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CO BROKER EXAM > CO BROKER EXAM > Flashcards

CO BROKER EXAM Flashcards

1
Q

RE COMM POSITION ON AUDITS

A

ANY TIME WITHOUT NOTICE!

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2
Q

WHEN RECONCILING THE SETTLEMENT SHEET, WHAT DOES A DEBIT TO THE SELLER, CREDIT BROKER MEAN?

A

DEBIT SELLER= SELLER PROCEEDS!

CREDIT BROKER= BROKER (Title co) WRITES CHECK TO SELLER

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3
Q

DEFINE TENANCY FOR :

YEARS

PERIODIC

AT WILL

AT SUFFERANCE

A

FIXED TERM

MONTH TO MONTH

NO EXPIRATION

WITHOUT CONSENT

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4
Q

OBSOLESCENCE:

FUNCTIONAL

EXTERNAL

PHYSICAL

A

DEPRECIATION CAUSE BY:

OUTMODED DESIGN

OUTSIDE FORCES, INCURABLE

DEFERRED MAINTENANCE

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5
Q

ESCROW ACCOUNT NAME INCLUDES:

A

BROKERAGE FIRM, TYPE OF ESCROW, EMPLOYING BROKER NAME, ASSOCIATE BROKER NAME

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6
Q

TESTATOR

DEVISEE

A

CREATOR OF WILL

TO WHOM THE PROPERTY IS LEFT TO

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7
Q

PROMISSORY NOTE

A

NOT RECORDED

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8
Q

HOW ARW NET LOAN PROCEEDS TYPICALLY HANDLED ON SETTLEMENT SHEET?

A

D BROKER, single entry

Payed before closing by lender

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9
Q

CLOSING INSTRUCTION FORM & LISTING CONTRACT

A

ARE USED IN CONJUNCTION

Closing form is initiated at time listing contract is signed

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10
Q

DEBIT/CREDIT FOR BROKERS COMMISSION?

A

D SELLER

C BROKER

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11
Q

NOVATION

A

REPLACING OLD CONTRACT WITH NEW

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12
Q

USURY

A

CHARGING HIGHER INTEREST RATE THAN ALLOWED

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13
Q

WHAT IS TRIPLE NET

A

TAXES

INSURANCE

CAM (COMMON AREA MAINTENANCE)

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14
Q

WHO HAS MORE AUTHORITY?

GENERAL

UNIVERSAL

OR SPECIAL AGENT

WHICH ONE IS A PROPERTY MANAGER?

A

UNIVERSAL- absolute

GENERAL- handles principal affairs in specific area (property manager)

SPECIAL- specific transaction (brokers)

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15
Q

EXAMPLE OF DEFERRED MAINTENANCE

A

APARTMENT BUILDING NEEDING PAINTING

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16
Q

WHAT TYPE OF SALES NEED A LAWYER?

A

LAND CONTRACT, LEASE OPTIONS, LEASE PURCHASE

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18
Q

NEW HOME PURCHASE

A

BUILDER HOLDS EM IN THEIR ESCROW

REGISTER WITH BUILDER

MUST ACCOMPANY BUYER ON FIRST VISIT OR NO COMM

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19
Q

INTEREST RATE ON ASSUMED LOAN CREDIT/DEBIT

A

DEBIT SELLER

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21
Q

WRIT OF EXECUTION VS ATTACHMENT

A

COURT ORDER TO FORECLOSE

VS

COURT ORDER TO HOLD PROPERTY UNTIL JUDGEMENT MADE (Can’t sell)

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22
Q

DEFINE:

PGI, EGI, NOI

CAP RATE

MARKET VALUE

A

PGI - potential gross income (rent)

EGI - effective gross income (PGI- vacancy rate losses)

NOI - net operating income (EGI- operating expenses)

CAP RATE- NOI / Market Value

Market Value - NOI / CAP RATE

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23
Q

DEBIT/CREDIT FOR INTEREST RATE?

A

D BUYER

C BROKER

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24
Q

IS COLORADO TITLE OR LIEN THEORY?

WHAT DOES IT MEAN?

ARE FORECLOSURES JUDICIAL OR NON JUDICIAL?

A

LIEN THEORY

PUBLIC TRUSTEE HOLDS LIEN AS A ‘DEED OF TRUST’; MORTGAGOR HAS LEGAL TITLE, MORTGAGEE IS BENEFICIARY

FORECLOSURE IS NON JUDICIAL

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25
Q

WHAT TYPE OF LEIN IS A JUDGMENT?

MORTGAGE?

A

GENERAL LIEN- INCLUDES ALL REAL & PERSONAL PROPERTY

SPECIFIC LIEN- ATTACHES TO ONE PARTICULAR PIECE OF PROPERTY

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26
Q

DEBIT/CREDIT FOR TITLE INSURANCE?

WHAT IF LENDER WANTS BUYER TO BUY ADDITIONAL COVERAGE?

A

CREDIT BROKER
DEBIT SELLER

CREDIT BROKER
DEBIT BUYER

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29
Q

DEED OF TRUST

A

HELD BY PUBLIC TRUSTEE UNTIL LOAN PAYED OFF

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30
Q

ESTATE IN TRUST

TESTAMENTARY TRUST

LAND TRUST

A

PROPERTY GRANTED BY TRUSTOR TO TRUSTEE FOR BENEFICIARY

ON DEATH

TRUSTOR=BENEFICIARY; INTEREST IS PERSONAL PROPERTY NOT REAL; NAME NOT ON PUBLIC RECORD.

