The correct answer is (C). $759,000 ÷ 173 = $4,387.28 $4,387.28 × 143 = $627,381
The correct answer is (C). Choices (A), (B), and (D) as well as the deed are recorded after a closing. Choice (C) is not recorded, so it is the correct answer to the question.
The correct answer is (B). Choice (B) is the only instance where the fiduciary responsibility is trumped by the law. Realtors must disclose anything of a material nature that affects the value or use of the property. Choices (A), (C), and (D) are incorrect.
The correct answer is (B). A termination by performance may also not occur until the closing, but that stipulation would be written into the contract. Choice (A) is incorrect; a listing agreement may simply end because of the expiration of the term of the agreement. Choice (C) is one reason that a seller may terminate a listing agreement, which is called revocation, but it’s not termination by performance. Choice (D) is a mutual termination of the agreement.
The correct answer is (C).Choice (A) is incorrect because control is not one of the four unities. Choice (B) is incorrect because consideration is not one of the four unities. Choice (D) is incorrect because control and survivorship are not unities required for a joint tenancy. To save time in checking answers, read the first item in each answer. If it’s incorrect, check it off and don’t read further on that line. Then read the second item in the remaining answers. Check any answers in which the second answer is incorrect. Continue until you have one answer choice left.
The correct answer is (A). Choice (A) is not a form of concurrent or co-ownership; it is another name for sole ownership. Choices (B), (C), and (D) are different types of coownership.
The correct answer is (C). Choice (A) is incorrect because this is the definition of a transactional broker. Choice (B) is incorrect because it’s the definition of a multiple listing service. Choice (D) is incorrect and is meant to be a distracter because it seems logical.
The correct answer is (A). Choice (B) is incorrect because while an aging elevator is curable, it’s not economic obsolescence. This makes choice (D) incorrect also. The elevator is curable, but not an example of functional obsolescence. Choice (C) is incorrect on both counts. In an answer with two parts or details, check that both are correct.
The correct answer is (D). Choice (D) is incorrect; however, the termination date for the listing agreement is stated. Choice (A), (B), and (C) are typical elements of a listing agreement.
The correct answer is (C). The first part of choices (A) and (B) makes these answers incorrect regardless of the second part of the answer. An assignment of a lease is the total transfer of rights between a tenant and a third party, choice (C). Sublessor and sublessee, choice (D), are terms used in a subleasing arrangement, not an assignment of a lease.
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