weird questions Flashcards
Benchmarks, iron spikes and wooden stakes are examples of? Metes Bounds Datums Monuments
Correct answer is 4 (monument is a natural or artificial marker that identified the intersection of imaginary boundary lines
Which of the following is FALSE regarding legal descriptions?
The metes and bounds legal description is characterized by the degrees
The rectangular survey is based on two sets of intersecting lines called principal meridian and base lines
The lot and block survey is used to record the subdivision of vacant land
Sections that are oversized or undersized are called correctional sections\
Correct answer- D (sections that are oversized or undersized are called fractional sections)
A check is an area of land that is 1 mile by 1 mile Miles by 6 miles 12 miles by 12 miles 24 miles by 24 miles
Correct answer D- a check is an area of land that is 24 miles by 24 miles
The smalled unit of land in the government survey is the Check Township Section Meridian
Answer is C- a section is the smallest unit which is 1 mile by 1 mile
Section number 1 will always be located in the
- NE corner of the township
- NE corner of the check
- SE corner of the township
- SW corner of the township
Correct answer A - section 1 will always be in the NE corner of the township
The section that is reserved for a school is section number 12 16 20 24
Correct answer - B section 16 is reserved for schools
Which of the following statements is incorrect?
A mile is 5,280 linear feet
There are 43,650 square feet in one acre of land
The formula for computing square footage is : area = length x width
A section of land contains 640 acres
Correct answer B- there are 43,650 square feet in one acre of land. Read carefully, especially if you know you can reverse numbers, all other statements are true
8. The NW1/4 of the SW1/4 of NE1/4 contains. 5 acres 10 acres 40 acres 160 acres
Correct answer B. 640 divided by 4 divided by 4 dived by 4= 10 acres
- The SW1 of the SE1/4 of the NW1/4 and the S1/2 of the SE1/4 contains
1.25 acres
10 acres
80 acres
90 acres
Anser = D(4) 640 divided by 4 divided by 4 = 10 acres 640 divided by 2 divided by 4 = acres 80 acres + 10 acres = 90 acres
10> the bronze disk that is used to establish evelautions and altitudes above sea level is the .. Datam Benchmark Stake, Spike
Correct answer = (2) benchmark is as bronze disk that is used to establish elevations and altitudes above sea level
Correct answer = (2) benchmark is as bronze disk that is used to establish elevations and altitudes above sea level
Correct answer = (2) benchmark is as bronze disk that is used to establish elevations and altitudes above sea level
12> a spot survey would include the… Total square footage of the lot Location of the building on the lot Price paid for the property Previous owners of the property
Correct answer = (2) a spot survey would include the location of the buildings on the lot
13> the deed stated that the angle of the measurement was “south east for 45 degrees 7 min” this type of description would be found in .. Lot of a block survey Rectangular survey Metes and bounds survey Government survey
Correct answer= (3) degrees, minutes and seconds measure the angles in a metes and bounds survey..
14> in regard to legal descriptions, POB means Point of begining Point of boundary Point of building Point of benchmarks
Correct answer (1) in a metes and bounds survey there must be a point of beginning or POB, this is sometimes called a point of commencement
16> an agent is listing a vacant city lot. Which method of legal description would MOST LIKELY be found in the dead Metes and bounds Lot and block Goverment survey Rectangular survey
Correct answer (2) a lot and block survey is used to describe subdivisions and vacant city lots, it is also called a recorded plann because the lot and block number refer to a plat map filed in public records office
16. When listing which of the following properties would an agent most likely recommend a survey of the property? Listing a house in a subdivision Renting an apartment in a large complex Listing a farm that last sold in 1930 Leasing a retail space in a mll
answer= (3) if listing a farm that ladst sold in 1930, an agent should recommend a survey to determin the exact boundary lines
17> the deed that a buyer recieved at closing stated that the property contain 4.5 acres more or less (MOL) the agent recommended that the buyer have the property surveyed but the buyer refused the agent had the buyer sign a waiver stating that refusal. Six months after the closing, the buyer had the property surveyed and according to the survey it is a 3.97 acres. Which of the following would MOST likely occur in these circumstances?
