45 Hr Questions
What is a juridical person? Select one: a. A person who has been declared an interdict b. An entity to which the law attributes personality, such as a corporation or a partnership. c. A person who has been emancipated before the age of 12 d. An entity that has no legal standing in court
An entity to which the law attributes personality, such as a corporation or a partnership
What eventually happens to the deposit given when a purchase agreement is executed? Select one: a. When the sale closes it is paid to the title company as a fee for the closing costs. b. When the sale closes it is given to the seller as a portion of the purchase price. c. It is always returned to the buyer within 30 days of closing d. It is paid to the broker as a portion of the commission due
B
Some technology based processes have the potential of creating environmental or biohazard risks. In such cases, the cost of remediating contamination in the buildings in which they operated might very well prove to be cost prohibitive. At a minimum, such buildings would need to be subjected to at least a Phase I environmental inspection following federal guidelines of __________ which is commonly called the Superfund. a. CERCLA b. EPA c. OSHA d. LEED
CERCLA
Older buildings that have good locations, are professionally managed, are of high quality construction, and have an impressive tenant mix would probably be classed as: Select one: a. Class A b. Class C c. Class B d. Class D
Class B
In reference to the mortgage finance business, what does CFPB stand for? Select one: a. Cost For Point Basis (requires explanation of point calculations to borrowers) b. Consolidated Financial Protection Bureau (merger of the NMLS and CSBS for mortgage education) c. Consumer Finance Protection Bureau (requires disclosures to consumers) d. Consolidation of Financial Protection Bureau (consolidation of State and Federal lending laws)
Consumer Finance Protection Bureau (requires disclosures to consumers)
Due to the_________, the borrower has a right to receive a copy of the appraisal report. a. Dodd-Frank Act b. LREC regulations c. MLS regulations d. USPAP regulations
Dodd-frank act
Who publishes the flood plain maps? Select one: a. FHA b. FEMA c. USGS d. HUD
FEMA
in a case where the Lessor fails to timely return a deposit as required by statute, the possible consequences are best described by which of the following statements? Select one: a. Failure of the Lessor to comply with the statute gives the Lessee the right to recover a month's rent or $200, whichever is greater b. Failure of the Lessor to comply with the statute gives the Lessee the right to recover $200 c. Failure of the Lessor to comply with the statute gives the lessee the right to recover actual damages up to $200 d. Failure of the Lessor to comply with the statute gives the Lessee the right to recover actual damages or $200, whichever is greater.
Failure of the Lessor to comply with the statute gives the Lessee the right to recover actual damages or $200, whichever is greater
_____________ is Fannie Mae's web site that lists foreclosure properties. All offers on these properties must be submitted digitally through the website by a registered user. a. Trulia b. Zillow c. Home Path d. MLS
Home Path
A Term Loan is best described by which of the following stements? Select one: a. It is a loan that offers the borrower the option of paying additional sums with each payment and those additional amounts are applied directly to the interest due. b. It is a loan that is structured to pay out completely within a fixed length of time, or what is called the "term." c. It is a loan where the borrower has the ability to adjust the term of the loan and instead of paying over 20 years it can be adjusted to 30 years or longer. d. It is also known as a straight loan and is characterized by periodic payments of interest, followed by a single lump sum re-payment of the loan principal at the end of the term.
It is also known as a straight loan and is characterized by periodic payments of interest, followed by a single lump sum re-payment of the loan principal at the end of the term.
Which of the following sttements best describes the use of oral leases in Louisiana? Select one: a. Oral leases are permitted, but may only be used to extend an already existing written lease. b. Oral leases are not permitted in Louisiana. c. Leases may be entered into orally, but they may not exceed one year in length. d. Leases may be entered into orally; however, an oral lease does not affect third parties.
Leases may be entered into orally; however, an oral lease does not affect third parties
Municipalities are creating designated zoning classifications to allow for mixed use developments. The acronym for these developments is: a. PUD b. MMUD c. MDU d. MUD
MUD
Which of the following stements best describes how property managers are usually compensated? Select one: a. Most property managers work on a commission basis and are paid a per cent of the rental income generated by the property. b. Most property managers share in the profit generated by the property they manage. c. Most prooperty managers are paid a salary by the property owner. d. Most property managers are paid a salary from the fees earned by the property management company for which they work.
