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Real Estate > Real Estate Flash Cards > Flashcards

Real Estate Flash Cards

1
Q

Zoning board of appeals issues what kind of permits

A

Variances and special use permits

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2
Q

Who licenses mortgage brokers

A

The license is issued by the Department of Finance

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3
Q

Who can obtain a VA loan

A

Veterans or spouses of deceased veterans

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4
Q

When selling a house in Rhode Island is it necessary to disclose that there is a utility charge

A

Yes

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5
Q

When sales person Kate James left Hudson Realty to work with Fern Hall Realty what happens to her listings

A

Listings remained with Hudson Realty

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6
Q

When is registration with the banking department necessary

A

To negotiate a mortgage loan on residential property. 1 to 4 family building

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7
Q

When is a deed valid

A

Once it’s delivered and accepted

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8
Q

What kind of lease allows the lessee to pay for all or some of the expenses of a property

A

Net lease

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9
Q

What is Usury?

A

Charging more than the legal interest rate

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10
Q

What is the civil rights act of 1866

A

Prohibits any type of discrimination based on race

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11
Q

What are blind ads 

A

When the real estate broker fails to indicate they are brokers

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12
Q

What happens if I do not renew my license

A

You cannot conduct any real estate activities that require a Rhode Island state real estate license

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13
Q

Violation of the license law is a misdemeanor with a fine up to

A

$1000

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14
Q

Under the general obligations law where do my security deposits paid by tenant be held

A

Escrow account

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15
Q

To obtain a sales person’s license how old must the individual be

A

18

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16
Q

To create an agency relationship, it is necessary that

A

The parties act as principal and agent

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17
Q

The type of mortgage loan that has an interest rate that may increase or decrease at different times in accordance to an economic indicator

A

ARM adjustable rate mortgage

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18
Q

The type of listing illegal in Rhode Island is

A

Net listing

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19
Q

The right of a government or its agent to expropriate private property for public use, with the payment of compensation.

A

Eminent domain

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20
Q

The practice of denying or charging more for a loan in certain locations

A

Redlining

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21
Q

The listing sales person must accept compensation directly from the 

A

Employing broker

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22
Q

The Jacksons sold their house to the Anderson‘s and are to close on August 1. The Jacksons paid the annual town taxes in January. At the closing, the Anderson’s will reimburse the Jacksons for

A

The tax for the balance of the year

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23
Q

The document used to convey title legally to real property

A

Deed

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24
Q

The borrower In a mortgage

A

Mortgagor

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25
Q

The act of either: replacing an obligation to perform with a new obligation; or; adding an obligation to perform or replacing a party to an agreement with a new party

A

Novation

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26
Q

Sky Realty is worried that it’s commission on the sale will not be paid. Sky Realty may…

A

File an affidavit of entitlement

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27
Q

RESPA prohibits the payment of

A

Kickbacks

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28
Q

Land-use is regulated by

A

Subdivision regulations

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29
Q

John is a broker and he accepts a $4000 deposit. What should he do with it

A

Place it in his escrow account immediately

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30
Q

John Banks gave Star Realty an exclusive agency listing on her property. If he sells the property himself without involving Star Realty he will owe Star Realty how much

A

No commission

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31
Q

Is the Department of Veterans Affairs mortgage a guaranteed loan program

A

Yes

32
Q

Is a sales person that is also an independent contractor paid commission based on sales results

A

Yes

33
Q

Is real estate license needed in Rhode Island to sell land at an auction

A

Yes

34
Q

Is a net listing legal in Rhode Island

A

No

35
Q

Is a barn considered chattel?

