§32-2151.A: Unless otherwise provided in writing by all parties to a transaction, any licensed real estate broker who does not immediately place all funds entrusted to the broker, in the broker's capacity as a real estate broker, in a neutral escrow depository in this state shall upon receipt place all such funds in a trust fund account in a federally insured or guaranteed account in a depository located in this state. §32-2151.01.C states that every purchase contract must state the form of earnest money received.Ī.R.S. 'A' paper loans are the highest quality, lowest risk loans 'B' quality are loans where the borrower has minor credit problems 'C' quality are borrowers with marginal or poor credit 'D' quality indicates very high risk loans.Ī.R.S.

Mortgage loans are rated as A, B, C, or D paper. A 1099-C form is usually only used when a debt has gone unacknowledged for a period of time. Rental property owners report their taxable income or losses from their Schedule E on 1040 form line 17.Ī type of tax form that deals with any tax to be paid when a personal debt of any description has been canceled by the creditors. (See Schedule A form, Schedule E form, 1040 form line 17 - rental income and losses)ġ040 form line 17 - rental income and losses The main tax form that all American's file each year and summarizes all of the income and expenses of an individual taxpayer. The recent trend in the courts to favor consumers tends to prevent sellers from using 'as-is' wording in a contract to shield themselves from possible fraud charges brought on by neglecting to disclose material defects in the property. An 'as-is' indicator is intended to be a disclaimer of warranties or representations. Words in a contract intended to signify that no guarantees, whatsoever, are given regarding the subject property and that it is being purchased exactly as it is found. The goal is to make the home as appealing as possible to the most potential buyers.

It might involve redecorating, rearranging furniture, cleaning and other aesthetic strategies to present the home in the best possible light. Put simply, staging means preparing the home for a potential buyer - or 'setting the stage,'.

Amp real estate broker simulation exam