Real Estate Brokerage and Agency
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Real Estate Brokerage and Agency - Leaderboard
Real Estate Brokerage and Agency - Details
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| 🇬🇧 | 🇬🇧 |
| FSBO | For Sale by owner |
| Limited Service Brokers | "unbundle" the traditional full service and will list, advertise, and possibly provide other services but, for a lessor commission, let the seller make appointments, show the property and settle on the price. |
| Fee for service brokers | Encourage sellers to sell their own property and then help close the sale for a fee covering only the service rendered. |
| What needs to be between an Office principle and his Sales people | A written agreement stating the obligations and responsibilities of the relationship |
| The principal is liable for any wrongful acts of his agent while the agent is acting in his behalf under the legal theory of ... | Vicarious liability |
| A broker working for both a buyer and a seller on the same property with the informed consent of both parties is considered to be a ... | Informed dual agent |
| Special Agent | One authorized to perform only a specified act or to conduct a particular transaction. |
| General Agent | Authorized to perform all acts associated with the continued operation of a specific job or a certain business, such as a property manager of an apartment complex. |
| Universal Agency | Gives authorization to act for a principal in all areas, such as in a power of attorney. |
| Express Authority | That authority granted an agent explicitly either orally or in writing, such as a listing. |
| Implied Authority | The authority granted an agent to accomplish all things necessary and incidental to the express authority granted but which is not specifically set forth. |
| Apparent Authority | In situations where innocent third persons suffer because of a secret limitation on an agent's powers or because of authority not actually granted but which an agent "appears" to have, the courts impose apparent authority as a matter of law. |
| The three basic classes of zoning are | Residential, commercial, and industrial |
| A non-conforming use is | One which existed prior to enactment or revision of current zoning |
| A zoning ordinance could validly affect which of the following | All of the above |
| A buffer zone is one which | Separates residential areas from other types of zoning |
| The Interstate Land Sales Act regulates | Sale or lease within the state of of out-of-state unimproved subdivision lots |
| A parcel containing dwellings grouped closely together in one section and the rest maintained as open space will likely be a | Cluster development |
| A wishes to list a 20,500 square foot lot in a flood plain district with you as his broker. You should: | Check first at town hall to see if the lot can be built upon |
| A developer wishing to fill a small portion of a wetland in order to comply with local zoning should first contact the | Conversation commission |
| The MA Environmental Policy Act | Requires an environmental impact report for conversion of wetlands |
| Development of large tracts of undeveloped land may require the filing of | An environmental impact report |
| The presence of asbestos must be disclosed to a prospective buyer | Before signing a P&S |
| A seller cannot discriminate because of children under six in the sale of a property containing | Lead paint |
| A's house, completed in December 1970, heated by steam, is being shown by broker B to prospect B to prospect C who has children aged 9,7,5, and 3. Broker B must | Advise C the property may have lead paint |
| Title 5 requires inspection of sewage systems | Within 2 years before a transfer of title |
| A added fill to his river front without a permit to build a pier. A, transferred suddenly, sold to B. B is | Liable to restore the real estate to its former condition |
| If found, lead paint must be removed from which of the following | 5 ft up interior walls and exterior siding |
| The Board of Registration of Real Estate Brokers and Salespersons was created to... | Administer the License law |
| Any Salesperson that associates with a broker must have a... | Valid, active salesperson's license. |
| Upon the death of a sole proprietor, the board will issue a... | Temporary license good for one year from the broker's date of death. |
| When a license is issued to a corporation, at least one officer or partner must obtain a .......all real estate activities. | Broker's license in her own name, and that officer is designated to perform |
| Upon receipt of a verified, written complaint, the board will hold a _________Should it be determined that the licensee has violated any part of the license law, the board may... | Hearing to review the facts.....suspend, revoke, or refuse to renew the licensee's license. |
| A licensed broker must promptly notify the board of any changes in his place of business (within ____ days). Failure to do so is ... | 30....grounds for revocation of the broker's license. |
| All offers must be presented forthwith to the______. It is up to the owner to decide if an offer is ____. | Property owner ... to low |
| When a person in MA purchases a property, the title is split between the mortgage (bank), who takes__________ , and the mortgagor (owner), who takes the _____title. This splitting of the title makes MA a ______. | Legal title to the property...equitable ....title theory state |
| A mortgagor (owner) who grants property to a mortgagee (bank) uses a document similar to a_______. This document contains provisions for the mortgagor (owner) to get the property back by fulfilling certain conditions, such as _______________, __________, ______________, ____________________, and so on. | Warranty deed....pay back the money borrowed with interest, Keep the property insured, pay the taxes, keep the property in good repair, |
| The advertisement must be in the ______________published in the ______in which the property is located (referring to a foreclosed home being advertised) | General circulation newspaper..... County |
| Prior to the foreclosure sale, the _____ can cure all faults; once a foreclosure sale has occurred, however, the borrower has no _________________. | Borrower ......redemption period |
| A lease for more than one year must be in writing in order to satisfy the _________. | Statute of frauds |
| A landlord who interferes with a tenant's right of quiet enjoyment may be subject to a _____and ________, as well as damages of up, to _____months' rent | Fine... imprisonment....... three |
| The owner of a rented space is called the ____________. | Landlord or lessor |
| The MA consumer __________ regulates the rights and obligations of landlords and tenants. | Protection act |
| At the commencement of a lease, the landlord may collect _____and ______ rent, as well as a________ equal to one month's rent for a total of three months' rent, in advance. | First .... last month's rent......... security deposit |
| Appraisers are required to be certified or licensed by the state of MA unless the transaction is not _____________. | Federally related |
| In MA, an appraiser is required to be a certified _______, certified _______, ______, or _____appraiser. | Certified general, certified residential, licensed, or trainee appraiser. |
| A licensed real estate broker or ______may provide to a prospective seller their opinion of value but may not call it an _____. | Salesperson... appraisal |
| A state-certified appraiser may appraise any type of property, while a state-certified residential appraiser may appraise only _________. | Residential property |
| A real estate appraiser examination, which is taken only once, includes r__________, _________, ________, and _____. | Real estate law, theory of depreciation, methods of capitalization, ... economics |
| The _______________ will hear objections from any residential property owner who feels their property has been improperly zoned. | Zoning board of appeals |
| ______ and ______controls are the two major functions of local and regional planning boards. | Planning .... Subdivsion |
| _____ are defined as land divided into two or more lots that do not front on a public or approved road. | Subdivisions |
| A subdivider looks for the highest and best use of the land. Subdivision controls have to do with _____and _____of the subdivision residents. | Safety .... protection |
| Veteran's status, marital status, and persons receiving public assistance are ______________ in MA. The act of filing bankruptcy is not a_____________. | Protected classes....protected classes |
| Both_______and sexual orientation are protected classes under the MA anti-discrimination laws | Handicap status |
| The _______ requires a contract for the sale of real estate be in writing to be enforceable | Statue of Frauds |
| A _______ __________ clause permits the seller to retain all or part of the earnest money deposit as liquidated damages in the event of the buyers default | Liquidated damages |
| Sub agent | An agent acting for another agent on performing functions undertaken for a principal. |