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31
Q

EQUITABLE VS STATUTORY RIGHT OF REDEMPTION

A

EQUITABLE- BUY BACK PROPERTY BEFORE TAX SALE

STATUTORY- RECLAIMS PROPERTY AFTER TAX SALE

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32
Q

WHAT IS RHE CREDIT/DEBIT FOR THE DOCUMENTARY FEE?

WHAT IS THE FEE FOR A $700,000 SALE?

A

D BUYER
C BROKER

.0001/ year = $70.00

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33
Q

WARRANTY DEED DEBIT/CREDIT

NOTARIZE

RECORD

A

D SELLER

D BUYER

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34
Q

STATUTE OF FRAUDS

A

RE CONTRACTS MUST BE IN WRITING

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35
Q

DEBIT/CREDIT FOR “TAXES PRIOR YEAR”?

A

NONE

JUST INFO TO PRORATE CURRENT YEAR’S TAXES

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36
Q

CONSTRUCTIVE EVICTION

A

TENANT GETS SECURITY DEPOSIT BACK, DEFAULT OF LANDLORD (ex- NOT FIXING FURNACE)

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37
Q

OFF RECORD OBJECTION DEADLINE

A

SPECIAL TAXING DISTRICTS

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38
Q

WHAT APPRAISAL APPROACH ESTIMATES REPLACEMENT COSTS, DEDUCTS DEPRECIATION, ADDS LAND VALUE?

AND WHEN IS THIS APPROACH USED?

A

COST APPROACH

NEW CONSTRUCTION, or buildings that lack comparables

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39
Q

CO FAIR HOUSING INCLUDES

A

MARITAL STATUS

SEXUAL ORIENTATION

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40
Q

SECONDARY MORTGAGE MARKET:

FANNIE MAE

FREDDIE MAC

GINNIE MAE

WHICH ONE IS SPECIFIC TO CONVENTIONAL LOANS?

WHICH ONE NOT A GOVT AGENCY?

A

FREDDIE- CONVENTIONAL

FANNIE MAE NOT GOVT

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41
Q

WHICH MUST BE RECORDED

DEED

MECHANICS LIEN

WILL

A

MECHANICS LIEN

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42
Q

BARGAIN & SALE

QUITCLAIM

A

FORECLOSURE

CORRECT TITLE DEFECTS

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43
Q

ACTUAL VS CONSTRUCTIVE/LEGAL NOTICE OF TITLE?

WHAT IS VOLUNTARY ALIENATION?

A

ACTUAL- DIRECT EXPERIENCE (WILL, DEED, POSSESSION)

CONSTRUCTIVE- COULD/SHOULD HAVE OBTAINED (TITLE RECORDS)

TITLE TRANSFER BY SALE or gift

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46
Q

VICARIOUS LIABILITY

A

PRINCIPAL LIABLE FOR AGENTS ACTS IF THEY DIRECT, RATIFY, or APPROVED IT

  • excludes transaction brokers
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47
Q

TOP 3 SUPERIOR LIENS

A
  1. AD VALOREM
  2. SPECIAL ASSESSMENT LIEN
  3. INHERITANCE TAX LIEN (taxes owed by deceased persons estate)
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48
Q

HOW MUCH NOTICE DOES LANDLORD NEED TO GIVE TO TERMINATE LEASE IF LEASE TERM IS:

1 YR

1 WK

A

30 DAYS

3 DAYS

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49
Q

HOW MANY BASELINES?

WHAT DO THE FOLLOWING RELATE TO, HOW BIG ARE THEY, AND WHAT DIRECTIONS?

RANGE

TIER

A

1 BASELINE FOR EACH PRINCIPAL MERIDIAN

TOWNSHIPS, 6 miles wide

NORTH/SOUTH

EAST/WEST

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50
Q

INTERPRETATION OF TITLE COMMITMENT TO BE DONE BY

A

ATTORNEY OR

TITLE COMPANY

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51
Q

APPURTENANCES

A

RIGHTS TRANSFERRED WITH LAND

SURFACE, AIR, SUBSURFACE

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52
Q

HOW LONG DOWS LANDLORD HAVE TO FIX HAZARDOUS REPAIRS?

A

72 HOURS

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53
Q

IF CLOSING IN ESCROW, DO YOU HAVE TO CLOSE ON SAME DAY?

A

NO

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56
Q

HOW IS BUYERS CHECK FOR HOUSE PRICE HANDLED ON SETTLEMENT SHEET?

A

C BUYER, D BROKER

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57
Q

LIS PENDENS

A

NOTICE OF POTENTIAL JUDGEMENT ; PENDING LEGAL ACTION (foreclosure)

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58
Q

SQ FEET PER ACRE

A

43560

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61
Q

WHAT IS A STRICT FORECLOSURE?

DEED IN LIEU OF FORECLOSURE?

A

TITLE TRANSFERS DIRECTLY TO LENDER

VOLUNTARY TITLE TRANSFER TO LENDER TO AVOID COURT

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62
Q

WHAT IS “TRUST DEED PAYABLE TO”, and WHAT IS THE CREDIT/ DEBIT?

…WHAT IF BUYER IS ASSUMING ?

