Exam Questions 1 Flashcards
How many sq miles are in one township?
36
Recording a deed gives:
Constructive notice
The capitalization rate provides for a return on the investment thru:
Depreciation methods
An owner sold his property through his own efforts, but still ended up paying a commission. He had what kind of listing?
Exclusive right to sell
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
Roof
ALTA policy of title insurance covers:
All stated conditions and title as of date of issuance
Capitalization refers to a process used by an appraiser to:
Concert income into value
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
Easement appurtenant
General partnership is characterized by:
Unlimited liability and single taxation
When escrow agent is handling an escrow for both parties in a transaction, she is acting as an:
Agent
A person who is authorized to act legally for another is a/an: Attorney in fact Fiduciary Power of attorney Principal
Attorney in fact
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?
Degree of risk
Constitutional authority for zoning laws derives fr the state’s:
Police power
Zoning change from commercial to residential. It’s called
Down zoning
Loan that comes with Fannie Mae and Freddie Mac guidelines is know as:
Conforming loan
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
Life insurance
Large, long term, stable, mostly commercial
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
Origination fee
Buyer want to build a single family on a vacant lot.
Appraisal method probably used will be:
Comparison approach
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
Interested
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
Orchard
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
Interest rate
A lender receives a return on a mortgage loan in the form of:
Interest
A subordination clause in a deed of trust will:
Give priority to subsequent loans over the existing loan
If interest is calculated on unpaid accrued interest as well as on the principal balance, it is known as
Compound interest
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
Primary evidence of a debt
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
Deduct full $5k from income
Easement in gross burdens who?
Servient tenement or dominant tenement
Servient
Blind ad
Fails to identify advertiser as a real estate agent
Name some non general liens
Attachment
Mechanics
Mortgage
Property tax
Straight note:
Balloon payment
Secured by deed of trust
Only requires payment of interest during the loan term
Govt survey system–
Which block contains municipal buildings?
16
Covenants, conditions and restrictions that affect all properties in a subdivision are created by:
Deed
A ranch is 36 miles square
What is the number of you ships contained in the ranch?
36
Unlawful detainer action would be filed by who?
Lessor
Laches
Inexcusable delay in pursuing a legal right
A contract for the transfer of property is binding if:
It has an offer and an acceptance
