Question 6

An earthquake washed away some of Ms. Crawford land on a farm this is an example of?

Avulsion

Mary knew that her marriage was on shaky ground when she bought a house in her own name. She was hoping to save the relationship, so she wrote a quitclaim deed conveying the property from herself to herself and her husband as joint tenants, NOT as tenants in common with full rights to survivorship. She told her husband she had done this, but this deed was NOT recorded. When Mary and her husband finally divorced, the deed disappeared. In a state, which is NOT a community property or courtesy state, does the ex have a claim to the property?

No, however, had the deed been recorded, it would have served constructive notice and as such would be defensible.

The buyer wrote the offer contingent upon their ability to obtain financing. What is the most likely scenario in the event of the bank denying their loan?

The Buyer will receive the earnest money back as the contract becomes void when the contingency fails to be satisfied.

A minor will be legal age in 30 days. Broker finds a buyer and will be ready in 45 days. The contract is?

Voidable

A licensee has procured a new listing and has determined that the neighborhood consists mostly of Russian speaking residents. He has decided to advertise the property on two Russian websites. He is not advertising the property anywhere else. Is this a violation of Fair Housing law ?

Yes, such advertising violates the protected class of National Origin.

Written agreement in which a purchaser agrees to buy, and seller agrees to sell is called?

• A Contract

An agency relationship between a property owner and a property manager is usually created by?

• A management agreement

What is an easement?

• Allows use of property

Physically handicapped tenant moves out; the landlord is permitted to?

• Ask tenant to remove the handicapped ramp.

Custom built cabinets are?

• Chattel/ Personal Property.

Fair housing protects all except?

• Convicted Drugs

Prepaid taxes are what to the seller and buyer?

• Credit to the seller, Debit to the buyer

A real estate license has a buyer agency agreement what is the seller in this situation?

• Customer

A father conveyed the family property to his daughter by will as a pur Autre vie estate for the life of her mother. If the daughter should die before the mother, who gains the possession of the property?

• Daughters Heirs

In a settlement statement the selling always is?

• Debit to buyer

A property is sold on June 6th the annual water bill is 86$ and the taxes are $778 all have been pre paid. What is the proration at the close of escrow?

• Debit to buyer $492

Which listing contract offers most protection to the broker?

• Exclusively right to sell

Who or what is paid first for the sale foreclosure?

• Expense of execution

Which is exempt by federal law?

• Familal status

HOA can restrict?

• Flags depends on the HOA requirements since all are different

Who regulates Ginnie Mae and Fredie Mac?

• HUD the department of housing and urban development

In negotiating a real estate contract, what is earnest money?

• Highest sum with the least amount of contingencies

When seller Harry bought his house 5 years ago he signed a seller disclosure mentioning an underground storage tank in the backyard. Now he wants to sell his house and has hired you as his listing agent. He tells you since he has never seen the underground storage tank, he does not want to mention it in the seller disclosure. What can you do as an agent?

• Insist that he must mention the tank in his disclosure even if has not seen it.

Which of the following is an acceptable ad based on Regulation Z?

• Interest rate of 4.75% • 4.925% APR • little as 10% down payment • 30-year fixed rate with no points.

Lower loan value ratio means?

• Lower equity

What can a real estate assistant not do?

• Make call with purpose of collecting rent.

An unlicensed employee of a broker who prepares an advertisement to sell the house?

• Must have the brokers prior approval.

Example of a buffer zone?

• Neighborhood and a warehouse

Under cooperative ownership the lease that grants occupancy of a specific unit to the stockholder is called?

• Proprietary lease

In a land contract which of the following statements are correct?

• Seller retains legal Heirs

Who usually hires the appraiser?

• The Lender

What is the main disadvantage to a lender who chooses to accept deed in lei of foreclosure?

• The lender must accept responsibility for subordinate liens on the property.

A buydown is advantageous to the borrower in which of the following way?

• The monthly payments are lower after the buy down period.

In a property disclosure statement who is responsible?

• The seller

The property assessment role is confirmed, what must the broker disclose?

• The zoning might change

A charge of violation of federal fair housing laws can be heard by an administrative law judge within the department of housing and urban development ( HUD) or by a federal district court judge in federal court. The advantage of a federal court hearing to the complaining party is that?

• There is no limited on demands

What is a deed?

• Transfers ownership

An owner sold a parcel of real estate to a buyer with the stipulation that the buyer was not allowed to sell alcohol from the premises. The buyer sold the property 10 year later to a buyer who converted the building into a convenience store that sold beer. Should the owner or the owner's heirs claim a right of re-entry, what would be the basis for the lawsuit?

• Violation of a condition subsequent

A mortgage is which type of lien?

• Voluntary Lien

The house was built before 1978, the buyers can?

• Waive the 10 day inspection