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level: Level 1

Questions and Answers List

level questions: Level 1

QuestionAnswer
FSBOFor Sale by owner
Limited Service Brokers"unbundle" the traditional full service and will list, advertise, and possibly provide other services but, for a lessor commission, let the seller make appointments, show the property and settle on the price.
Fee for service brokersEncourage sellers to sell their own property and then help close the sale for a fee covering only the service rendered.
What needs to be between an Office principle and his Sales peopleA written agreement stating the obligations and responsibilities of the relationship
Does an independent contractor receive benefitsNo
The principal is liable for any wrongful acts of his agent while the agent is acting in his behalf under the legal theory of ...vicarious liability
A broker working for both a buyer and a seller on the same property with the informed consent of both parties is considered to be a ...informed dual agent
Special Agentone authorized to perform only a specified act or to conduct a particular transaction.
General Agentauthorized to perform all acts associated with the continued operation of a specific job or a certain business, such as a property manager of an apartment complex.
Universal Agencygives authorization to act for a principal in all areas, such as in a power of attorney.
Express AuthorityThat authority granted an agent explicitly either orally or in writing, such as a listing.
Implied AuthorityThe authority granted an agent to accomplish all things necessary and incidental to the express authority granted but which is not specifically set forth.
Apparent AuthorityIn situations where innocent third persons suffer because of a secret limitation on an agent's powers or because of authority not actually granted but which an agent "appears" to have, the courts impose apparent authority as a matter of law.
The three basic classes of zoning areResidential, commercial, and industrial
A non-conforming use isone which existed prior to enactment or revision of current zoning
Sikes' proposed garage would violate a sideline requirement. Which must he obtain?A variance
A zoning ordinance could validly affect which of the followingall of the above
A buffer zone is one whichSeparates residential areas from other types of zoning
The Interstate Land Sales Act regulatesSale or lease within the state of of out-of-state unimproved subdivision lots
A parcel containing dwellings grouped closely together in one section and the rest maintained as open space will likely be acluster development
A wishes to list a 20,500 square foot lot in a flood plain district with you as his broker. You should:Check first at town hall to see if the lot can be built upon
A developer wishing to fill a small portion of a wetland in order to comply with local zoning should first contact theConversation commission
Radon gas can be detected by which of the followingTesting
The MA Environmental Policy ActRequires an environmental impact report for conversion of wetlands
Development of large tracts of undeveloped land may require the filing ofAn environmental impact report
In which type property is a Superlien a chronological lienResidential
The presence of asbestos must be disclosed to a prospective buyerBefore signing a P&S
A seller cannot discriminate because of children under six in the sale of a property containinglead paint
A's house, completed in December 1970, heated by steam, is being shown by broker B to prospect B to prospect C who has children aged 9,7,5, and 3. Broker B mustAdvise C the property may have lead paint
Title 5 requires inspection of sewage systemsWithin 2 years before a transfer of title
Asbestos materials are considered harmful when they areEmitting dust
A failed septic system must be repaired within2 years
A added fill to his river front without a permit to build a pier. A, transferred suddenly, sold to B. B isLiable to restore the real estate to its former condition
A, for years, changed the crank-case oil in his car and disposed of the old oil on his land in the gully behind his house. In the listing process he casually mentioned this to broker . Broker B should:Advise A to have the soil examined by an expert
If found, lead paint must be removed from which of the following5 ft up interior walls and exterior siding
An abandoned underground oil storage tank must beRemoved