12/19 20q's I got wrong

While Martha's paying off her loan, her lender is holding on to something that includes her name, property address, the interest rate on her loan, what the late charge amount would be, and the amount and term of the loan. When her loan is paid off, the lender returns it to Mary, marked paid in full. What is this item? Topic: Financing Subtopic: Basic concepts and terminology A deed of trust A mortgage An assignment A promissory note

A promissory note

Your buyer, Billy, wants to make an offer on the craftsman house he saw today, but he wants the sellers to start the paperwork for a tax reassessment before closing. This isn't part of the standard sales contract in your area. What will you use to accomplish this request? Topic: Contracts Subtopic: Contract clauses; including amendments and addenda Addendum Amendment Annotation Appendix

Addendum

Which of these is NOT a likely features of a bridge loan? Topic: Financing Subtopic: Types of loans Amortized loan paid back over a period of no more than five years Interest-only loan Secured by the borrower's existing home Temporary, short-term loan

Amortized loan paid back over a period of no more than five years

Desmond has a signed listing agreement with his clients, the Harpers. In exchange for helping the Harpers list, market, and sell their home, the Harpers have agreed to pay Desmond a commission. What type of agreement do Desmond and the Harpers have? Topic: Contracts Subtopic: General knowledge of contract law Bilateral Executed Mutual Unilateral

Bilateral

According to the rule of thumb, how can a borrower lower the interest rate on a loan by 1%? Topic: Real estate calculations Subtopic: Basic math concepts By asking the lender to decrease the yield By asking the lender to increase the yield By paying four points up front By paying one point up front

By paying four points up front (The rule of thumb says that a borrower can lower the interest rate on a loan by 1% by paying four points up front.)

Dean and Michael have an oral contract. Dean said he would sell Michael his bike in return for Michael's vinyl album collection. What does the record collection represent? Topic: Contracts Subtopic: General knowledge of contract law An executed contract A valid contract Consideration Michael's legal competence

Consideration

Which of the following is defined as what it would take to recreate that property if it disappeared off the face of the earth today? Topic: Valuation and market analysis Subtopic: Estimating value Cost Insurance Price Value

Cost

Which of these is NOT one of the ways in which an agency relationship may be terminated without penalty for either the agent or the principal? Topic: General principles of agency Subtopic: Termination of agency Delaney signed a buyer's representation agreement with Martha. After Delaney made an offer on a house, she changed her mind and terminated the agency agreement. Martha listed Sonja's home for sale. Martha helped Sonja negotiate an offer and performed the other tasks required of her. The closing has taken place. Phyllis listed her home with Brad. Brad put the property on the MLS, but Phyllis hasn't heard from him in more than two months. Richard listed Ole's ski chalet for sale. Two weeks later, an avalanche destroyed the property.

Delaney signed a buyer's representation agreement with Martha. After Delaney made an offer on a house, she changed her mind and terminated the agency agreement.(Unless Martha agrees to terminate the agency agreement with Delaney, Delaney may still owe Martha the agreed-upon compensation for breaching this agreement.)

Your client submits an application to rent a condo unit. He has excellent credit and has had the same job for a long time. He uses a cane to help with his mobility. When his application is rejected, he feels it's due to his disability. He is protected under the _______. Topic: Practice of real estate Subtopic: Federal fair housing laws and the ADA Civil Rights Act of 1866 Fair Housing Amendments Act of 1988 Federal Fair Housing Act of 1968 Housing and Community Development Act of 1974

Fair Housing Amendments Act of 1988

Jason's having trouble paying his monthly rent. His landlord agrees to float him the rent for the next few months with 20% interest. The deal with his landlord is in violation of the state's usury law. Which of these statements must be true? Topic: Financing Subtopic: Financing and lending Consumers are not supposed to be charged interest on a personal loan. His state's personal loan interest rate cap is less than 20%. His state's personal loan interest rate cap is more than 20%. Landlords loaning tenants money is a violation of usury law.

His state's personal loan interest rate cap is less than 20%. (Usury prohibits excessive interest charges on personal and consumer loans. Many states have a cap on the percentage that can be charged. Jason's deal with his landlord would be in violation if the interest rate is higher than the cap.)

Sam and Bridget are cousins who jointly own property. They are both named on the deed, they received title at the same time, they have the right of survivorship, and they each have equal interest and undivided rights of possession. What type of ownership do they have? Topic: Property ownership Subtopic: Types of ownership Estate in severalty Joint tenancy Tenancy by the entirety Tenancy in common

Joint tenancy

While hosting an open house, Liza speaks with prospective buyers. They're interested in the house, but think the listing price is a little high. They ask her what other incentives they could include in their offer to get the seller to come down on their price. If Liza helps them, what duty may she be breaching? Topic: General principles of agency Subtopic: Agent's duties to clients Accounting Loyalty Obedience Reasonable skill and care

Loyalty

Which of these statements about title marketability standards is correct? Topic: Transfer of title Subtopic: Title insurance Insurable title carries a higher standard of assurance than marketable title. Marketable title can only be achieved if there are no title defects or broken links in the title chain. Marketable title carries a higher standard of assurance than insurable title. Marketable title guarantees that there are no known or unknown title defects.

Marketable title carries a higher standard of assurance than insurable title.

Which agency is charged with enforcing fair housing laws and holding all parties accountable for compliance with these laws and regulations? Topic: Practice of real estate Subtopic: Federal fair housing laws and the ADA Office of Civil Rights Office of Equal Credit Opportunity Office of Fair Housing and Equal Opportunity Office of Housing and Community Development

OFFICE OF FHEO

What is TRID? Topic: Financing Subtopic: Financing and lending Terminating and Reducing Inappropriate Disclosures TILA-RESPA Integrated Disclosures Timely and Rapid Integrity through Disclosures Truth In Disclosing

TILA-RESPA Integrated Disclosures

A "homes for sale" magazine contains the following ad: "One-bedroom condo. Corner unit with beautiful ocean views. Financing available, 5.25% APR." Which of these statements is true? Topic: Financing Subtopic: Financing and lending The ad is in compliance with TILA because condominiums aren't covered under Regulation Z. The ad is in compliance with TILA because providing the APR doesn't trigger the required disclosure of all credit terms. The ad is not in compliance because TILA requires all financing terms to be stated if the APR is stated. The ad is not in compliance with TILA because it mentions financing without including all of the terms of the financing.

The ad is in compliance with TILA because providing the APR doesn't trigger the required disclosure of all credit terms.

When a government entity exercises its powers to create zoning ordinances, what must be followed? Topic: Land use controls and regulations Subtopic: Government controls Federal zoning codes The area's comprehensive plan The state's zoning codes Universal design standards

The area's comprehensive plan

Which of these statements accurately represents one of the required elements in a deed? Topic: Transfer of title Subtopic: Deeds The deed includes an act of conveyance. The grantee must be legally competent. The grantee must be of legal age. The grantee must sign the deed and provide consideration.

The deed includes an act of conveyance.

Morris needs to pay for some repairs made to one of the units in his apartment complex. Which bank account should he use? Topic: Leasing and property management Subtopic: Property manager's fiduciary responsibilities He can use either the trust account or the operating account The firm's operating account The operating account for that specific unit The trust account for that specific unit

The firm's operating account

When state and federal laws differ, as they sometimes do with fair housing and/or human rights, which of these statements is true? Topic: Practice of real estate Subtopic: Federal fair housing laws and the ADA State and local law override federal law. State lawmakers decide which law prevails. The conflicting law is invalidated, effectively removing the law's requirements. The state law may not remove rights granted to citizens under the federal law.

The state law may not remove rights granted to citizens under the federal law.