The buyer would probably wiin the case if he sued the agent
The buyer would proly win the case if he sued the seller
The buyer should sue the seller and the agent
The buyer owns 3.98 acres of land
Correct answer= (4) the buyer signed the waiver and refused to have the property surveyed. So there would probably be no legal recourse against the seller or the agent. Whenever there is a mistake in a deed, the most current survey will prevail
18> a surveyor would calculate which of the following to compensate for the curvature of the earth? Sections lines Township lines Check lines Correction lines
Correct answer = (4) correction lines, correction lines are used to compensate for the curvature of the earth
19> a section of land is one mile by one mile. However, since the earth is no flat, the section sizes can vary. Oversized or undersized sections are called Adjusted sections Fractional sections Prescriptive sections Managed sections
Correct answer= (2) fractional sections. Oversized or undersized sections are called fractional sections
20> a developer owns 20 acres of land, he was required to set aside 36,000 square feet for road and sidewalks. If each lot measures 75’ X 100’ how many lots will he have? 108 111 112 116
Correct answer= (2) 111 20 acreews X 43,560 = 871,2000 square feet. 871,200 -36,000= 834<200 square fee. 75X 100 = 7,500 square feet for each lot. 834,200 divided by 7,500 = 111>2266 in this situation. The .2266 cannon be rounded up. There are 111 lots
Correct answer= (2) 111 20 acreews X 43,560 = 871,2000 square feet. 871,200 -36,000= 834<200 square fee. 75X 100 = 7,500 square feet for each lot. 834,200 divided by 7,500 = 111>2266 in this situation. The .2266 cannon be rounded up. There are 111 lots
Correct answer = (4) right of survivorship. The right of survivorship is a right found in the joint tenancy and tenancy by the entirety, but it is not part of the bundle of legal rights. The bundle of legal rights includes the right of possession, control, enjoyment, transfer, exclusion, and disposition (lease, sell, leave to someone in a will, gift etc)
22> emblements are classified as Real property/fructus industrials Real property/fructuss naturales, Personal property/fructus industrials Personal property/fructus naturales
Correct answer= (3) personal property/fuctus industriales. Emblements are annual crops that are classified as personal property of the person who grew them. Potatoes, tomoatotes, tovbacco and corn. They are also know as fructus industrialies, or fruits of industry ( work). Trees, grasses, and perennials that do not require annual planting are classified as real property. They are also classified as fructus naturales, or fruits of nature
23> nonhomogneneity describe a/an
Physical characteristic of real estate and refers to uniqueness of the property
Physical characteristic of real estate and refers to the indestructibility of the property
Economic characteristic of real estate and refers to the scarcity of land given area
Economic characteristic of real estate and refers to the permanence of investment
Correct answer= (1) a heterogeneity or nonhomogeneity is describes a physical characterist of real estate. Every parcel of land is physically different from another parcel of land
24> a transaction broker is not known a a Non agent Facilitator Intermediary Fiduciary
Correct answer= (4) a transaction broker is not know as a fiduciary. A transaction broker is a facilitator, intermediary, or a non agent, becauuse night part in the transaction is a client. The parties are customers. A fiduciary is a person placed in a position of trust and confidence
25> a real estate licensee who has listed a property is a/an
general agent to the broker and a special agent to the seller.
General agent to the broker and general agent to the seller
Universal agent to the broker and special agent to the seller
Universal agent to the broker and general agent to the seller
Correct answer -= (1) a general agent to the broker and special agent to the seller. A general agent is expected to be involved in an on going business relationship.. A special agent in limited a specific transaction. A universal agent is acting on behalf of a person,, as if he/shhe was the person. (guarding) A licensee who has listed a property is a general agent to the broker because they are expected to be in an ongoing business relationship and the licensee is a special agent to the seller because the agency relationship is limited to that transaction.
