Agency/Contract
Name the three options to solve a concurrent representation in Designated Agency
What is Power of Attorney?
When is June 30?
Definition of Warranty Deed
What is a property is conveyed free from encumbrance, except for any easements, restrictive covenants or any other registered restrictions that do not materially affect the enjoyment or use of the property.
Survey monuments and fences are a description of this
What is physical evidence?
In this relationship one party accepts responsibility for representing another (the principal party) in dealing with third parties.
What is agency?
Licensees must review and be familiar with this optional form, but are not permitted to advise a seller on how exactly they should fill it out.
What is the property disclosure statement?
Three standing committees within NSREC
What are the Licensing, Complaints Review and Discipline committees?
A mortgage where more than 80% of the appraised value is loaned.
What is a high ratio mortgage?
Licensees must review and be familiar with this optional form, but are not permitted to advise a seller on how exactly they should fill it out.
What is a Property Disclosure Statement?
Three types of service agreements
What is Buyer Customer Status, Seller Customer Status and Fee Agreement, and Mere Posting?
Conditional period
What is the time between the execution date (acceptance) and the latest date and time that a condition is to be met?
Purpose of Real estate recovery fund
What is breach of Trust or Fraud?
This clause in an Agreement of Purchase and Sale (APS) includes a box that is to be ticked when the form 410 is completed and the seller has prepared a Counter Offer?
What is sellers response clause?
Licensees responsibilities to their buyers with respect to property disclosures
What are mandatory disclosures with respect to material latent defects and a buyer licensee pointing out possible deficiencies or areas of concern?
Six Fiduciary Duties
What are Disclosure, Competence, Confidentiality, Obedience, Loyalty and Accountability
Four characteristics of market value
What are reasonable time, informed buyer and sleep, prudent behaviour and no undue pressure?
Composition of NSREC Board of Directors
What are 3 appointed by NSAR, 3 elected by licensees, 3 members of the public, 1 commercial licensee, the registrar (non voting)
Possible responses to an offer to purchase?
What is acceptance, rejection or counter offer?
Common Conditions in an offer
What are financing, inspection, insurance, water/septic/sewer lines?
Elements of a Contract
What are capacity of parties, lawful object, consideration, offer and acceptance, genuine intention, clear and definite terms?
NSREC requires individual be licensed to trade in real estate with some exceptions
Who are property owners and their employees, sheriff, executor, trustee, a bank with an interest in the property, lawyers or accountants?
Four government rights that create restrictions for land owners
What are taxation, police power, expropriation and escheat?
Mortgage covenants
What are insurance, pay property taxes, pay mortgage payments, and maintain the property in good repair?
Name 8 principles of value
What are progression, regression, consistent use, conformity, anticipation, balance, substitution, supply and demand, competition