A

NEW LOAN

C BUYER, D BROKER

C SELLER IF BUYER IS ASSUMING LOAN

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63
Q

IMPLIED WARRANTY OF HABITABILITY

A

RESIDENTIAL ONLY

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64
Q

ESTOPPEL CONTRACT

A

TENANTS REPORT STATUS OF LEASE TO BUYER , seller can fill out

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65
Q

FIFTH AMENDMENT

ORDER 11063

A

PROHIBITS DISCRIMINATION BY RACE IN SELLING/RENTING RESIDENTIAL HOUSING

NO DISCRIMINATION IN FHA/VA RESIDENTIAL

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66
Q

BUYDOWN LOAN

A

PREPAYMENT OF INTEREST LOWERS RATE

  • DISCOUNT POINTS

Usually developers/builders

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67
Q

WARRANT OF:

SEIZEN

FURTHER ASSURANCE

ENCUMBRANCES

A

POSSESSION

CLEAR TITLE

NO LIENS

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68
Q

RACIAL DISCRIMINATION

A

13th AMENDMENT

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69
Q

EQUITY

A

INTEREST AFTER LIABILITIES PAYED OFF

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71
Q

TRUTH IN LENDING/ REG Z APPLIES TO WHICH PROPERTY TYPE?

A

RESIDENTIAL

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73
Q

ASSIGNABILITY OF PURCHASE CONTRACT

A

ALLOWED IF SPECIFIED IN ADDITIONAL PROVISIONS

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74
Q

BUNDLE OF RIGHTS (6)

Are they transferred with land?

A

POSSESSION

USE

TRANSFER/DISPOSITION (sell)

EXCLUDE (no trespass)

ENJOYMENT

ENCUMBER (lien)

NO, NOT ALL NECESSARILY TRANSFERED

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76
Q

PROCURING CLAUSE

A

AGENT WHO IS FIRST TO NEGOTIATE WITH BUYER

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77
Q

SON

BOS

A

SELLER OWNS NATIONAL

BUYER OWNS STATE

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79
Q

EMINENT DOMAIN

ESCHEAT

A

FORCED SALE OF PRIVATE PROPERTY FOR PUBLIC USE

GOV’T TAKES ABANDONED PROPERTY

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80
Q

GROSS VS NET LEASE

A

GROSS- RESIDENTIAL

NET- COMMERCIAL

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81
Q

WHICH PM’S DIVIDE COLORADO INTO NORTH, CENTRAL AND SOUTH ZONES?

A

UTE

NEW MEXICO

6TH

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82
Q

ESA

A

ENVIRONMENTAL SITE ASSESSMENT

IDENTIFY POTENTIAL OF CONTAMINATION
PHASE 2- SAMPLING

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83
Q

WHAT ARE THE NUMBERS FOR CAPITAL GAINS EXEMPTION?

A

$250k single

$500k married

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85
Q

WHO IS USUALLY DEBITED FOR THE FOLLOWING:

TITLE EXAM 
SURVEY/CREDIT REPORT
INTEREST ON NEW LOAN
LOAN SERVICE FEE
HAZARD INSURANCE
TAX RESERVE

WHO GETS THE CREDIT?

A

D BUYER

C BROKER

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86
Q

LEAD BASED PAINT PENALTY FOR INCORRECT DISCLOSURE

A

TREBLE (3 times) DAMAGES UP TO $16k

Buyer has 10 days to conduct risk assessment

Seller must retain LBC copy for 3 years

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87
Q

TENANTS IN COMMON

A

UNEQUAL SHARES ALLOWED

NO SURVIVORSHIP

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88
Q

CONDEMNATION VS ACCRETION (WATER)

A

CONVERT WATER FROM AGRICULTURE TO DOMESTIC

ADDITION OF LAND CAUSED BY WATER

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91
Q

WHAT IS A NET LISTING? LEGAL IN CO?

A

COMMISSION IS ANY AMOUNT RECEIVED IN SELLER OVER THE NET AMOUNT REQUIRED BY SELLER

YES, ALLOWED BUT NOT ADVISED

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92
Q

LEAD BASED PAINT

A

1978

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93
Q

AN EASEMENT

A

IS AN ENCUMBRANCE

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94
Q

IF BUYER/SELLER DECIDE TO SPLIT CLOSING DOC FEES, WHAT IS THE CREDIT/DEBIT?

A

D BUYER 1/2
D SELLER 1/2
C BROKER

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95
Q

RULE F DOES NOT APPLY TO

A

NEW CONSTRUCTION

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96
Q

REAL PROPERTY TRANSFER DECLARATION

A

Optional, used in closing

Info for county assessors

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97
Q

HOW MUCH DOES FDIC INSURE ESCROW ACCOUNTS FOR?

A

$100k

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98
Q

HOW OFTEN CAN U USE THE CAP HAINS EXCLUSION?

A

1 every 2 years

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99
Q

CONSTRUCTION LOAN

A

INTEREST ONLY/STRAIGHT LOAN, REPLACED WITH LONG TERM

MONEY DISBURSED AS NEEDED

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101
Q

PERMISSIVE USE THAT GIVES NO FUTURE RIGHTS TO USER

A

LICENSE

TEMPORARY USE

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102
Q

FIRPTA %

A

WITHHOLD 10% IF SELLER IS FOREIGNER

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103
Q

HOW ARE THE CURRENT YEARS PROPERTY TAXES PAYED?

WHAT IS THE CREDIT/ DEBIT?

A

IN ARREARS (the next year)

D SELLER
C BUYER

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104
Q

SQ INCHES PER SQ FOOT

A

144

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105
Q

COOLING PERIOD RESCISSION

A

LEGAL TIME PERIOD TO TERMINATE CONTRACT W/O REASON

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107
Q

ACCORD & SATISFACTION

A

AGREEMENT TO ACCEPT SOMETHING DIFFERENT THAN WHAT CONTRACT SUGGEST

Reduce sale price

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109
Q

MUTUAL ASSENT

A

OFFER & ACCEPTANCE

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110
Q

COST APPROACH

IMPROVEMENTS & LAND ARE VALUED

A

SEPARATELY

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111
Q

IMPOSSIBILITY OF PERFORMANCE

A

PARTY MAY BE RELEASED FROM A CONTRACT ON THE GROUNDS THAT UNCONTROLLABLE CIRCUMSTANCES HAVE RENDERED PERFORMANCE IMPOSSIBLE

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112
Q

RESCISSION PROVISION APPLIES TO

HOW MANY DAYS?

