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110 Cards in this Set
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1. A written agreement or contract between a buyer and seller when the buyer wants to buy and the seller wants to sell, after a meeting of the minds is called? 1. A BPO 2. An appraisal 3. A contract 4. A disclosure agreement |
3. A contract |
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2.An appraiser must be licensed or certified to handle federally related work on residential, residential income, commercial and all other real-estate properties valued at? 1. $1,000,000 2. $550,000 3. $250,000 4. $525,000 |
3. $250,000 |
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3. Which of the following homeownership costs and expenses may be deducted on Federal income taxes? 1. Repairs to the exterior building, assessments and purchasing fees. 2. Cost of purchase including commission paid premiums on title insur and deed Encumbrance. 3. Mortgage loan origination fees, mortgage loan interest and local property taxes. 4. Repairs ,insurance premiums and interest. |
3. Mortgage loan origination fees, mortgage loan interest and local property taxes. |
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4. Which type of ownership is most often used for a timeshare? 1. Stock cooperative 2. Tenancy in Common 3. Tenancy in Severalty 4. Joint |
2. Tenancy in Common |
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5. How is title held when a person owns a cooperative? 1. Tenancy in Common 2. Tenancy by the entirety 3. Joint tenancy 4. Stock |
4. Stock |
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6. The sellers and buyers have a contract in which the seller will convey title to the buyer if the buyer comes up with $35,000 before Feb 1st. What type of contract is this? 1. Installment 2. Option contract 3. Variable 4. A buy- sell contract |
2. Option contract |
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7. The closing agent must give information as to the sales price and seller's social security number to the___? 1. Bank in which the new mortgage is. 2. HUD office 3. National Home Mortgage Association 4. IRS |
4. IRS |
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8. A broker has supplied the money for a developer to build a new neighborhood with the stipulation that the broker becomes the sole agent for the builder when the properties are ready for sale. This is a ___? 1. Specific agency 2. Riparian rights 3. Agency coupled with a interest 4. Open agency |
3. Agency coupled with an interest |
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9. A real estate broker has given a developer the money to build a new community in return for the developer to give the broker exclusive rights to sell agreement. This is a/An? 1. Open agency 2. Agency coupled with the financing 3. Open listing agreement 4. Agency coupled with an interest |
4. Agency coupled with an interest |
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10. In a transaction what type of legal description is used in most case? 1. The street address only 2. The same one used in prior transactions, verified by a surveyor. 3. The metes and bounds if the property is west of the mississippi river. 4. The one the seller guesses is correct |
2. The same one used in prior transactions, verified by the surveyor |
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11. Assuming all factors are the same, which location would probably bring the highest price for a parking lot for sale? 1. Business district zoned for one story small businesses. 2. Recreational area 3. Residential area zoned for single-family homes 4. Business zoned for 20story high rises |
4. Business zoned for 20 story high rises |
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12. An arrangement in which an elderly homeowner borrows against the equity in his or her home and in return receives a regular monthly tax free payment from the lender is a__? 1. Back Load Mortgage 2. Front Load Mortgage 3. Reverse Annuity 4. Inverse Annuity |
3. Reverse Annuity (Reverse Mortgage) |
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13. A mentally disabled person the was declared incompetent can't enter into a contract unless___? 1. A person appointed by a parent can sign legal contracts for the disabled person 2. A disabled person can under no circumstances enter into the contract without the written certification acquired while in school 3. A person appointed by the court may enter into the contract on the disabled person's behalf 4. All of the under certain conditions |
3. A person appointed by the court may enter into the contract on the disable person's behalf |
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14. In a situation where state water rights are automatically conveyed with property is 1. Prior appropriation 2. Prior subjective conditions 3. A condition stated on all loan documents 4. Alluvian |
1. Prior appropriation |
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15. A client would like to sell his house after owning it for one year. The client let the agent know that the property was treated for termites 14 months ago. What should the agent do? 1. Tell the client not to disclose the infor so the agent's husband can re-treat the property and make money. 2. Tell the client to keep his car out of the garage so not to attract any new termites 3. Tell the client that Radon is nothing to be afraid of 4. Tell the client to disclose that information |
