Term
| assume a mortgaged property is leased. because of default in payment, the mortgagee forecloses on the mortgage. which of the following statements is true regarding rights under the lease |
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Definition
| the lease may be terminated by the mortgagee but may not by the lessee |
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Term
| which of the following statements about types of leases is true |
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Definition
| a shopping center lease is often a percentage lease |
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Term
when leased premises reach a physcial condition whereby the tenant is unable to occupy them for the purpose intended, the situation is legally recognized as a |
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Definition
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Term
| you can be most assured that you are getting fee simple ownership in which of the following cases |
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Definition
| if the owner can furnish title insurance |
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Term
| all of the following are required for a valid bill of sale except |
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Definition
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Term
| when a person dies testate, his real property: |
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Definition
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Term
if an area is rezoned industrial and a commercial establisment is given permission to continue its operation in that area, this is an exmaple of which of the following |
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Definition
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Term
| a condo apartment owner can avoid payment of her share of the common expense by doing which of the following |
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Definition
| payment cannot be avoided |
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Term
| the economic life of a building has come to an end when |
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Definition
| the value of the land and the building equals the value of the land only |
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Term
| a capitalization rate incorporates return on: |
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Definition
| land and building and recapture of building |
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Term
| which of the following can be said of real estate appraisers in federally related loan transactions |
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Definition
| they need to be state licensed or certified |
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Term
| which of the following parties to a real estate sales transaction would have the most exposure to liability |
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Definition
| grantor selling subject to the loan |
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Term
| a mortgage banker can do all of the following except |
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Definition
| prepare an appraisal for a fee |
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Term
| a veteran seekin a VA Loan to purchase a three family structure must |
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Definition
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Term
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Definition
| gurantees loans to elibible veterans |
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Term
| which of the following is an element peculiar to the sale and leaseback transaction |
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Definition
| the property is sold on condition that the new owner lease is back to the seller at the time title passes |
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Term
| a buyer wants to take out an FHA loan. the borker should refer the buyer directly to |
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Definition
| a lending institution such as bank or savings and loan association |
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Term
| the ferderal national mortgage association can do all of the following except |
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Definition
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Term
| the truth in law is desgined to do which of the following |
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Definition
| disclose the cost of borrowing |
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Term
| all of the following are true about condos except |
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Definition
| each owner has a proprietary lease with the association covering the unit |
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Term
| harry owns blackacre and mary the right to use his driveway to reach her garage. what is mary's interest called |
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Definition
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Term
| how many acres are in a description reading "the NW/4 of the SE/4 and the S/2 of the SW/4 of the NE/4 of Section 4 |
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Definition
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Term
| all of the following are false regarding a community property state except |
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Definition
the property that a person accumulated prior to the marriage is separate property |
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Term
| the cost approach would most likely be used to appraise a |
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Definition
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Term
cal, a licensed real estate broker, obtained an exclusive agency listing from Sam. cal would not be entitled to a commission if |
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Definition
| the seller sold the property to a neighbor across the street |
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Term
| which of the following is not associated with fee simple absolute ownership |
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Definition
| the right of reentry can only be aquired by an heir |
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Term
| depreciation is said to be incurable if it |
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Definition
| is not econonmically feasible to correct |
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Term
| a structure with outdated electrical wiring is suffering from |
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Definition
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Term
| a real estate listing contract is created when it has been signed by which of the following parties |
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Definition
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Term
| teri just closed on whiteacre, when she records the special warranty deed with the county recorder, she is giving |
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Definition
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Term
| the major difference between a latent defect and a patent defect is that a |
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Definition
| latent defect is a hidden defect while a patent defect is found by inpection |
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Term
sally, paul, and jerry are joint tenants of blueacre. sally sells here interest to joyce. ownership is now held by |
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Definition
| joyce is a tenant in common w/ paul and jerry who are tenants in common with each other |
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Term
| jeff wants to be able to sell his home without paying a commission to schoundrel realty. he does however want schoudrel to be the only company he is working with. jeff should execute |