26> The sale price of the property is $150,000 and borrower has a 20% down payment. The mortgage rate chart indicates that the monthly payment on a 30-year loan at 4% is 4.775 / $1,000. How much is the monthly payment?
- $716.25
- 644.63
- $573
- $480
Correct answer= (3) $150,000 * .80 = $120,000 loan. $120,000 / $1,000 equals 120. 120 * 4.775= 573 monthly P and I payment.
27>An appraiser is going to estimate the market value of a library. Which appraisal method will he / she most likely use? 1 Gross rent multiplier 2. Gross income multiplier 3. Cost approach 4. Market approach
Correct answer = (3)The cost approach is used to appraise special-purpose properties such as houses of worship libraries, post offices and new buildings where there are no comparable properties
Correct answer = (3)The cost approach is used to appraise special-purpose properties such as houses of worship libraries, post offices and new buildings where there are no comparable properties
Correct answer= (3)There are many definitions of the word misrepresentation. The basic definition is that a party made a decision based on information / she / they thought was true, but it was not. Was it a mistake and no one could have reasonably known? Was it intentional? Was a fraud? Negligent misrepresentation occurs when it is determined that information that the licensee and quote should have a nail in it if not know and quote
29> Buyers met an agent at an open house. In order to buy the listed property the buyers needed to sell their house. The agent wrote an offer to purchase within the following terms” “purchasers shall list purchasers property at 567 Main Street Surrey BC with XYZ Realty within 24 hours of the acceptance of his offer, or this offer shall become null and void in the earnest money shall be refunded to the purchaser”. Is this legal ???
One. Yes this is exactly what the agent should do to secure the listing
Two. Yes, if state law allows it
3. No it is a violation of regulations e
4. No, it is a violation of the Sherman Antitrust Act
Correct answer= (4)The Sherman Antitrust Act does not allowed tying(tie-in) agreements. writing an offer to securing the listing is not allowed. The agent must write their offer and ask for the next thing. The buyers can choose anyone to list to their property. Hopefully they would select the agent writing the offer.
Correct answer= (4)The Sherman Antitrust Act does not allowed tying(tie-in) agreements. writing an offer to securing the listing is not allowed. The agent must write their offer and ask for the next thing. The buyers can choose anyone to list to their property. Hopefully they would select the agent writing the offer.
correct answer equals =Most states do not allow a listing contract to “automatically renew quotation mark. There must be a definite beginning and ending date in a listing.
correct answer equals =Most states do not allow a listing contract to “automatically renew quotation mark. There must be a definite beginning and ending date in a listing.
Correct answer= (4)When a person dies intestate, it means the person died with a will. Real property is devised or transferred by the will. If a person dies intestate, or without a will, the laws of descent and distribution are followed. Demise is to give up the right of possession in a lease. Yes me also means someone has died. escheat means the property perverts to the state when it is classified as abandoned. This may happen when someone dies intestate and no hairs can be found.
32>Which of the following would be future interests and fee simple defeasible estate?
1 . Remainder / reversion
2. Possibility of reverter / right-of-entry
3. We can pay end / Redemption
4. Dower/ courtesy
Correct answer= (2)A fee simple defeasible estate means that the title May revert upon the occurrence or non occurrence of a specified event types of be simple defeasible Estates are special limitation with the possibility of.
33>Agnes, Zelma and Jane are sisters and own a property as joint tenants. Jyne sold her share to Maggie. Upon closing, Maggie is
- Joint tenant with Agnes and Salma
- Tenant-in-common with Anthony and Salma
- Tenant by entirety with Agnes and zalma
- Tenant-at-will with Agnes and zalma
Correct answer= (2) Tenants in common with Agnes and zalma. Joint tenancy requires the unities of Time, title, interest and possession. When Jane sells her property to Maggie, the unity of time and title is breached. Agnes and Salma are still joint tenants, but Maggie is a tenant in common with them.
