Study guides, Class notes & Summaries

the difference between the value of a property and the total amount of liens against it is known as: - >>equity When a prospective buyer asks about a property's location in regard to a flood zone, the licensee SHOULD direct the buyer to - >>obtain an up-to-date flood map from FEMA If the value of a property is affected by negative forces outside the property, which are beyond the control of the owner, this is referred to as - >>economic obsolescence A licensee places e...

Which of the following is true with regard to timeshare sales? - >>Within seven calendar days after the execution of the contract to purchase an interest in a timeshare plan or receipt of a disclosure statement, whichever occurs later, either party may cancel the contract without penalty. If 40% or more of a condominium project has been sold and recorded, the first meeting of a condominium unit owners' association must be held within how many days after the recordation of the fir...

Hawaii Revised Statutes include specific chapter on all of the following forms of property ownership EXCEPT: A. Timeshares B. Cooperative housing C. Fractional ownership D. Planned communities C. Fractional ownership Client trust funds shall be placed into the brokerage trust account: A. On the day of receipt B. By the next calendar day following receipt C. By the next business day following receipt D. Within three business days following receipt C. By the next business day followin...

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Hons BCom (IOP) year course

CCM EXAM 1|54 Questions with Verified Answers Ethics - CORRECT ANSWER Academic study of right and wrong. ex: musciology Morals - CORRECT ANSWER Behavioral practice of right and wrong. ex playing music Cultural relativism - CORRECT ANSWER Right and wrong is defined by and varies according too the society in which one lives. Personal relativism - CORRECT ANSWER Right and wrong is defined by and varies according too ones own personal opinions. True North or Universal right and wrong ...

TEXAS PROMULGATED CONTRACTSCHAMPIONS STUDY ALL DONE MATERIAL GUIDE The elements of a valid contract are, competent parties, consideration, legal subject matter, in writing, and ___________. (a) Default (b) Mutual consent (c) Property condition (d) Recording - B A(n) __________________ contract is defined as a contract that is binding on the parties, with one or more of the parties having contractual duties that have not yet been performed. (a) Executory (b) Executed (c) Bilateral (...

1. What does the ‘passing of risk to the buyer’ mean? In other words, what risks are carried by the buyer upon passing of the risk and what are the practical consequences for the buyer if such risks materialize? It means that the buyer will bear the effects of any fortuitous destruction or damage to the merx even where, as is the case in most instances, they have not yet taken delivery of the merx. Practically, this would mean that the buyer is still obliged to tender the full purchase price...

CCM EXAM 1 WITH 100% CORRECT ANSWERS 2023