4. Tell the client to disclose that information |
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16. Radon 1. Enters the house through the roof vents 2. Is nothing to be concerned about 3. Enters the house through the basement floor 4. Is caused by friable asbestos |
3. Enters the house through the basement floor |
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17. Radon 1. a colorless, odorless and tasteless gas occurring naturally from the decay of substances 2. colorless, odorless and tasteless friable asbestos 3. a lead by product 4. a black mold infestation that has become airborne |
1. a colorless, odorless and tasteless gas occurring naturally from the decay of substances |
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18. Friable asbestos 1. airborne asbestos 2. airborne asbestos coupled with lead 3. is addictive and must be avoided 4. can be found in paint on windowsills |
1. airborne asbestos |
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19. When a judgement on a property has been properly recorded. The world has been given__? 1. substantive written notice 2. construed notice 3. construction notice 4. constructive notice |
4. constructive notice |
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20. Two lots owned by the same seller and of the same size were sold two days apart. The lot directly on the sand beach was sold for $100,000 more than the lot across the highway which will have a peek a boo look at the water. What characteristic was taking effect? 1. Permanence 2. Streetus 3. Situs 4. Situational indestructability |
3. Situs |
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21. The FHA is best associated with 1. a qualifying tool for mortgages 2. a banking entity with assets 3. a secondary market mortgage based interest indicator 4. an insurance company |
4. an insurance company |
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22. Ana, a property manager, may legally refuse to rent to 1. a person unable to live alone without help 2. a person convicted of selling drugs 3. a person who wants to adjust the apartment and pay for it in order to fit her wheelchair 4. both 1 and 2 |
2. a person convicted of selling drugs |
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23. Discount points 1. are the points paid on the sales price in order to reduce the price of a property 2. are the points paid on the full price offer with a 20% down payment in order to reduce a loan 3. are points paid on the amount of the loan in order to buy down interest rate 4. can be any of the above |
3. are points paid on the amount of the loan in order to buy down the interest rate |
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24. Each discount point is 1. based on 1% of the loan 2. based on 1% of the purchase price 3. based on 1% of the cost of repairs made by the seller 4. based on 1% of each friable asbestos particle inhaled |
1. based on 1% of the loan |
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25. The drug dealer stayed in the property for 45 more days after the expiration of the lease and attempted to pay rent in which the landlord refused. The tenant has___? 1. a periodic tenancy 2. tenancy in common with other tenants 3. a tenancy in sufferance 4. a radar problem |
3. a tenancy in sufferance |
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26. A woman bought a house subject to her getting approval to run he beauty shop from the city. The city refused her request. The contract was canceled because of___? 1. inability to pay 2. financing based on homes rather than business 3. impossibility of performance 4. her mother |
3. impossibility of performance |
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27. A woman bought a house subject to her getting approval to run her business from her home. The city rejected her request. The woman was able to get her deposit money back because of a ___? 1. noncompliance clause 2. liquidated damages contingency 3. contingency in the offer 4. noncompliance of zoning |
3. contingency in the offer |
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28. When taking a listing , the agent should verify 1. radon 2. lead 3. square footage 4. the original purchase price |
3. square footage |
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29. For federal tax purposes, the form a broker will give an agent to file their taxes is a__? 1. 5024-misc 2. 1099-misc 3. 1099-s 4. 940 |
2. 1099-misc |
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30. The escrow agent or attorney at the close of escrow will file which tax form to be sent to the IRS? 1. 1099-misc 2. 1099-s 3. 1040 4. 360 |
2. 1099-s |
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31. When a "trigger term" is used in an ad, The Truth in Lending Act requires the following disclosures except. 1. amount of loan or cash price. 2. pre-payment penalties 3. number, amount and frequency of payments 4. amount of the down payment required |
2. pre-payment penalties |
