Term
| which of the following must be disclosed when an agent is showing a house |
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Definition
| that the property is in a flood plain zone |
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Term
| which of the following is an example of an emblement |
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Definition
|
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Term
| a buyer's agent is usually considered to be in what relationship to the seller |
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Definition
|
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Term
| which of the following is a physical characteristic of real estate |
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Definition
|
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Term
| which of the following normally purchases mortgages in the secondary mortgage market |
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Definition
| fannie mae, ginne mae, and freddie mac |
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Term
| broker alma had a listing agreement to sell noahs house. noah found a buyer for the house and alma collected the brokerage fee. the type of listing agreement alma had is an |
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Definition
| exclusive right to sell listing |
|
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Term
| the federal truth in lending act |
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Definition
| regulates advertising that contains information regarding mortgage terms |
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Term
| recording a deed provides the greatest benefit for the |
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Definition
|
|
Term
| the most important test in determing whether something is a fixture is |
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Definition
| the intention of the party who attached it |
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Term
|
Definition
|
|
Term
| which of the following is NOT necessary in a listing contract |
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Definition
| the signature of the buyer |
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Term
| a broker receives a check for earnest money from a buyer and deposits the money in an escrow or trust account. he does this to protect himself from the charge of which of the following |
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Definition
|
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Term
| by paying the debt after a foreclosure sale, the mortgagor has the right to regain property. what is the right called? |
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Definition
|
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Term
| helen grants a life estate to her grandson and stipulates that, upon death, the title will pass to her son in law. what is the second estate |
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Definition
|
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Term
| wilma is buying a condo in a new sub divison and obtaining financing from a local savings and loan association. which of the following BEST describes Wilma |
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Definition
|
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Term
| all of the following terminate an offer Except |
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Definition
| an offer from a third party |
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Term
| ellen is purchasing a house under a contract for deed. until the contract is paid, ellen has |
|
Definition
| equitable title in the premises |
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Term
| when appraising a property, the appraiser determines the most probable price that a buyer would be willing to pay for a property. this known a |
|
Definition
| subjective value/fair market value |
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Term
| in an appurtment easement the property burdened by the easement is known as a |
|
Definition
|
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Term
| unless stated otherwise in the listing contract, the buyer should receive on the purchase of a property |
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Definition
| air rights, surface rights, and subsurface rights |
|
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Term
| if a mortgage on a house is 80% of the appraised value and the mortgage interest of 8 % amounts to $460 per month, what is the appraised value of the house? |
|
Definition
|
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Term
| all of the following are exemptions to the federal fair housing act of 1968 except the |
|
Definition
| sale of a single family home where the listing broker does not adveertise the property |
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Term
| which of the following is an example of a free-hold inheritable estate |
|
Definition
| fee simple defeasible estate |
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Term
| a mortgage using both real and personal property as security is a |
|
Definition
|
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Term
| if the buyer obtains a mortgage for $50, 000 with four points, how much will she be charged by the lender at closing for the points |
|
Definition
|
|
Term
| all of the following are true about the concept of adverse possession except |
|
Definition
| the person taking possession of the property must compensate the owner at the end of the adverse possession period |
|
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Term
| reconciliation is an appraisal term used to describe the |
|
Definition
| appraiser's analysis and comparison of the results of each appraisal approach |
|
