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restudy Flashcards

1
Q

The amount of an owner’s interest in a parcel of real estate, which is the difference between the loan amount and the sales price, is known as:

A

equity.

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2
Q

In the sale of registered subdivided land in Nevada, all sales must be supervised by the:

A

broker of record.

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3
Q

Larry has transferred his leasehold estate to Joe. Larry has used the process of __________ to transfer his rights to Joe.

A

assignment

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4
Q

Broker Bob has established a policy in his office that whenever one salesperson has a listing and another salesperson has a buyer who wants to make an offer on that listing, the following shall occur: the listing salesperson will represent the seller exclusively and the salesperson who brought the buyer will represent the buyer exclusively.

In Nevada this is called:

A

designated agency.
OR
**appointed agency.

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5
Q

A quiet title action is:

A

a court procedure most commonly used to remove a cloud on the title.

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6
Q

Mr. and Mrs. Long are in the process of a divorce. Mr. Long agrees that Mrs. Long may keep 80% of the proceeds if the family house is sold prior to the divorce proceedings. Larry, a real estate broker, enters into a purchase agreement signed by Mrs. Long, who agrees to a 5% commission. Mr. Long then changes his mind about the 80% sale proceeds prior to the closing.

Larry:

A

has no standing because the contract is unenforceable without the written acceptance of both owners of the community property.

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7
Q

Broker Jones has just been chosen by the Nevada Association of REALTORS® as Broker of the Year. During her acceptance speech, Jones was asked what she felt was the largest contributing factor to her brokerage’s financial success. Jones candidly replied that the largest contributing factor had been the establishment of a 5% commission listing policy for all her licensees.

Broker Jones:

A

has violated antitrust laws.

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8
Q

When estimating the value of a residential property, an appraiser would be the LEAST concerned with which one of the following?

A

The assessed value of the property, which is used to determine its property tax rate.

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9
Q

If taxes on real property in Nevada become delinquent and remain unpaid, they constitute an involuntary lien on the property that is:

A

superior to all other liens.

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10
Q

An Asian couple walked into Best Properties Real Estate and requested to see a specific house in a neighborhood that was known to have a significant number of Asian families. A licensee can lawfully assume the prospect is:

A

interested in a particular house because of its price, architectural style, or other amenities.

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11
Q

When compared to FHA loans, conventional loans:

A

require higher down payments

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12
Q

Which type of tenancy creates a freehold estate?

A

Estate in fee

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13
Q

Ingress and egress are terms most commonly used when considering:

A

an easement appurtenant.

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14
Q

Which of the following would show as debits to the buyer on a mortgage transaction closing settlement statement?

A

Impound accounts for taxes and insurance, and title and escrow charges

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15
Q

Which of the following is NOT covered by the Fair Housing Act?

A

A commercial property with five retail spaces

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16
Q

In the cost-to-cure observed condition method of determining depreciation, the loss of value can be determined by all of the following EXCEPT:

A

economic obsolescence.

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17
Q

An agent would be guilty of fraudulent misrepresentation when:

A

the withholding of a material fact was meant to deceive and the buyer, acting upon the misrepresentation, entered into a purchase agreement.

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18
Q

Reconciliation is an appraisal term used to describe

A

the appraiser’s analysis and comparison of the results of each approach.

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19
Q

An earnest money agreement is:

A

a legally enforceable contract immediately upon the signature of the seller only.

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20
Q

A listing agent must give a Duties Owed by a Nevada Real Estate Licensee disclosure to the seller:

A

within three business days of signing the listing agreement.

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21
Q

The Foreign Investment in Real Property Tax Act (FIRPTA) applies to:

A

the sale of real property by a non-resident alien.

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22
Q

A lessee assigns all of their leasehold interest to another, who then becomes the

A

assignor.

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23
Q

A plot map:

A

shows a building’s orientation upon the lot, along with driveways, sidewalks, easements, and setbacks.

