![]() Apparent/Ostensible Agency Authority that does not exist, even though it appears to. The equal dignities rule states that an authorization of agency must have the same formality as the services rendered (so if a written final agreement is required, written agency agreements are probably required as well - think of this as the agency corollary to the Statute of Frauds). Implied Agency Authority that exists because of the principal and agent's actions, even though it is never directly stated. Express Agency Explicitly stated verbally or in writing (e.g. This could be a property manager who handles all aspects of a client's real estate business or a sport's agent who handles the entirety of someone's career. General Agent May represent their principal on matters related to one particular business or activity. The best example here is a CEO of a business who has been given full board approval to make any decisions for any aspect of the business (hiring, investing, purchasing, product development, etc.). When Marty drafts the leases for the apartments, it's important that which of the following documents are included? Tenant Lead Law Notification Form Universal Agent May represent their principal on any matter. Then we divide by $500: $1,121,500 / $500 = 2,243 stamps x $2.28 = $5,114 Marty represents a landlord who owns 5 apartment buildings that were all built between 1950-1970. What did the seller pay in Massachusetts excise stamps? First we must round up to the nearest $500 of value: $1,121,500. A multi-family home in Suffolk County sold for $1,121,075. ![]() Under the Massachusetts Rivers Protection Act, who would be the one to approve or deny the proposed building of a property along a riverfront? The local conservation commission: Under the Massachusetts Rivers Protection Act, which amended the Massachusetts Wetlands Protection Act, local conservation commissions have authority over the construction of property in riverfront areas. In the event that the Real Estate Board renders an unfavorable decision against an agent, how many days does the agent have to return his or her license? 7: An agent must forward his or her real estate license to the Board within 7 days of receiving a suspension or revocation notice, even if the agent files an appeal to the Board's decision. She is not responsible for registering the listing with the Board the property developer is responsible for the registration. Which of the following statements is most correct? She must inform the Board of Registration of her acceptance of the listing: Francine must inform the Board of Registration of her acceptance of the out of state property development listing within 7 days of her acceptance. Which of the following hazardous materials must be disclosed by a real estate agent to a potential buyer? Asbestos Francine, a Massachusetts real estate broker, is offering residents of Boston, Massachusetts a New Hampshire subdivision for sale. In a title theory state, who owns a mortgaged home? The lender: In title theory states, the lender holds legal title (or ownership) to the home for the duration of the mortgage. TILA-RESPA requires that lenders lock in residential home loan terms at least how many day(s) before closing? 3 days: TILA-RESPA requires a 3 day lock-in period before closing for residential loan terms. ![]() She therefore receives a credit of $2,400 - $400 = $2,000, which the buyer owes her at closing. What is the proration on the tax bill that she has paid in advance? Seller gets a credit of $2,000, buyer gets a debit of $2,000: The seller owned the property for one month of the six month period that the taxes have been paid for, so she used $2,400 / 6 months = $400 x 1 month = $400 worth of the taxes, but had paid the full $2,400. On August 1st, a seller pays $2,400 for six months of advance taxes. What will her monthly payments be? $1,468.80: We first must calculate Maggie's loan amount based on her 80% loan to value ration: $300,000 x 0.8 = $240,000. The loan officer tells her that she can get a 30 year loan at a PI factor of 6.12 and an LTV of 80%. Maggie applies for a loan at her local bank to buy a home for $300,000. They are not common for residential loans. ![]() A pre-payment penalty clause would most likely be used for which of the following mortgages? A commercial mortgage: Pre-payment penalty clauses, which require the borrower to pay a penalty for paying off their loan early, are most commonly a feature of commercial loans.
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