7.3 Flashcards
A contractor who completes the remediation of a property used as a meth lab site must verify that the work was done with the property owner within _______ days.
5
The _______ Crime Bill pertains to real property and methamphetamine (meth) production.
Omnibus
Community health services administrators maintain information about meth production in properties within their ________.
Jurisdiction
True or False:
If a contractor issues a verification for meth remediation, and the property was not remediated according to the state guidelines, the contractor is liable to the property owner for additional costs.
True
Sellers of Minnesota real property have to disclose in writing to the buyer before signing the _______ if, to the seller’s knowledge, methamphetamine production has occurred on the property
Purchase agreement
Lead based paint laws govern properties built before _______.
1978
Underground tanks containing flammable or combustible liquids which have been removed from service for _______ year(s) or more are considered to be abandoned.
One
To remove asbestos from a property you must hire a _______ asbestos contractor.
Licensed
True or False:
Sellers, landlords, and their agents are responsible for providing a federal pamphlet that gives practical, low-cost tips on identifying and controlling lead-based paint hazards to the buyer or renter before sale or lease.
True
True or False:
Unless children live there, housing for the handicapped is exempt from lead based paint disclosure requirements.
True
True or False:
An underground storage tank system (UST) is a tank, and any underground piping connected to the tank, that has at least 10 percent of its combined volume underground.
True
It is considered a/an _________ contract when a seller agrees to sell if a buyer is able to pay a certain amount of money by a certain time.
Option
True or False:
If a seller signed and delivered a counter-offer, and then signed and delivered an offer from another buyer, both contracts are valid.
True
If an investor estimates the value of a rental property by multiplying the monthly rent times 100, his evaluation rule-of-thumb is called the ______.
Gross rent multiplier (GRM)
Mortgage discount points are used to buy down the ______ rate.
Interest
_______ money is used to show evidence of the buyer’s intention to perform on the contract.
Earnest
The placement of where the property is located is known as the site, or ________.
Situs
True or False:
If a broker’s listing expires, and an agent with another company calls about it, the broker should say he is no longer the listing agent.
True
An environmental impact statement typically describes the effects of public ______ and safety for a proposed project.
Health
True or False:
If a seller tells their listing agent they are moving because of bad odors from a nearby stockyard, the agent should tell that to potential buyers.
True
An advantage to the seller of a property by a contract for deed (also called a “deed of trust”) is relatively quick _______.
Foreclosure
Flood insurance is required when obtaining a mortgage loan if the property is in a ______.
Flood Hazard Zone
In, Minnesota, earnest money must be deposited within _______ days, unless otherwise agreed to in writing by the buyer and seller.
3
If a seller who listed with a broker sold the property himself, he would still owe the broker a commission if the type of listing contract was a/an _________ agreement.
Exclusive right to sell
If an investor purchases a real estate investment property with a low down payment, the cash flow might be _______.
Negative
If a client authorizes an agent to perform a specific transaction the agent would be a _______ agent.
Special
A purchase agreement that has been accepted, but has not closed, is considered a/an _________ contract.
Executory
When a property is sold with a contract for deed (land contract for deed), the _____ retains fee ownership.
Vendor
Corps that are normally planted annually are considered _______ property at harvest time.
Personal
Errors and omissions insurance protects the broker against ______ misrepresentations.
Unintentional
An appraiser must be licensed or certified to handle federally related work on residential property valued at more than $_______.
$250,000
The most reliable method of evaluating residential property is the _______ data approach.
Market
FHA _______ mortgage loans.
Insures
DVA _______ mortgage loans.
Guarantees
A creditor who has obtained a judgement can get satisfaction against a debtor who will not pay with a writ of ________.
Execution
A salesperson who shows only properties in low-priced and integrated neighborhoods to a minority person is practicing ______.
Steering
If an agent accepts a kickback from a mortgage officer, they both might be in violation of ________.
RESPA
True or False:
The escrow officer or closing agent must give information regarding the sales price and seller’s social security number to the IRS.
True
Usury laws regulate lenders’ ______ rates.
Interest
True or False:
A managing broker can be held responsible for the activities of his or her salespersons.
True
If conditions in a deed are violated, the property could revert to the _______ owner.
Original
True or False:
If a 15-year-old property owner signs a contract to sell, he or she cannot be legally forced to perform on the contract.
True
The mortgage contains an acceleration clause, and the borrower defaults, the lender can demand immediate payment of _______.
The entire balance
Regulation Z regulates the terms of _________.
Credit
A comparative market analysis is used to establish _______ value.
Market
