National RE test
this person would be covered as the 1988 act applies to any disability whether a person is recovered or not
A person has had a mental disability in the past but has recovered and is now mentally competent. Which statement is true under the 1968 fair housing act?
Voidable
*Something about a 15 year old minor has inherited his grandparents home. He is selling the home. The contract would be... -void -Voidable -etc?
general warranty
Best deed protection
yield to lender
Discount points improve
20 years = 5%, 40 years = 2.5%, 50 years = 2%
Economic Life Calculations
divide monthly rent by 30 days and multiple # by 22
Janet is the property for a 20 unit building. What steps would she take when asked to prorate the rent if a new tenant wants to move in the 8th day of the month
tenants in common
John, Maria and Mark are joint tenants. Mark dies, Maria sells her share to Jane. John and Jane are
Tenant can fix
LL rents single family home to tenant and in agreement states no alterations allowed. Tenant is handicapped and is unable to get over the hump entering the home
quitclaim
Least deed protection
offeree
S owns a property and lists the property for sale with a broker. the broker finds a buyer who makes an offer on the property. S is considered to be the:
amount borrowed
discounted points on a mortgage are computed as a % of the
credit to the buyer
earnest money is a
tenant in common
emma jack and igor were co-owners of a parcel of land. jack died and his interest passed to become part of his estate. jack was a
Not according to RESPA
The seller has required that the buyer must use his title insurance company. seller was told they will pay part of his real estate commission, increasing his net proceeds. Is this legally permissable?
assignee
The transferee in an assignment of a lease is called the
Time is of the essence
Time limits set forth in the contract must be carefully observed
90k
Two cooperating brokers split 6% equally on commission of sale. broker a paid her salesperson $1620 as his 60% of broker a's share. what was the sale price?
acceleration and alienation
What 2 mortgages clauses? Acceleration and alienation Alienation and subordination Etc Etc
PMI
What will a buyer need to be approved for a loan if they put down 3% on....
ownership interest
What's the major difference between freehold estate and leasehold estate
Gays
Which does the fair housing not support
let the buyers be aware
a buyer is going to attend an auction on a home. when discussing his possible purchase with a friend, his friend advised "cavet emptor" this means
it ends when the child dies
a child owns a life estate and sells the property to a friend. which of the following statements is true regarding the friend's estate
safety clause
a clause that protects an agent's commission after the agency expires:
non payment of the monthly fee and not following rules or regs
a co-op tenant may be evicted for
offeror
a contract is not completed and binding until signed by the
unenforceable
a contract whereby either party is not able to sue the other party would be classified as
covenant in the deed
a developer would like to restrict the usage of the land in particular development. he would do this through
option contract
a good example of a unilateral contract is an
a deed in lieu of foreclosre
a lender is going through the foreclosure process, the lender, however, would like to resell the property as soon as possible. the lender should seek
Deed in Lieu of Foreclosure
a lender is going through the foreclosure process. the lender, however, would like to resell the property as soon as possible. the lender should seek
"you should make an offer for less than the listing price because the owner is anxious to sell"
a licensee anxious to make a sale violates his duties towards his principal if he volunteers which of the following pieces of info to a prospective buyer
file for a judgement lien
a mortgagee foreclosed but the sale did not produce enough to pay all debts. which of the following is the most likely course of action for the mortgage to take
2 acres
a national company desires a parcel of land which must be 4 times the size of its proposed building. if the building design includes 20k sf then which of the following minimum sized lots should be purchased
TYLA RESPA integrated disclosure rules
a person was applying for a new VA loan on a single family home. which federal law was passed to ensure the buyer received disclosure of the total closing costs
a person appointed by the court as a guardian can sign the contract on behalf of the mentally impaired person
a person with mental impairment would like to enter into a contract for the purchase of a piece of real estate. which of the following statements would be true?
