saks - Broker (The Real Estate Mart of Tennessee, Inc.) — Mon, 16 Nov 2009 20:06:40 -0600

#413

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 to a zoning ordinance known as a rezone which would change the types of uses allowed by the prevailing zoning ordinance.

Real Estate Practice : Lesson 412

David Saks - Broker (The Real Estate Mart of Tennessee, Inc.) — Mon, 16 Nov 2009 20:06:01 -0600

When new zoning ordinances become law and become effective nonconfroming uses are only allowed a period of 90 days to become compliant with the new ordinances and will not be allowed to continue after that time.

Is this true or false ?

Take your time. The solution is posted below the wildlife photo.

A. False

Nonconforming uses, or building uses which were in effect before the new ordinances became effective, are usually allowed to continue in the use for which they were designed .

The use of the building may not be spread out, it may not be taken up again if the building is abandoned and the building may not be rebuilt if it has been destroyed.

Real Estate Practice : Lesson 411

David Saks - Broker (The Real Estate Mart of Tennessee, Inc.) — Mon, 16 Nov 2009 20:05:15 -0600

#411

Land use control laws are created to insure that certain properties remain profitable and make money for the owners.

Is this true or false ?

Take your time time. The solution is posted below the wildlife photo.

A. False

Land use controls may ensure that population density and growth are controlled and that properties remain in a compatible stage with the restrictions.

Profitability is not a concern of land use controls.

Real Estate Practice : Lesson 410

David Saks - Broker (The Real Estate Mart of Tennessee, Inc.) — Mon, 16 Nov 2009 20:04:37 -0600

#410

Particular conditions may arise that require an environmental impact statement to be prepared because of the events demanding it.

This requirement is known as CERCLA, the Comprehensive Environmental Response, Compensation and Liability Act.

Is this true or false ?

Take your time. The solution is posted below the wildlife photo.

A. False

The requirement to prepare an environmental impact statement is regulated by NEPA, the National Environmental Protection Act and requires the preparation of an environmental impact statement whenever an action is taken by the federal government, and that action will be considered to have an important consequence or change on the environment.