real estate practice (missed questions pt4)

Generally, what's the common range for loan origination fees?

1% to 3%

Finnegan pays $1,000 a year in HOA fees. The fees are due on a quarterly basis. He paid the HOA in January for the quarter, but sold his home and closed on March 1. How much will the buyer owe Finnegan for the prepaid HOA fees?

$83.33

The national Do Not Call Registry (DNC) was established in 2003 and strengthened in ______.

2007

Margie needs to know the square footage for the first floor of the condo her client is interested in buying. The kitchen is 10 feet by 15 feet, the living/dining combo is 20 feet by 25 feet, and the office and bedroom are each 10 feet by 10 feet. What's the total square footage?

850 square feet

Which of the following is Fannie Mae most likely to purchase?

A conventional fixed-rate mortgage issued by a commercial bank

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.

Charles is selling his property to Seth. Charles is financing part of the transaction for Seth, who will make payments to Charles while Charles retains the property title. What is this an example of?

A land contract

Arizona Administrative Code rules apply to what sort of real estate advertisements?

All of them

Mary is assuming Tom's loan. She wants to be sure she has an accurate loan payoff amount. What document will the lender prepare for her?

An estoppel certificate

Why might appraiser Joan have to reconstruct the operating statement when determining NOI?

Because expenses listed by the accountant aren't always what the appraiser will use

If a seller asks a buyer to waive the inspection contingency, how could the transaction process transpire and still protect the buyer?

Buyer has inspection, buyer makes offer, seller accepts offer

Caroline represents Matt in his purchase of a house. Katherine represents the seller, Tyler. Which of the following statements accurately reflects the agency duties owed?

Caroline owes Tyler the duty of disclosure.

In a 1031 tax-deferred exchange, what role does the qualified intermediary serve?

Coordinates the exchange

Representing more than one party in the same transaction, like both the buyer and the seller, is called dual agency and requires _____.

Disclosure and prior written consent of all parties

How is Regulation B related to the Equal Credit Opportunity Act?

Enforcement

Stan and Emile are arguing over their shared lot line, since Stan thinks that Emile planted a privet hedge on Stan's property. Stan filed a civil legal action against Emile. Which of these would the court use to determine the actual lot line?

Legal descriptions of both properties

Article 26 of the Arizona Constitution addresses how Arizona real estate licensees manage real estate transaction contracts and related documents. What authority does this article give licensees?

Licensees are permitted to draft and fill in real estate transaction-related contracts and documents based but may not charge for this service.

Which type of payment is made at the end of the term for a balloon mortgage?

Lump sum

Moira has been licensed as an Arizona salesperson for a little more than two years. She wants to get her membership camping license and her broker's license within the next year, holding all three to round out her licensure and open up her business opportunities. Can she move forward with this plan?

No, licensees may only hold one real estate license at a time.

Which of the following describes a unilateral contract?

One in which only one party is obligated

To make valid computations of adjustments for the sales comparison approach to value, elements of comparison must be applied in a specific order. Which one of these elements is applied last?

Physical characteristics

Leigh Ann is a licensee. Her cousin, Carly, is interested in buying a house. Leigh Ann shows Carly how to look for properties online and runs some CMAs for her. When Carly finds a property she likes and asks Leigh Ann to help her make the offer, Leigh Ann decides she should ratify the agreement with Carly. What are Leigh Ann's options for accepting an agency relationship after the fact?

Prepare an agency agreement or continue to assist Carly with the purchase.

What are the three primary acts that impact mortgage loan disclosure?

RESPA, TILA, and Dodd-Frank

Which of the following statements about the EPA's environmental impact study is true?

Results are often reviewed and approved by a community board.

Where can you find information about radon zones in Arizona?

The EPA website

Fontaine and Charles are concerned about some items in the inspection report they just received. They elect to request that the seller repair the electrical panel and the HVAC system. Which of these statements is true?

The contract requires that agreed-upon corrections be made within the time noted in the contract.

Arizona lender Big Bank is foreclosing judicially on Ariana's property. The court will order ______ to seize and sell the property to repay the debt Ariana owes to the lender.

The county sheriff

Who establishes real estate commission rates?

The licensee or brokerage and the client

The Richards family farm is located on a 10-acre parcel of land, which is very rare in their area. However, the house is rundown and in need of many repairs. Most buyers in the area are looking for a move-in-ready home, which means they would need to either look elsewhere or wait several months for the home to be renovated. Which factor is most negatively impacting the value of the Richards' property?

Utility