Test qestions Flashcards
A Home located in an area where there are factories with a great deal of smoke and dust experiences
economic/external obsolescence
The anti-fraud provision of the Interstate land Sales Full Disclosure Act applies to
Sales of lots in subdivisions containing 30 lots
If you have a loan and transfer the title to another individual without informing the lender, it is likely that the lender will demand payment of the outstanding loan balance. He is able to to this because of a clause in your mortgage called the
acceleration Clause
A licensee whose license has been revoked after a hearing may appeal to the
superior court for his county within 20 days
Mass Housing ability income and price limits is determined by
U.S. Treasury and HUD
A lender is able to decide if a loan to be made is eligible for FHA insurance. This ability of the lender is known as
direct endorsement
The Truth-in-Lending Act prohibits what
Advertising only the percentage of down payment
RESPA requirements include what
the prohibition of a broker’s receiving a referral fee from a lender (prohibits kickbacks
A lease for less than one year must be
in writing
Under MLS, Broker L is listing agent. Broker S with no subagency brings buyer. Who is the buyer agent
Broker S
Each of the following is an essential element of every real estate sales contract:
Legality of object
consideration
reality of consent
acknowledgement
acknowledgement
Functional obsolescence can be created by
over improvement
An investor making extraordinary profits from a mini-warehouse is concerned with the principle of
competition
What type of mortgage may permit a builder to obtain the release of lots, one at a time, as they are developed?
Blanket mortgage
All of these statements regarding restrictive covenants on real property are true EXCEPT that they
- run with the land
- are enforceable in court unless contrary to public policy
- are limit to a specific time period
- may be removed from the record without legal action
-are limit to a specific time period
To be admissible to record in the appropriate public record office, a deed must be
signed by the grantor
What does a guarantor convey with the covenant of quiet enjoyment
assurance that the title will be good against the claims of third parties
The best way to discover a flaw in the recorded title to a piece of real property is by
undertaking a search to title
A borrower obtains a home improvement loan secured by her house that is neither insured nor guaranteed by a government agency, She has obtained which type of loan.
Conventional
The federal Fair Housing Act prohibits discrimination based on which of the following
race, national origin or color
The party that has the right to cross his adjoining neighbor’s property is
Dominant tenement
According to the MA laws against discrimination, which of the following acts would not be prohibited conduct
a broker advertising a house for sale in a newspaper intended for readers of a particular race or ethnic group.
What is both a lien and an encumbrance
a mortgage
If there is no redemption of the property, how long must a tax sale purchaser wait before starting action to obtain title to the land
One year from the date of the tax sale
Generally, things or objects of temporary or easily movable nature are
personalty
The effect of a lease assignment is that the
entire lease interest is transferred
Lee owns two single family homes and wishes to sell only to Asians. Without violating the 1968 Act, he may
NEVER base a selling decision on race
A municipal lien certificate would be obtained from
the local tax collector
A broker will be placing a property for online ad. In this situation what must a broker or agent place in the online ad
Brokers name
What is required in the Truth-In-Lending disclosure statement
- terms of prepayment penalty
- annual percentage rate
- finance charge
After a judicial foreclosure sale, the court would most likely arrange for the purchaser to receive a
commissioner’s deed
Which does NOT have to be in writing
- Listing
- Ten year lease
- P&S agreement
- Deed
Listing
Property taxes are assessed and collected by the
individual municipalities
Which law requires that all ad’s that references mortgage financing terms containing certain disclosures
Truth in LEnding Act (Reg Z)
Why is the Civil Rights Act of 1866 unique
it provides no exceptions that would permit racial discrimination `
A new office building constructed in an old neighborhood is for sale. What is the best method of appraisal to use?
RCN minus depreciation plus land
An easement is most commonly terminated by
quitclaim deed
Solve for Income
Rate x Value(sale price)
Solve for Value (sale price)
Net operating Income DIVIDED BY Cap Rate
Solve for Rate
Net Operating Income DIVIDED BY Value (sale price)