A

HOME EQUITY LOANS

TRUTH IN LENDING, REG Z

3 DAYS

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113
Q

WHO IS CREDITED THE INTEREST ON AN ASSUMED LOAN?

A

BUYER

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114
Q

WHAT IS CO STATE DEFAULT FOR DEED ON PURCHASE CONTRACT?

A

SPECIAL WARRANTY

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115
Q

STATUTE OF LIMITATIONS

A

INJURED PARTY HAS CERTAIN TIME PERIOD RTO RESCIND/DISAFFIRM

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116
Q

VALID DEED

A

GRANTING CLAUSE

DESCRIPTION

SIG OF GRANTOR

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117
Q

DUAL AGENCY=

A

TRANSACTION BROKER

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118
Q

PROVISIONS DELETED FROM LICENSEE BUYOUT ADDENDUM

A

APPRAISAL

LIQUIDATED DAMAGES

SELLER CAN TERMINATE FOR ANY REASON WITHOUT PENALTY

NO COMMISSION FOR BROKER

120
Q

NEVER USED AS OPERATING EXPENSES

A

DEBT SERVICE- INCLUDES INTEREST PAYMENTS

DEPRECIATION

INCOME TAX

CAPITAL IMPROVEMENTS

121
Q

RENTAL INCOME $36k & VACANCY RATE 2%. TAXES $3600, RESERVES $1800, DEBT SERVICE $4000. CAP RATE 12%. WHAT IS MARKET VALUE?

A

$36k X .98 (vacancy rate of 2%)= EGI $35,280

EGI - ( $3600 + $1800 = $5400 )=
NOI $27,880

NOI / .12 = $232,333

121
Q

SEVERALTY

TENANCY IN COMMON

JOINT TENANCY

COMMUNITY PROPERTY/TENANCY BY ENTIRETY

A

SOLE OWNERSHIP, PASSES TO HEIRS

NO RIGHT OF SURVIVORSHIP

RIGHT OF SURVIVORSHIP, SHARE A SINGLE TITLE

OWNED BY MARRIED COUPLE

122
Q

PACKAGE LOAN

BLANKET LOAN

REVERSE MORTGAGE

A

INCLUDES PERSONAL PROPERTY

MORE THAN ONE PROPERTY; SUBDIVISIONS

LENDER PAYS BORROWER, PAYMENTS ADDED TO LOAN BALANCE (ELDERLY)

123
Q

CMA DOES NOT INCLUDE

A

ACCRUED DEPRECIATION

125
Q

WHO IS DEBITED FOR INTEREST RATE ON ASSUMED LOAN

A

SELLER

126
Q

FAIR HOUSING EXEMPTIONS

A

SINGLE FAMILY HOME, NO BROKER, MAX 3 HOUSES OWNED

RENTAL IN 1-4 UNIT BUILDING WHERE OWNER LIVES

PRIVATE CLUBS/RELIGIOUS, LEASES TO MEMBERS

GOV’T RETIREMENT HOUSING

*NEVER DISCRIMINATORY ADVERTISING, NO DISCRIMINATION OF RACE

127
Q

NOT NEEDED IN JOURNAL

A

ÑAME OF PERSON WHO WROTE CHECK

128
Q

ARREARS

A

NOT PAYED YET, PAY IN FUTURE

131
Q

WATER SOFTENER

SMOKE DETECTORS

SECURITY SYSTEMS

SATÉLITE SYSTEMS

…. IF INCLUDE :

A

CHECK BOXES ON CONTRACT!

132
Q

PMI

A

USED IN HIGH LTV CONVENTIONAL LOANS

133
Q

DEBIT/CREDIT FOR RECORDING FEES?

TAX CERTIFICATE FEE?

A

D BUYER
C BROKER

SAME

135
Q

TRUSTEE HAS WHAT KIND OF TITLE?

A

NAKED TITLE

136
Q

CHECKS COMING IN =

CHECKS GOING OUT=

A

IN = DEBIT

OUT = CREDIT

137
Q

BROKER TO PREQUALIFY BUYER:

A

SS NUMBER, ADDRESS (credit report)

OCCUPATIONAL INFO

138
Q

RE COMM WILL NOT INSURE

PARTNERSHIP

CORPORATION

SOLE PROPRIETOR

LLC

A

SOLE PROPRIETOR

139
Q

CAN BROKER ESCROW ACCOUNT INCLUDE WITHHOLDING TAXES?

A

NO

140
Q

COLOR OF TITLE

CLOUD ON TITLE

MARKETABLE TITLE

A

TTILE INVALID

DEFECT ON TITLE

FREE OF DEFECTS & ENCUMBRANCES

141
Q

HUD HOMES ARE SOLD

AND REQUIRE

A

AS IS

A SPECIFIC HUD CONTRACT

142
Q

ARE MARKUPS ALLOWED

A

YES WITH WRITTEN CONSENT

143
Q

INTEREST IS PAYED

A

IN ARREARS (Feb 1 payment is for Jan)

145
Q

SCARCITY, IMPROVEMENTS, PERMANENCE, AREA PREFERENCE ARE WHAT TYPE OF LAND CHARACTERISTIC?

A

ECONOMIC

147
Q

CONVERSIÓN

SEVERANCE

ANNEXATION

A

CHANGE OF PERSONAL/REAL PROPERTY

REAL TO PERSONAL

PERSONAL TO REAL

148
Q

ZONING, AKA-

PRIMARY PURPOSE?

