CompuCram Final Test Missed Questions
What statement would require full disclosure when advertising residential property?
$900 monthly loan payment
you sell a commercial property in which the property taxes have been pre-paid for the entire year. the taxes for the year are 17,000 and the close of escrow is June 18. What is the proration amount?
$9113
To qualify for deferring gain on real property exchange, property must be "like kind." Which of the following trades would not qualify?
GM common stock for AT&T common stock
Market price is closest to:
The amount of money given in exchange for the property (value in exchange)
no criminal, civil or administrative action may be brought against a transferor or lessor of real property or a licensee for failing to disclose that the property being transferred or leased is or has been:
all of the answers sex offender aids site of a crime
a monetary judgment by the court is:
an involuntary lien on the personalty and realty of the subject debtor
Owners of two apartment buildings located in the same area but with different amenities make an arrangement to show certain people to a specific building. This market allocation action would be in violation of:
anti-trust laws
Funds for a contract of sale are held in a broker's trust account for the benefit of:
both buyer and seller
The legal right of a landlord to seize the tenant's belongings for rents in arrears is called:
distraint
when a property manager manages a property he owes the owner:
fiduciary
a property manager would be what type of agent?
general
when a husband and wife own real estate as community property and the husband dies without a will, what happens to the property?
goes to the heirs
who places deed restrictions on real estate?
grantor
if a tenant is involved in illegal activity on the premises the landlord may deliver a notice to terminate the lease....
immediately
when a deed of trust is being foreclosed how many days do you have to redeem it?
none of the options
The type of title insurance that is issued in the name of the property owner, where coverage runs from the time of purchase until the owner sells the property, is a/an
owner's fee policy
which of the following is in the proper order of occurrence?
lis pendens, judgment, execution
The three most important aspects of a house are:
location, location, location
Which of the following is not essential to a valid contract?
monetary consideration
of the following liens - delinquent property taxes since 2014, mortgage recorded in 2011, IRS lien recorded in 2015 - which has second priority?
mortgage
Constructive fraud is also known as:
negligent misrepresentation
A real estate broker, in the typical agency relationship with a seller, is a/an
special agent
What insulating material was pumped into houses until its ban in the 1970s
urea-formaldehyde insulation
how many acres are contained in: NW4 SW4 NE4 Section 22?
10
arizona law defines a subdivision as land that is divided or proposed to be divided for sale or lease into:
6 or more lots of less than 36 acres each
What type of land use doesn't comply with the zoning restriction for where it is located, but is permitted because it benefits the public?
Conditional use
a residential property is set to close escrow April 24. What would be the proration if the property taxes for the year were $1250?
Debit seller $392, credit buyer $392
Debits to the seller include all of the following EXCEPT:
Impound accounts
What type of listing would be considered more unilateral than bilateral?
Open
If a buyer wants to purchase a property with an FHA insured loan, you would refer him to:
Primary market
A valid warranty deed must contain all of the following elements, except:
Signed by grantee
The back-end ratio of a loan would apply to:
Total monthly obligations divided by gross monthly income
a wraparound loan would never be which of the following?
a first deed of trust
A signed release to substitute a new mortgagor for the orginal mortgagor is called:
a novation
what must be recorded to be valid?
beneficiary deed
Prorated taxes would be shown on the settlement statement as a:
credit to buyer, debit to seller
when a mortgage is paid in full, what document releases the lien?
deed of reconveyance
a property management company is required to keep a copy of all residential rental agreements, upon expiration for how long?
one year
What warrants that the grantee has the highest claim of ownership?
quiet enjoyment
Which of the following is NOT necessary for a valid transfer of title to real estate?
recording of the deed
The commissioner of real estate may issue a cease and desist order for all of the following EXCEPT:
recovery fund claim
which of the following would not apply to a deed of trust?
redemption periods