Question 1 of 5 Share Facebook Twitter LinkedIn WhatsApp Email Copy Link Two people purchase a toy factory, including the land. They agree to share equally in the operation of the business and in the business's profits and losses. Which of the following types of ownership exists? A. general partnership B. limited partnership C. sole proprietorship D. limited liability company Submit Answer
Question 2 of 5 Share Facebook Twitter LinkedIn WhatsApp Email Copy Link The purchase and sales agreement provides for release of earnest money to the seller after the buyer's property inspection. The seller requests the earnest money prior to the property inspection. The broker should A. release the earnest money to the seller immediately. B. notify the buyer of the broker's intention to release the earnest money to the seller. C. release the earnest money on the buyer's verbal approval. D. refuse to release the earnest money. Submit Answer
Question 3 of 5 Share Facebook Twitter LinkedIn WhatsApp Email Copy Link A property is listed for $219,900. An offer of $210,000 is submitted to the listing licensee. The offer includes a free-standing stove and refrigerator. The seller accepts the price and the refrigerator, but is not willing to leave the stove. The listing licensee makes the change in the contract to exclude the stove. The seller signs and initials the change. The listing licensee contacts the buyer's licensee by phone regarding the change. The buyers orally accept the change. Which of the following is true regarding this situation? A. The original offer was rejected and the seller's counteroffer must be accepted in writing. B. Neither the seller nor his licensee has a right to make any changes to the original offer. C. The offer has been signed and accepted by all parties and creates a valid contract. D. The buyer's licensee can sign the change regarding the stove on behalf of the buyer. Submit Answer
Question 4 of 5 Share Facebook Twitter LinkedIn WhatsApp Email Copy Link Which of the following is true about a competitive market analysis? A. It is employed for insurance purposes. B. It is used to establish depreciable value. C. It is usually based on local tax assessment. D. It is useful to the buyer as well as to the seller. Submit Answer
Question 5 of 5 Share Facebook Twitter LinkedIn WhatsApp Email Copy Link What type of easement allows a utility company to access land owned by private individuals for essential maintenance purposes? A. Easement in Gross B. Easement by Prescription C. Easement by Necessity D. Party Wall Easement Submit Answer