A

DEED RESTRICTIONS

IMPLEMENT MASTER PLAN,
REGULATE LAND

149
Q

WATER RIGHTS:

APPROPRIATIVE

LITTORAL

RIPARIAN

A

STATE OWNS WATER

LAKES/OCEANS

RIVERS/STREAMS

151
Q

SINGLE PARTY LISITNG

A

HAS NO HOLDOVER CLAUSE

152
Q

WHICH ELEMENTS OF VALUE DOES AN APPRAISER WORK WOTH IN A SALES COMPARISON APPROACH?

A

SUBSTITUTION (other properties)

CONTRIBUTION (improvements)

153
Q

CASH TO CLOSE DOES NOT INCLUDE

A

CLOSING COSTS

154
Q

DEBIT/CREDIT FOR TAXES?

A

D SELLER

C BUYER

155
Q

WHAT IS UCC FOR?

A

Personal property, trade fixtures

157
Q

UNIT IN PLACE METHOD

A

COST OF INSTALLING INDIVIDUAL UNITS (PLUMBING, ROOF…) TO ESTIMATE VALUE

159
Q

CAN SELLER DECLINE PROPERTY DISCLOSURE?

A

YES

BUT- MUST DISCLOSE ALL LATENT MATERIAL DEFECTS

160
Q

WHAT ARE OPTIONS

A

CONSIDERATION GIVEN FOR THE RIGTH TO PURCHASE PROPERTY

161
Q

HOW MANY ACRES ARE IN THE NW 1/4 of SW 1/4 and E 1/2 of SW 1/4 OF A SECTION?

HOW MANY IN A TOWNSHIP?

A

4x4= 16. 640/16= 40
2x4= 8. 640/8= 80
40 + 80= 120

120 x 36 = 4320

161
Q

LATERAL VS SUBJACENT SUPPORT

A

SURROUNDING LAND

BELOW THE SURFACE

162
Q

WHICH DEED LIMITS THE COVENANTS?

A

SPECIAL WARRANTY

164
Q

HOW MANY WEEKS IN A YEAR?

A

52

165
Q

FAMILIAL STATUS

A

CHILDREN, PREG WOMEN

166
Q

HOW MUCH IS A DISCOUNT POINT

A

1% of Loan

Or 1/8 of a %

167
Q

RE VALUE:

ANTICIPATION

SUBSTITUTION

CONTRIBUTION

ASSEMBLAGE (PLOTTAGE)

*REVERSIONARY VALUE

A

BENEFITS EXPECTED BY BUYER

SAME AMOUNT FOR EQUAL PROPERTY

IMPROVEMENTS EFFECT ON VALUE

CONJOINING PROPERTY

*ESTIMATED SELLING PRICE IN FUTURE

168
Q

WHAT TYPE OF AGENT CAN YOU NOT BE IF WORKING FOR YOUR FAMILY, FRIENDS, BUSINESS ASSOCIATES OR REGULAR CLIENTS?

A

TRANSACTION BROKER

170
Q

NOTICE TO QUIT

A

DELIVERED TO FAMILY MEMBER OF AT LEAST 15yrs

171
Q

HOW CAN YOU MAKE UP CE COURSES?

A

RETAKE STATE EXAM

TAKE BROKERAGE EDUCATION COURSE (24credits)

172
Q

SPECIFIC PERFORMANCE BOX CHECKED

A

= SELLER

CAN SUE FOR BOTH SP & LIQUIDATED DAMAGES (earnest money)

173
Q

TRADE FIXTURES & CHATTEL

A

PERSONAL PROPERTY

173
Q

MONUMENT, COURSE, DISTANCE, POB

A

METES & BOUNDS

Monument- “bounds”
Distance- “metes”
Course- direction
POB- point of beginning

174
Q

MINIMUM REQUIREMENT FOR LISTINGS

A

NONE

175
Q

INTERPLEAD EARNEST MONEY?

A

BROKER RELEASES TO COURT

176
Q

ESTOPPEL

A

PRINCIPAL ALLOWS CUSTOMER TO BELIEVE RHWIE IS AN AGENCY; PRINCIPAL IS ESTOPPED (LEGALLY PRECLUDED) FROM DENYING THE AGENCY

177
Q

DEED OF RECONVEYANCE

A

ISSUED BY TRUSTEE TO MORTGAGOR WHEN MORTGAGE IS PAID OFF

178
Q

HOW OFTEN DOES RE COMMISSION REQUIRE PROPERTY MANAGER TO DELIVER ACCOUNTING REPORT TO OWNER?

A

30 DAYS, unless stated otherwise in agreement

182
Q

BROKERS SHOULD PROVID SAFEGUARDS ON WHAT TYPE OF DOWN PAYMENTS?

A

RESIDENTIAL

183
Q

WHEN ADJUSTING COMPARABLES, WHAT ADJUSTMENTS DOES AN APPRAISER MAKE TO THE SUBJECT PROPERTY?

A

NONE. ADJUSTMENTS ONLY MADE TO COMPARABLES

184
Q

EXCULPATORY LANGUAGE NOT ALLOWED IN

A

ANY CONTRACT BROKER IS NOT A PARTY TO, and NEVER IN ADDITIONAL PROVISIONS

185
Q

BUYER CAN TERMINATE IF DAMAGE OCCURS BEFORE CLOSING IF IT IS WHAT % OF PURCHASE PRICE?

A

10%

186
Q

WHAT IS THE TYPICAL (PAYED IN ADVANCED) CREDIT/DEBIT FOR WATER & HOA FEES?

