Real estate practice vocab quiz 2

A deceptive sales technique that involves advertising a particular product, service, or rate to attract consumers, then persuading them to accept something less favorable or desired. A. bait and switch B. blind ad C. boycott D. counterfeit offer

A

A transaction that occurred under typical conditions in the market place, with each party acting in his or her own best interest. A. arm's length transaction B. collective transaction C. conventional transaction D. reciprocal transaction

A

An owner's unencumbered interest in property, the difference between the value of the property and the liens against it. A. equity B. outlay C. parity D. worth

A

Any significant feature, whether tangible and intangible, that enhances the desirability of real estate. A. amenity B. appurtenance C. facility D. upgrade

A

Item on a settlement statement for which the cost has been incurred, but the expense has not yet been paid. A. accrued expense B. acquired expense C. debited expense D. imminent expense

A

Superlative statements about the quality of a property that should not be considered fact. A. puffing B. spamming C. strutting D. swanking

A

The effect borrowed funds have on investment returns. A. leverage B. liquidity C. overage D. reservation

A

a concerted refusal by two or more people to deal with a particular person or company A. boycott B. complicity C. embargo D. slander

A

a latin phrase meaning '' according to value'' used to refer to taxes assessed on the value of property. A. ad valorem B. nolo contendere C. prima facie D. value per se

A

the legal process of forcing someone off of property or preventing someone from re entering property A. actual eviction B. constructive eviction C. judicial eviction D. retaliatory eviction

A

A court ordered prohibition against an act, as opposed to a judgment for money A. compensatory relief B. injunctive relief C. liquidated relief D. offset relief

B

A lease for which the tenant pays a fixed amount to the landlord and the landlord is responsible for paying all expenses A. fixed lease B. gross lease C. net lease D. primary lease

B

An area of law concerned with maintaining competition in private markets by prohibiting any restraint on trade. A. allocation B. antitrust C. capitalization D. ethics

B

An estimate of the money a seller should receive from a real estate transaction based on a certain selling price after all costs and expenses have been paid. A. due on sale B. net to seller C. seller's gross D. seller's remainder

B

The amount a ready, willing, and able buyer agrees to pay for a property and a seller agrees to accept. A. cost B. price C. rate D. value

B

What tenants are actually paying for in rent, as stated in the terms of the lease A. appraised rent B. contract rent C. market rent D. term rent

B

When something outside of a property and outside of the control of a property owner makes it less desirable. A. commercial obsolescence B. economic obsolescence C. functional obsolescence D. terminal obsolescence

B

a document used to transfer title to personal property from one person to another. A. acknowledgment B. bill of sale C. certificate of sale D. deed

B

a person authorized to handle a principal's affairs in one area or in specified areas A. common agent B. general agent C. special agent D. universal agent

B

an economic principle that says a home usually achieves maximum value when it is surrounded by homes similar in style and function. A. anticipation B. conformity C. contribution D. substitution

B

the ability to convert an asset into cash quickly without the loss of principal. A. leverage B. liquidity C. mitigation D. plasticity

B

A truth that would change the individuals actions if it were known. A. central factor B. critical issue C. material fact D. settled proof

C

An amount of money set aside for future improvement of major items, such as the roof or heating system. A. development reserve B. operating expense C. reserves for replacement D. variable expense

C

The act of combining two or more parcels of land into one larger parcel. A. accumulation B. amassing C. assemblage D. congregation

C

The amount of money paid in regular intervals reducing the principal and interest owed on a loan. A. advance fee B. collateral sum C. debt service D. security payment

C

The amount used to calculate taxes due A. appraised value B. approximate value C. assessed value D. market value

C

The most probable price a property should being on an open and competitive market when sold through an arm's length transaction. A. assessed value B. determined worth C. market value D. price

C

The theory that the added value of an additional feature, addition, repair, etc. is more than the actual cost of the item. A. principle of decreasing returns B. principle of diminishing returns C. principle of increasing returns D. principal of over improvement

C

a percentage rate of return used by investors to calculate the present value of future income A. cash flow B. cash on cash return C. capitalization rate D. return on investment

C

a schedule of the projected income and expenses for a real estate investment over a given period A. budget statement B. investment statement C. pro forma statement D. operating statement

C

a situation where competitors agree to not compete with each other in specific spheres by dividing up geographic areas, types of products, or types of customers A. area fixation B. common collusion C. market allocation D. tie in arrangement

C

an intentional or negligent misrepresentation or concealment of a material fact A. conversion B. duress C. fraud D. implication

C

the use of any electronic messaging system to send unsolicited bulk messages indiscriminately A. laches B. puffing C. spam D. twisting

C

An arrangement in which one transaction or agreement is contingent on a second transaction or agreement A. accord agreement B. binder agreement C. consent agreement D. tie in agreement

D

Channeling prospective buyers or tenants to particular neighborhoods based on their race or membership in another protected class. A. driving B. navigating C. piloting D. steering

D

The person charged with coordinating the activities and documentation necessary for completing a real estate transaction. A. buyer's agent B. listing broker C. seller's agent D. settlement officer

D

a place where something exists; an area with preferred features, giving it value to the property. A. circuit B. jurisdiction C. precinct D. situs

D

a written instrument transferring the grantor's ownership of, or interest in, real property A. acknowledgement B. bill of sale C. certificate of transfer D. deed

D

an unintentional breach of a legal duty resulting from carelessness, recklessness, or incompetence A. deceit B. fraud C. mitigation D. negligence

D