Or personal property

A

No

36
Q

Ensures loans protect lenders against financial loss

A

FHA

37
Q

In order for a licensee to become partners at a real estate firm, what license must he or she have

A

Brokers license

38
Q

In a buyer/agency relationship, the broker owes the seller

A

Fair and honest dealing

39
Q

If your license is revoked how long must you wait before applying to have a license reinstated

A

One year

40
Q

If you purchase land or property on a stream, then you have rights to the stream known as

A

Riparian rights

41
Q

 If asbestos is in area that is not disturbed is it sometimes best to leave it alone

A

Yes

42
Q

If a real estate broker earn a commission of $6000 at a commission rate of 6%, at what price was the property sold

A

$100,000

43
Q

What if your property lives in an agricultural district, is the license required to disclose such information to a potential buyer

A

Yes

44
Q

If a lessee transfers all the remaining interest of his lease to another party, who then must pay the owner is called an

A

Assignment

45
Q

How many years of experience as a sales person do you need to be a licensed broker

A

Two years

46
Q

Highest form of legal state in freehold land denoting complete ownership

A

Fee simple

47
Q

Guiding prospective homebuyers towards or away from certain neighborhoods based on their race

A

Racial steering

48
Q

Electrical systems are routed through a

A

Circuit box

49
Q

Does a real estate management company need a real estate brokers license

A

If you collect rent or place tenants in vacant spaces on behalf of your landlord client, the answer is yes

50
Q

Does a new construction need a certificate of occupancy when the building permit has already issued

A

Yes

51
Q

Deed restrictions could only be established by the grantor true or false

A

True

52
Q

Contractual arrangement calling for the lessee (user) to pay the lessor (Owner) for use of an asset

A

lease

53
Q

Can an unlicensed assistant make a listing presentation

A

No

54
Q

Can a sales person accept compensation from the sponsoring broker

A

Yes

55
Q

Can a flip tax be imposed on a cooperative property

A

Yes

56
Q

Business practice of US real estate agents in building developers meant to encourage white property owners to sell their Houses at a loss Is called

A

Blockbusting

57
Q

Are blind ads Legal

A

No

58
Q

An exchange of promises in which the terms by which the parties agree to be bound are declared either orally or in writing, or a combination of both, at the time it is made

A

Express contract

59
Q

An examination of the prices at which similar properties in the same area recently sold

A

Comparative market analysis

60
Q

An encumbrance is a right to, interest in, or legal liability on real property that does not prohibit passing title to the property but that diminishes its value. true or false

A

True

61
Q

An apartment information vendor is licensed by

A

Department of Banking and Insurance

62
Q

In agreement created by actions of the parties involved, but it is not written or spoken.

A

Implied contract

63
Q

An agent who is authorized by the principal to perform any and all acts associated with the ongoing operation of the job or business.

A

General agent

64
Q

Agency created by written or oral agreement between the principal and the agent

A

Express agency

65
Q

A written or spoken agreement, especially one concerning employment, sales, or tenancy, that is intended to be enforceable by law

A

Contract

66
Q

A type of zoning variance where a parcel of land may be given an exception from the current zoning ordinances due to improvements made by a prior owner.

A

Nonconforming use

67
Q

A reproduction of a technical drawing, documenting in architecture or an engineering design

A

Blueprint

68
Q

A Real estate sales person’s compensation is set by

A

Agreement between broker and sales person

69
Q

A mortgage which covers two or more pieces of real estate

A

Blanket mortgage

70
Q

A list of all the legal actions that have been performed are used in conjunction with a piece of property.

A

Abstract of title

71
Q

A listing whereby an owner lists the property for sale with a number of brokers

A

Open listing

72
Q

A law passed by Congress in 1890. It prohibits certain business activities that federal government regulators deemed to be anticompetitive

A

The Sherman antitrust law

73
Q

A home sold for $400,000. The broker receives $32,000. What rate of commission this broker charge

A

8%

74
Q

A debt instrument, secured by the collateral of specified real estate property, that the owner is obligated to pay back with a predetermined set of payments.

A

Mortgage

75
Q

 A buyer should be cautious not to reveal the top Asking price they are willing to pay to a

A

Sellers agent

Real Estate (4 decks)

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