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32. Earnest money deposits should be 1. deposited into the broker's business account 2. deposited into a safe deposit box. 3. deposited into a trust account by the end of the next business day 4. be given to the agent to hold |
3. deposited into a trust account by the end of the next business day |
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33. When a borrower defaults on a loan which has an acceleration clause it permits the lender 1. seize the personal assets of the borrower 2. force the borrower to vacate his home immediately 3. demand the entire note be paid immediately 4. All of the above |
4. All of the above |
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34. When a buyer of a four-plex refers to the property renting for $1000 a month therefore the property is worth $100,000 , the buyer is using the__? 1. IRS 2. HUD 3. GRM 4. NOAA |
3. GRM |
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35. An Environmental Impact Statement 1. projects the dollar amount of an entire project 2. summarizes the neighborhood in general terms 3. projects the impact on the environment of a proposed project 4. is used only for state projects |
3. projects the impact on the environment of a proposed project |
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36. A buyer wants to make an offer based on complex financing. The agent should 1. give legal advice 2. call his broker at home 3. suggest the buyer consult an attorney to furnish the wording 4. drop the client |
3. suggest the buyer consult an attorney to furnish the wording |
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37. The purpose of collecting an earnest money deposit is to 1. display the buyer has intention to carry out the deal 2. insure a commission will be paid 3. set aside funds for prorated taxes 4. All of the above |
1. display the buyer has intention to carry out the deal |
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38. Usury laws are 1. intended to protect an agent from his broker 2. intended to supply fair housing information 3. intended to provide the FHA with down payment assistance 4. intended to regulate interest charged by lenders |
4. intended to regulate interest charged by lenders |
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39. Real Property is converted to personal property by 1. annexation 2. severance 3. novation 4. laches |
2. severance |
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40. Inducing panic selling in a neighborhood is 1. redlining 2. steering 3. friable asbestos 4. blockbusting |
4. blockbusting |
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41. One day after a broker's listing on a property expired, the seller hired a new agent and that agent put the property on the MLS. A third agent called the broker with the expired listing and asked to see the property. The broker should respond by 1. telling the third agent who called to see the property that he no longer is the agent for the seller. 2. setting up an appointment with the seller to show the property 3. hanging up 4. talking bad about the seller's property |
1. telling the third agent who called to see the property that he no longer is the agent for the seller. |
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42. Which of the following investors would like a property manager that emphasizes income and cash flow over maintenance? 1. The Dept. of Housing and Urban Development 2. A bank owning foreclosed property 3. An entrepreneur who owns several apartment buildings 4. all of the above |
3. An entrepreneur who owns several apartment buildings |
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43. A buyer depended on his agent's infor that the property the buyer is considering making an offer on is in a tax area of the lowest taxes in the city. Based on that info, an offer was made. Before the transaction closed the buyer found out the taxes in that area are some of the highest in the state. The buyer may seek to rescind the contract based on__. 1. redining 2. blockbusting 3. misrepresentation 4. puffing |
3. misrepresentation |
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44. The document the buyer and the seller sign to establish their legal rights is the__? 1. Deed 2. Purchase contract 3. Listing agreement 4. Buyer's agreement |
2. Purchase contract |
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45. Ownership of common stock in a corporation 1. Canby real estate 2. Is a deed 3. Is considered personal property 4. Is required to purchase a house |
3. Is considered personal property |
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46. A homeowner paid his neighbor $10,000 in order to have access to cross over the southeast portion of his property to reach a new road. This is an easement 1. By prescription 2. In gross 3. Appurtenance 4. For safety |
3. Appurtenance |
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47. Which of the following would cancel a listing agreement? 1.Salesperson transferring to a new broker. 2. property owner's divorce 3. property owner's marriage 4. property owner's death |
4. Property owner's death |
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48. A competitive market analysis (CMA) considers? 1. Demographics 2. Unknown friable asbestos 3. Original price of the property 4. Square footage of the property |
