Real Estate Broker Exam Questions & Answers 2024

Specific Performance {Ans: A legal action to compel a party to carry out the terms of a contract.}Contract for Deed {Ans: A contract for the sale of real property in which the seller gives up possession of the property but retains title until the total of the purchase price is paid off}Steering {Ans: leading prospective buyets to or away from certain areas.}The purpose of the title commitment in a real estate sale is to {Ans: pay for losses that might be incurred by the broker.}Water Rights {Ans: For those who live adjacent a body of water, permits rights to use that water and even sell the water up to the point of dropoff.}Acceleration Clause {Ans: The clause in a mortgage that gives the lender the right to consider the entire balance due uf there is a default in any payment. Most often found in mortgage/real estate loans.}