….WHAT IF IT IS PAYED IN ARREARS (NOT PAYED YET)?

A

D BUYER
C SELLER

ARREARS = D SELLER, C BROKER
(Title company refunds seller for any over payment after Bill has been paid)

187
Q

EXCLUSIVE AGENCY LISTING

A

BROKER NOT PAYED IF SELLER FINDS BUYER

188
Q

EIS

A

ENVIRONMENTAL IMPACT STATEMENT

PROJECTS IMPACT OF PROPOSED PROJECT

189
Q

RISK MANAGEMENT

A

AVOID

CONTROL

TRANSFER (Insurance)

RETAIN (do nothing)

190
Q

BUYER REMEDIES

A

SUE FOR SPECIFIC PERFORMANCE

SUE FOR LIQUIDATED DAMAGES (earnest money)

191
Q

CONVEYANCE CLAUSES:

HEBENDUM

REDDENDUM

TENENDUM

A

TYPE OF ESTATE (life..)

RESTRICTIONS (liens…)

PERSONAL PROPERTY?

191
Q

TITLE INSURANCE PROTECTS

A

THE BUYER

192
Q

WHICH ITEMS ARE EXCLUDED FROM OPERATING EXPENSES

A

DEBT SERVICE (aka mortgage)

DEPRECIATION

INCOME taxes

192
Q

SHORT SALE

A

MORTGAGOR ATTEMPTS TO SELL FOR LESS THAN WHAT IS OWED

193
Q

ADA MODIFICATIONS

A

PAID BY RENTER

194
Q

BROKER OF RECORD =

A

EMPLOYING BROKER

195
Q

WHICH ONE INSURES LOANS?

FHA or VA

WHICH REQUIRES A CERTIFICATE OF REASONABLE VALUE?

WHAT ARE RHE FRONT & BACK END RATIOS?

A

FHA, VA GUARANTEES

VA (appraisal)

29% , 41%

196
Q

DATUM

BENCHMARK

A

ELEVATION REFERENCE POINT

OFFICIALLY SURVEYED ELEVATION MARKER

196
Q

EARNEST MONEY RELEASE FORM

A

IS OPTIONAL

199
Q

DEED REQUIRES

A

SIGNATURE OF GRANTOR ONLY

200
Q

DUST (elements of value)

A

DEMAND

UTILITY

SCARCITY

TRANSFERABILITY

201
Q

LATENT DEFECT

A

HIDDEN

203
Q

HOW MANY PRINCIPAL MERIDIANS ARE THERE?

HOW BIG IS A SECTION?

HOW BIG IS A TOWNSHIP?

A

36

1 sq mile, 640 acres

6 sq miles, (36 sections= 23,040 acres)

204
Q

LAND IN THE NW CORNER OF A TOWNSHIP IS LOCATED IN

A

SECTION 6

206
Q

ILC

A

IMPROVEMENT LOCATION CERTIFICATE, “SURVEY LITE”

Based off surveyors observations

207
Q

WHAT IS INCLUDED IN THE PRE-PRINTED PORTION OF SALES CONTRACT?

A

PREOWNED HOME WARRANTY INFO

208
Q

WHAT IS TRID?

WHICH LOANS ARE EXCLUDED?

WHAT ARE THE 2 IMPORTANT DOCUMENTS, AND WHAT DID THEY REPLACE?

A

TILA + RESPA

HELOCS, REVERSE MORTGAGES

LOAN ESTIMATE (replaced TRUTH IN LENDING & GOOD FAITH ESTIMATE)

CLOSING DISCLOSURES (replaced FINAL TRUTH IN LENDING & HUD 1)

209
Q

On the Rectangular Survey System, what does Section 16 represent?

READ/DEFINE:

NE 1/4 NW 1/4, Sec 17, T.2.S., R. 3W, 6th PM

A

Schools

Read right to Left

Principal Meridian, Range column, Township row, Section row, parts of a section

210
Q

1 SECTION

A

1 SQ MILE OR 640 ACRES

210
Q

PITI

A

PRINCIPAL

INTEREST

TAXES

INSURANCE

210
Q

INVERSE CONDEMNATION

A

GOVT FAILS TO PAY OWNER AFTER TAKING PROPERTY BY EMINENT DOMAIN, OWNER CAN SUE

211
Q

COVENANT OF QUIET ENJOYMENT

A

GRANTOR GUARANTEES TITLE AGAINST 3RD PARTY CLAIMS

212
Q

NON-RESIDENT BROKER REQUIREMENTS

A

BROKER IN HIS HOME STATE

PASS CO LICENSING LAWS

DOWS NOT NEED OFFICE IN CO BUT DOES NEED CO TRUST ACCOUNT IF RECEIVING MONEY FROM CLIEN IN CO

213
Q

WHAT IS THE HIGHEST FORM OF OWNERSHIP, AND WHAT DOES IT INCLUDE?

A

FEE SIMPLE, ABSOLUTE

COMPLETE BUNDLE OF RIGHTS

..FEE SIMPLE DEFEASIBLE= MAY REVERT TO GRANTOR IF CONDITIONS NOT MET

214
Q

WHEN WOULD A TAX DEED BE USED?

A

FOR CONVEYING TITLE WHEN A PROPERTY SELLS FOR NON-PAYMENT OF TAXES (TAX SALE/FORECLOSURE)

215
Q

CONVERSION OF FUNDS

A

USING PRINCIPALS FUNDS TO PAY FOR YOURSELF

215
Q

DEFEASANCE CLAUSE

PREPAYMENT CLAUSE

DUE ON SALE

A

TRUST DEED RELEASED WHEN MORTGAGE PAID OFF

FINE FOR PREPAYMENT

ACCELERATION (IMMEDIATE PAYMENT OF LOAN) IF BORROWER SELLS PROPERTY

215
Q

WHO PRESIDES OVER RE COMM HEARINGS?