Most property managers are paid a salary from the fees earned by the property management company for which they work.
The "contiguous" requirement for measuring houses requires that: Select one: a. All areas have carpeting. b. All areas be heated and cooled. c. All structures be on the same lot. d. All areas be connected.
NOT All areas be heated and cooled (topic 13, lesson 2)
Once a borrower completes the loan application with a mortgage loan originator and processor, the package is sent to the lender's ______ for review. Select one: a. senior loan officer b. underwriter c. appraiser d. office manager
NOT appraiser
When is it permissible to use interior measurements when calculating total area? Select one: a. Always b. When measuring condominiums. c. When measuring a perfect two-story house. d. Never
NOT never (topic 13 lesson 8)
Which of the following statements is TRUE about a "pre-qualified" buyer? Select one: a. The buyer has been approved by the real estate agent to apply for a loan. b. The buyer has spoken with a lender and was given the go-ahead to apply for a loan based on questions given by the buyer to the lender about his ability to get a loan. c. The buyer has been approved for a loan. d. The buyer has gotten a loan.
NOT the buyer has been approved for a loan (topic 8 lesson 1)
The overall effect on value and marketability of the view factors associated with the subject, or view rating can be either Beneficial, Adverse, or ___________. Select one: a. Unimportant. b. Excellent. c. Neutral. d. Negligent.
Neutral
The mortgage insurance on a conventional loan is called ____, while that on an FHA loan is called____. Select one: a. Conventional MIP, FHA MIP b. MIP, PMI c. Homeowners insurance, MIP d. PMI, MIP
PMI, MIP
What is real estate E&O insurance?
Professional liability insurance that protects real estate licensees against covered claims arising from negligent acts, errors, and omissions in their professional services.
Construction classifications include Classes A, B, C, D, and ____: Select one: a. X b. F c. E d. S
S
Office buildings can be compared based upon Construction Classifications that include cost classification categories Class A, B, C, D, and _____ based upon construction components. Select one: a. E b. X c. F d. S
S
The most popular FHA loan is the Title II,_______ loan. Using this program a buyer can finance up to approximately ____ percent of the value of a residential property (up to 4 units). Select one: a. Section 203(b), 96.5% b. Section 8 (b1), 95% c. Section 8, 80% d. Section 203, 97.5%
Section 203(b), 96.5%
What happens if building restrictions (CC&Rs) are not recorded? Select one: a. All property owners must comply after they have possessed the property for one year b. Subsequent owners are not affected by the restrictions if they are not recorded c. To be binding they must be included in a listing agreement d. Subsequent owners are obligated even if they did not know of the restrictions
Subsequent owners are not affected by the restrictions if they are not recorded
Power centers were developed primarily between the mid-1980s and early 2000s and are also referred to as super community centers. Select one: True False
TRUE
PMI can be removed from a monthly mortgage payment for all of the following reasons, EXCEPT Select one: a. The borrower has made timely monthly payments for at least 36 months. b. There is evidence that the difference between the unpaid mortgage principal balance and value are twenty percent or less. c. There is no language in the mortgage requiring PMI for the life of the loan. d. The borrower makes a formal, written request to remove PMI from their payment.
The borrower has made timely monthly payments for at least 36 months.
Which of the following statements is not true? Select one: a. To be efficient in measurement and mathematical calculation, the market norm is to measure using a tape measure calibrated in tenths. b. A fireplace that is situated in a corner of the house is included in the living area, as long as it does not protrude from the exterior wall. c. When reporting the finished square footage of a house, rounding to the nearest square foot is not allowed. d. A fireplace that extends beyond the exterior finished surface of walls is not included in the finished area.
When reporting the finished square footage of a house, rounding to the nearest square foot is not allowed.
Is it permissible for a Trustee to buy, sell, or mortgage immovable property for the trust? Select one: a. YES, but written permission through a Power of Attorney is required b. YES, as long as the trust document does not prohibit such an act c. NO, a resolution signed by all Trustees and all Trustors would be required d. NO, only the Trustor may do so
YES, as long as the trust document does not prohibit such an act
In which of the following situations might you NOT want to consider purchasing an extended reporting period for your E&O policy? Select one: a. You are timely renewing your license for another year. b. Your license is expiring. c. You are retiring or inactivating your license. d. You are moving to a firm with a traditional firm policy.
