General Facts And Information

Question 1

RESPA would cover residential real estate

Answer 1

1 to 4 units

Question 2

Does RESPA cover cellar carry back or loan assumptions

Answer 2

No

Question 3

Blue sky commissions referred to

Answer 3

Commissions paid on securities and investments

Question 4

When you use borrowed money to buy real estate, this is called

Answer 4

Leverage

Question 5

When a homeowners association is calculating an assessment, it would be based on

Answer 5

Pro rata share

Question 6

A limited partnership is closest to a

Answer 6

Syndicate

Question 7

Homeowners association fees are paid by

Answer 7

All owners of the property in the association

Question 8

A sales person would not be required to present a buyers offer if

Answer 8

The listing is expired

Question 9

A master-planned community is defined as

Answer 9

Two or more plotted subdivisions with CC&R’s

Question 10

When a person forms an LLC it is the tax benefits of

Answer 10

A limited partnership and the investors are called members

Question 11

Leasee b gives his rights to c. C now pays a lesser a, And C is liable for the balance of b’s lease this is called then

Answer 11

Assignment

Question 12

A conveys to B for the life of B, and upon B’s death it goes to A’s daughter. This is referred to as

Answer 12

Estate in reversion

Question 13

Regulation Z shows all cost of borrowing the money except for

Answer 13

Document preparation fees

Question 14

What is important and an adjustable rate mortgage

Answer 14

Rates and terms can change with market conditions

Question 15

In interest only payment loan is called

Answer 15

Term

Question 16

Which of the following best describes a construction loan

Answer 16

Draws over a period of time

Question 17

If a condo association we’re paying for improvements to the common areas what would they not pay for

Answer 17

Carpet for the individual unit

Question 18

What kind of lien is a mortgage

Answer 18

A voluntary lien

Question 19

What clause is in a loan if the borrower does not make timely payments and the entire loan balance will be due

Answer 19

Acceleration clause

Question 20

In easement to the use property from A to B that runs with the land is

Answer 20

Appurtenant

Question 21

If real estate companies agreed not to do business with each other’s areas it would violate the

Answer 21

Sherman antitrust act

Question 22

What kind of listing is it if the broker is paid no matter who sells the property

Answer 22

Exclusive right to sell

Question 23

When the lender charges a fee for paying off a loan before it’s time, it’s called

Answer 23

Prepayment penalty

Question 24

A property is given to a school and it will revert back to the grantor when the school ends, this is an example of

Answer 24

Feesimple determinable

Question 25

Event hood in a business would be a

Answer 25

Trade fixture

Question 26

Regarding a commission in court you need

Answer 26

Terms of listing and conditions of sale

Question 27

The rate the Federal Reserve charges when loaning money to a bank is

Answer 27

The discount rate

Question 28

Price-fixing violates the

Answer 28

Sherman antitrust act

Question 29

If a residential property was built before 1978, the buyer or tenant is to receive

Answer 29

Lead-based paint disclosure and booklet

Question 30

A tenant has a trade fixture in the landlord would like to purchase the trade fixture the landlord is allowed to

Answer 30

Offered to buy the item from the tenant

Question 31

Secondary market is the same as

Answer 31

Re-sale mortgage market

Question 32

Does the buyer have to disclose to the seller if the buyer is unable to obtain financing

Answer 32

Yes

Question 33

When a person obtain the loan the lender charges a fee to cover their overhead this is called

Answer 33

An origination fee

Question 34

When Real Estate is depreciated for tax purposes it must be

Answer 34

Improved