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Real Estate-AZ > Practices > Flashcards

Practices Flashcards

0
Q

After the close of escrow, the buyer and seller decide to cancel the transaction. What action needs to be taken

A

A new deed must be prepared and recorded from buyer to seller

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1
Q

RESPA does not cover

A

Loan assumptions

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2
Q

When land is purchased with a mortgage, the buyer may have trouble obtaining a construction loan without a

A

Subordination clause

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3
Q

An owner knows a broker is showing the owners property without authority, he owner could be liable for what?

A

Certain acts of the licensee

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4
Q

Rate of return relates to

A

Cap rate

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5
Q

What basis is used to charge taxes in a cooperative

A

Pro-rata share

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6
Q

What is not exempt under federal fair housing

A

A “for sale by owner” selling a five-plex

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7
Q

Four people make an offer on residential investment property.
They give broker 40,000 earnest money deposit, he steals the money.
If payment is made from recovery fund, what is the max amount the parties may receive.

A

30,000

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8
Q

In deed, what is the clause called that deals with easements and liens

A

Limitation and restriction

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9
Q

Which of the following would not appear in a listing agreement

A

Houses of worship

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10
Q

If a parcel of real estate is near a toxic waste site, what is the agent obligated to do

A

Disclose the fact

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11
Q

When mortgage banker borrows on existing loans held by banker, what is this called

A

Warehousing

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12
Q

A salesperson enters into a contract with a buyer and seller and opens escrow.

Before Coe, his brokers real estate license is suspended. What is status of salespersons commission

A

Salesperson may receive a commission

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13
Q

What is not a charge to seller on settlement sheet

A

Property insurance

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14
Q

What is true if a property has a first and second lien in default

A

Second would terminate if the first had successful judicial foreclosure

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15
Q

When a person donates private land for public use, this is called

A

Dedication

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16
Q

What does a defeasance clause state

A

Lenders claim has been cancelled

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17
Q

A broker who acts as a property manager is what type of agent

A

General

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18
Q

Families with children may be denied occupancy of rental units if all the units are reserved exclusively for people_____ and older

A

62 years

19
Q

What method best defines

Present worth of future income

A

Income approach

20
Q

What form of real estate investing falls under federal securities laws.

A

REIT

21
Q

How would abandoned property revert to state

A

Escheat

22
Q

RESPA provides for all, except?

A

A limit on loan points

23
Q

What does not violate RESPA.

A

Giving the buyer the names of lenders

24
Q

A deed was given to two brothers but it didn’t indicate how title was taken. This form of ownership would be

A

Tenancy in common

25
Q

When land is offered intestate it would be regulated by the office of interstate land sales registration.

What number of lots must be offered for the regulation to take place

A

25 or more

26
Q

What is it called when a structure is adding value to the land

A

Economic life

27
Q

What is not a security instrument

A

A note

28
Q

What is personal property

A

Lease

29
Q

When an exchange of real property takes place, which of the following triggers a taxable event

A

Assuming a loan of lesser value

30
Q

Seller tells broker they would like to sell home furnished.

Agent should not do what

A

Add personal property to deed

31
Q

Economic life of building is

A

Period of time it remains profitable to operate

32
Q

What is weakest type of will

A

Nuncupative

33
Q

An exclusive agency listing agreement

A

Allows seller to sell and not pay a commission

34
Q

A home is located next to a factory. This is considered

A

Economic depreciation

35
Q

A broker runs ad for a sales person to work certain hours and holidays. Salesperson is most likely considered an______

A

Employee

36
Q

Joe gave Larry permission to cross over his land for ten years in order to get to the lake, Larry has what from joe?

A

License

37
Q

What is it called when a structure is adding value to the land.

A

Economic life

38
Q

What is a person called who recieves real estate in a will

A

Devisee

39
Q

When a borrower take a variable rate mortgage, what is true regarding the margin

A

It remains constant for the life of the loan

40
Q

What can be allowed for recording easements

A

Placing an encumbrance on the property

41
Q

What is it called when a voluntary transfer of real estate takes place according to a will

A

Alienation

42
Q

What’s it called when party is granted a property upon the condition that a certain use continue in the future

A

Defeasable fee

43
Q

How is title insurance paid

A

Once at the beginning

44
Q

What to mortgages not contain

A

A subrogation clause

45
Q

In order to determine cap rate.

A

Income divided by value

46
Q

What is not exempt under the federal fair housing law

A

A for sale by owner selling a five-plex

Real Estate-AZ (4 decks)

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