You are moving to a firm with a traditional firm policy.
When completing the Purchase Agreement, it is best to use which of the following as the description of the property? From the following select all correct answers. 1) A legal description is always best 2) A legal description may be obtained from the seller's Act of Sale 3) In the case of a sale of rural acreage, it is acceptable to refer to a survey, so long as the survey referenced is actually attached. 4) A municipal address may not necessarily be a sufficient property description Select one: a. ONLY 1,3 & 4 are correct b. ONLY 1 & 3 are correct c. 1,2,3,4 are correct d. ONLY 2,3,4 are correct
1,2,3,4
the Lead-Based Paint Hazard Reduction Act is applicable only to property managers who currently manage, or potentially will manage, properties constructed prior to: Select one: a. 1990 b. 2001 c. 1968 d. 1978
1978
A dual agency shall not be construed to exist in a circumstance in which the licensee is working with both the landlord and tenant, as to a lease which does not exceed a term of _______,and the licensee is the landlord. Select one: a. two years b. one year c. three years d. five years
3
Single-family homes rented without the use of a real estate agent or advertising are exempt from the Federal Fair Housing Act, as long as the private landlord/owner doesn't own more than _____home(s) at the time. Select one: a. 3 b. 1 c. 2 d. 4
3
In the for-sale segment of the Commercial market, active adult communities offer traditional homeownership in single-family detached homes, townhouses or multi-level condominiums targeted to households that have at least one member age____ or above. These communities often have extensive recreation amenities, such as tennis courts, biking and hiking trails, and clubhouses with a pool, gym, and space for social events. Some may also have golf courses. Select one: a. 62 b. 65 c. 55 d. 60
55
Almost always PMI is an insurance policy that, in the event of borrower default on a mortgage, pays the lender the difference between the amount borrowed and _______ of the value of the mortgaged property. Select one: a. 70% b. 80% c. 100% d. 90%
80%
In qualifying a title historical reports called _________, are prepared and recite a complete summary of all recorded documents affecting title to property. Select one: a. title documentation b. title searches c. abstract of title d. title reviews
abstract of title
Current fair housing regulations have their roots in the 19th century. In 1868, the Fourteenth Amendment to the United States Constitution extended citizenship and civil rights to which group of individuals? Select one: a. African Americans b. Caucasians c. women d. Hispanics
african americans
Community economic development encompasses a wide range of activities and initiatives that are intended to build wealth and value at multiple levels including: Select one: a. neighborhood b. city c. state d. All of the above
all of the above
The basic requiement(s) for an enforceable lease in Louisiana are: Select one: a. The thing b. The rent c. Consent d. All of the above
all of the above
When can the spouse of a veteran apply for a VA loan? Select one: a. If an unremarried spouse of a Veteran who died while in service or from a service connected disability b. If the spouse of a Service member missing in action or a prisoner of war c. If the surviving spouse who remarries on or after attaining age 57, and on or after December 16, 2003 d. Any of the above
any of the above
Per ANSI, floor finishes include but are not limited to all of the following, except: Select one: a. vinyl sheeting b. bare or painted concrete c. concrete floors with decorative finishes d. hardwood flooring
bare or painted concrete
In order to be included in the finished square footage at any level, the finished area must be connected to the main body of the house from other finished areas. These connections include all of the following except: Select one: a. a breezeway b. rooms c. hallways d. stairways
breezeway
The landlord can keep a security deposit for which of the following reasons: Select one: a. broken window b. chipped paint c. worn carpet d. worn finish on floors
broken window
An abstract of title is delivered to an attorney who examines the title evidence, and renders an opinion with regard to its quality and possible remedies for defects which have been identified. This opinion, when written, signed by the attorney, and attached to the abstract, in many states, is referred to as a _________. Select one: a. title documentation b. proof of title c. title review d. certificate of title
certificate of title
A(n) _______ is a listing tool that a sales agent prepares in order to show a seller what the home is likely to sell for, and it also helps the agent decide whether or not to accept the listing. Select one: a. appraisal b. competitive market analysis c. broker's opinion of value d. broker's price opinion
competitive market analysis
Which of the following is a form of ownership in which each owner possesses the exclusive right to use and occupy an allotted unit plus an undivided interest in common areas? a. condominium b. private unit c. cooperative d. apartment
condominium
What Declaration does ANSI require when the interior of a house was not inspected? Select one: a. Declaration A b. Declaration Z c. Declaration 1 d. Declaration 2
declaration 1
The desire to purchase along with the ability to purchase is the definition of: Select one: a. Demand b. Desire c. Utility d. Market Value
demand
________________means the agency relationship that shall be presumed to exist when a licensee engaged in any real estate transaction (except as otherwise provided in "Agency Relations in Real Estate Transactions") is working with a_______, unless there is a written agreement providing for a different relationship. Select one: a. Designated agency, broker b. Dual agency, customer c. Dual agency, cooperating broker d. Designated agency, client
designed agency, client
A service that allows its users to utilize an esignature when signing documents is: Select one: a. Websign. b. Esign. c. I-sign. d. Docusign.