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Term
| when a mortgage loan has been paid in full, which of the following is the most important thing for the borrower to do |
|
Definition
| record satisfaction of mortgage |
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Term
| normally, the priority of general liens is determined by the |
|
Definition
| order in which they are filed or recorded |
|
|
Term
| all of the following are tests for determing a fixture except |
|
Definition
|
|
Term
| all of the following are contracts between an agent and a princpal except |
|
Definition
|
|
Term
| what is the legal procedure or action that may be brought by ether the buyer or the seller to enforce the terms of a contract |
|
Definition
| suit for specific performance |
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Term
| a seller netted $275, 500 after paying a 6.5% commission and $5,000 in other closing costs. what was the sale price |
|
Definition
|
|
Term
| which of the following is a loan in which only interest is payable during the term of the loan and all principle is payable at the end of the loan period |
|
Definition
|
|
Term
when property fails to sell at a court foreclosure for an amount sufficient to satisfy the mortgage debt, the mortgage may usually sue for which of the following |
|
Definition
|
|
Term
| all of the following are intended to convey title to real estate that has been sold except |
|
Definition
| deed in lieu of foreclosure |
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|
Term
| brokers who conspire to set commission rates or enter into an agreement to allocate a specific market are subject to which of the following |
|
Definition
|
|
Term
| what type of lease requires the lessee to pay taxes, insurance, and repairs |
|
Definition
|
|
Term
| after the statue of limitations has run out, a contract that has been breached is which of the following |
|
Definition
|
|
Term
| a licensed real estate broker |
|
Definition
| must disclose all material facts to the principal |
|
|
Term
| acceleration is a term associated with which of the following |
|
Definition
|
|
Term
| the federal fair housing act 1968 makes if illegal to discriminate because of |
|
Definition
|
|
Term
| a licensed salesperson is authorized by law to |
|
Definition
| act under the supervision of real estate broker |
|
|
Term
| as far as its validity between grantor and grantee is concerned, a deed that is not dated, acknowledged or recorded is |
|
Definition
| valid despite these omissions |
|
|
Term
| one who owns a life estate cannot |
|
Definition
|
|
Term
| restrictions in a deed that benefit only the grantor |
|
Definition
| can be removed by the grantor issuing a quitclaim deed |
|
|
Term
| to the holder of the dominant tenement, an easement is a |
|
Definition
|
|
Term
| after C purchases a property, he has a survey made and finds that his neighbor, through error, has recently built an ornamental fence two feet over on C's lands. this would be a basic example of: |
|
Definition
|
|
Term
| the word "fee" used in connection with real property means: |
|
Definition
|
|
Term
| when a person dies interstate and no heirs can be found for intestate succession, real property will revert to the government through a process |
|
Definition
|
|
Term
| what document is prepared to evidence that personal property is pledged to secure a loan |
|
Definition
|
|
Term
| which is true about apartment ownership |
|
Definition
| in typical cooperative association, if one or more members fail to pay their share of the mortgage, the other owners must make payments for the defaulting members, or risk foreclosure or the entire property |
|
|
Term
| which of the following is permissible under the federal fair housing act |
|
Definition
| denying housing based on a prior violent criminal conviction of the applicant |
|
|
Term
| S decides to use the services of OK realty to locate a suitable home for his minority family. OK realty assigns T, its only minority salesperson, who avoids showing S any properties outside minority neighborhoods despite the fact S has indicated interest in the house in an all-white district. OK realty's discriminating actions can be BEST described as: |
|
Definition
|
|
Term
| a salesperson get 60% of the commission on property he lists and sells for the firm. which of ths following transactions will earn the most money for the salesperson |
|
Definition
|
|
Term
| an ower requests a broker to list a property for sale at 70k. on inspection, the broker believes the property is worth 80k. the broker should? |
|
Definition
| inform the seller that the property is worth 80k |
|
|
Term
| s fiduciary relationship could exist between a principal and all of the following except a |
|
Definition
|
|
Term
| a real estate saleperson might lawfully accept an extra commission in a diffult sale from |
|
Definition
|
|
Term
| on who has the right to sign the name of a principal to a contract of a sale is a |
|
Definition
|
|
Term
| a property manager's duties typically include all of the following except |
|
Definition
| investing profits from client's properties |
|
|
Term
| all of the following are a valid operating expense for a building manager to put into a budget except |
|
Definition
|
|
Term
| a standard form policy of title insurance does not protect against loss resulting from |
|
Definition
| encroachment on the property |
|
|
Term
| escrow or a settlement agent is often used for all of the following purposes except |
|
Definition
| to prepare the legal and tax documents |
|
|
Term
| prorate the prepaid taxes as of settlement date (june 15) if a property is valued at 120k and assessed at 55% value with a tax rate of $3.20 per $100 of valuation on a calendar year basis |
|
Definition
| debit buyer $1,144, credit seller $1, 144 |
|
|
Term
