| The doctrine of prior appropriation | is most likely to be followed in states where water is scarce |
| 3 identitcal homes in a neighborhood were listed at the same time in a market where demand was constant | the first home would have sold for the lowest |
| an appraiser must be licensed | to handle federally related work on residential property valued at more than $250,000 |
| economic or external obsolescence | when a commercial property lost value because a recently constrcuted highway moved traffic away from the property |
| what is the high risk income where a loan will be refused | commissions - the equal credit opportunity act allows a lender to refuse the loan as a high risk |
| FHA | functions most like an insurance company |
| Regulation z | regulates the advertisement of a lenders credit terms |
| If an agent is no longe the listing agent and receives a call about the listing | they should inform the buyer that they are no longer the listing agent |
| commissions are earned when | the seller accepts the offer |
| exclusive listing agency | the owners may sell their house themselves and pay no commission |
| dual agency | it is impossible for the licensee to fully perform for either party through the traditional common law agency duty of loyalty |
| management agreement | agency relationship between property owner and a property manager is created by |
| 10 year ago termite treatment | tell the seller to disclose the termite treatment on the property disclosure |
| unilateral contract | terms of contract indicate that Party A will be obliged to perform her part of the contract only if Party B chooses to take a certain action |
| contract terminated | seller had contracted for sale of the entire property without the knowledge or consent of the other joint tenant |
| the owner can accept a 2nd offer | if the owner withdraws the counteroffer before it is accepted |
| sue for specific performance | the seller agrees to include all kicthen appliances in the sale and this was included in the contract, but the seller takes the appliances with him |
| the buyer cannot legally compell a minor to sellf | minors are not considered a legal sale / buyer / seller |
| if the broker violates terms of a contract | the seller can cancel the listing at any time without legal liability |
| option contract | contract obliges the seller to convery titile to their land to the buyer if the buyers come up with $22,000 before dec 31 |
| MOST real estate transactions should be reported to IRS | including name, ssn, and the sale price |
| title insurance | the policyholder may still suffer loses arising from land use change due to zoning ordinances |
| debit seller, credit buyer | At the closing on June 15, the buyer is assuming a mortgage presently on the property, on which the monthly interest charge is currently $600. The seller has made the payment due on June 1. Assuming a VA mortgage, what is the adjustment made at closing? |
| return the funds to the purchasers | return the deposit if the investors give the deposit back to be used for the next purchase |
