Fee simple Study guides, Class notes & Summaries

A buyer purchases a rental home that is fully furnished. The document used to transfer title to the furniture is: a. quitclaim deed b. bill of sale c. special warranty deed d. general warranty deed - Answer- b. bill of sale Deeds transfer title to real estate, a bill of sale is generally needed to transfer title to personal property. Ben receives a life estate in a property, with his nephew Will designated as the remainderman. When Ben dies, what kind of interest does Will receive? A...

RECA Fundamentals Exam Questions and Answers Already Passed Which of the following is NOT a RECA educational resource for industry professionals? Spatial Information System (Spin 2) Which entity has the authority to amend the Real Estate Act Provincial Legislature Which of the following measures the change in a cost of a fixed basket of goods and services purchased by families over a period of time Consumer Price Index (CPI) Which of the following will occur to the supply of a good when ther...

IDIOMS – COURT INTERPRETERS Exam | 100+ Questions with 100% Correct Answers | ALL VERIFIED | Latest Update | 2023/2024 Idioms - Court Interpreters Exam 1. According to Hoyle: By the rules following the rules 2. Acid test: An acid test is something that proves whether something is good, effective, etc, or not. 3. After the fashion: poorly 4. All over but the shouting: finished 5. As the crows fly: Direct 6. At bay: At a distance 7. at sixes and sevens: in a state of confusion and d...

Legal Aspects of Real Estate Final Exam 2023/2024 With Complete Solutions Because the United States started as an English colony, our legal system is a mix of common law and civil law Which of the following is not one of the four main sources of law? Contract law Based on the two broad categories of law, which one covers typical cases involving contracts and property ownership? Civil law The California _________ is the highest court level and all courts in California are bound by it...

Real Estate Salesperson Exam questions and answers 2023Where is license law written? Article 12A Under NYS Real Property Law, when Dept. of State revokes a salesperson's license, the salesperson can't be relicensed until how much time has expired? 1 year If a broker's license is taken away, what happens to the salespersons who work for him? Their licenses are suspended until they associate with a new broker. What could happen to somebody who breaks Article 12A? Loss o...

Ky Board of Auctioneer Test with 100% verified questions and answers Absolute Auction - CORRECT ANSWER After the auctioneer calls for bids on an article or lot, that article or lot cannot be withdrawn unless no bid is made within a reasonable time Auction with reserve - CORRECT ANSWER when auctioneer may withdraw the property at any time until he or she announces the completion of the sale. The potential bidders are the offerors Auction with reserve and the sellers reserving the right ...

Valuation process A systematic procedure used in the valuation of real property. Steps: 1: Define the problem 2:Determine scope of work 3:Gather, record, and verify the data 4:Determine the highest and best use 5:Estimate the land value 6:Estimate value by each of the three approaches (if applicable) 7:Reconcile the estimated values into the final opinion of value 8:Report the final opinion of value Client The party or parties who engage, by employment or contra...

Ky Board of Auctioneer Test with 100% verified questions and answers Absolute Auction -ANS After the auctioneer calls for bids on an article or lot, that article or lot cannot be withdrawn unless no bid is made within a reasonable time Auction with reserve -ANS when auctioneer may withdraw the property at any time until he or she announces the completion of the sale. The potential bidders are the offerors Auction with reserve and the sellers reserving the right to bid -ANS The auction...

Pearson vue real estate Exam, Multiple Choice Questions And Correct Answers. If a licensee is paid a salary of $600 per month plus half of the office's 6% fee on all sales, what MUST the licensee's monthly sales be in order for the licensee to receive a total monthly income of $2,220? A. 27,000 B. 37,000 C. 54,000 D. 74,000 An agreement that restricts the use and occupancy of real estate, is part of a conveyance, and is binding on all subsequent buyers is called a(n): A. Agreement for...

Contemporary Canadian Business Law 12Ed. By John A Willes, John H Willes -Complete, Elaborated and Latest - Test Bank & Solutions Manual MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) A sophisticated client A) does not require the services of a lawyer. B) is someone with formal legal training. C) distrusts and derides lawyers. D) understands the importance of the solicitor-client relationship. E) should represent themselves, rather than...