theory and practice: Credit Union Manager Sentenced to Three Years for Fraud - 04/16/14 08:19 PM
Derby Credit Union Manager Sentenced to Three Years for Fraud
The Office of the United States Attorney for the District of Vermont stated that Debra Kinney, 59, of Derby, Vermont, was sentenced to three years’ imprisonment yesterday, followed by five years of supervised release. Kinney also was required to pay full restitution, and a forfeiture judgment of $250,000 was entered against her.
Debra Kinney was the manager of the Border Lodge Credit Union in Derby, Vermont. In November 2012, the Federal Bureau of Investigation, along with state and federal bank regulators, searched the credit union and seized the documents and … (0 comments)

theory and practice: Real Estate Practice : Lesson 2660 - 04/14/14 02:24 PM
   #2660
When we consider the distance between the east and west boundary lines of any township the distance between the boundary lines is six miles.
Is this true or false ?
Please take your time. The solution is posted below the wildlife photo.

A. True
Every township measures six miles by six miles, therefore the distance between the east and west boundary lines is six miles.
(3 comments)

theory and practice: Real Estate Practice : Lesson 2659 - 04/14/14 02:22 PM
  #2659
When we speak of a township, a township contains 36 sections that are numbered 1 through 36.
In each instance, the last township will be located in the northeast corner.
Is this true or false ?
Take your time. The solution is posted below the wildlife photo.

A. False
Section 36 is always found in the southeast corner of every township.
Section one actually begins in the northeast corner and the ascending order begins from right to left for the first six sections at the top of the township and ascends numerically from left to right in the second row … (0 comments)

theory and practice: Real Estate Practice : Lesson 2658 - 04/14/14 02:21 PM
   #2658
The most important thing one should consider when trying to determine whether or not an iten is a fixture of personal property is how the item is being used in relation to the property.
Is this true of false ?
Take your time. The solution is posted below the wildlife photo.

A. False
The most important thing to consider when trying to decide whether or not an item is a fixture or personal property is the intention and the addition of the presentation of evidence of the owner's intention to accompany the determination process.
(0 comments)

theory and practice: Real Estate Practice : Lesson 2657 - 04/14/14 02:18 PM
   #2657
Nearly every real estate brokerage has an obligation to pay for a salesperson's cell phone bill, continuing education and gasoline.
Is this true or false ?
Take your time on this really tough question. The solution is below the wildlife photo.

A. Er...uhhh...false .....
Duh....????
Some brokerages will assit agents with fees related to board affiliation or multiple listing fees, but the brokerage has no obligation to assist an agent with gas, continuing education requirements or cell phone expenses.
(0 comments)

theory and practice: Real Estate Practice : Lesson 2656 - 04/14/14 01:13 PM
   #2656
When a salesperson has to pay a desk fee the desk fee is used to pay for meals and never used to pay for the office facilities or as a substitute for the agent's commission.
True or false ?
Take your time. The solution is posted below the wildlife photo.

A. False
Office fees are usually paid to compensate for the use of the office facilities and in some cases offset the commission structure.
(2 comments)

theory and practice: Real Estate Practice : Lesson 2655 - 04/14/14 10:48 AM
  #2655
When a real estate agent considers himself an employee or an independent contractor the consideration will have an impact on whether or not the broker will have to pay social security or income taxes.
Take your time. The solution is posted below the wildlife photo.
Is this true or false ?

A. True
A broker won't have to pay social security or income taxes if the salesperson is an independent contractor.
(0 comments)

theory and practice: Real Estate Practice : Lesson 2654 - 04/14/14 10:46 AM
  #2654
If a salesperson works for any brokerage as an independant contactor the salesperson must be paid a regular salary by the brokerage, and needs no supervision by the principal broker.
Is this true or false ?
Take your time. The solution is posted below the wildlife photo.

A. False
The salesperson is responsible for their own income as a self-employed individual, which carries the additional responsiblity of filing their own taxes.
The salesperson must always be supervised by the broker.
(0 comments)

theory and practice: Real Estate Practice : Lesson 2653 - 04/14/14 10:45 AM
      #2653
It is extremely important that all real estate agents understand the concepts of contract law, agency, and property laws.
Is this true or false or is this something which only concerns a member of the legal profession ?
Take your time. The solution is npoted below the wildlife photo.

A. True
All real estate agents have an obligation to have a fundamental understanding of the laws that apply to contracts, agency and property  laws.
(0 comments)

theory and practice: Real Estate Practice : Lesson 2652 - 04/14/14 10:43 AM
     #2652
What is traditionally considered to be the last step in a real estate transaction ?
Take your time. The solution is posted below the wildlife photo.
 
