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missed Flashcards

1
Q

What is not considered real property?

A

freehold estate

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2
Q

Which of the following statements is NOT true?

A

All encumbrances are liens.

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3
Q

Which is NOT a specific lien?

A

State inheritance taxes

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4
Q

If a husband and wife own an apartment building and the husband owns an undivided three fourths interest and the wife owns a one fourth interest, what type of tenancy exists?

A

Tenancy in common

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5
Q

Two unrelated people own a three unit apartment building as tenants in common. One wants to sell but the other does not. Which of the following statements describes the legal rights of the party who wants to sell?

A

The party may request to partition the building.

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6
Q

All of the following are examples of a leasehold estate except

A

time share estate

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7
Q

Sources of groundwater contamination do NOT include

A

radon

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8
Q

You are preparing a competitive market analysis on a house that you hope to list for sale. Which of the following approaches to value will be used in the development of the estimated value?

A

Sales comparison approach

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9
Q

Which agency is involved in purchasing government related loans?

A

Ginnie Mae

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10
Q

In most states, the listing broker has a fiduciary duty with

A

the principal

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11
Q

A salesperson presented an offer that was accepted and received an earnest money payment for $2,000. The salesperson should

A

give the earnest money to his broker.

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12
Q

A listing broker is considered to have earned a commission from a principal when which of the following events occur?

A

A ready willing and able buyer signs a noncontingent or cash offer that meets the terms of the listing contract.

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13
Q

A buyer has entered into an agency agreement with more than one buyer’s agent but only owes compensation to the one who puts an actual transaction together. This arrangement is known as

A

nonexclusive agency agreement

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14
Q

A commercial lease that allows rent to be increased or decreased periodically based on changes in economic indicator is an

A

index lease

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15
Q

Personal property is generally conveyed by a

A

bill of sale

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16
Q

When property transfers from one party to another, recording the deed provides what is called

A

constructive notice.

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17
Q

A grantor wishes to convey title to a grantee in a deed that creates the least protection for the grantee. The grantor should give the grantee a

A

quitclaim deed

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18
Q

You are chairperson of the Democratic party in your state, and you also own an eight unit apartment building you currently rent out. You are taking a rental application from a prospective tenant when she informs you that she works for the Republican party of your state. You inform her that all the apartments have been rented even though you know they have not been rented. Which of the following statements correctly describes this unethical situation?

A

You have exercised your rights as an owner of private property to discriminate.

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19
Q

Which of the following types of depreciation is generally incurable?

A

Economic or external obsolescence.

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20
Q

Which of the following clauses gives a lender the right to declare the entire debt due and payable if the mortgaged property is either assumed without lender approval or sold with a contract for deed without lender approval?

A

Alienation clause

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21
Q

A woman owns a tract of land that also is a servient tenement. The easement over, through, or under the tract is an

A

encumbrance.

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22
Q

A drunken man signed an offer to purchase. The contract that he signed is

A

voidable.

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23
Q

All of the following agency relationships could be used to describe a cooperating broker in a real estate transaction except

A

a subagent.

24
Q

A partial release clause generally is found in a

A

blanket mortgage.

25
Q

All of the following scenarios would be considered discriminatory under federal fair housing laws except

A

a man owns and lives in his four unit apartment building, and he refuses to rent to families with children.

26
Q

Which person would not be protected under the familial status definition according to the federal fair housing law?

A

A 19 year old girl living with her mother.

27
Q

The requirement that a lender use the Uniform Settlement Statement form (HUD-1) for certain government realted loans is a requirement of

A

RESPA

28
Q

The borrower under a note secured by a mortgage is the

A

mortgagor

29
Q

You received a real estate loan from a bank in which the lender was privately insured against loss in the event of default and foreclosure. The loan would have been which of the following?

A

Conventional insured

30
Q

Which of the following real estate loans is guaranteed against loss by the government?

A

Veterans Administration

31
Q

All of the following describes a loan in which private mortgage insurance is required except

A

the buyer may obtain a conventional loan for up to 95% of the property’s value. It is actually up to 97%.

32
Q

Andrew, who works for broker Christopher on a 50-50 basis, sold a house listed by broker Elisa for $193,950. The seller agreed to pay a 6% commission but stipulated in the listing that 60% was to go to the selling broker. How much commission will Andrew make on this sale?

