Missed Questions #1

The minimum amount of time allowed for depreciation on a personal residence is ___ years.

0

The fewest number of general partners that could exist in a limited partnership would be ___.

1

According to RESPA, how much of a cushion can a lender keep in the escrow account?

1/6

When was the first civil rights legislation passed?

1866

According to the Utah Marketable Record Title Act, most liens will be unenforceable and can be removed if they have not been acted upon for ___ years.

40

Once a license has been revoked, the individual cannot reapply for a license for ___ years.

5

If a buyer requires the Closing Disclosure to be mailed instead of emailed, what is the timeframe of disclosure?

6 days

Water rights can only be lost through abandonment if they are abandoned for the statutory period of time, which is ___ years in Utah.

7

A tax according to value, such as real estate property taxes.

Ad Valorem

How often must the escrow account be reconciled?

Annually

A mortgage which covers more than one piece of real estate. Often used by a developer in the financing of undeveloped lots. Contains a partial release clause.

Blanket Mortgage

The rate of return a property will produce on the owner's investment.

Capitalization Rate

The major difference between eminent domain and police power is _____.

Compensation

What is the valuation approach generally considered to be most reliable in the appraisal of a county court house?

Cost

A person who is guilty of acting as a real estate agent without a license would be prosecuted by the _____ _____.

County Attorney

Elements of Value

DUST Demand Utility Scarcity Transferability

A person who has easement rights on another's property.

Dominant Tenant

An easement acquired by continuous, open, and hostile use of the property for the period of time prescribed by state law.

Easement by Prescription

An easement that belongs to a person or corporation, such as utilities.

Easement in Gross

Power of a government to take private property for public use.

Eminent Domain

_____ would be considered creation of agency by the operation of law.

Estoppel

In an _____ _____ Listing, the owner employs only one broker but retains the right to personally sell the property, and thereby not pay a commission. However, if any other real estate company sells the property, the listing broker is still entitled to the commission stipulated.

Exclusive Agency

T/F A real estate branch office must have a separate real estate trust account.

False

T/F A secretary assisting a broker at an open house can show the house and answer questions about prices, terms. etc.

False

T/F Agency contracts can be assigned.

False

T/F In Utah, a principal broker can manage a branch office.

False

T/F In a condominium, each unit is subject to ad valorem (property) taxes to be paid by the individual owner.

False

T/F Price is one of the four essential elements of value.

False

T/F RESPA allows the borrower to see the closing statement at least three days before the closing.

False

T/F The cost basis is what you pay plus improvements, minus depreciation.

False

T/F The holder of a life estate can will the life estate.

False

One who has ownership rights of real estate that could continue forever and which provide that no other person can claim to be the owner of or have any ownership.

Fee Simple Interest

Uninsulated walls would be an example of _____ obsolescence of a house.

Functional

A loss of value to an improvement to real estate arising from functional problems, often caused by age or poor design.

Functional Obsolescence

A factor based on location and rent - a price per monthly rent used to give an initial estimate of value for a residential rental property.

GRM (Gross Rent Multiplier)

A leasehold estate; considered to exist for a definite period of time or successive periods of time until termination.

Less Than Freehold Estate

A stock cooperative is considered what kind of estate?

Less Than Freehold Estate

The distribution of water rights in Utah is based upon _____ _____.

Prior Appropriation

A mortgage given by the seller to the buyer to cover all or part of the sale price. Seller financing.

Purchase Money Mortgage

The Covenant of _____ _____ ensures the grantee will not be disturbed by someone else claiming an interest in the property.

Quiet Enjoyment

By law, every principal broker's records are examined by the _____ _____ _____.

Real Estate Director

Analyzing results obtained by the three appraisal approaches in order to determine the final estimate of value of a property is known as _____.

Reconcilation

as used in real estate financing the term 'impounds' most nearly means _____.

Reserves

Ownership by one person or a single legal entity.

Severalty

The right of a title insurance company to step into the shoes of an indemnified policy holder and assert all of the insured's legal rights against a claimant is called _____.

Subrogation

T/F A non resident broker must be subject to prosecution in Utah courts.

True

T/F A real estate branch office must have an associate broker as the manager.

True

T/F In Utah, a principal broker can manage a property management office and a real estate office at the same time.

True

T/F In a VA loan, the bank is guaranteed by the government against loss.

True

T/F In case of default, a Trust Deed conveys to the Trustee the power of sale.

True

T/F Property taxes of individually owned condominiums are paid from the fee collected by the Homeowner's Association.

True

T/F RESPA is administered by HUD.

True

T/F Scarcity is one of the four essential elements of value.

True

T/F The cost basis is what you pay for a property.

True

T/F The holder of a life estate can borrow against the life estate.

True

RESPA governs all of the following except: a) Costs associated with settlement b) Escrow account practices c) Title insurance premiums d) Kickbacks

c) Title insurance premiums

The technical term for depreciation is _____ _____.

cost recovery

With a VA loan, discount points will not appear on the closing statement as a reduction in the _____ _____.

down payment

For a deed to be valid, it must be signed by the _____.

grantor

In a deed, the _____ clause is a to have and to hold clause.

habendum

Utah is a _____ theory state.

lien

A _____ clause substitutes new parties to an existing obligation and involves a release of liability.

novation

According to RESPA, the mortgage originator must supply a list of ___ ___ ___.

optional settlement providers

When a life estate is based on the life of someone other than the holder of the life estate, it is said to be a life estate _____ _____ _____.

pur autre' vie

As the capitalization rate increases the _____ goes up.

risk

If, before closing, a buyer assigns another person into his contractual position without the approval of the seller, the contract is _____.

valid