Suppose a property has estimated real estate taxes for the current year of$4,398.25 dollars and that taxes are paid at the end of the year. If the property isbeing sold on May 25 in a year with 365 days and the buyer and seller agree toprorate the taxes at the time of closing with the buyer being responsible for theday of closing, what amount will be charged to the seller on the settlementstatement?

Suppose you are asked to estimate the value of a 3 bedroom, 2 bathroom house bythe sales comparison approach. You have identified two houses that have recentlysold in the area. One of these houses has 4 bedrooms and 2 bathrooms and soldfor $215,000. The other has 4 bedrooms and 3 bathrooms and sold for $220,000.Your research reveals that an additional bedroom adds $16,000 to the value of ahouse in this market and that an additional bathroom adds $5,000 to the value ofhouse in this market. What is the indicated value of the subject property?

Like all contracts, when a lease is delivered and accepted it becomes ______.

A typical sales contract would state all of the following EXCEPT

The primary difference between a special warranty deed and a general warranty deed is that

Suppose John faxes a signed, written offer to Kelly to purchase her real estate for$100,000. Kelly agrees to all of the terms of John’s offer, except she marksthrough the $100,000 figure and writes in $105,000, signs the offer and faxes itback to John. Do the parties now have a valid contract?

In the income approach, which of the following is capitalized to obtain anestimate of value?

In property management, the management agreement establishes an agencyrelationship between the owner of the property and the

The sales price of a comparable sale must be adjusted ______ to account for thelack of a fireplace, when the subject property has a built-in fireplace.

Suppose Chuck and Barbara agree to purchase a vacant lot from Steve, the legalowner. Two days later, Steve’s father calls and informs them that Steve haschanged his mind, as many precocious 16-year olds are apt to do. At the time thecontract was signed, Steve did not reveal his age. What are Chuck and Barbara’soptions?