4. Square footage of the property |
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49. Under the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA) who is liable for damages from the dumping of hazardous waste on the property being sold? 1. The state Government 2. The federal Government 3. The buyer 4. The seller |
4. The seller |
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50. Methods to calculate the reproduction or replacement cost of a building include all of the following except 1. quantity survey method 2. straight line method 3. unit in place method 4. square foot method |
2. straight line method |
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51. A foremost reason for buying a condo over a luxury single family home on the ocean is 1. the back yard 2. price 3. loan terms 4. discount points |
2. price |
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52. The best example of a buffer zone is 1. a warehouse between a neighborhood and strip mall 2. garden homes between a single family residential neighborhood and a shopping center 3. an office building between a commercial strip mall and a school 4. all of the above |
2. garden homes between a single family residential neighborhood and a shopping center |
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53. Antitrust Laws prohibit all except 1. dual representation 2. setting commission fees with other brokers 3. boycotting other brokers 4. restricting competition |
1. dual representation |
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54. Private homes built before 1978 may contain potentially dangerous levels of lead. The FHA 1. will not lend money on these properties 2. require the buyer to acknowledge a disclosure of the presence of any known lead paint 3. require the seller to remove the lead before selling 4. require testing before the property can be sold |
2. require the buyer to acknowledge a disclosure of the presence of any known lead paint |
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55. Inverse (reverse) condemnation may be brought by 1. the city government 2. the homeowner 3. the federal government 4. the state government |
2. the homeowner |
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56. The responible broker is responible for 1. all actions of salespeople 2. all actions of unlicensed salespeople 3. real estate activities of associated salespeople 4. no acts of employees |
3. real estate activities of associated salespeople |
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57. A salesperson told a customer that his listiing has the best view of the ocean. The customer noticed that the property has a peek a boo view of the ocean. This is an example of 1. blockbusting 2. a violation of truth in lending laws 3. puffing 4. intentional fraud |
3. puffing |
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58. When does a lender require flood insurance? 1. when the property was flooded by a busted water line 2. when the property is located in a flood hazard zone 3. when the seller puts down more than 20% 4. when the buyer is using an out of state lender |
2. when the property is located in a flood hazard zone |
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59. John bought a rental apartment building for $215,000. The assessed value is $205,000. The tax rate is $1.50 per $100. of assessed value. What is the monthly tax? 1. $3075 2. $307.75 3. $256.25 4. none of the above |
3. $265.25 |
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60. Ana bought a home for $165,000. Her assessed value is $160,000. She is taxed $2.25 for every $100 of assessed value. What is her monthly tax due? 1. $301.25 2. $295.87 3. $303.65 4. none of the above |
4. none of the above |
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61. Under a land contract who retains equitable title? 1. Vendee 2. Vendor 3. Grantee 4. Grantor |
1. Vendee |
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62. Under a land contract who retains fee ownership of the Property? (Title) 1. Vendor 2. Vendee 3. Grantor 4. Grantee |
1. Vendor |
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63. A buyer made an offer and the seller responded with a counter offer. When the buyer was reviewing the counter offer the seller received a better offer from another buyer. The seller can accept the second offer 1. If the second offer is coupled with a higher down payment 2. If the seller withdraws the counter offer before the buyer accepts it 3. If the first buyer has been informed in writing that the seller is going to accept the second offer 4. The seller is forced to wait for the response of the buyer |
2. If the seller withdraws the counter offer before the buyer accepts it |
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64. A broker received a commission of 6% of the selling price from his client. The commission was $9720. The sales price of the property was? 1. $160,000 2. $158,000 3. $162,000 4. None of the above |
3. $162,000 |
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65. John listed his property with sales agent Tracy. John sold his own home to his cousin. John did not have to pay a commission to Tracy. The type of listing most likely was___? 1. Net listing 2. Gross listing 3. Exclusive right to sell listing 4. Exclusive listing |