docusign
There are three primary categories of depreciation: physical deterioration, functional obsolescence, and: a. external deterioration b. external obsolescence c. internal obsolescence d. internal deterioration
external obsolescence
____________ is the largest social media site with over 1 billion worldwide users. It can be an effective tool for real estate professionals for networking and marketing to potential clients. a. Facebook b. MLS c. Twitter d. National Association of Realtors
Qualifying the Property during the loan process is essentially a matter of having the collateral appraised and inspected. The appraisal is focused on establishing a ________ for loan purposes. Select one: a. minimal market value b. maximum market value c. average market value d. fair market value
fair market value
An instrument involving immovable property shall have effect against third persons only from the time it is: Select one: a. filed with the Louisiana Secretary of State b. filed for registry in the parish where the property is located. c. notarized and signed by two witnesses d. signed by all parties to the agreement
filed for registry
Surfaces along the courses of rivers, streams and other bodies of water that are subject to overflow and flooding are known as: Select one: a. Flood plains. b. Swamps. c. Levees. d. Deltas.
flood plains
Fill in the blank with the correct answer to this statement: In a contract where one party obligates himself to another without obtaining any advantage in return, the contract is referred to as: Select one: a. unilateral b. standard c. innominate d. gratuitous
gratuitous
The _______ is the total area of finished, above-grade residential space; calculated by measuring the outside perimeter of the structure and includes only finished habitable, above-grade living space. Select one: a. gross living area b. gross living c. net living area d. full living
gross living area
The letters GEM stand for what in the mortgage industry? Select one: a. Growing Equity Mortgage b. Growth Exponent Mortgage c. Gross Equity Mortgage d. General Equity Mortgage
growing equity mortgage
A nominate contract is one that: Select one: a. Has no "name" and is recorded under the name of the participants b. Has been nominated for acceptance by a regulatory body like the Real Estate Commission c. Has a specific name, such as sale, lease etc. d. Is used throughout the industry as a "standard" contract
has a specific name, such as sale, lease etc
The home inspection report belongs to the home inspector and: Select one: a. his or her client. b. the licensee. c. the seller. d. the broker.
his or her client
_____________is the practice of providing office space to employees on an as-needed basis rather than on the traditional, constantly reserved basis. Select one: a. Hoteling b. Multiuse c. Resoruce sharing d. Flex use
hoteling
A prospective buyer requests to be shown residential properties. Which of the following information should you attempt to solicit during the initial conversation? Select one: a. If the buyer has been pre-approved for a loan. b. If the buyers are Muslims c. If the buyers would prefer an all-white neighborhood. d. If the neighbors should be of a specific race.
if the buyer has been pre-approved for a loan
What should you do if a claim is made against you? Select one: a. Try to settle the claim yourself. b. Immediately report it in writing to your insurance company. c. Admit liability. d. Ignore it.