34> if state law permits the unities of time, title, interest, possession, and person would be created when
john , peggy, and george buy a cottage on the lake
Mr and mrs jones buy real estate
Carri buys her first hous
A corporation purchases investment property
Correct answer = (2) mr and mrs jones buy real estate. The unities of time, title, interest possesion are person are found in tenancy by entireties, when two people are married to each other. Because the people are married to each other, te unity of person is added (unities of time, title, interest and possession are found in joint tenancy)
35> henry is securing a home equity line of credit on his residence. His property appraised at $175,000 and he has a loan balance of $80,000. The lender will negotiate a loan of %80 of the appraised value, minus the first loan. Harrys line of credit will be
$50,000
60,000
70,000
80,000
Correct answer= (b) $175,000 X .80 = $140,000. $140,000 - $80,000 = $60,000
36> the S1/2 of the NE1/4 and the NW1/4 of the SE1/4 would contain?
2,344,560 sq ft
3,484,800 sq ft
4,395,340 sq ft
5,227,200 sq ft
Correct answer = (D) 640 divided by 2 divided by 4 = 80 acres, 640 divided by 4 divided by 4 = 40 acres, 80 acres + 40 acres, = 120 acres, 120 X 43, 560 = 5, 277, 200 sq ft
37> in 1969 carmel purchased a condo for $15,000. Today she sold the property for $85,000 and agreed to finance the loan for the buyer, this trasaction would be known as an?
Conventional loan
Unconventional loan
Land contract
Blanket mortgage
Correct answer= © a land contract is also known as an installment sale. The seller agrees, to finance the property in a land contract.
Correct answer= © a land contract is also known as an installment sale. The seller agrees, to finance the property in a land contract.
Correct answer = (B) $578.95 $275,000 divided by 475 = $578.95(remember, unless question A says otherwise, the front footage is the first dimension given in the measurement)
Correct answer = (B) $578.95 $275,000 divided by 475 = $578.95(remember, unless question A says otherwise, the front footage is the first dimension given in the measurement)
Correct answer = (A) a 475 X 525 = 249,375 square ft. 249,375 divided by 43,560 = 5.72 acres. $275,000 divided by 5.72 = $48,077 per acre
how many square feet are in an acre
43,560 sq ft
the seller accepted the buyers offer of $375,000 and the buyer had a $10,000 down payment, if the porperty appraised at $373,000, what was the loan amount
a. $340,000
b. 337,000
c. 335,000
d. 338,000
(c) 335,700, the loan is based on the sale price or appraised value whichever is less, if the buyer had 10% down payment it means tthe loan to value ration is 90%. $373,000 X 90% = 335,700 loan
two brothers owned a property and decided to list with agent tejasi. thirty minutes before the listing appointment, one of the brothers was called out of town on an emergency. so a friend signed the listing contract for him. tejasi had no idea that the person signing was not the owner. the statust of the listing contract is
a. void
b. valid
c. unenforceable
d. voidable
(a) the listing must be signed by the parties who have the authority to sell
a habendum clause would be found in an
a. mortgage
b. note
c. deed
d. sales contract
(c) the habendum clause is found in a deed. the seller is transferring the rights to the new owneer and quote: to have and hold & quote: it is somtimes called a granting clause
an agent received a thank you note from a lender for the referal of a buyer. the note included a $35 gift card to a local resturaunt. the lau that makes this kickback illegal is a. regulation z b. RESPA C. CRO D. ECOA
(b) respa The real estate settlement procedurres act prohibits kickbacks from service providers
(b) respa The real estate settlement procedurres act prohibits kickbacks from service providers
(D) remember, describe the property, not the people! it is legal to say that the house has a wheelchair ramp
if a listing has expired, the listing agents and agents of the brokerage firm may call the seller
a. for up to six months even if the sellers number is on the no call list
b. for up to 12 months even if the sellers number is on the no call list
c. for up to 18 months even if the sellers numbers on the no call list
d. for up to 24 months if the sellers number is on the no call list
(C) if a listing has expired, the list agents and the agents of the brokerage firm may call the seller for up to 12 months even if the seller is on the no call list. if the seller request not to be called, the listing agent and brokeer firm must honor that request
