Deck 1 Flashcards
Become proficient on National portion of state exam.
The owner of an interest in commonly held property who wishes to dispose of
the property, while the other owners do NOT want to do so, will probably
begin a suit for partition.
How does a creditor who has obtained a judgment get satisfaction against a
debtor who will not pay?
Writ of execution.
Legal descriptions using the government survey system are NOT generally
used in
the original 13 states.
A homeowner is willing to let his neighbor park an RV in his backyard. He does
NOT want to make the permission permanent in case he dislikes others who
might move next door in the future. What should he give his neighbor?
A license.
At the time of harvest, crops that require annual planting are generally
considered to be
personal property.
Two lots of the same size are sold on a street. The lot on the corner sells for
$20,000 more than the lot in the middle of the street. Which of the following
characteristics MOST likely explains the price difference?
Situs
A deed restriction is applicable to the activities of
all owners, present and future.
If conditions for purchase are included in a deed and these conditions are
violated, what is the penalty?
Return of the property to the original owner.
The principal difference between zoning and planning as they relate to land
use control is that zoning
is a legal implementation while planning is a process.
The power vested in the government to establish legislation to preserve order,
protect the public health and safety, and promote
police power.
A lawsuit for inverse condemnation may be brought by
a homeowner.
An environmental impact statement typically describes the effects of a
proposed project on factors such as
public health and safety.
According to the principle of progression, a three-bedroom, one-story home is
MOST likely to bring the highest sales price if located in a neighborhood in
which
most homes are larger than the sale home.
The terms “littoral,” “riparian,” and “appropriative” refer to
water rights.
A couple owns an older home in a neighborhood that is becoming a
commercial area. Because of the change in the use of the land, the couple can
expect the value of their parcel to increase at some
anticipation.
A prospective seller asks a salesperson to recommend a listing price for a
property. The salesperson should suggest
a competitive market analysis to determine the property’s
Straight-line method is not used to
Calculate the reproduction or replacement
cost of a building
The Appraisal approach that MOST reliably estimates the sales price of a
single-family residence?
Market data
An appraiser MUST be licensed or certified to handle Federally related work on
residential property valued at more than
$250,000.
When more than one approach to value is applied to a property and different
indications of value are produced, how should the final estimate of value be
determined?
Reconciliation
When a property owner uses his home as collateral for a loan and creates a
lien in favor of the lender, title is held by the
Question Result: Incorrect Your answer: mortgagee.
mortgagor.
Discounts points are
computed as a percentage of the selling price.
A borrower has defaulted on the mortgage. The mortgage contains an
acceleration clause. This permits the lender to
demand immediate payment of the entire note.
The Federal laws regulates the advertisement of a lender’s credit terms (rates, payment, etc.) is
Regulation Z.
Usury laws were enacted to protect the
borrower.
A loan which requires the borrower to pay interest only until the maturity date
(or due date), and then to pay the entire principal on the maturity date, is
called a
term loan.
The FHA functions MOST like
an insurance company.
The day after a broker’s listing on a house expired, it was listed with another
broker and offered in the MLS. Several days later, a third licensee called the
first broker and asked for the key to show the home. The broker should inform
the caller that
he is no longer the listing agent.
A broker supplies the financing for a project to build condominiums with the
stipulation that he has the exclusive right to sell the completed condos. Which
of the following BEST describes this relationship?
Agency coupled with an interest.
During the listing presentation, the seller questions the amount of commission
to be paid and is told
the amount of commission is negotiable.
One common method for controlling the problems created by conflict of
interest in dual representation is
allowing a broker to designate separate salespeople within the
company as legal representatives of each of the clients.
The relationship in which the agent is placed in the position of trust and
confidence to the principal is known by the term
fiduciary.
In an exclusive right-to-sell listing, an owner lists the property for sale with
how many brokers?
One.
A broker has brought a ready, willing, and able buyer to a seller. In MOST
listing contracts, the broker has earned his commission when
the seller accepts the offer.
An agency relationship between a property owner and a property manager is
usually created by
a management agreement.
A realty firm has just entered into an agreement to represent a home builder
in the sale of a new subdivision. The firm has located several potential buyers
and five homes have been sold to purchasers that the firm’s agents have
contacted. The realty firm has an agency relationship with
the builder.
Another term for the owner of a property listed with your firm is the
client.
At the time of listing, the seller tells the listing agent they are moving because
the neighbor has loud parties every weekend. The agent should
tell potential buyers about the parties.
A seller tells the listing agent that her home was treated for termites 10 years
ago, so there are no termites now. Before listing the property, the agent
should
tell the seller to disclose the termite treatment on the property
disclosure.