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24
Q

A broker would be held responsible for inadequate supervision of an associated salesperson who had violated the license law or the RED’s rules if the broker failed to:

A

mitigate or prevent damage upon learning of the violation.

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25
Q

In conventional financing, the trustee of a trust deed:

  1. receives legal title to the property.
  2. can be a beneficiary to the trust deed.
A

2 only

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26
Q

Under the terms of an insured mortgage loan, the:

A

interest rate is always lower than it would be under the terms of a conventional mortgage.

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27
Q

A lot sold for $49,050, which was 9% more than its original cost. What was the original cost?

A

$45,000

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28
Q

Under the Truth in Lending Act, the 3-day right of rescission begins:

A

the day the note is signed.

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29
Q

A deed signed and delivered, but not recorded, is:

A

valid.

30
Q

A listing agreement that promises to pay the listing agent a commission unless the owner sells the property themselves is known as:

A

an exclusive agency listing.

31
Q

Which of the following would not be prorated at closing in the sale of a rental property?

A

Tenant security deposits

32
Q

A release clause in a mortgage is a provision that:

A

allows portions of the property to be released from the mortgage lien.

33
Q

Which of the following may an unlicensed assistants NOT do?

A

Gather information for a CMA

34
Q

A chattel mortgage is a lien on:
1. real property.
2. personal property.

A

2 only

35
Q

A quitclaim deed releases the present claims, rights, and title of the:

A

grantor.

36
Q

Documents that have been recorded and are part of the public record are available to be examined by the public. A buyer is still considered to have received __________ , legally held to know all about any other recorded interests on the property, even if they have failed to inspect the public records.

A

constructive notice

37
Q

Title VIII of the Civil Rights Act, the Fair Housing Act, applies to:

A

a single family unit that is individually owned by the broker selling it.

a single family home owned and sold by private individuals who own more than three such dwellings at any given time.

multiple family units containing six apartments, with an owner that occupies one of the residences.

All of the above

38
Q

In a 1031 exchange:

A

receipt of boot will eliminate the tax liability of the exchanger of the property with the greatest value.

39
Q

The secondary mortgage market functions to:

  1. enable primary lending institutions to free the funds they have invested in mortgage loans by selling those mortgages to lenders having capital available for real estate investments.
  2. minimize fluctuations in the supply of funds available to meet the demand for mortgage loans.
A

Both 1 and 2

40
Q

Generally, a deed that is NOT acknowledged:

  1. is effective between the parties to transfer title.
  2. will be accepted for recordation by the county clerk.
A

1 only

41
Q

Williamson installed a swimming pool in the backyard of his house. While visiting him, Arnold was invited to go swimming and was hurt while diving. Arnold sued Williamson and recovered a judgment for $32,000. This judgment created:

A

a general lien.

42
Q

Mary and Peter owned property as joint tenants. Peter died, leaving many unsecured debts and no assets. Peter’s creditors can:

A

obtain no satisfaction since the property is now owned by Mary, who is not a joint debtor.

43
Q

The covenant of quiet enjoyment is the principle that relates to:

A

a lease.

44
Q

Deed restrictions are:

A

encumbrances.

45
Q

When John and Mary Livingston purchased a house five years ago, they received a 30-year loan secured by a deed of trust. They have been unable to make their payment for the past three months. As a result, the beneficiary initiated foreclosure proceedings. Recently, they inherited a substantial amount of money and intend to use it to catch up on their loan by exercising their right of:

A

reinstatement.

46
Q

An ALTA extended coverage policy of title insurance would:

A

be limited to stated conditions of title as of the date of issuance.

47
Q

A holder of a leasehold estate is said to have:

A

a remainder estate.

48
Q

Mr. Goldfish granted an easement appurtenant to Mr. Bass. Mr. Bass recorded the easement and later sold his property to Mr. Catfish. He did not mention the easement. Which of the following is true?

A

Even though he sold the property, Mr. Bass retains the easement.