which of the following mortages can be obtained only by the peoplel 62 years of age or older
a. wraparound mortgage
b. reverse mortgage
c. fha insured loan
d. home equity line of credit
(B) a reverse mortage can only be originated by someone 62 years of age or older
a lender has hired an appraiser, the appraiser has most likely been hired to
a. estimate the market value
b. estimate a subjective value
c. estimate the value for the tax purposes
d. estimate the value for a divorce
(A) an appraiser is normally hired to determine an estimate of the market value of the property
an agent listed a property that was built in 1951. by federal law, the agent must have the seller fill out
a. sellers property disclosure form
b. good faith estimate of closting costs
c. certificate of insurance and Clue report
d. lead-based paint disclosure form
(D) by federal law, sellers are required to compete the lead based pain disclusre form on properties that were built prior to 1978
a potential buyer asks the agent if all the buildings were within the boundary lines, the only way this could be determined would be to
a. have a survey of the property
b. conduct a title search
c. get a certification from the seller
d. ask the neighbors
(A) a survery would be needed to determine the boundary lines of any property
- Yahoo negotiated a sale for their new Canadian headquarters in Burnaby for $1,525,000 of which $400,000 included the cost of the land. Koogle, the company’s vice-president believed it would be a good deal because he would have had to pay $1,900,000 in nearby Coquitlam. Within a year he sold the building for $2,250,000.
At the time of the purchase, Koogle projected that the economic life of the building to be 10 years with a salvage value of $100,000. If Koogle uses the straight-line depreciation method, what is the depreciation he can expense out for the year on the building? $102,500 $1,125,000 $112,500 the appraised value
$102,500
Donna is planning a trip to Italy. Not knowing one word of that language she is looking for a tutor. One day while glancing through the local community paper she finds an ad offering Italian lessons at the rate of $39 an hour. She phones the author of the ad and asks if the price could be lowered. The tutor informs her that the price is $39 an hour and is not negotiable. Donna says she will think about it and get back to the tutor. Four days later, Donna again calls the tutor accepting the offer. Indicate which one of the following statements is TRUE in this case.
The advertisement was an offer that Donna accepted 4 days after seeing it.
The advertisement was an offer and Donna’s second phone call was a counter-offer.
Donna’s first call was a request for information and the tutor’s response was an offer.
Donna’s first call was a counter-offer and tutor’s response was a second counter-offer.
Donna’s first call was a request for information and the tutor’s response was an offer.
When a landlord does not allow a commercial tenant to take possession of the demised premises the tenant may:
obtain a specific performance order forcing the landlord to honor the lease contract.
secure an action for breach of the covenant of contract.
Take the landlord to court and sue for damages.
In commercial tenancies there is no remedy to force a landlord to take on a tenant he has deemed unsuitable.
Take the landlord to court and sue for damages.
Linda’s brother Sean needed to sell his house. As a former car salesperson Linda diligently applied her strong selling skills to selling Sean’s house. Within a week, Sean’s house was sold. What are the legal consequences of Linda assisting her brother?
If she is not a licensed realtor, she has breached the Real Estate Services Act.
Linda has done nothing wrong if she did not accept any money for her services even if she is unlicensed.
Linda can receive a bird-dog fee for her services as long as she doesn’t write up the contract.
Immediate relatives are exempt from licensing when assisting family sell their property in BC.
Linda has done nothing wrong if she did not accept any money for her services even if she is unlicensed.
Ellie's bank has granted her a $72,000 2nd mortgage on her home with an interest accruing loan written at j12 = 13%. At the end of 9 months, how much will she owe? $72,000.00 $79,332.02 $65,980.25 $71,451.23
$79,332.02
Chelsea has listed her property for sale and has determined that the net operating income is $16,763. 9.6% is the market capitalization rate. What is the most a wise investor should pay Chelsea for her property?
$159,748.50
$174,614.58
an amount less than $159,748.50
impossible to determine due to insufficient data.
$174,614.58
