Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

License > Review 1 > Flashcards

Review 1 Flashcards

1
Q

A section contains how many acres?

A

ANSWER: 640
320
160
40

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is the effective rental income for a company that has a gross rent income of $164,100, vacancies worth $12,000, extra income of $8,200 and operating expenses of $28,400?

A

$131,900
ANSWER: $152,100
$160,300
$172,300

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

In which of these places is asbestos not likely to be found?

A

Roofing.
ANSWER: Adhesives in pressed wood.
Textured paint.
Vinyl floor tiles.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Which statement is true about investing in commercial property?

A

The purchaser needs less of a down payment than for a residential property purchase.
ANSWER: A commercial property could have a percentage lease.
Commercial property is less complicated than rental home investment.
There is a higher risk of rent control than with residential investments.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is an emblement?

A

A piece of equipment affixed to the earth.
A limited right to use personal property.
A sign indicating a property boundary.
ANSWER: A plant or crop that is considered personal property.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Who are the essential parties involved in an estate in trust?

A

Owner, trustor and lawyer.
Owner, trustor and trustee.
Trustee, title company, and beneficiary.
ANSWER: Trustor, trustee and beneficiary.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Who pays the real estate taxes for a condominium?

A

Homeowner’s association.
Board of directors.
ANSWER: Condominium owner.
Sponsor.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Which statement is not true?

A

Mold often grows where it can’t be seen.
Of all environmental hazards, radon is the easiest to detect and mitigate.
ANSWER: Underground storage tanks pose no hazard to residential areas.
Urea formaldehyde foam insulation is no longer used because of formaldehyde gas emission.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

A court renders a judgment which authorizes a lien to be placed against the defendant’s house, car, and personal belongings. What is this an example of?

A

Specific judgment lien.
ANSWER: General judgment lien.
Voluntary judgment lien.
Superior judgment lien.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Real estate agents are typically what kind of agent?

A

General agent.
ANSWER: Special agent.
Dual agent.
Universal agent.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Which of these is a distinguishing feature of a deed condition?

A

ANSWER: It gives the grantor the right to re-possess the property if the grantee violates the condition.
It ceases to apply if a violation is allowed to continue for a certain period of time.
It can be filed at any time after title has been transferred.
It restricts who may own the property.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What does the term “mixed-use development” mean?

A

A subdivision with common areas for all residents.
ANSWER: More than one use for a single building.
An apartment complex attached to a city park.
An industrial park in a farming community.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

The first fine for a violation of federal fair housing law could be as much as what amount?

A

$1,000
$5,000
ANSWER: $10,000
$15,000

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Which statement is false about Internet advertising?

A

On real estate web sites, a salesperson’s name cannot be displayed in type that is larger than the broker’s name.
ANSWER: Any ads placed on the Internet must have a link to the licensee’s email address.
If a salesperson has a web site, the broker must supervise the site.
Any ads placed on the Internet must have a link to the firm’s web site.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Under federal income tax law, the “sale price” for a personal property is which of the following?

A

Sales price, minus any sales expenses.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Broker Greg performed all of the following actions. Which one violates license law?

A

Withheld earnest money that should have been returned to a purchaser.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Hometown Bank and Trust refuses to lend money to homeowners trying to purchase property in a predominantly Hispanic neighborhood. What is this practice called?

A

Redlining.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What is the difference between a balloon loan and an amortized loan?

A

An amortized loan is paid off by the end of the term.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

What is the employment contract between a property manager and owner called?

A

Management agreement.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Which of these properties would be considered a nonhomestead property?

A

Warehouse.

20
Q

A parcel of land 250 feet wide and 150 feet deep sold for $240,000. What was the price per square foot?

A

$6.40

21
Q

Broker Jim signs a listing agreement with seller, Grace and a buyer agency agreement with buyer, Pat. Both Grace and Pat signed written disclosure statements agreeing to this arrangement. What is this relationship called?

A

Consensual dual agency.

22
Q

What is the minimum period of time over which the owner of an apartment building can depreciate the improvements?

A

27.5 years.

23
Q

Amanda Green sold her property to Sally Fay. Amanda will retain title to the property until Sally has paid in full. What kind of contract do Amanda and Sally have?

A

Land contract.

24
Q

Which of the following is considered a fixed operating expense?

A

Insurance premiums.

25
Q

“Everyone charges the same so you might as well list with me” is an example of what?

A

Price fixing.

26
Q

What is a policy that protects against claims above and beyond the amount covered by primary policies?

A

Umbrella.

27
Q

According to Truth in Lending, a lender must disclose all of the following except which one?

A

Broker’s commission.

28
Q

Which of the following is an allowed activity for an unlicensed assistant?

A

Get status reports on the loan progress.

29
Q

What is the amount a buyer owes at closing equal to?

A

The excess of the buyer’s debits over the buyer’s credits.

30
Q

Greta Manes passed the salesperson licensing exam. For how long are her results valid?

A

24 months.

31
Q

What is required for a title to be marketable?

A

It must be free of undisclosed defects and encumbrances.

32
Q

Allison is moving into a new condominium. Which of these documents does not apply to her purchase?

A

Stock certificate.

33
Q

What is the most common reason a property fails to sell?

A

Overpricing.

34
Q

Which of the following statements about plumbing venting is false?

A

Venting is not required for structures taller than 2 stories.

35
Q

Seller Tom has an agreement with Broker Bill, Broker Jim and Broker Joe. Whoever brings the buyer will get the commission. What kind of agreement is this?

A

Open listing.

36
Q

What do we use to show the percent of gross income that is required to meet cash expenditures?

A

Break-even ratio.

37
Q

Which law extended discrimination to include handicap and familial status?

A

Fair Housing Amendment Act.

38
Q

A landlord suddenly terminates a tenant’s lease in violation of the lease terms. The tenant takes action to compel the landlord to comply with the violated terms. What kind of suit is this?

A

Specific performance.

39
Q

What must a listing agent do before entering into a cooperative agreement creating a subagency?

A

Obtain the informed consent of the seller.

40
Q

What is the amount of the surety bond that a mortgage broker must furnish when applying for licensure in New York?

A

$10,000

41
Q

What is overage rent?

A

Rent calculated on a percentage of sales volume.

42
Q

Which property would most probably have the longest lease term?

A

Industrial property.

43
Q

Patrick has a written independent contractor agreement with his broker Tami. Last year, about 25% of his income came from sales commissions. The other 75% came from an hourly wage paid by Tami. For income tax purposes, the IRS would probably classify Patrick as

A

An employee.

44
Q

Mary’s property has been assessed at a higher percentage of value than all of the other properties on the same assessment roll. What is this an example of?

A

Unequal assessment.

45
Q

Sandy rents space in a building for her beauty and tanning salon. She pays rent for occupancy, but the owner of the building pays the taxes, insurance and other operating expenses. What kind of lease does Sandy have?

A

Gross lease.

46
Q

A historic preservation commission does not have the power to do which of these?

A

Require a property owner to restore a historic building.

47
Q

A daycare center is allowed to open in a residentially-zoned area. What is this an example of?

A

A special use permit.

48
Q
A

License (19 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions