Forms
The forms that authorizes the licensee or commercial landlord to advertise the property.
What is a standard clause in the SBA or SDBA?
Definition of puffery
What is exaggerated or false praise?
Subjective value
What is a value based on emotion and individual perceptions?
The first step in measuring a home
What is establishing a footprint of the building which is the outline of the exterior walls at ground level; length by width plus or minus jogs?
A limited, non agency listing relationship with a seller
What is a mere posting?
This type of list needs to be used in new construction
What is a deficiencies list?
Something that must be included in all real estate advertising
What is the name of the Brokerage and the name of the licensees or designated agents?
Objective value
What is the cost of something?
What is main living area (finished space on ground level and above), Basement living area (finished space below grade) and TLA is the total of finished space on MLA and BLA
Disciplinary action for non compliance can result in a few outcomes
What is a monetary fine, additional educational courses, suspension or termination?
Forms 421 and 410
What is an amendment and what is a counter offer?
When someone makes a legal claim against another person, the person making the claim is referred to as the _____________ and the person against whom the claim is made is referred to as the _______________
Who is the claimant and who is the defendant?
An owner pays $12,000 for a home improvement and it will increase the value of the home by $7000. Which principle of value is at work?
What is the principal of contribution?
Two options buyers can use to address inspection issues
What is a seller fix it clause or price reduction?
A brokerage can be in breach of a seller brokerage agreement when they fail to do certain things.
What is when the brokerage fails to advertise as promised, fails to market the property as promised, doesn't help the client with negotiations or doesn't meet the terms of the contract.
Licensees should refer to this when adding their own clause in an agreement
What is the NSREC Clause Book?
A payment form the Real Estate Recovery Fund can be made to a consumer.
What is 'who in the opinion of the Discipline committee has suffered a loss or damage resulting from a licensed sales person engaging in fraud or breach of Trust.
Explain principle of surplus productivity
What is when all costs are satisfied in a venture, the net income flows to the land?
Name the six elements to address in the wording of clauses
Four typical structural components found in a house
What are footings/foundations, walls, framing/floors and roof?
Explain forms 430B and 430C
What is Form 430B Sale of Buyers Property Seller Notice to Buyer and Form 430C Sale of Buyers Property Buyer Notice to Seller?
Real estate advertising is based on four general principles.
What is, advertising must not be false or misleading, it must be accurate, it cannot be in poor taste or harmful and is ultimately the responsibility of the Broker?
A property has a net operating income of $80,000 and the Capitalization rate is 5%. Calculate the value of the property.
$1,600,000
Onsite septic systems - six steps for representing a buyer
What is 'confirm the on site septic system exists, obtain all septic related documentation from MLS, review information and documents with buyer before writing an offer, include a water and septic schedule with the APS, confirm location of the system and access point prior to the inspection and ask questions and relay information.
Four reasons there would be a breach of contract between consumers
What is buyer fails to meet terms of APS, seller fails to meet terms of APS, tenant fails to meet terms of the lease, landlord fails to meet terms of the lease?