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Homebuyers who withdraw individual retirement account (IRA) funds under the first-time homebuyer program must use those funds within how long to acquire, build, or improve a residence, or to contribute toward closing costs?

120 days

Tess has $385 in monthly non-housing debt obligations, and her anticipated mortgage payment is $1,103. Her gross income is $7,598, and her net income is $5,815. What's her total DTI (debt-to-income ratio)?

19.58% -(Total DTI includes housing and other monthly debt obligations and is calculated using gross income. The DTI formula is: monthly debt ÷ monthly gross income.)

The area variance allows a property owner _________.

A use that would not normally comply with physical or dimensional requirements

Which of the following individuals may operate without a real estate license?

Bill, who is a property manager for one property owner

Among the following details, which one is required to appear in a licensee's advertisement?

Broker's name

The risk that an investor cannot secure financing at an affordable rate is called ______ risk.

Capital

Which of the following is an included covenant(s) in a warranty deed?

Covenant of right to convey

When referring to private land use restrictions, fence height, additional structures, and architectural design are generally categorized under ______.

Covenants

You meet a prospective buyer at a holiday party. The buyer is already represented by an agent, but wants to pick your brain about one of your firm's listings. Which of the following are you allowed to do?

Disclose that you represent the seller.

Which of the following is a general, involuntary lien placed to ensure payment of taxes when someone dies?

Estate and inheritance

Which lease clause verifies facts that are already in writing?

Estoppel

Which of the following is part of the eave system?

Fascia

A deed contains several essential elements. Which of the following clauses must be included?

Granting clause, habendum clause, and "subject to" clause

An adjustable rate mortgage has an interest rate of 5% and a lifetime cap of 6%. What's the maximum rate that may be charged at any point during the life of the loan?

If an ARM has an interest rate of 5% and a lifetime cap of 6%, the maximum that may be charged is 11%. The lifetime cap is usually expressed as a percentage increase from an initial interest rate.

Which of the following describes a contract that exists based not on words, but on the parties' actions or behaviors?3

Implied

Which of the following is an example of a leisure property?

Motel- (Leisure properties include golf courses, hotels, motels, restaurants, and theaters.)

Edna leased her house to Joan with a right of first refusal. Edna's cousin, who knows that she needs liquid assets, just offered her $250,000 for the house. What does Joan have to do if she wants to buy the house?

Match the offer on the table.

Salespersons and associate brokers are permitted to accept compensation connected to a real estate transaction from ________.

Only their sponsoring or representative broker

Which of the following loan types involves a type of graduated payment?

Pledged account

When pricing a home for the market, what should a licensee try to get sellers to do?

Put themselves in the buyers' shoes

n 1934, when the Federal Housing Administration was created, it adopted the practice of crossing off cities and neighborhoods it considered risky and withheld mortgage funds from those areas. What is this action called?

Redlining

Loans only for first-time home buyers looking to purchase a property in a disadvantaged area of the state at below-market interest rates may be offered by this agency.

SONYMA

Which hot water system gives a constant supply of hot water on demand?

Tankless

Within the tax sale process, which of the following occurs?

The property owner still has the right to redeem the property before the tax sale by paying delinquent taxes and penalty owed.

What does the quick and dirty 70% formula mean to investors?

The purchase price shouldn't be more than 70% of the repaired value

Which of these situations is addressed by the fiduciary duty of disclosure?

The seller's agent fails to disclose a conflict of interest.

If a buyer assumes the seller's mortgage, which of the following is a true statement?

Unless the lender releases the seller, the seller remains responsible for the mortgage and note.

Which clause in a commercial lease determines how the tenant may use the space?

Use

When must Jed, the sponsor of a new condo project, relinquish control of the board of managers?

When 50% of the units are sold

Brenda owns an old apartment building with older style electrical service. She likely has a ________ meter.

master