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If one owner dies, that owner's interest in the property will pass to the surviving owner or owners.

Joint tenancy is one of the ways multiple people can share interest in a single property. If two individuals share ownership of a property and one person dies, their portion of ownership is given to the other owner.

OK, because the buyer and seller have agreed to this

The law requires that a broker have a separate non-interest-bearing trust bank account to receive client funds but does not require that interest earned be distributed in a particular way. The broker is an agent and should carry out the client’s instructions completely as long as they are legal and both parties agree.

Express contract

A listing agreement is an express contract between the principal and broker that names the broker as fiduciary representative of the principal.

paying part of their rent.

FHA’s Section 8 program helps low- and moderate-income people by paying part of their rent.

subtracting yearly operating expenses from effective gross income.

The gross income is the amount of money you have prior to deductions from taxes and other expenses. The net income is how much you have after those expenses are deducted.

Independent contractor

Real estate firms typically treat their agents as independent contractors, which allows them to avoid the bookkeeping of withholding taxes, Social Security payments, unemployment insurance, etc.

$4,515

Since you are being asked to solve for how much the seller’s agent will be earning, you can ignore the listing office percentage (2.5%). Start with the total sale amount of $215,000. The selling office’s commission is 3.5%, so multiply the total sales amount of 3.5% ($215,000 X .035). The total gross commission before Agent X gets their split is $7,525. To find out Agent X’s split, multiply the total gross commission by 60% ($7,525 X .6). You will get $4,515, which is Agent X’s earned commission from the sale.

It does not have minimum property requirements.

A VA mortgage does have minimum property requirements in order to ensure the veteran-buyer the property is safe, sanitary, and sound.

loan estimate and closing disclosure

According to rules and regulations set by the Real Estate Settlement Procedures Act (RESPA), mortgage brokers are required to provide these documents to buyers within three days.

Tell the seller or cooperating broker that the check bounced

The broker should inform the cooperating broker/seller immediately if there are insufficient funds. Licensees should be honest, protect the public, and disclose material facts concerning a transaction.

The listing agent will be paid the commission no matter who procures the buyer.

When a principal signs an exclusive-right-to-sell listing with a broker, the principal will pay the broker a commission even if the principal or another agent procures the buyer.

Easement

There are many types of easements in real estate between public and private landowners. Generally, an easement gives someone the right to cross land for a specific purpose.

house color

A deed-restricted community is outlined and enforced by the rules set forth by a homeowner’s association. These rules can regulate what a home looks like, e.g., house color, but cannot dictate taxes or rules specific to purchase the home.

mechanic's lien.

A mechanic’s lien is a legal guarantee to pay contractors and builders for renovations or building a property.

Description

The metes and bounds of a property provide a legal description of real estate that will be accepted in a court of law and can be found in the description clause of a deed.

The agent and seller

The buyer typically does not pay any agent's commission for the purchase of the home; that responsibility falls on the seller. The seller and agent are responsible for negotiating the commission rate for the sale of the property.

$744,800

To calculate the asking price, multiply the lot dimensions to get the total square footage of the property: 95 feet X 80 feet = 7,600 square feet. To get the asking price, multiply the total square footage by the asking price per square foot: 7,600 square feet X $98 = $744,800.

The collection of rights a property owner has to a property

When a person purchases a property, they legally have a bundle of rights that includes possession, exclusion, derivation of income, disposition, and control.

Acceleration clause

An acceleration clause stipulates that the borrower has to pay off a loan under certain conditions. For instance, the terms of a loan could state that the remaining balance of the loan must be paid if one payment is missed. If a borrower defaults after the fifth loan payment, they will be required to pay the remaining balance.

The seller is not responsible for the latent defect.

If damage to a property is not noted on an inspection report and was not known to the seller, then it is the responsibility of the buyer. On the other hand, if a seller was aware of damage and did not disclose the defect to the buyer, this could be grounds for compensation.

Shopping centers

Percentage leases are seen in commercial property leases because they are when a tenant pays a base rent plus the percentage of revenue earned from the business. This would apply to shopping centers that house commercial businesses.

The buyers will owe the Smiths the unused tax for the balance of the year.

At closing, the Smiths will be reimbursed for six months' worth of taxes from the buyers.

It's the outstanding mortgage balance to the current value of a home

LTV is used by lenders to determine the risks of lending money to a buyer.

Purchase Agreement

The Purchase Agreement outlines the terms and conditions of a home purchase such as the financing, possession date, contingencies, and more.

A fixture

Items that are attached to real property and cannot be removed without damaging the real property are known as fixtures. Unless a fixture is specifically excluded from the sale, it will stay with the purchase of the home, e.g., ceiling fans, lights fixtures, toilets, or built-in cabinets.

Statute of Frauds

All documents for sale or purchase of real estate need to be in writing and signed by all parties in order to be enforceable. The Statute of Frauds prevents enforcing of contracts that were never made like verbal contracts.

Mortgage companies

Insurance companies usually make loans through mortgage companies. These "loan correspondents" negotiate and service their loans.

Nonconforming use

Explanation: This would be the practice known as "grandfathering" whenever a zoning law is enacted. More specifically, this would refer to businesses and structures that predated the code being able to continue in operation or to remain standing under existing ownership. If the Stone's decide to sell their business, though, it needs to be to a type of enterprise the new law now stipulates is allowed.

Warehousing

Explanation: Warehousing refers to the practice of banks and other lenders originating mortgage loans to consumers and promptly selling those loans on the secondary market.

Access to the MLS

Explanation: Independent contractors in a brokerage of independent contractors usually have that brokerage provide access to resources required for conducting business. This can include the MLS. The independent contractor covers their own taxes and benefits, meaning they do not receive any income tax withholding, eye insurance, or a health savings account from the brokerage.

Regulate the closing procedures in real estate transactions

Explanation: RESPA controls the procedures for the completion of a real estate transaction's closing and requires proper disclosures be made to buyers and sellers regarding settlement costs and fees.

A notary seal

Explanation: There can't be any contract without mutual consent or agreement. A meeting of the minds of both parties has to occur before a contract exists legally.

Trust account

Explanation: Earnest money deposits are generally held in trust or escrow for protection until closing.

Immobility

Explanation: A physical characteristic of real estate is that property is immovable; it cannot be moved from one location to another.

It must be in writing since, otherwise, it cannot be enforced

Explanation: A listing agreement must be in writing to be enforceable. It is considered a legal contract between the seller and a real estate agent or brokerage.

Flood damage

Explanation: A homeowner's insurance policy does not usually cover flood damage. Special flood insurance is usually a separate buy.

Dual agency

Explanation: Dual agency occurs when one individual acts as an agent for both parties to the transaction. It may require disclosure to and consent from both the buyer and the seller.

Conveyance

Explanation: Conveyance is the act of transferring ownership or interest in real property from one person to another by a legal document, such as a deed.

Rehabilitation loan

Explanation: A rehabilitation loan, like an FHA 203(k), enables the borrower to finance the cost of buying a house plus the cost of renovations in one loan.

Escheat

Explanation: Escheat occurs when an owner of real property dies intestate or without a will and when there are no rightful heirs. Property under such circumstances automatically reverts to the state.