| F is interested in an income property from which he would realize $1,500 per month net. IF investment capital is attracted to a 15% return, what is the maxium he should pay for the property? |
|
Definition
|
|
Term
| phycial deterioration most closely means |
|
Definition
|
|
Term
| if the reproduction cost shows a higher dollar amount than the appraised value, which of the following most probably has occurred |
|
Definition
|
|
Term
| all of the following are examples of external obsolescence except |
|
Definition
| direct effect of the elements |
|
|
Term
| the difference between police power and eminent domain can be best determined by |
|
Definition
| whether any compensation was paid to the owner |
|
|
Term
| which of the following statments is true |
|
Definition
| all liens are encumbrances |
|
|
Term
| which of the following liens would have top priority in the event of foreclosure of the subject property |
|
Definition
| state property tax lien recorded last |
|
|
Term
| the lender wants to ensure the first priority of his lien. the lender should do all of the following except |
|
Definition
| verify the health of the borrower |
|
|
Term
| the gross income multiplier is calculated by dividing the sales price by the |
|
Definition
|
|
Term
| all of the following appear in a promissory note except |
|
Definition
| purchase price of property |
|
|
Term
| a seller tells her broker that termites have destoyed the floor and the swimming pool is in violation of the city set back requirements. the broker's salesperson must disclose to a prospective buyer all of the following except |
|
Definition
| the seller's lowest price |
|
|
Term
| it is an unethical practice for a broker representing a seller to do which of the following |
|
Definition
| advise a prospective purchaser of the lowest price the seller is willing to accept |
|
|
Term
| when money is deposited in a client trust account, part of which will be used to pay the broker's commission |
|
Definition
| accurate record must be kept on the account |
|
|
Term
| in real estate transactions all of the following documents are usually recorded except |
|
Definition
|
|
Term
| the recording system performs which of the following functions |
|
Definition
| gives notice of documents |
|
|
Term
| the real estate settlement procedures act is designed to regulate which of the following |
|
Definition
| disclosures of closing information |
|
|
Term
| a property owner who signed a listing with a broker for 60 days was killed in an accident before the broker procured a buyer. the listing is |
|
Definition
| terminated immediately upon death |
|
|
Term
| which of the following would be a debit to the buyer on the settlement statement |
|
Definition
|
|
Term
| an owner's title insurance policy protects the owner against |
|
Definition
| loss of title to a claimant with superior right of title |
|
|
Term
| an abstract of title does which of the following |
|
Definition
| gives history of the title, including the recorded encumberances against the property |
|
|
Term
| a property manager's duties typically include all of the following except |
|
Definition
| investing profits from clients properties |
|
|
Term
| a purchases a fee simple property for 70k by way of assuming a first mortgage of 50k, paying 10k in cash and having the seller take back a purchase money second mortgage for the balance. there is an existing 5k second mortgage on the property. at the close of escrow what is the correct order in which to record the documents |
|
Definition
| the release of existing second mortgage, the deed, the purchase money second mortgage |
|
|
Term
| which of the following activities is a violation of the federal fair housing act |
|
Definition
| a nonprofit chruch that denies access to its retirement home to a person because of race |
|
|
Term
| a religious group bought a house in a subdivision and organized it into a commune. a broker, eager to make some quick profits, began to canvass this neightborhood, soliciting listings, inquiring whether they knew who had just moved into the area and leaving his business card. which term best describes the broker's marketing program? |
|
Definition
|
|
Term
| two lots with equal depth have front footages of 200 ft. and 350 ft. if the first lot has 20 acres, how many acres are in the second |
|
Definition
|
|
Term
| which of the following transactions will net the seller the most money, assuming a broker's fee of 7% |
|
Definition
| $52, 500 sales price and $492 in misc expenses |
|
|
Term
| a proper escrow, once established should be |
|
Definition
| not subject to the control of any one interested party |
|
|
Term
| a deed made and delivered, but not recorded, is: |
|
Definition
| valid between the parties and valid as to third parties with notice |
|
|
Term
a written and signed real estate contract can be voided for which of the following reasons |
|
Definition
| one of the parties was an unmarried minor at the time the contract was signed |
|
|
Term
| if an option contract is duly executed by seller and buyer, which of the following is true |
|
Definition
| the seller must sell, but the buyer need not buy |
|
|
Term
| a prospective purchaser has a legal right to demand which of the following |
|
Definition
| the return of the earnest money deposit prior to seller's acceptance of the offer to purchase |
|
|
Term
| H executes a deed of his farm to S. H keeps the deed in his safe deposit box. upon his death, the box is opened, and attached to the deed is a note to give the deed to S. who has title to the farm |
|
Definition
|
|
Term
| the convenant against encumbrances in a deed of conveyance warrants against the existence of all of the following undislcosed mattes except |
|
Definition
| zoning ordinances that limit the use of the land |
|
|
Term
| the term that best describes a tenant's interest in the property is a |
|
Definition
|
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