Real Estate Final Q's

3-6 months ago

A CMA should look at properties that sold within ______.

Buyer and broker

A buyer representation agreement establishes an agency relationship between which parties?

Bill

A short-term security issued by the Treasury that has a maturity term of one year or less is called a Treasury ______.

One

All loans that are either FHA-insured or VA-guaranteed require that the builder provide a _____ year home warranty to protect both the buyer and the home's value.

Plottage

An increase in property value when two neighboring parcels of land are joined together.

Note

An intermediate-term security issued by the Treasury that has a maturity term of between two and 10 years is called a Treasury ______.

3%

Civil code limits the amount of liquidated damages to ____% of the purchase price.

Cold Calling

Contacting homeowners to determine whether they or anyone they know is interested in selling describes the ______ approach to finding listings.

Within 60 days

How long after a notice of cessation or completion is filed can a contractor file a mechanics lien?

Until the borrower reaches a 22% equity position

How long does the borrower have to pay private mortgage insurance?

Civil Code

Laws related to sales contracts for real property are found in the _____

Structure

Mobile home taxes are calculated based on the value of the __________.

5,280

One mile contains ______ feet.

Covered Loan Law

The ______ restricts refinancing when the new loan has no identifiable benefit to the borrower.

Community Reinvestment Act

The ______ was a response to the practice of redlining and was enacted in 1977.

Operation of Law

The terms of a person's will are subject to ______.

Fingerprint

To qualify for a mortgage loan originator endorsement, applicants must meet education, examination, credit report, and ______ requirements.

Static Risk

Type of risk where the effect can be lessened with insurance. This includes vandalism, theft, fire, and accident liability.

Subdivision

What describes both the type of the development and the regulatory process that allows the developer to meet the community's goals for land use and density without being restricted by existing zoning requirements?

Land Contract

What is another name for an installment sale contract?

Landslides or liquefaction

What is the danger of a seismic hazard area?

One year

What is the length of the statute of limitations to file a fair housing complaint with HUD?

Physical Depreciation

What occurs when the property is damaged or just has normal wear and tear?

Federal Trade Commission Act

Which act created an agency to investigate antitrust practices?

Federal Housing Finance Agency (FHFA)

Which entity regulates government-sponsored enterprises? Was created as a result of the Housing and Economic Recovery Act?

Payment History

Which of the following factors carries the heaviest weight when calculating a credit score?

Testamentary

Which of the following trusts is created according to the terms of the will of a deceased person?

SAFE Neighborhood

Both the Housing and Economic Recovery Act and the American Recovery and Reinvestment Act funded a program called the ______ program, which provided emergency assistance grants to states to purchase and redevelop foreclosed and abandoned homes and residential properties.

20 days

In a judicial foreclosure, if a deficiency judgment will be sought, how soon after the Notice of Levy is recorded can the Notice of Sale be issued?

Pricing below market value

In a neutral market, what pricing strategy may generate interest in the property, possibly prompting multiple offers?

National Association of Real Estate Brokers (NAREB)

What organization's mission is to promote democracy in housing?

Visual inspection of the property

When you represent a seller in a residential transaction, you will complete a ______________ as part of the disclosure process.

The Consumer Financial Protection Bureau

Which agency sets the guidelines for qualified mortgages?

Contribution

Which of these principles of value is related to how a change to a portion of a property impacts the value as a whole?

Joint Tenancy

Which ownership type is defined by four unities: time, title, interest, and possession?

Reliction

Which term is defined as an increase in land by the permanent and gradual withdrawal of water?

The buyer

Who will be responsible for paying use tax if a boat is purchased from a seller who doesn't hold a seller's permit?