immediately report in writing
If a court is called upon to determine the intent of the parties to a contract based upon the language in the contract, the court will interpret the contract _____ the party that did not draft it. Select one: a. as directed by b. against c. in favor of d. only if it had been notarized
in favor of
________ parcels may have been leap frogged over during previous phases of development because they may have been physically difficult to develop, lacked full utility service, had delinquent tax obligations, ownership could not be clearly traced or owners could not be convinced to sell or was subject to some type of environmental contamination that had to be remediated. Select one: a. Interspaced b. Spot c. Infill d. Underdeveloped
infill
Which of the following individuals involved in a Louisiana real estate transaction is responsible for ordering the title commitment? Select one: a. title company b. appraiser c. lender d. buyer's agent
lender
Which of the following individuals involved in a Louisiana real estate transaction is responsible for ordering, obtaining, and reviewing the appraisal? Select one: a. seller b. lender c. seller's agent d. buyer
lender
Which of the following individuals involved in a Louisiana real estate transaction is responsible for providing the closing instructions to the closer of the transaction? Select one: a. seller's agent b. lender c. buyer's agent d. insurance company
lender
Parties may stipulate the damages to be recovered in case of nonperformance, defective performance, or delay in performance of an obligation. These are called: Select one: a. Forfeiture damages b. Liquidated damages c. Defective damages d. Stated damages
liquidated damages
A building component with an expected remaining economic life that is the same as the remaining economic life of the entire structure is known as _______ items. Select one: a. short-term b. short-lived c. long-lived d. long-term
long-lived
Which of the following is NOT one of the three approaches to value? a. Cost Approach b. Market Comparison Approach c. Market Data Approach d. Income Approach
market comparison Approach
Development types which usually include a range of housing types along with recreational amenities, supporting retail, and other commercial activities are known as: Select one: a. Master-planned communities b. Infill developments c. Age restricted housing d. Affordable housing
master planned communities
Regarding a deposit and earnest money in a purchase agreement: Select one: a. Both are required b. A deposit is required but earnest money is not c. Neither is required. d. Earnest money is required but a deposit is not
neither is required
A buyer who walked into your open house Sunday afternoon calls Monday and says he wants to make an offer. From your discussion Sunday you know that he needs a loan to purchase and has not been pre-approved or even pre-qualified for a loan. What do you say to this purchaser? Select one: a. "I'm playing in a golf tournament today. Can we do this tomorrow?" b. "Meet me at the office in an hour and we'll write an offer." c. "Let's get you to a lender to be pre-qualified today and we'll write the offer tomorrow." d. "You have to be pre-approved before we can submit an offer."
not lets (topic 8 lesson 6)
A landlord has ____________ after a tenant moves out to either (1) return the deposit or (2) send a letter telling the tenant why the landlord is not giving back all or part of the deposit. Select one: a. one month b. 6 months c. 5 days d. 10 days
one month
Under the concept of "Fitness for Use," anything sold must be fit for its: Select one: a. uses specified in the listing agreement b. uses specified in the mortgage document c. uses specified in the act of sale d. Ordinary use
ordinary use
Louisiana Real Estate Commission's Rules and Regulations state that an associate broker or salesperson using any Internet electronic communication for advertising or marketing, included but not limited to, e-mail, email discussion groups, and bulletin boards, must include all of the following data on the first or last page of all communications EXCEPT: Select one: a. the regulatory jurisdiction(s) in which the broker holds a real estate brokerage license b. the name or trade name of the licensed broker or agency lsited on the license of the salesperson or associate broker c. a photo of the associate broker or salesperson d. the associate broker's or salesperson's name
photo of the associate broker or salesperson
Most purchase agreements fall into which of the following categories? Select one: a. Authentic acts b. Self proving documents c. Private signature duly acknowledged d. Private signature
private signature
A _______ analysis is an analysis that utilizes numerical adjustments to the sales prices of comparable properties relative to the subject property. Select one: a. numeric b. relative c. qualitative d. quantitative
quantitative
When representing a buyer in connection with the purchase of vacant property, it is a good idea to: Select one: a. assume you know where the property lines are located. b. trust the next door neighbor's opinions about the property lines. c. recommend a survey in writing, and document the recommendation. d. nothing, because they will have to get a survey if they decide to build on it anyway.
recommend a survey in writing, and document the recommendation.