4537 (349,000x6.5%=22,685 x 40%=9075x.5=4537)
a property was listed for 379,000 and ultimately sold for 349,000. the listing office charged the seller a 6.5% commission. the listing office offered the selling office a 40% co-op fee. if the selling broker split the commission 50/50 the sales agent, how much commission did the selling broker and his sales agent receive?
credit buyer only
a purchase agreement was accepted with earnest money given as part of the contract. the broker deposited the earnest money in the broker's escrow account. hwo would the earnest money appear on the closing statement
CERCLA would normally apply to which of the following situations
a residential property with a buried oil tank
servitude
a right or privilege one has to use the land of another is
servitude
a right or privileged one has to use the land of another is best referred to as
file a writ of execution
a seller and buyer have agreed to a sales contract. the buyer backs out of the agreement. which of the following could the seller not do
make the inspection contingency for the shortest time possible
a seller's agent has a property listed. a buyer would like to make an offer on the property but wants to include an inspection contingency. in order to protect the seller, the listing agent should
disclose the talk about the meetings to potential buyers because it's a material fact
a town had been having meetings with talk about taking property for eminent domain for a highway and the sellers decided to sell because of these meetings. but nothing was decided yet so the seller asked the agent not to disclose that it was being talked about to potential buyers. what should the agent do?
tenancy for years
all involve a fee simple interest except
tax deferred exchange
allows you to postpone paying tax on the gain if you invest in similar property
Debit to seller
at closing, the real estate broker's commission generally appears as a _____
severalty
because a corp is a legal entity, an artifical person, real estate owned by its owner in
yes bc lot is approx. 5.2 acres
buyer a's investigating the purchase of a lot on which to build a home. the lot is 200' wide and 500' deep. zoning regs stipulate that the lot must be 2 acres to be able to build on it. would a home be allowed to be built
specific performance
charles and sally enter into a contract. charles agrees to sell his house to sally. charles changes his mind and defaults. sally then sues charles to go through with the sale. this is known as
private deed covenants
private land uses are normally dictated by
grantee
providing a deed provides the greatest benefit for the
grantee
providing a deed provides the greatest benefits for
listing company
regarding a subagency relationship, the selling company should contact the ______ before showing property to a prospect
plat must be recorded
subdivision plat approved once approval is granted what steps must be taken
police power
the authority the gvt has to require that all buildings for human living have restrooms called
verify the kind of estate the grantee will receive
the basic reason for choosing among a general warranty, a special warranty, or a quitclaim deed is to
state law
the basic requirement for a valid conveyance are governed
park behind the home will be a highway in 2 months
the broker principal is the seller. the buyer is a customer from a different brokerage company. the broker may be guilty of misrepresentation if she knows but choose not to disclose that the
library
the cost approach would be used to appraise a
religion
the federal fair housing act of 1968 makes it illegal to discriminate because of
HUD
the financial market is made up of primary and secondary intermediaries. which of the following is not a financial intermediary
$2100
the girl owed $200 for one bill and $300 for another bill and she made $90,000 a year and with her debt to income ratio and her loan to value ratio what mortgage payment could she get But it gave a percentage for the debt-to-income ratio and the loan-to-value ratio like one of them couldn't be over 26% and the other one couldn't be over 38% so what was the highest monthly mortgage that she could be approved for
lowering the interest rate by giving extra points
the lender should do the following in order to lower payments for a borrower and qualify for a loan by
seller based on the agent's CMA
the listed price for a property should be determined by the
contingency or consideration
the sale contract says john will purchase only if his wife approves the sale by the following Saturday. His wife's approval is
Asignee
the transferee in an assignment of a lease is called the
tenancy in common
time share ownership is most evidenced by
debit buyer, credit seller
how would prepaid taxes with a midyear closing show up on a closing statement
exchanging a 2 family house for a mobile home park
in a 1031 exchange, which situation is NOT allowed
when the contract terms are satisfied
in a contract for a deed, when does the buyer obtain legal title
to legally describe a piece of real estate
in doing a survey, monuments are sometimes used
establish a maximum rate of interest allowed for loans
in many states, usury law
legal or complete description of the property
in order for a deed to be valid, there must be
riparian
in regards to water rights and prior appropriation concepts, which of the following might be applicable
land value
in the cost approach to value, which of the following would least affect depreciation
yes, this is licensed activity
jon works for builder bob selling his new construction homes in Illinois. Does jon need a real estate license
human use of land
land use is known as
good marketing/steering
latino families were beginning to move into a neighborhood that has previously been all white. a local broker passed out flyers to homeowners that said "sell now before it's too late, we have beautiful new homes with attractive financing and good schools." These flyers would likely be viewed as:
trust
legal arrangement under which the title of the property is held to protect the interest of
file a private suit in court
me x bought a house in an area that restricts fences. he then bought a dog and began constructing a fence. what remedies do the neighbors have
Someone who is blind and uses a seeing eye dog must be allowed to rent in a building
3. Which of the following is the best example of the protection offered by fair housing to someone w/a disability? A. addict using illegal drugs must be able to rent B. person w/a mental disability, regardless of the degree of disability must be allowed to rent C. someone who is blind & uses a seeing eye dog must be allowed to rent in a building D. lessor must make modifications to a rental unit to allow any person w/a disability
Relay any reservations to the seller
A buyer has questionable finances. What should the buyer's agent do in this case
Voidable
A buyer in contract with the seller to purchase a property for commercial use only to find out that zoning doesn't allow. Seller was not aware of buyers intent. Is the contract
Alienation clause
A buyer was going to take over on a seller's existing loan as part of the real estate transaction. The lender, however, was going to change the interest rate on the buyer to the prevailing current rate. In order for the lender to do this, there must of been what type of clause:
intended for at least 55 years adn older
A condominium complex is exempt from the fair housing requirements regarding housing for families with children if it: A. Children under 2yrs old B. Intended for at least 55 years or older C. Intended as investment D. Housing recovering alcoholics
Contact the buyer and inform
A contract between a buyer and a seller stated that the seller would obtain the earnest money after inspection
binding to the seller
options are
voidable
15 year old minor has inherited his grandparents home. he is going to sell it. the contract would be
a power of attorney
A husband who works for an international corporation has already moved to France. To authorize his wife to act on his behalf, he has sined
the lender will take title to any junior liens
A lender whose mortgagor defaulted may be offered a deed in lieu of foreclosure. If he accepts, which of the following will be true?
buyer is still liable to latent
A seller is offering his property for sale in as-in condition. A buyer enters into a contract and finds defects after inspection was conducted. The latent defect was not disclosed by the seller...
See an attorney
An agent is working with a married couple in the purchase of a home. The couple asks the agent how they should take title to the property. The agent should say:
Broker
An agent works on behalf of
Trustor
The borrower under a deed of trust is known as the
park behind the home will be a highway in 2 months
The broker's principal is the seller. The buyer is a customer from a different brokerage company. The broker may be guilty of misrepresentation if she knows but chooses NOT to disclose, that the
special
sam just listed property with TLW realty. the agency relationship between sam and the broker would be
declaration
to start a condo, a developer usually files what
A tenant in common owning an undivided 1/2 interest
under their mother's will a woman and her brother inherited title to a house as tenants in common. the woman married and had her to share put in joint tenancy with her husband. her brother is now
prior appropriation
water rights are generally covered under federal guidelines. some states cover water rights under riparian and litoral laws. in the absence of specific guidelines, water rights are generally covered by
commission discipline licensee in various ways
what can happen to a real estate license who fails to provide a copy of sales contract to buyer or seller of the property
love and affection
what is the best definition of good consideration
to implement a master land plan
what is the purpose of zoning regs
reversion
what is used to describe the right of the lessor to reclaim a property once a lease expires
land
what would not constitute as a fixture
license
when a salesperson passes the license examination, the first proof of eligibility to engage in real estate activities is
broker deposits payroll funds into the trust account
which of the following constitutes illegal commingling by a license
broker deposits payroll funds into the trust account
which of the following constitutes illegal commingling by a liscensee
amortized mortgage
which of the following describes a mortgage that requires principal and interest payments regular intervals until the debt is satisfied
locating property boundaries
which of the following is a purpose of a staked survey
a person must go thru the kitchen to get the only bathroom
which of the following is an example of functional obsolesces
someone who is blind and uses a seeing eye dog must be allowed to rent in the building
which of the following is the best example of the protection offered by fair housing to someone with a disability
the property is taken through the process of condemnation
which of the following is true concerning eminent domain
home improvement loan for principal residence
which of the following loans would fall under the 3 day right of rescission allowed under regulation z
telling a buyer his home has the most beautiful over looking lake
which of the following statements would be the best example of puffing
shares of stock
which term does not belong in the description of what a condo delivers
Garden apartments between a residential area & shopping center
which would be the best example of a buffer zone
will be less willing to expand efforts in advertising funds and his commission is not insured
with exclusive agency listing the likelihood of the sale is somewhat less than with an exclusive right to sell because the listing broker