A

ADMINISTRATIVE LAW JUDGE (retired)

216
Q

ACRES PER SQ MILE

A

640

216
Q

TIME LIMIT FOR FILING A COMPLAINT WITH OFHEO (HUD) FOR FAIR HOUSING VIOLATION ?

FOR LAWSUIT?

A

1 year of violation

2 YEARS

216
Q

RULE F DOES NOT APPLY TO

A

NEWLY CONSTRUCTED HOMES WITH WARRANTIES

217
Q

BASIS

ADJUSTED BASIS

A

PURCHASE PRICE

PURCHASE PRICE + CAPITAL IMPROVEMENTS

218
Q

LENDER NEEDS 7% ON A $100k LOAN WITH 6.5% INTEREST RATE. HOW MANY DISCOUNT POINTS SHOULD HE CHARGE, and HOW MUCH MONEY WOULD IT BE?

1 DISCOUNT POINT = % ?

A

1 DISCOUNT POINT = 1/8%

7-6.5 = .5 x 8 (points per 1%) =
4 POINTS

$100,000 x .04 = $4,000

219
Q

1 TOWNSHIP

A

36 SQ MILES/ 6 MILES SQUARE

640x36 = 23,040 ACRES

220
Q

TRANSFER TAX =

A

DOCUMENTARY STAMP TAX

WHEN CONVEYING REAL PROPERTY

221
Q

CO WITHHOLDING %

A

2% if over $100k

Or Total Net Proceeds

Whichever is less

223
Q

WHAT IS THE RATE OF RETURN?

A

CAP RATE

223
Q

WHO HAS LEGAL TITLE IN A LAND CONTRACT?

A

VENDOR (SELLER) RETAINS TITLE UNTIL PAYED OFF BY VENDEE

223
Q

COMMUNITY PROPERTY (MARRIAGE) EXCLUDES:

A

GIFTS

INHERITANCE

224
Q

WHO REQUIRES SEPARATE ESCROW ACCOUNTS?

A

HOA’s over 30 UNITS

PROPERTY MANAGERS- For each property owner

224
Q

HOMEBUILDER EXEMPTION

A

CORPORATIONS MAY SELL WITHOUT A LICENSE

224
Q

WHAT IS COVERED BY NAR (national association of realtors) & NOT RE COMM?

A

ETHICAL STANDARDS

225
Q

SECONDARY MORTGAGE MARKET

A

FANNIE, FRE, GENNIE

do not use their own funds

226
Q

SHERMAN/CLAYTON ANTITRUST LAWS DESIGNED TO PREVENT-

A

MONOPOLIES; ANTI-COMPETITIVE BEHAVIOR/ UNFAIR TRADE PRACTICES

226
Q

STRAIGHT LOAN

A

PAY INTEREST ONLY; PRINCIPAL PAYED AT END

226
Q

INCOME RATIO VS DEBT RATIO

FRONT END RATIO- PAYMENT CANNOT EXCEED WHAT % GROSS MONTHLY INCOME?

BACK END RATIO - PAYMENT PLUS OTHER DEBTS CANNOT EXCEED WHAT % OF GROSS MONTHLY INCOME?

A

MONTHLY HOUSING EXPENSES/MONTHLY GROSS INCOME 28%

MONTHLY HOUSING + DEBT/MONTHLY GROSS INCOME 36%

226
Q

RE COMM: HOW MANY MEMBERS, HOW LONG TERM?

DUTIES?

A

5 members

3 years

LICENSING, REGULATION, ENFORCEMENT

For brokers, appraisers, mortgage originators, subdivision developers, HOAs, conservation easement holders

226
Q

HOW DOES LANDLORD INITIATE EVICTION?

A

COURT ORDER

227
Q

IRV

A

INCOME
RATE (commission)
VALUE (cost of property)

227
Q

WHAT IS DEBIT/CREDIT FOR “TRUST DEED PAYOFF”?

A

PAYOFF OLD LOAN

D SELLER
C BROKER

227
Q

WHAT IS AD VALOREM, and WHO IS EXEMPT?

A

PROPERTY TAX

HOMESTEAD
GOV’T OWNED PROPERTY
NON PROFIT OWNED PROPERTY (church)

227
Q

AN ILLEGAL CONTRACT IS

A

VOID

227
Q

COUNTERPROPOSAL

A

AMENDS

227
Q

LENDER MAY NOT REQUIRE DISCLOSURE OF

A

CURRENT PROPERTY TAXES

227
Q

FIRPTA

A

PORTION ON NET PROCEEDS

228
Q

WHAT ARE IMPROVEMENTS ?

DEFINITION OF REAL ESTATE?

A

MAN MADE STRUCTURES PERMANENTLY ATTACHED TO LAND

LAND + IMRPOVEMENTS

228
Q

CERCLA (SUPERFUND) LAW

BROWNFIELD REVITALIZATION ACT

A

CONTAMINATED PROPERTY; EACH OWNER HAS COMPLETE LIABILITY

FUNDS FOR CLEANUP OF SUPERFUND SITES

229
Q

WHAT DOES MEC STAND FOR, and WHEN IS IT TYPICALLY USED?