Louisiana Civil Law specifies that the contract of mandate is not required to be in any particular form. Nevertheless, when the law prescribed a certain form for an act, a mandate authorizing the act must be in that form. In general usage, this is often referred to as the: Select one: a. rule of equal dignity b. rule of specific form c. rule of singular authority d. rule of authentic acts
rule of equal dignity
Authentic acts are _________; that is, they require no testimony as to the authenticity of the principal's signature, but may be directly introduced as evidence. Select one: a. exculpatory b. primary evidence c. admissible in court d. self proving
self proving
ARM's remain popular during periods of rising or volatile interest rates, since borrowers are very often qualified for the loan based on payments using the ______ rate. Select one: a. margin b. prescribed c. teaser d. index
teaser
The sale of an immovable does not affect third parties until ______. Select one: a. the Purchase Agreement has been delivered to the selling broker b. the Act of Sale has been signed by the seller and buyer c. the Purchase Agreement has been delivered to the listing broker d. the Act of Sale is recorded in the public records of the parish in which the immovable is located
the act of sale is recorded in the public
Louisiana Real Estate Commission's Rules and Regulations state that a real estate broker advertising or marketing on a site on the Internet must include all of the following data on each page of the site on which the advertisement appears EXCEPT: a. the city and state in which the broker's main office or branch office is located. b. the regulatory jurisdiction(s) in which the broker holds a real estate brokerage license. c. the broker's license number and legal residency. d. the broker's name or trade name as registered with the commission.
the broker license number and legal residency
Brokers who accept deposits must place the deposit in a(n): Select one: a. The Agents Escrow account b. The Mortgage Company escrow Account c. The Louisiana Real Estate Commission Escrow Account d. The Broker's Sales Escrow Account
the broker sales escrow account
Redhibition concerns: Select one: a. the financing of the property b. the heir's right to the property c. the condition of the property d. the location of the property
the condition of the property
Which of the following is NOT a distinguishing feature of a FHA loan? Select one: a. An additional MIP premium may be charged to be paid at the time of closing. b. The maximum allowable loan is adjusted periodically and is the same throughout the country. c. Most of the closing costs may legally be added into the loan. d. When used to finance new construction, FHA loans require special inspections unless the borrower is making a minimum down payment of ten percent of the sale price
the max allowable loan is adjusted
Ownership is composed of three basic rights: usus, fructus, and abusus which mean the right to: Select one: a. to use, plant and collect crops, and abut against other property b. to use, to receive income and to dispose of c. to use, collect crops, and destroy d. to use, plant fruit and harvest it, build on it
to use, to receive income and to dispose
"Contiguous area of the house that has finished roof over a solid base" is the definition of: Select one: a. Total area under roof. b. Living area. c. Total area. d. ANSI area.
total area under roof
"Total Area Under Roof" refers to the area under a single contiguous finished roof structure with finished ceiling. Select one: True False
true
As prime developable land becomes scarce and developers turn to passed over sites for new projects. These sites are called infill parcels. Select one: True False
true
Occupancy in housing that qualifies for the federal program LIHTC (low income housing tax credit) program is limited to households whose incomes are less than 60 percent of a metropolitan area's median income, Select one: True False
true
Partially Amortized loans are structured with amortization payment periods of, say 20 to 30 years, but with a due date term of, say 3 to 5 years. Select one: True False
true
TRUE or FALSE? Under the real estate licensing law, a violation of law results if a licensee fails to reduce an offer to writing when a proposed buyer requests that it be submitted. Select one: True False
true
_____________ is a social networking service that allows its users to send messages that consist of no more than 140 characters. These short messages can be used by real estate professionals to post mini updates about news, open houses, etc. Select one: a. Facebook b. LinkedIn c. MLS d. Twitter
Which of the following statements is correct regarding an assignment of a lease by a lessee? Select one: a. The original lessee is always responsible for the lease, even if it is assigned by the Lessee to a third party. b. An assignment is essentially the same as a sublease in that, regardless of what the lease says, the original lessee is never responsible for the lease once it is assigned. c. La. C.C. art. 2713 specifically prohibits the right to encumber the lease. d. Unless prohibited by the lease, the original lessee is relieved of any further obligations in the lease.
unless prohibited by the lease, the original
Types of leases include all of the following EXCEPT: Select one: a. Commercial b. Residential c. User d. Agricultural
user
Which of the following is considered to be an off-site improvement? a. landscaping b. utility lines c. drainage improvements d. paving
utility lines
Which of the following would not be a tool needed for measuring structures? Select one: a. a legal-size clip board b. a yard stick c. comfortable clothes d. a pencil
yard stick
