Real estate Review Flashcards
Transfer of real property requires what?
Deed
When a landlord does not comply and tenant moves out due to noncompliance, this is what type of eviction?
Constructive Eviction
What doesn’t impact property value?
- Lenders Appraisal
- Conformity
- Contribution
- Title Insurance Policy
Title Insurance Policy
What appraisal approach uses depreciation?
- Income
- Cost
- Comparative Analysis
- Market
Cost Approach
What would not apply to the cost approach of appraising?
- Reproduction
- Net Income
- Unit in Place
- Summation
Net Income
Wetlands Would come under which of the following controls? Police power, deed restrictions, zoning, eminent domain
Police power
Water table is defined as
The level at which water will be located
When appraising a commercial rental office, which approach would be used? Market, cost, highest and best use, income
Income Approach would be utilized
When appraising a church, the appraiser would use what approach? Income approach, market approach, average of income cost and market approach, or cost approach?
Cost Approach
Is Net Income used in Cost Approach?
Net Income is irrelevant in the cost approach
When a rule neighborhood loses its only fire station, this is called physical depreciation, economic depreciation, functional depreciation, regression and progression
This is an example of economic depreciation
Would be considered functional obsolescence? Broken garage door, worn out carpet, high crime area, five bedroom one bath
Five bedrooms and one bath
The best approach would be
Highest and best use, market, income, cost
Land is appraised at market value
$200,000 house in a $100,000. This would be
Substitution, highest and best use, progression, regression
Regression
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
Principal and interest payments are not included in operating expenses
What would be least important when appraising property? Location of property, highest and best use, zoning, original cost?
Original cost is generally irrelevant in an appraisal
When a rural neighborhood loses its only fire station this is called one
, physical depreciation, economic depreciation, regression and progression, or functional depreciation?
Economic depreciation
When the cost is to determine the value, which of the following applies?
Replacement minus depreciation
Package mortgage
Where personal property is included in RE sale and financed with one contract.
Points
One percent of the loan amount. Often used for discount points. Points are used to increase the lenders yield on a loan.
What is the rescission time when a party purchases a timeshare?
7-Days
When a buyer purchases a parcel of unimproved land, there exists a right to rescind
AZ Statutes; the buyer has a 7 day unilateral right to rescind if he has seen the property.
A subdivision public report is not required on what properties.
Commercial Lots
A licensee May place a sign on a property with whose permission?
Written agreement from property owner
The Real Estate rules are formulated by: State Legislature Governor Commissioner Advisory board
Commissioner
The rate for a license to prepare contracts in Arizona comes from: AZ Revised Statutes Statute of Frauds Commissioners Rules AZ Constitution Article XXVI
AZ Constitution Article XXVI
True or False:
Dual agency requires prior written consent from the principle?
True
What would terminate a listing agreement? Death is Salesperson Increase in property value Change in sellers financial condition Death of the seller
Death of the Seller will terminate the listing agreement
When a broker is charged with an administrative fine, the fine amount can be up to:
$1000
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
The commission is established by an agreement between broker and principal.
Puffing is: Exaggeration Fraud Proven and factual statements Opinion of fact
Exaggeration
RESPA
Federal law dealing with real estate closings which sets forth specific procedures and guidelines for disclosure settlement costs
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?
24 Hours
What does Megan’s Law provide?
Information regarding child molesters
What kind of deed would you find a Habendum clause?
Warranty/Grant deed
Deed of trust
Warranty/Grant Deed
What type of title insurance would a lender require if loaning money on residential property? Errors and omissions Extended Liability Standard
Extended title insurance is required
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
(Cloud Title)
When there is no evidence in the chain of title that a mortgage has been satisfied, a cloud on title exists
Words in a deed that limit the extent of the grantees ownership:
Granting
Habendum
Defeasance
Estoppel
The Habendum clause limits the extent of the grantees ownership