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Definition
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Term
| when personal property that is used in a business is attached to real estate by the tenant, the personal property would most likley |
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Definition
| belong to the tenant if removed before the lease expires |
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Term
| jack, karel, and lana are owners of blackacre as joint tenants. if lana dies devising the property to her husband tom in her will |
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Definition
| the property is automatically owned by Jack and Karel as one half owners |
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Term
| all of the following would affect the value of a property except |
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Definition
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Term
| a broker does not have to prove that he or she was the procuring cause of the sale of a property under which of the following types of listing agreements |
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Definition
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Term
| when making adjustments in the comparison of properties under the market data approach, which of the following is true |
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Definition
| if the comparable is superior, an adjustment is made by subtracting from the comparable |
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Term
| all of the following are public controls of land use and development except |
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Definition
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Term
| the process of changing a building from an apartment to a condo is known as |
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Definition
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Term
| all of the following are associated with personal property except |
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Definition
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Term
which of the following statments regarding the lead based paint disclosure is false |
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Definition
| tenants must be given ten days in which to conduct an inspection and they may waive this right |
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Term
| which of the following would not terminate a listing agreement |
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Definition
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Term
| which principal of appraising is the foundation for all approaches to appraising |
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Definition
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Term
| every enforcable contract for the sale of real estate must be in writing and signed by all parties, in accordance with the |
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Definition
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Term
| vicki accepts an sam's offer to purchase blackacre. during the course of negotiations, vicki's agent wrongfully represents to Sam (a customer of vicki) the nature of soil, claiming that a basement can be built, which is known by the agent to be false. this contract is |
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Definition
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Term
| to create a contact, the offeree must accept the offer |
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Definition
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Term
| as a general rule an oral sales contract involving the sale of real estate |
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Definition
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Term
| the owner of whiteacre who is seeking to make a use of white acre which does not conform a zoning ordinance should request a |
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Definition
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Term
| the buyer's loan is negotiated on the |
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Definition
| appriased value or sale price, whichever is less |
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Term
| the terms stable income, net worth, and credit history describe three basic factors |
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Definition
| in assessing the buyer's qualifications |
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Term
| time is of the essence in a contract most nearly means that the |
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Definition
| mutual duties and responsiblities of the contract must be fulfilled on or before the stipulated time indicated in the contract |
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Term
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Definition
| a taxable profit that is realized from the sale or exchange of an asset |
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Term
| john's wife is currently stationed in Iraq. they have decided to sell green acres in Neb so he can join her. to provide a good and marketable title to the buyer, john should |
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Definition
| secure a durable power of attorney from his wife and sell the property |
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Term
| what do the terms offer and acceptance, mutual assent, and meeting of the minds have in common |
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Definition
| the terms mean there is an unqualified acceptance of an offer, which is an essential element of a contract |
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Term
| a buyer entered into a buyer agency agreement. the buyer still has the right to enter into similar agreements with any number of agents. this describes |
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Definition
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Term
| when land is to be condemned or taken under the power of eminent domain, which of the following must appy |
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Definition
constructive notice must be given |
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Term
| the real estate settlement procedures act requires |
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Definition
| that disclosure be made of all closing costs prior to the closing |
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Term
| sam sold her house to buddy. buddy, however did not record the deed. under these circumstances |
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Definition
| buddy's interest is not fully protected against third parties |
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Term
| all of the following are true for a deed to be valid except |
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Definition
| the grantee must sign the deed |
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Term
| the deed most commonly used to correct a title defect or cloud on title |
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Definition
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Term
| at closing, an unpaid special assessment on a property which will not be assumed by the buyer, will usually appear as a |
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Definition
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Term
| an owner's title insurance policy normally covers all of the following except |
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Definition
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Term
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Definition
| loans made to individuals on residential property |
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Term
| which of the following requires that finance charges be stated as an annual percentage rate? |