A

MUTUAL EXECUTION of CONTRACT

(DATE BOTH PARTIES SIGNED)

COMMERCIAL

229
Q

EASEMENT:

APPURTENANT

IN GROSS

PRESCRIPTIVE

BY NECESSITY

A

ATTACHES TO PROPERTY

NOT FOR BENEFIT OF OWNER (ex-utility company)

USE WITHOUT PERMISSION, 18 YEARS = CREARES PERMANENT EASEMENT

GRANTED BY COURT, LANDLOCKED PROPERTY

229
Q

WHICH IS NOT A SUBDIVISION?

CONDO

CAMPGROUND

TIMESHARE

COOPERATIVE

TOWN HOME

A

CAMPGROUND

229
Q

SELLER REMEDIES

A

LIQUIDATED DAMAGES (Earnest money) default

SPECIFIC PERFORMANCE IF CHECKED

230
Q

LIFE ESTATE:

CONVENTIONAL
PUR AUTRE VIE

LEGAL- HOMESTEAD/DOWER & CURTESY

REMAINDERMAN
REVERSIONARY

A

MEASURED BY OWNERS LIFETIME

OWNERS LIFE
ANOTHER’s LIFE

PRINCIPAL RESIDENCE
SURVIVING SPOUSE

PARTY TO RECEIVE TITLE
REVERTS TO ORIGINAL OWNER

231
Q

HOME INSPECTORS

A

DO NOT REQUIRE A LICENSE!

233
Q

CALCULATE LOAN BALANCE AFTER 2 MONTHS FOR A $200k LOAN with 6% INTEREST RATE AND $1250 MONTHLY PAYMENT

A

200,000 x .06 = 12,000/12= 1,000
$1250 - 1000 = $250

200,000- $250= $199,750

199,750 x .06 = 11,985 /12 = 998.75
$1250 - 998.75 = $251.25

199,750 - $251.25 = $199,498. 75

233
Q

MARKET VALUE

MARKET PRICE

A

LISTING PRICE

SELLING PRICE

233
Q

ARM

A

ADJUSTABLE RATE MORTGAGE

235
Q

WHICH TAKES PRIORITY:

WILL

RIGHT OF SURVIVORSHIP

A

SURVIVORSHIP

236
Q

HOW ARE COMMERCIAL RENTAL RATES DETERMINED?

A

PRICE PER SQ FT, TRIPLE NET

237
Q

HYPOTHECATION

A

SECURING A LOAN BY PLEDGING PROPERTY AS COLLATERAL, WITHOUT GIVING UP POSSESSION

237
Q

DEATH OF LANDLORD TERMINATED LEASE, WHICH TYPE OF LEASE?

A

TENANCY AT WILL

237
Q

CO PROPERTY TAX PAYMENT DEADLINES

A

LUMP SUM APRIL 30

1/2 end of FEB, 1/2 JUNE 15

238
Q

MARKET VALUE IS $100k, ASSESSMENT RATE 7.96%. WHAT IS THE TAX BILL IF THE TAX RATE IS 52 MILS?

A

MARKET VALUE x ASSESSMENT RATE = ASSESSED VALUE X MIL LEVY = TAX BILL

100k x .0796 = $7,960 (assessed value)
$7,960 x .052 (tax rate) = $669.21 (tax Bill)

238
Q

WHAT LAW DOES THE RIGHT OF RECCISSION APPLY TO?

A

TRUTH IN LENDING- REG Z

239
Q

WHAT IS “DEPOSIT PAYED TO”, and WHAT IS THE CREDIT/ DEBIT?

A

EARNEST MONEY CHECK

C BUYER
D BROKER

239
Q

WHO SIGNS DEED?

A

SELLER

240
Q

COLLUSION

MARKET ALLOCATION

GROUP BOYCOTT

REDLINING

STEERING

BLOCKBUSTING

A

BROKERS JOIN TOGETHER IN ORDER TO PUT ANOTHER BROKER OUT OF BUSINESS

BROKERS AGREE NOT TO
COMPETE WITH EACH OTHER

BROKERS AGREE TO EXCLUDE OTHER BROKERS

REFUSING TO MAKE A LOAN FOR UNFAIR REASONS

STEERING BUYERS AWAY FROM PARTICULAR NEIGHBORHOOD

PERSUADING HOMEOWNERS TO SELL BY PREDICTING ‘UNDESIRABLES’ MOVING TO AREA

241
Q

PROOF OF TITLE (3)

A

TORRENS

ABSTRACT OF TITLE

TITLE INSURANCE

241
Q

TAXES ON HIUSE VALUED AT $80k are $450. TAK RATIO 16%.

WHAT ARW TAXES ON HOUSE NEXT DOOR WITH MARKET VALUE OF $75k?

A

450/80,000= .0075 x 75k=

562.5

243
Q

HOW MANY MONTHS OF TAXES CAN LENDER TAKE FOR ESCROW?

A

3

243
Q

ON THE FINAL LINE OF THE SETTLEMENT SHEET, WHAT DOES A CREDIT SELLER DEBIT BROKER MEAN FOR THE SELLER?

A

MONEY OWED BY SELLER, SELLER IS “UPSIDE DOWN”

243
Q

WHAT IS THE PURPOSE OF THE EQUALIZATION BOARD?

A

RAISE/DROP PROPERTY TAXES TO MATCH CURRENT MARKET VALUES

243
Q

MAXIMUM AMOUNT INTEREST CAN BE CHARGED ON CARRYBACK (seller lender) LOAN?

A

45%

243
Q

RATIFICATION

A

THE ACT OF SIGING OR GIVING FORMAL CONSENT

243
Q

HOW MANY FEET IN A MILE

A

5280

243
Q

WHO PAYS TITLE INSURANCE

A

BUYER

244
Q

What does the trustee hold

A

DEED OF TRUST

AKA NAKED TITLE

CO BROKER EXAM (1 decks)

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