If Mr. Catfish desires an easement across Mr. Goldfish’s property, he will have to negotiate it personally.

Mr. Catfish would receive the right of the easement upon the purchase of the property from Mr. Bass.

49
Q

Who has the authority to revoke a Nevada real estate license?

A

The Nevada Real Estate Commission

50
Q

Under the terms of an insured mortgage loan, the:

A

lender is protected against loss resulting from fire or other events damaging the property.

51
Q

Which of the following are public powers in private property?

  1. The right to tax
  2. Zoning codes
  3. Deed restrictions in a subdivision
  4. Eminent domain
A

1, 2, and 4 only

52
Q

A contract that does not result in a written or oral agreement, but from the actions of the parties involved, is an:

A

implied contract.

53
Q

APR in lending practices represents:

A

appreciated percentage of return.

54
Q

A lessee assigns all of their leasehold interest to another, who then becomes the

A

tenant

55
Q

If a client instructs his or her agent to make certain representations concerning a property that are known to be untrue to both the client and the agent, and if the agent follows those instructions,
1. the client is liable because he explicitly authorized the misrepresentation.
2. the agent will be personally liable for the misrepresentation.

A

1 and 2

56
Q

A township consists of

A

23,040 acres.

57
Q

An agreement wherein one party agrees to convey title to another upon the fulfillment of all specified conditions set forth in the contract is:

A. a listing agreement.
B. a purchase and sale agreement.
C. a land sale contract.

A

Both B and C

58
Q

Interest paid on the original principal and also on the accrued and unpaid interest that has accumulated is called:

A

compound interest.

59
Q

Which of the following are unique to a VA loan?

A. No down payment required.
B. They are serviced by the Department of Veterans Affairs.
C. No mortgage insurance premium, regardless of the loan-to-value ratio.

A

Both A and C

60
Q

The FHA loan fee that is paid by the borrower is called:

A

an origination fee.

61
Q

In the cost-to-cure observed condition method of determining depreciation, the loss of value can be determined by all of the following EXCEPT:

A

physical wear and tear.

62
Q

Two comparables are identical tract houses in the same subdivision, built in the same year, and both sold on resale within 30 days of one another. Lots are identical value. Comparable #1 was equipped with the standard builder’s model range and refrigerator, while Comparable #2 had deluxe appliances costing $1,000 extra when the houses were new. The house with the deluxe appliances sold for $500 more. The subject property has the standard builder’s model appliance package.
Which of the following are true?

A. No adjustment would be made to Comparable #1
B. A $500 adjustment would be made to Comparable #2

A

Both A and B

63
Q

Certain economic principles are of considerable importance in the valuation of real estate. The principle, “No prudent man would pay more for a product than that for which he could buy a reasonable duplicate, allowing for no undue delay” is known as the:

A

principle of substitution.

64
Q

The market data approach is used by an appraiser to determine the

A

rate of anticipated appreciation.

65
Q

The most significant difference between financing with a mortgage and financing with a trust deed is:

A

the amount of time needed to complete foreclosure proceedings.

66
Q

In conventional financing, the trustee of a trust deed:

  1. receives legal title to the property.
  2. can be a beneficiary to the trust deed.
A

Neither 1 nor 2

67
Q

A listing agent must give a Duties Owed by a Nevada Real Estate Licensee disclosure to the seller:

A

before the seller signs the listing agreement.

68
Q

Which of the following would be required in an FHA loan?

A

Mortgage insurance premiums

69
Q

John bought a property for $420,000 and made improvements costing $25,000. John sold the property for $429,000. What was John’s percentage of loss?

A
70
Q

Which of the following may an unlicensed assistants NOT do?

A
71
Q

Which one of the following is not a violation of the Real Estate Settlement Procedures Act (RESPA)?

A
72
Q

Which of the following is NOT an essential element in the creation of a real estate agency relationship?

A

RE (22 decks)

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