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Real estate > Exam Questions 1 > Flashcards

Exam Questions 1 Flashcards

0
Q

How many sq miles are in one township?

A

36

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1
Q

Recording a deed gives:

A

Constructive notice

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2
Q

The capitalization rate provides for a return on the investment thru:

A

Depreciation methods

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3
Q

An owner sold his property through his own efforts, but still ended up paying a commission. He had what kind of listing?

A

Exclusive right to sell

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4
Q

Which is these are an improper act of a real estate agent?
A) showing on only sunny days
B) submitting unrealistically low offers to seller
C) telling buyer that property is in great shape and a deal
D) keeping seller’s secret that the roof leaks

A

Roof

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5
Q

ALTA policy of title insurance covers:

A

All stated conditions and title as of date of issuance

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6
Q

Capitalization refers to a process used by an appraiser to:

A

Concert income into value

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7
Q 
Which of the following easements run with the land and is binding on all subsequent owners?
Easement appurtenant
Easement in gross
Prescriptive easement 
Easement by implication
A

Easement appurtenant

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8
Q

General partnership is characterized by:

A

Unlimited liability and single taxation

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9
Q

When escrow agent is handling an escrow for both parties in a transaction, she is acting as an:

A

Agent

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10
Q 
A person who is authorized to act legally for another is a/an:
Attorney in fact
Fiduciary
Power of attorney 
Principal
A

Attorney in fact

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11
Q

If a lender needs to choose between issuing a conventional or FHA loan to a prospective borrower, what will be the primary factor in its decision?

A

Degree of risk

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12
Q

Constitutional authority for zoning laws derives fr the state’s:

A

Police power

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13
Q

Zoning change from commercial to residential. It’s called

A

Down zoning

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14
Q

Loan that comes with Fannie Mae and Freddie Mac guidelines is know as:

A

Conforming loan

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15
Q

Developers need $30 million to build a mall
Source of loan would most likely come from:
A) national bank
B) life insurance company
C) mutual fund
D) savings and loan association

A

Life insurance

Large, long term, stable, mostly commercial

16
Q

Lenders will charge a fee for document preparation and other services (its expressed as a % of the face amount of the loan). It’s called an

A

Origination fee

17
Q

Buyer want to build a single family on a vacant lot.

Appraisal method probably used will be:

A

Comparison approach

18
Q 
Of the following item, which would be least likely to appear on a cloak statement as a debit to the buyer?
A) interest on an assumed loan
B) prorated taxes
C) prorated insurance premiums 
D) FHA discount points
A

Interested

19
Q 
Which of these could be depreciated for income tax purposes?
A owner occupied farmhouse
B commercial Apple orchard 
C vacant land
D all of the above
A

Orchard

20
Q 
Which of the following would not be included in a disclosure statement required by the truth in lending Act?
A interest rate
B annual percentage rate
C total finance charge 
D total amount financed
A

Interest rate

21
Q

A lender receives a return on a mortgage loan in the form of:

A

Interest

22
Q

A subordination clause in a deed of trust will:

A

Give priority to subsequent loans over the existing loan

23
Q

If interest is calculated on unpaid accrued interest as well as on the principal balance, it is known as

A

Compound interest

24
Q 
A note that is negotiable and signed by a borrower is:
A a security instrument
B either a deed of trust or a mortgage
C primary evidence of a debt
D all of the above
A

Primary evidence of a debt

25
Q

An apartment complex owner has several vacancies one year and suffers a $5k operational loss as a result. For federal income tax purposes, she may:
A deduct loss only if she lives in the building
B deduct the full $5k from other ordinary income
C deduct only $3k
D offset the loss against any capital gains realized during that tax year

A

Deduct full $5k from income

26
Q

Easement in gross burdens who?

Servient tenement or dominant tenement

A

Servient

27
Q

Blind ad

A

Fails to identify advertiser as a real estate agent

28
Q

Name some non general liens

A

Attachment
Mechanics
Mortgage
Property tax

29
Q

Straight note:

A

Balloon payment
Secured by deed of trust
Only requires payment of interest during the loan term

30
Q

Govt survey system–

Which block contains municipal buildings?

A

16

31
Q

Covenants, conditions and restrictions that affect all properties in a subdivision are created by:

A

Deed

32
Q

A ranch is 36 miles square

What is the number of you ships contained in the ranch?

A

36

33
Q

Unlawful detainer action would be filed by who?

A

Lessor

34
Q

Laches

A

Inexcusable delay in pursuing a legal right

35
Q

A contract for the transfer of property is binding if:

A

It has an offer and an acceptance

Real estate (11 decks)

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