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45 - Hour Post-Licensing Completion
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⩥ A contract that violates a rule intended for the protection of private parties, as when a party lacked capacity or did not give free consent at the time the contract was made is said to be: Answer: relatively null ⩥ If a court is called upon to determine the intent of the parties to a contract based upon the language in the contract, the court will interpret the contract _____ the party that did not draft it. Answer: in favor of ⩥ Another, more common, name for a mandate or procuration is: Answer: Power of attorney ⩥ Regarding damages as specified in a contract, the right to specific performance and other remedies may be controlled by the: Answer: contract ⩥ Is it permissible for a Trustee to buy, sell, or mortgage immovable property for the trust? Answer: YES, as long as the trust document does not prohibit such an act ⩥ Fill in the blank with the correct answer to this statement: In a contract where one party obligates himself to another without obtaining any advantage in return, the contract is referred to as: Answer: gratuitous
⩥ Redhibition concerns: Answer: the condition of the property ⩥ A(n) __________ is an agreement in which a party promises not to sell a thing without first offering it to a certain person. Answer: Right of first refusal ⩥ Unless otherwise stipulated, the time for acceptance of a right of first refusal is: Answer: 30 days ⩥ Parties may stipulate the damages to be recovered in case of nonperformance, defective performance, or delay in performance of an obligation. These are called: Answer: Liquidated damages ⩥ Under the concept of "Fitness for Use," anything sold must be fit for its: Answer: Ordinary use ⩥ A buyer agency agreement is an agreement between: Answer: a broker and a buyer ⩥ What eventually happens to the deposit given when a purchase agreement is executed? Answer: When the sale closes it is given to the seller as a portion of the purchase price. ⩥ Fill in the blank: Regarding a contract where both parties are in error ("mutual error" by both Buyer and Seller) then courts are more likely to grant ________of the contract. Answer: rescission
⩥ True or False: Sellers of commercial property are not obligated to make environmental or wetlands disclosures? Answer: True ⩥ An obligation is a legal relationship whereby a person, called the_____, is bound to render a performance in favor of another, called the_____. Performance may consist of giving, doing, or not doing something Answer: obligor, obligee ⩥ Just as obligations are extinguished by performance, they are __________by a party's failure to perform. Answer: breached ⩥ Most purchase agreements fall into which of the following categories? Answer: Private signature ⩥ Properties are often purchased subject to re-zoning or re-subdividing. Which party is usually responsible for signing to permit re-zoning or re- subdividing? Answer: Seller ⩥ The sale of an immovable does not affect third parties until ______. Answer: the Act of Sale is recorded in the public records of the parish in which the immovable is located. ⩥ Building restrictions may be enforced by: Answer: mandatory and prohibitory injunctions.
⩥ The purchase agreement provides that the deposit can be in the form of a credit card, but the card must be processed to assure it does not exceed the credit limit. Answer: False ⩥ Answer the following question as it relates to the 2013 Louisiana Residential Agreement to Buy or Sell. In order to make changes or modifications to the agreement you must: Answer: Use an addendum ⩥ Lines 212-229 of the purchase agreement refer to warranties, as is clauses, and new home warranties. In this section the agent should check Answer: only one box ⩥ In a "sale with warranty" Answer: there is no warranty by the Seller as to apparent or easily discoverable defects ⩥ A "triple net lease" generally refers to one in which the lessee is paying: Answer: property taxes, maintenance, and repair. ⩥ Which of the following statements best describes the use of oral leases in Louisiana? Answer: Leases may be entered into orally; however, an oral lease does not affect third parties. ⩥ In a negatively amortizing loan: Answer: The loan balance increases with each successive payment.
⩥ Many leases provide that the rent for renewal periods be determined by: Answer: a third party. b. fair market value. c. consumer price index ⩥ Common area maintenance charges often include expenses for: Answer: a. common area lighting b. property taxes c. insurance ⩥ In qualifying a title, historical reports called _________, are prepared and recite a complete summary of all recorded documents affecting title to property. Answer: abstract of title ⩥ The___________ buyer has visited with a loan originator and answered Questions regarding his financial and economic status. No credit report has been secured, nor has employment or savings been verified. Answer: Pre-qualified ⩥ In evaluating the borrower, the lender is attempting to assess the four "C's" of credit analysis, credit history, character of the borrower, capacity to repay, and the: Answer: collateral value of the asset pledged ⩥ You have written your first contract on an office listing. The buyers are first timers, and so are you. They ask you to help them find
financing. Your first act should be to: Answer: Look in MLS for the names of the last three agents who had closed listings in the same development. ⩥ Complaints regarding violations of RESPA are filed with the ___ Office of Consumer Affairs for remedies regarding unfair practices involving referral fees and mandatory purchases of title insurance. If violations can be proven, claimants may receive _____ damages on the amount of fees or premiums paid, plus attorney's fees and court costs. Answer: HUD office, triple ⩥ A contract to purchase and sell has been signed by buyer and seller, subject to the buyer getting a conventional loan. For reasons known only to him, the buyer has incorrectly reported his income at a higher amount than is verified by his employers. The buyer no longer qualifies for a conventional loan but the loan originator feels he has a very good chance to be approved for an FHA loan. Is the contract to purchase and sell still valid? Answer: Maybe. It depends on how the contract is written. ⩥ What determines the amount that a veteran is eligible to borrow when using a VA loan? Answer: The CRE, or Certificate of Remaining Eligibility ⩥ An abstract of title is delivered to an attorney who examines the title evidence, and renders an opinion with regard to its quality and possible remedies for defects which have been identified. This opinion, when written, signed by the attorney, and attached to the abstract, in many states, is referred to as a _________. Answer: certificate of title
ownership could not be clearly traced or owners could not be convinced to sell or was subject to some type of environmental contamination that had to be remediated. Answer: Infill ⩥ _____________is the practice of providing office space to employees on an as-needed basis rather than on the traditional, constantly reserved basis. Answer: Hoteling ⩥ Which of the following would NOT be considered a significant user of property management services? Answer: Regional Savings Banks ⩥ The UAD requirement for GSE appraisals indicates that a bath that features just a toilet is to be referred to as a _______ bath. Answer: quarter ⩥ The Section 404 permit from the U.S. Corps of Engineers is required by the: Answer: Clean Water Act ⩥ In appraisal theory, the conclusion of a value is called _______. Answer: reconciliation ⩥ A building component with an expected remaining economic life that is the same as the remaining economic life of the entire structure is known as _______ items. Answer: long-lived
⩥ There are three primary categories of depreciation: physical deterioration, functional obsolescence, and: Answer: external obsolescence ⩥ The age of the improvement(s) based upon the amount of observed deterioration and obsolescence sustained is called: Answer: Effective age. ⩥ When computing area, no portion of the finished area that has a ceiling height of less than _______ feet may be included in finished square footage. Answer: 5 ⩥ Another name for an extended reporting period on E&O insurance is: Answer: tail coverage (ERP) ⩥ Which of the following terms best describes the following statement: "A client shall not be liable for the acts or omissions of a licensee in providing brokerage services for, or on behalf of, the client"? Answer: vicarious liability ⩥ A landlord with a ______________must give back the deposit, or send a letter within ______after the tenant moves out and returns the key Answer: tenante at will, 21 days ⩥ A dual agency shall not be construed to exist in a circumstance in which the licensee is working with both the landlord and tenant, as to a
⩥ When using the market data approach in an appraisal, the appraiser usually compares the subject property to _____similar properties that have sold in the last ______to determine the value of the subject. Answer: 3, six months ⩥ In an ad featuring a team photo, each person must be identified by their: Answer: first and last names. ⩥ The fine for failing to report a change of address or phone number is: Answer: $ ⩥ When disclosing that you are a licensee in transactions in which you have an interest, it is sufficient to use the term "owner/agent". Answer: True ⩥ Flyers and postcards do not have to have a month and year date. Answer: False