A

$3,491.10. 6% of 193,950 is 11,637. 11,637 times 60% = 6,982.20. You must then split this in half since it is a 50-50 basis to come to 3,491,10.

33
Q

An easement would generally be used in which of the following?

A

Right of way

34
Q

Within the field of real estate finance, to what does the secondary mortgage market refer?

A

Transferability of mortgages among mortgagees.

35
Q

Which of the following types of depreciation contains elements that are incurable only?

A

economic or external obsolescence.

36
Q

A woman wants to know how much money she owes on her mortgage loan. She knows that the interest part of the last monthly payment was $647.91. If she was paying an interest rate of 9%, what was the outstanding balance of her loan before the last payment was made?

A

$86,388. Take the monthly payment of $647.91 times 12 months to get $7,774.92 per year. Divide the yearly amount of $7,774.92 by the interest rate of 9% to get the amount of $86,388.

37
Q

You have purchased three lots and combined them into one large parcel to build an apartment building. This is an example of

A

assemblage. The actual combination of the lots is assemblage. Plottage is the value increment resulting from assemblage.

38
Q

A summary of all the recorded instruments affecting the title to a property is called an

A

abstract of title.

39
Q

A contract in which one party promises to do something if the other party performs a specific act is a

A

unilateral contract.

40
Q

Martinez, a real estate broker, was renting Paulson’s apartments as Paulson’s property manager. Martinez showed the remaining vacant apartment to Smith, an African American woman. Martinez checked Smith’s job, credit, and housing references and was about to inform Smith that she would be able to sign a lease when Paulson called and inquired about Smith’s color. Martinez should

A

not tell Paulson, because Smith is a member of a protected class.

41
Q

A portion of Joseph’s land is protected from judgement for unsecured debts. Joseph’s protection is based on

A

homestead rights

42
Q

All of the following would correctly describe easements except

A

An easement in gross must have a dominant tenement.

43
Q

Tina wants to build a medical clinic in a neighborhood that is zoned residential. Tina will need to obtain a

A

Conditional use permit

44
Q

Which of the following statements correctly describes how effective gross income is calculated in the operating statement?

A

Annual potential gross income minus vacancy and rent loss

45
Q

An example of a governmental action to consider in a neighborhood analysis would be

A

Special assessments

46
Q

All of the following would be a characteristic of value except

A

Plottage

47
Q

All of the following statements correctly describe the secondary mortgage market except

A

FHLMC administers special assistance programs

48
Q

Reserve requirements for banks are controlled by the

A

FED

49
Q

Tom, who works for broker Yvonne on a 50-50 basis, sold a house listed by broker S for 206,000. The seller agreed to pay a 7% commission but stipulated in the listing that 55% was to go to the selling broker. How much commission will Tom make on this sale?

A

3,966. take 206,000 x 0.07 to get 14,420 as the commission paid. you multiply this by 55% or 0.55 to get 7,931. you take this number and multiply by 0.5 to get the answer of 3,966.

50
Q

All of the following would be classified as a latent defect except

A

A non conforming use of property.

51
Q

Assuming single agency, which of the following statements best describes a material fact to be disclosed by a sellers agent back to the seller?

A

The buyers ability to make a higher offer

52
Q

Mario and Cindy wish to change the closing date on their binding purchase contract. They should generally use which of the following forms to modify the language?

A

An amendment or contractual modification

53
Q

Which of the following requires the recorded summary of a property to be updated and an attorney to render a report about the quality of title?

A

Abstract and opinion

54
Q

Which of the following laws regulate the advertising of credit terms by lenders?

A

Truth in lending

55
Q

Which of the following properties would not be exempt from the federal fair housing act?

A

The rental of an owner occupied five family apartment building

56
Q

Jessica borrowed from several banks to get into an investment she could not have financed on her own. This is an example of

A

Leverage.

57
Q

What is the actual value of your property if the annual taxes are 2,880 and real estate is assessed at 30% of actual value?

A

200,000. To find this, you take the annual taxes of 2,880 and divide by 0.048 since it says the tax rate is 4.80 per 100 dollars. 2,880/0.048= 60,000 which is the assessed value. To find the actual value, divide by 30%. 60,000/0.30= 200,000

Missed exam questions (1 decks)

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