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Definition
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Term
| An easement may be canceled by all of the following except |
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Definition
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Term
| deed restrictions are examples of |
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Definition
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Term
| a judgement, when properly recorded, becomes |
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Definition
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Term
| in any valid lease, the lessor by law gives an implied covenant of |
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Definition
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Term
| in most states, a person is exempt from licensure as a real estate agent when performing which of the following activities, even if receiving a fee |
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Definition
| selling real property as an executor of an estate |
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Term
| a typical broker salesperson employment contract should include all of the following except |
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Definition
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Term
| if a written rental agreement is used |
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Definition
| the agreement must be signed by the party to be charged |
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Term
| an earnest money agreement signed by all parties is |
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Definition
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Term
| a valid enforcable sales agreement must |
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Definition
|
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Term
| if a contract of sale is subject to the buyer's ability to secure a loan, and after diligent effort the buyer is unable to do so by the stated deadline, the |
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Definition
| contract would be voidable by the buyer |
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Term
| the theory of special assessment allocation is that the improvement benefits the |
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Definition
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Term
| all of the following may be considered in calculating the cost basis of a property in a capital gain tax computation except |
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Definition
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Term
| a mortgage instrument may include a clause that prevents the assumption of the mortgage by a new purchaser w/o the lender's consent. what is this clause called? |
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Definition
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Term
| in regard to a promissory note, a marker is |
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Definition
|
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Term
| under a deed of trust on real property, the trustee is |
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Definition
| the owner of the property covered by the deed of trust |
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Term
| to be a valid lien against a parcel of real estate a deed of trust must be signed by |
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Definition
|
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Term
| money for tax and insurance payments that accompanies principal and interest could be placed in any of the following accounts except |
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Definition
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Term
| a primary mortgage lender is one who |
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Definition
| makes loans to mortgagors |
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Term
| a buyer is assuming a VA loan and paying an additional 5k cash for the property. the buyer should sign |
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Definition
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Term
all of the following are usually paid by the buyer at close of a residential sale except |
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Definition
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Term
| the property tax year runs from jan 1 to dec 31. the taxes on a certain house are $1,440 per year, all of which have been paid. if the house sells, not in a leap year, and the closing dates is june 12, the: |
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Definition
| buyer owes the seller $796.93 |
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Term
| the principal amount of the seller's current mortgage payoff is a |
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Definition
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Term
| which of the following is not a commonly used method of real estate appraisal |
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Definition
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Term
| when an appraiser uses the market comparison method, which of the following conditions may disqualify a sale as a fair market value transaction |
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Definition
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Term
| if a contract of sale is subject to the buyer's ability to sell their current home, and after a reasonable time on the market is unable to do so, the |
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Definition
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Term
| the phrase "jointly and severally liable" in a lease applies when there are two or more |
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Definition
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Term
| in some states a mortgage is considered to be a transfer of title to real property. in other states a mortgage is interpreted as |
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Definition
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Term
| all of the following are subordinate to a property tax lien except |
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Definition
None - choices were: first mortgage, mechanic lien, child support judgement |
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Term
| satisfaction of a deed of trust requires that the trustee execute and deliver a |
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Definition
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Term
| loan payments are normally paid to |
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Definition
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Term
| after a loan secured by a Deed of Trust is paid off, which party should record the Deed of reconveyance |
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Definition
|
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Term
| all of the following would normally be considered to be considered to be real estate, except |
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Definition
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Term
| the phrase, "to grantee's heirs and assigns forever" most likely creates |
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Definition
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Term
| Thomas deeds a property to Madison for her life remainder to Geoff. Madison sells her interest to Sam. Same dies |
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Definition
| the interest reverts to Thomas |
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Term
| residential month to month or week to week leases may be terminated by either party by all of the following except |
|
Definition
| subsequent to the periodic rental date |
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