(D) You can retire debt, but you can’t retire a listing agreement. All the other answers choices are ways that a listing agreement can be terminated.
(D) An agent is bound by law and the realtor’s code of ethics to inform a buyer of any material defects the agent is aware of even if the seller does not want to. All of the answer choices come under the heading of material defects except choice (D). Typically, appliances need only be “in good working order†at closing.
(B) Choice (A) may have given you pause. The agency relationship is established prior to signing the listing agreement when the principal asks the agent to act for him or her. Choice (C) is incorrect because the sales price is stated, and choice (D) is the opposite of what is true.
(C) A periodic tenancy is also known as an estate from period to period. Choice (A) is ownership by a married couple and is a freehold estate. Choice (B) is a leasehold estate, but refers to a situation in which the landlord allows a tenant to occupy a property without a specific end date. Choice (D) is also a leasehold estate, but the tenant is staying without the landlord’s permission after the expiration of a lease.
(D) Choice (D) is the right of a level of government to seize private property under certain circumstances. Choices (A), (B), and (C) are all part of a property owner’s bundle of rights.
(C) A buyer of a co-op actually buys shares in the corporation and with those the right to occupy, use, and bequeath a particular unit (though the heir may still have to go before the co-op board to occupy the unit and the board might insist on buying out the heir). Choices (A), (B), and (D) do not apply to a co-op.
(B) Ownership by severalty is ownership by an individual. Choices (A) and (D) are incorrect because they refer to property ownership by two or more people, but don’t be fooled because of the wordtenancy. Tenancyin these two forms of ownership refers to freehold estates, not leaseholds. Choice (C) is a form of business ownership.
(D) A lien places an encumbrance on a property. Choice (A) is some element of one property that intrudes on another. Choice (B) is a right of way given to another party by a property owner. Choice (C) occurs when a government takes title to property that had been owned by someone who dies without a will and without heirs.
(A) A timeshare is owned as a fee simple estate. Choice (B) refers to property ownership by a married couple in some states. Choice (C) is a form of business ownership. Choice (D) is a form of qualified fee ownership that puts certain conditions on ownership.
(A) The order in which multiple liens must be paid, choice (A), is called the priority of payments or priority of liens. Choices (B), (C), and (D) are incorrect.
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