Practice Exam 1 Flashcards
A person used a farm, tractor, land and house as security for a loan. What type of loan best describes this situation?
(Aloud to use personal & real property as security)
Package loan (mortgage)
The state would take property for a park or schools under the power of:
Eminent domain
A sellers listing expired on august 31st. On august 10th, another broker contacted the seller about listing the property when the current listing expired. Is this legal?
No, because the broker contacted the seller prior to the expiration date.
What would NOT be a violation of the Federal Fair Housing Laws?
An unlicensed landlord renting a spare bedroom to women only while NOT discriminating in advertising
What does a Quitclaim Deed do?
It terminates any ownership the seller might of had
Which lien takes priority over the others?
A mortgage lien
First or second
A buyer let his brother take over on the contract for the completion of a job. This would be referred to as a:
Novation
What type of lease benefits the landlord?
Gross lease
What is estate for years?
A type of lease that has a specific beginning and ending date.
What is a trade fixture?
A piece of equipment on or attached to the real estate which is used in a trade or business.
What is a Non- trade fixture?
Fixtures that may be removed from the real estate
How to understand milk rates.
Amount of property x Mill rate divided by 1,000.
This will give you the amount of taxes paid on the property.
Total interest paid on a 14 year straight note was $16,856. The annual interest rate was 8.6%. What was the loan amount?
Formula= Principal x Rate x Time
$14,000 x 8.6% x 14 = $16,856
If you are a salesperson wanting to sell your own home, you must:
Disclose that you are a salesperson even if inactive.
What type of listing does the broker get paid commission regardless who sells the property?
Exclusive agency
