National Test Flashcards
A legal description that references lot and block relates to
Recorded subdivision map
Lot and block references
the recorded plat map
An___________ will require the nuisance to cease
abatement
The subject property being appraised has two bathrooms, while the comparable has three bathrooms. The appraiser while making adjustments would
- Lower the value of the comparable
- The price of the comparable is adjusted to the subject property.
When a contract is assigned
- The assignee assumes liability for the contract
- The assignor remains secondarily liable
The purchaser is liable for property loss according to the to the Uniform Vendor and Purchaser Act
- When the purchaser takes possession of the property - also when title passes to the grantee
Which are the four essential elements for an enforceable contract?
Legal purpose, consideration, competent parties, mutuality
During the option period of a contract, the optionor dies. The optionee
- May exercise the option during the option period
- The option is binding on the estate
Cash flow is
- Income after depreciation
- The net after all expenses
Which of the following is an attorney-in-fact?
- One that acts in place of a principal
- They do not have to be a lawyer
During an auction The bidder is ______
- the offeror
Which of the following would a property manager least likely accept as commission?
- A percentage of the net
- There may not be a net
A place of public accommodations according to the Americans with Disabilities Act is
- Nonresidential facilities
- A facility open to the public
What is prohibited in the Civil Rights Act of 1968?
- Punishing those individuals who report fair housing complaints
- The landlord cannot retaliate for fair housing complaints
Under the federal fair housing act, which is a protected class?
- Alcoholics
- Alcoholism is a disability
What limitation does the Civil Rights Act of 1964 contain?
- It only protects residential dwellings with government assistance
- This was the first step towards protecting certain classes in modern times.
When may a landlord enter a leased apartment without notice?
- In an emergency only
- Otherwise a reasonable notice is required to the tenant.
Which describes the effective rate of interest?
Annual percentage rate
Which choice would an IRS Form 1099-S be used for?
- Report sales prices
- The escrow agent must report the sale to the IRS.
Personal property is a
- Mortgage
- It is considered chattel.
The governments monetary policy is set by
- Federal Reserve
- The federal government controls our monetary policy.
What does MERS refer to?
- Private mortgage data base
- A data base for a firm that keeps a central mortgage data base.
A home owner must be delinquent for how many days before the first notice of foreclosure can be issued?
- 120 days
- This is part of the Dodd-Frank Act
To determine an interest rate, which is the correct formula?
- Interest earned divided by principal equals interest rate - Part divided by the whole
Which of the following is net operating income?
Scheduled gross income minus vacancy, collection, and operating costs
When is the equation I = PRT used?
- Loans
- Interest = principal x rate x time
