RE National Missed Questions

Which act sets guidelines for public and common use areas at housing developments?

Americans with Disabilities Act The Americans with Disabilities Act generally applies to commercial facilities and facilities with public accommodation, but does cover public and common spaces in residential housing.

What's the primary difference between an ordinary and a pur autre vie life estate?

An ordinary life estate ends with the death of the estate holder; a pur autre vie life estate ends with the death of someone other than the life estate holder. An ordinary life estate ends when the estate holder dies. A pur autre vie life estate ends when a named person other than the estate holder dies.

Related to title insurance, what is "subrogation"?

A covered party grants permission to the title company to pursue the party who caused a claim or loss. When the title company is forced to pay a claim against the policy, the covered parties give the title company permission to pursue the party who caused the loss. The covered parties are said to "subrogate" their rights to the title company.

A tenant's new business venture is a software services firm where IT professionals handle programming and customer service tasks for a number of business clients. His employees all work at tables in an open office space. He most likely has a _______ lease for the office space.

Loft; A loft lease is usually for a large open space that may have few amenities.

Datums and benchmarks are used for ______.

Measuring elevations Land surveyors use datums and benchmarks to measure elevations.

Melissa signed a six month listing agreement with Greg on Feb 12. Her property is very specialized, and Melissa was adamant about the sales price,. By September, the property still hasn't sold. Melissa expressed her displeasure with Greg for his inability to sell the property. What's the stsus of the listing agreement

Melissa and Greg's agreement esxpired in August. A six - month agreement signed on Februrary 12 would expire in August

John's property is shaped like a triangle. The street side is 185 feet, and from the street to the longest point of the triangle is 225 feet. How do you calculate the square footage of John's property?

Multiply 185 by .5; multiply your answer by 225. You can calculate the area of a triangle in several ways. One way is to multiply the triangle's base measurement by .5, then multiply that answer by the triangle's height [(185 × .5) x 225].

When representing the seller, what duty do you owe a buyer?

Present offers from the buyer to your seller; A seller's agent must present all offers to the seller, but must not advise the buyer or negotiate on the buyer's behalf.

Travis made the final payment on his loan according to the loan term. What must the note holder do to acknowledge that the debt has been repaid?

Sign the note, mark it " paid in full and return it to Travis; When the note has been paid off, the holder must sign the note, mark it as paid in full, and return it to the maker. The satisfaction of mortgage is recorded with the county land office, removing the associated lien from the property.

Which of the following is an instrument of conveyance?

Deed A deed is a method of conveying real property from one party to another. A deed should be recorded to protect the parties' interests.

The Truth in Lending Act requires lenders to make certain ____________ to consumers.

Disclosures; Lenders are required to disclose the annual percentage rate, total principal and interest, finance charges, and amount financed.

What fiduciary duty may continue even after the transaction closes?

Duty of accounting; For instance, any money the agent holds after a transaction closes must be accounted for unitl its delivered to the appropriate party.

Fred in an agricultural who helps the ranchers and farmers in his community by providing credit for purchasing land, making repairs to thie buildings, and improving thier agritcultural property.Hes able to do this in part because of the ______ offered by the USDA Farm Service Agency.

Guaranteed Loans; The USDA Farm Service Agency offers guaranteed loans to agricultural lenders

A buyer has signed an option agreement, which is an offer to purchase a specific piece of real estate without the obligation to buy it. Until the buyer exercises the option to buy, only the seller is bound by the option agreement; the seller may not sell the property to anyone else during the option period. What type of contract does this describe?

Unilateral; A contract in which consideration is only offered by one of the parties is unilateral contract. In other words, the consideration only goes one way.

IF a part to a contract signs a contract with a buyer for a sale of property the " seller" doesn't legally own, what type of contract is this?

Void; A party can't promise to do something impossible in a contract. Doing so makes the contract void.

Jerry and Simon signed a contract giving Jerry the option to purchase all of Simon's restaurant equipment for a set price after Simon closes his restaurant next month. The contract contains a provision that states Jerry has one year from the purchase date to file a suit relative to the purchase. After the year is up, Jerry forfeits the right. What kind of contract clause is this?

Statue of limitations; states the timeframe in which a party can file a lawsuit relative to the contract.

When completing a CMA, what might be indicated if a comparable property had a quick sale?

The market for similar homes is good; A quick sale of a comparable home usually indicates that the market for similar home will be good.

What are the two types of physical depreciation?

Curable and incurable Two types of physical depreciation are curable and incurable depreciation.

Traditionally, lenders' qualifying mortgage rules use a range of percentages to qualify for both the housing debt-to-income ratio and the total debt-to-income ratio. What are those ratio ranges?

25% to 28% for housing; 33% to 36% for total debt All lenders have different underwriting standards. Although 25% to 28%, and 33% to 36% are often used, the qualifying mortgage rules set total debt-to-income ratio at no more than 43%. While this may seem generous, it's a hard and fast percentage that allows for little lender discretion.

A strip mall valued at $850,000 has a $67,500 annual net operating income. What is the capitalization rate for the strip mall?

7.9%; Net Operating income / value = rate ( I / V = R) $67,500 / $850,000 = .79

The fibers of what material are dangerous when inhaled because they can lodge in the lungs and intestines, causing cancer?

Abestos Asbestos fibers enter the air when asbestos decays and is disturbed.

Brynn's listing agent told potential buyers that all offers on Brynn's property would be considered at 5 p.m. on May 3. By that date and time, there were four offers. The persons making these offers are the ______.

Offerors; The party making an offer is know as the offeror

Ashton, appraiser, is estimating value using the sales comparison approach. He applies more weight to two comparables over several others he used. What process is utilizing?

Reconcilation; The term correlation is often synonymous with reconcilation. Another term for thus weighted averaginig.

A __________ is a piece of real estate owned by multiple unrelated individual who, in addition to their ownership rights, each hold the right to occupy the dwelling unit based on specific terms of a timeshare agreement, usually in one - to - two- week intervals during the year.

Timeshare estate; A piece of real estate owned by multiple, unrelated individual who, in addition to their ownership rights, each hold the right to occupy the dwelling unit in one - to two - week intervals during this year.

Christina purchased a house from Thomas. When did she offically gain ownership of the property?

With the transfer of deed from the seller to the buyer; Title officially changes hands with the transfer of deed from the seller to the buyer.