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Real Estate School Exam > Real estate Review > Flashcards

Real estate Review Flashcards

1
Q

Transfer of real property requires what?

A

Deed

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2
Q

When a landlord does not comply and tenant moves out due to noncompliance, this is what type of eviction?

A

Constructive Eviction

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3
Q

What doesn’t impact property value?

  • Lenders Appraisal
  • Conformity
  • Contribution
  • Title Insurance Policy
A

Title Insurance Policy

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4
Q

What appraisal approach uses depreciation?

  • Income
  • Cost
  • Comparative Analysis
  • Market
A

Cost Approach

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5
Q

What would not apply to the cost approach of appraising?

  • Reproduction
  • Net Income
  • Unit in Place
  • Summation
A

Net Income

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6
Q

Wetlands Would come under which of the following controls? Police power, deed restrictions, zoning, eminent domain

A

Police power

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7
Q

Water table is defined as

A

The level at which water will be located

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8
Q

When appraising a commercial rental office, which approach would be used? Market, cost, highest and best use, income

A

Income Approach would be utilized

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9
Q

When appraising a church, the appraiser would use what approach? Income approach, market approach, average of income cost and market approach, or cost approach?

A

Cost Approach

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10
Q

Is Net Income used in Cost Approach?

A

Net Income is irrelevant in the cost approach

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11
Q

When a rule neighborhood loses its only fire station, this is called physical depreciation, economic depreciation, functional depreciation, regression and progression

A

This is an example of economic depreciation

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12
Q

Would be considered functional obsolescence? Broken garage door, worn out carpet, high crime area, five bedroom one bath

A

Five bedrooms and one bath

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13
Q

The best approach would be

Highest and best use, market, income, cost

A

Land is appraised at market value

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14
Q

$200,000 house in a $100,000. This would be

Substitution, highest and best use, progression, regression

A

Regression

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15
Q 
Which of the following would not be an operating expense in the income method of appraising?
Utilities
Property Taxes
Principal and interest payments
Management fee
A

Principal and interest payments are not included in operating expenses

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16
Q

What would be least important when appraising property? Location of property, highest and best use, zoning, original cost?

A

Original cost is generally irrelevant in an appraisal

17
Q

When a rural neighborhood loses its only fire station this is called one
, physical depreciation, economic depreciation, regression and progression, or functional depreciation?

A

Economic depreciation

18
Q

When the cost is to determine the value, which of the following applies?

A

Replacement minus depreciation

19
Q

Package mortgage

A

Where personal property is included in RE sale and financed with one contract.

20
Q

Points

A

One percent of the loan amount. Often used for discount points. Points are used to increase the lenders yield on a loan.

21
Q

What is the rescission time when a party purchases a timeshare?

A

7-Days

22
Q

When a buyer purchases a parcel of unimproved land, there exists a right to rescind

A

AZ Statutes; the buyer has a 7 day unilateral right to rescind if he has seen the property.

23
Q

A subdivision public report is not required on what properties.

A

Commercial Lots

24
Q

A licensee May place a sign on a property with whose permission?

A

Written agreement from property owner

25
Q 
The Real Estate rules are formulated by: 
State Legislature
Governor
Commissioner
Advisory board
A

Commissioner

26
Q 
The rate for a license to prepare contracts in Arizona comes from:
AZ Revised Statutes
Statute of Frauds
Commissioners Rules
AZ Constitution Article XXVI
A

AZ Constitution Article XXVI

27
Q

True or False:

Dual agency requires prior written consent from the principle?

A

True

28
Q 
What would terminate a listing agreement?
Death is Salesperson
Increase in property value
Change in sellers financial condition 
Death of the seller
A

Death of the Seller will terminate the listing agreement

29
Q

When a broker is charged with an administrative fine, the fine amount can be up to:

A

$1000

30
Q 
The commission rate on the sale of commercial property is determined by:
The Commissioner
Law
The local real estate board
Agreement between broker and principal
A

The commission is established by an agreement between broker and principal.

31
Q 
Puffing is:
Exaggeration
Fraud
Proven and factual statements
Opinion of fact
A

Exaggeration

32
Q

RESPA

A

Federal law dealing with real estate closings which sets forth specific procedures and guidelines for disclosure settlement costs

33
Q

A selling broker may present an offer directly to the seller without the listing broker if he tries to reach the listing broker for how many hours?

A

24 Hours

34
Q

What does Megan’s Law provide?

A

Information regarding child molesters

35
Q

What kind of deed would you find a Habendum clause?
Warranty/Grant deed
Deed of trust

A

Warranty/Grant Deed

36
Q 
What type of title insurance would a lender require if loaning money on residential property?
Errors and omissions
Extended
Liability
Standard
A

Extended title insurance is required

37
Q

A mortgage has been satisfied but there’s no evidence of this in the chain of title. What is the condition of the title?

A disclaimer deed would need to be recorded
Title is clear
Cloud on title
A deed restriction would appear on title

A

(Cloud Title)

When there is no evidence in the chain of title that a mortgage has been satisfied, a cloud on title exists

38
Q

Words in a deed that limit the extent of the grantees ownership:

Granting
Habendum
Defeasance
Estoppel

A

The Habendum clause limits the extent of the grantees ownership

Real Estate School Exam (1 decks)

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