A. The closing
Closing is generally considered to be the last thing that takes place in any real estate transaction.
All monies are excvhanged, title transfer takes place and the deed is handed over.
Another term for closing is escrow or 'going to settlement'.
(0 comments)

theory and practice: Real Estate Practice : Lesson 2651 - 04/14/14 08:41 AM
   #2651
When a salesperson is acting as an employee and is not acting as an independent contractor that salesperson has the right to advertise property under their own name.
Is this true or false ?
Take your time. The solution is posted below the wildlife photo.

A. False
If the salseperson is an employee of the brokerage the salesperson may not advertise property in their own name.
The salesperson has an obligation to recognize any responsibilities that may be assigned by the principal broker of the brokerage of which the salesperson is employed.
(0 comments)

theory and practice: Real Estate Practice : Lesson 2650 - 04/07/14 08:47 AM
#2650
A broker has the right to exercise the decision to control the number of hours an independent contractor would have to work in addition to the work schedule that the independent contractor would be required to comply with.
Is this true or false ?

A. False
The broker would not have the right to dictate the number of hours the independent contractor has to work, nor their work schedule.
He could control the amount of compensation the independent contractor would receive.
(4 comments)

theory and practice: Real Estate Practice : Lesson 2649 - 04/07/14 08:45 AM
  #2649
When a real estate salesperson is paid in a lump sum by the broker or their employer and that same licensee or salesperson is responsible for paying their own taxes, we refer to this person as an employee.
Is this true or false.
Remember to take your time. The answer is posted below the wildlife photo.

A. False.
If the agent / salesperson is responsible for paying their own taxes we refer to them as an independent contractor.
(0 comments)

theory and practice: Real Estate Practice : Lesson 2648 - 04/07/14 08:43 AM
#2648
A buyer became a client of a broker and decided that he wanted to purchase a house that the broker has listed with his company.
It's not ok for the broker to show the buyer / client the house that he has listed for sale.
True or false ?
Take your time. The solution is posted below the wildlife photo.

A. False
It is ok for the broker to show the house to the buyer / client, but both the buyer and the seller have to be made aware of what's going on and agree to allow the broker … (0 comments)

theory and practice: Real Estate Practice : Lesson 2647 - 04/07/14 08:41 AM
#2647
When a real estate broker is hired by someone to sell their home the broker has an obligation to comply with the directions of any interested buyer.
Is this true of false ?
Take your time. The solution is posted below the wioldlife photo.

A. Absolutely false.
The real estate broker hired by the seller is only required to recognize and comply with all of the lawful instructions of the owner / seller.
(0 comments)

theory and practice: Real Estate Practice : Lesson 2646 - 04/07/14 08:38 AM
   #2646
When we speak of confidentiality we consider it to be part of the fiduciary duty of care from the five common-law  fiduciary duties of care, obedience, accounting, loyalty and disclosure.
True or false ?
Please take your time. The solution is posted below the wildlife photo.

A. False
Confidentiality is a characteristic of the fiduciary duty of loyalty.
(0 comments)

theory and practice: Real Estate Practice : Lesson 2645 - 04/07/14 08:30 AM
#2645
The owner decides to abandon the property he has listed with a brokerage.
This will terminate the relationship that the broker has with the owner.
True or false ?
Take your time. The solution is posted below the wildlife photo.

A. False
 Abandoning the property will not terminate a broker-seller agreement.
If the seller / owner declares bankruptcy the relationship could be terminated.
(0 comments)

theory and practice: Real Estate Practice : Lesson 2644 - 04/07/14 08:27 AM
#2644
When a real estate broker acts as the agent for the seller the broker has an obligation to disclose confidential information about the seller to the buyer if it helps the chances of closing the deal.
True or false ?
Take your time. The solution is posted below the wildlife photo.

A. False
When a real estate broker is acting on belhalf of a seller the broker has an obligation to remain faithful to the interests of the seller.
Disclosing confidential information in order to gain procurement of a sale is inappropriate.
(0 comments)

theory and practice: Real Estate Practice : Lesson 2643 - 04/07/14 08:25 AM
   #2643
In a real estate transactionn, when one speaks of a fiduciary relationship their typically referring to a relationship that will allow another person to act on behalf of another with the additional privilege and grant of legal power  for the other persons affairs.
Is this true or false ?
Take your time. The solution is below the wildlife photograph.

A. False
A fiduciary relationship is one which represents an agents reloationship to the principal or the one that hires the agent.
(0 comments)

theory and practice: Real Estate Practice : Lesson 2642 - 04/07/14 08:22 AM
   #2642
A house was built on top a pile of manure.
The ceilings of the home we're also poorly constructed and poorly attached to any supporting members or beams.
This would be considerd an example of a stigmatized property ?
True or false ?

A. False
If the house was constructed on top of a pile of manure and the ceiling construction was garbage, this would be considered an example of latent defects in the property.
(0 comments)

 
David Saks, Memphis, Tennessee (The Real Estate Mart of Tennessee, Inc.) Rainmaker large

David Saks

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Memphis, TN

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