Real Estate Missed Questions

Void

A contract for the sale of real property is missing consideration and isn't signed by the parties, so this contract is _____.

Transferred in a short sale

Arizona deficiency statutes don't apply if the property is ______.

Exclusion

Bonnie likes to keep to herself. She has a heavy-duty gate installed at the entrance to her 80-acre ranch so that she can control who accesses her property. Which right in the bundle of rights allows her to do this?

Craig

Craig's loan is secured by a mortgage. Who holds legal title when this security instrument is used?

Cooperation agreement

For out-of-state licensees to receive compensation for real estate transactions in Arizona, the out-of-state licensee must have a(n) ______ in place with an Arizona broker.

NOI is divided by a cap rate to find estimated property value.

How is net operating income used in an income-based approach to appraisal?

Fee simple determinable

Joe gave land to a school, but still wanted to have some control over its use, so a deed was prepared that gave the school title as long as the land is used for educational purposes. What type of interest does the school have?

The Closing Disclosure and Loan Estimate aren't required in a seller-financed transaction.

Katherine is purchasing a second home as an investment/vacation property. She has a large down payment, and the seller is financing the rest of the purchase. Which of these statements is true?

Easement appurtenant

Kurt bought a vacant lot in a development that was 85% completed. When he started working with the builder to lay out where the house and driveway would lie, it was determined that he would need an easement because his driveway would spill over onto the adjacent lot by a few feet. What type of easement is this?

Bulk Zoning

One area of town has maximum building height requirements and setbacks for the front, side, and rear yards. These requirements are all indicative of ______.

A covered party grants permission to the title company to pursue the party who caused a claim or loss.

Related to title insurance, what is "subrogation"?

Proposed or approved timeshare public report

What document are developers of Arizona timeshare projects required to provide to every prospective buyer during the presale period?

Exceptions and flaws that the title insurance policy will not cover

What information does Schedule B-2 of a title commitment provide?

A nonprofit corporation that residents pay a fee to for the purpose of maintaining subdivision common amenities.

What is an association in regard to subdivisions?

Schedule A

Where can a party reviewing a title commitment find basic details about the transaction?

Multiple listing clause

Which clause in the listing agreement gives the listing broker the authority and obligates the broker to market the property to other brokers?

Required mortgage insurance must remain in place for the life of the loan.

Which of the following is a significant drawback to an FHA loan as compared to conventional financing?

Decrease environmental risks based on current public opinion.

Which of the following is not part of the EPA's mission?

Cooperative ownership is considered personal property.

Which of the following is true regarding cooperatives?

Property taxes, property insurance, common area maintenance

Which of the following lists the three major net expenses associated with commercial leases?

The leasehold automatically terminates.

Which of the following occurs if a tenant dies during the term of an estate at will tenancy lease?

The commissioner's decision will give required actions to resolve any issues prior to final approval.

Which of the following statements is true about the commissioner's advertising and promotional material decision about timeshares?

Prescriptive easement

Which type of easement is acquired through years of use, with one person acquiring the permanent right to use another's property by doing so for an extended period of time?