Review

Question 1

Hunting on another land is an example of

Answer 1

a License ( temporary right)

Question 2

Commercial zoning can regulate

Answer 2

The insanity of usage

Question 3

1 inch how many feet ?

Answer 3

0.0833

Question 4

Abstract of title

Answer 4

history of the all the recorded documents including change in title liens ..etc.

Question 5

5 individual join together to purchase a property, they own a property in severalty. what business organization they have ?

Answer 5

Corporation/ In order for people to create sole ownership of a single property they should create corporation.

Question 6

Passive Fraud

Answer 6

intentional non disclosure of the material fact.

Question 7

metes and bounds

Answer 7

explain the irregular piece of the property

Question 8

platform-frame construction

Answer 8

used generally in home building.

Question 9

broker’s commission is not part of

Answer 9

closing and purchase price.

Question 10

Spot zoning

Answer 10

Reclassifying one piece of property.

Question 11

Non conforming Use

Answer 11

Grandfathering/
A nonconforming use is a use of property that was allowed under the zoning regulations at the time the use was established but which, because of subsequent changes in those regulations, is no longer a permitted use

Question 12

Naturally occurring Gas causing lung cancer

Answer 12

Radon/ Radioactive odorless, tasteless gas

Question 13

FHA insured loan 203 b

Answer 13

low down payment

Question 14

Banking math ( discount point)

Answer 14

8 discount point increase the percentage yield from one point spread to the next.

Question 15

PCBs

Answer 15

electrical equipments/

Question 16

Open-End mortgage

Answer 16

Expandable loan , allows the lender to increase the outstanding balance of the loan up to the original sum in the note while advancing additional funds…

Question 17

What time the seller is entitled to receive earnest money ?

Answer 17

At the time of the settlement

Question 18

A promissory note is

Answer 18

the lender’s evidence of the debt.

Question 19

Coinsurance clause

Answer 19

homeowner insurance policy to spread risk among multiple insurers /80% coverage replacement cost

Question 20

condominium

Answer 20

hybrid form of ownership of multi-unit residential or commercial properties./In Texas, if an owner does not pay condo assessments, it can count as an enforceable lien against the homestead.

Question 21

co-brokerage

Answer 21

A transaction involving a cooperating sub-agent/listing broker splits the commission with the “co-broker,” typically on a 50-50 basis

Question 22

The cost of credit

Answer 22

must be disclosed to be in compliance with in regulation Z