Assistant SAE Practice Test Extensive Questions with Correct and
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Terms in this set (87)
a broker's price opinion (BPO).
A divorce attorney hires a
broker to (The answer is a broker's price opinion (BPO). A BPO is
determine the value of the a broker's opinion of the value of a particular property,
property the couple owns. often in the form of a comparative market analysis
The broker will MOST likely (CMA).
prepare: The BPO may not be labeled an appraisal, which may only
be conducted by a state licensed or certified appraiser.
The sales comparison approach is used in both the
BPO and an appraisal. The cost approach is used when
conducting an appraisal.)
void.
A broker took a listing and
later discovered that the (The answer is void. A contract made by a person who has been
adjudicated
client had been declared
incompetent is void because the judgment of sanity is
legally
a matter of public record. The contract is not valid or
incompetent before signing
voidable because it is missing the essential element
the listing. The listing is now:
of
competency or competent parties.)
,A couple enters a real an implied agency relationship with the buyers.
estate office asking to see
a property listed with (The answer is an implied agency relationship with the
another buyers. The salesperson has unintentionally created an
brokerage office. A real agency relationship with the buyers. There is no formal
estate salesperson calls the oral or written agency contract with the buyers. Express
listing agent and makes an agency occurs when two parties enter into an oral or
appointment to show the written formal agency agreement. Universal agency
property. Without having empowers the agent to do anything the principal could
the couple sign a written do personally, such as that authorized by a power of
buyer agency contract, the attorney. General agency allows the agent to act for
salesperson drives the the principal in a wide range of matters, as authorized,
couple to the house, and for example, in a property
management contract.)
even recommends that
before they buy the house,
they secure an
independent
property inspection. He
also confides to the couple
that he knows the owners
are getting a divorce and
want to sell the house
quickly. In this case, the
salesperson has created:
If the closing date passes and no closing takes place,
the party who failed to close is considered to be in
A buyer and a seller agree
default.
on a purchase price of
$200,000 for a house. The
(The answer is if the closing date passes and no closing
contract contains a clause
takes place, the party who failed to close is
stating that "time is of the
considered to in default. The nondefaulting party may
essence." Which
have remedies to retain the earnest money (liquidated
statement is TRUE?
damages) or to sue the defaulting party to perform the
contract terms (specific performance).)
, Equitable
A buyer and a seller have
entered into a
binding contract for the sale (The answer is equitable. The buyer has equitable title,
of real estate. During this which recognizes that he has an interest but has not
phase and until closing, the received legal title. Legal title will pass at closing
buyer has which type of when the
seller gives the buyer the deed.)
title?
chain of title.
(The answer is the chain of title. A chain of title is the
The historical records of all historical record of a property's ownership and
owners and encumbrances. Each owner is linked to the next so
encumbrances of a specific that a chain is formed. A title search is the process of
parcel of real estate is known examining the chain of title for defects or
as: errors. A title commitment lists current encumbrances and any
defects found in the
title upon completing the search. An abstract of title is
a historical summary report of what the title search
found in the public record; only when coupled with a
title opinion can the buyer know if there are title
issues.)
uses descriptions moving in a set direction.
(The answer is uses descriptions moving in a set
direction. A metes-and-bounds description starts at a
A metes-and-bounds legal point of beginning (POB) and moves clockwise
description: around the boundaries, always ending back at the
POB so that the described tract is completely
enclosed. The metes-and-bounds, government
survey, and lot and block are all
accepted in courts. The method may be used in areas included in
the rectangular
survey system. The metes-and-bounds method is often
used to survey large parcels of land before the
parcels are broken into subdivision plats.)
Verified Answers. The Latest Updated Version for + Results!
Terms in this set (87)
a broker's price opinion (BPO).
A divorce attorney hires a
broker to (The answer is a broker's price opinion (BPO). A BPO is
determine the value of the a broker's opinion of the value of a particular property,
property the couple owns. often in the form of a comparative market analysis
The broker will MOST likely (CMA).
prepare: The BPO may not be labeled an appraisal, which may only
be conducted by a state licensed or certified appraiser.
The sales comparison approach is used in both the
BPO and an appraisal. The cost approach is used when
conducting an appraisal.)
void.
A broker took a listing and
later discovered that the (The answer is void. A contract made by a person who has been
adjudicated
client had been declared
incompetent is void because the judgment of sanity is
legally
a matter of public record. The contract is not valid or
incompetent before signing
voidable because it is missing the essential element
the listing. The listing is now:
of
competency or competent parties.)
,A couple enters a real an implied agency relationship with the buyers.
estate office asking to see
a property listed with (The answer is an implied agency relationship with the
another buyers. The salesperson has unintentionally created an
brokerage office. A real agency relationship with the buyers. There is no formal
estate salesperson calls the oral or written agency contract with the buyers. Express
listing agent and makes an agency occurs when two parties enter into an oral or
appointment to show the written formal agency agreement. Universal agency
property. Without having empowers the agent to do anything the principal could
the couple sign a written do personally, such as that authorized by a power of
buyer agency contract, the attorney. General agency allows the agent to act for
salesperson drives the the principal in a wide range of matters, as authorized,
couple to the house, and for example, in a property
management contract.)
even recommends that
before they buy the house,
they secure an
independent
property inspection. He
also confides to the couple
that he knows the owners
are getting a divorce and
want to sell the house
quickly. In this case, the
salesperson has created:
If the closing date passes and no closing takes place,
the party who failed to close is considered to be in
A buyer and a seller agree
default.
on a purchase price of
$200,000 for a house. The
(The answer is if the closing date passes and no closing
contract contains a clause
takes place, the party who failed to close is
stating that "time is of the
considered to in default. The nondefaulting party may
essence." Which
have remedies to retain the earnest money (liquidated
statement is TRUE?
damages) or to sue the defaulting party to perform the
contract terms (specific performance).)
, Equitable
A buyer and a seller have
entered into a
binding contract for the sale (The answer is equitable. The buyer has equitable title,
of real estate. During this which recognizes that he has an interest but has not
phase and until closing, the received legal title. Legal title will pass at closing
buyer has which type of when the
seller gives the buyer the deed.)
title?
chain of title.
(The answer is the chain of title. A chain of title is the
The historical records of all historical record of a property's ownership and
owners and encumbrances. Each owner is linked to the next so
encumbrances of a specific that a chain is formed. A title search is the process of
parcel of real estate is known examining the chain of title for defects or
as: errors. A title commitment lists current encumbrances and any
defects found in the
title upon completing the search. An abstract of title is
a historical summary report of what the title search
found in the public record; only when coupled with a
title opinion can the buyer know if there are title
issues.)
uses descriptions moving in a set direction.
(The answer is uses descriptions moving in a set
direction. A metes-and-bounds description starts at a
A metes-and-bounds legal point of beginning (POB) and moves clockwise
description: around the boundaries, always ending back at the
POB so that the described tract is completely
enclosed. The metes-and-bounds, government
survey, and lot and block are all
accepted in courts. The method may be used in areas included in
the rectangular
survey system. The metes-and-bounds method is often
used to survey large parcels of land before the
parcels are broken into subdivision plats.)