4. Exclusive listing |
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66. A broker has decided to buy his client's house, which the broker has listed. The broker should 1. Wait six weeks 2. Buy the property through a straw man 3. Not accept any offers on the property to protect his interest 4. Make his true intentions known to his client |
4. Make his true intentions known to his client |
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67. The gross rent multiplier for a duplex is calculated by dividing the sales price by 1. It's gross yearly rent 2. Its gross monthly payment 3. It's gross monthly rent 4. It's net yearly income |
3. It's gross monthly rent |
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68. Depreciation is based on 1. Land and building 2. Land only 3. Building only 4. Economic obsolescence |
3. Building only |
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69. A minority couple asked a salesperson to find them a property worth around $500,000. The salesperson showed the couple lower price property in integrated neighborhood only. This may be an example of 1. Blockbusting 2. Redlining 3. Steering 4. Puffing |
3. Steering |
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70. Mary died without a will. She has one daughter and three granddaughters. Mary's estate will be distributed by 1. Statue of Novation 2. Statue of reverse condemnation 3. Statue of Escheat 4. Statue of descent |
4. Statue of descent |
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71. Real estate transactions are reported to the Irs. Required information includes 1. Sales price and buyer's name and social security number 2. Seller's name,social security number and price 3. Buyer's name and method of payment 4. Seller's name and address only |
2. Seller's name, social security number and price |
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72. If condition for purchase are included in the deed and those conditions are violated 1. The violator may face jail and fine 2. The violator will serve jail time 3. An injunction can be placed on the property 4. The property reverts back to the original grantor/owner |
4. The property reverts back to the original grantor/owner |
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73. When a seller gives her broker authorization to perform a single act, it causes 1. Special agency 2. Dual agency 3. Universal agency 4. Uncommon lawful agency |
1. Special agency |
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74. When the government establishes legislation to preserve order, protect th public health and safety and promotes the general welfare of the public, it is called 1. Lawful power 2. Police power 3. Inverse condemnation 4. All of the above |
2. Police power |
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75. If one party does not live up to their part of the contract there is money set aside that will serve as full compensation to the aggrieved party. This is called? 1. Earnest money 2. Liquidated money 3. Arbitration clause 4. Agreement pay |
2. Liquidated damages |
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76. When two parties have a verbal and written contract and the contracts conflict, which contracts takes precedent? 1. The oral agreement if it was made first 2. The written contract 3. Neither, new contracts must be drawn 4. The oral agreement in all cases |
2. The written contract |
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77. Usury Laws protect 1. the lender. 2. the seller. 3. the borrower. 4. the agent. |
3. The borrower |
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78. Which is the best method to appraise a single-family home? 1. Cost comparison. 2. Depreciated method. 3. Market data. 4. Tax assessment method. |
3. Market data |
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79. A single woman has applied to rent an apartment in a community where 95% of the residents are over the age of 55. She has two children. One is eight and the other is three. The Federal Fair Housing Law 1. makes it mandatory that she be rented to. 2. protects the apartment owner from being forced to rent to her because over 80% of the residents are over the age of 55. 3. protects the children for familiar status. 4. All of the above could happen. |
2. Propects the apartment owner from being forced to rent to her because over 80% of the residents are over the age of 55. |
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80. An agent told the buyer that the property the buyer wanted was connected to the city’s sewer system. After the purchase the buyer found out that the property had a septic tank and was not connected to the city’s sewer system. What protects the agent from financial loss? 1. The National Association of Realtors national protection fund. 2. E and O insurance coverage. 3. The homeowner’s insurance policy.4. Title insurance. |
2. E and O insurance coverage |
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81. A position of trust and confidence a client puts into an agent is called 1. implied or expressed. 2. fiduciary. 3. customer loyalty. 4. It can be any of the above. |
2. Fiduciary |
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82. The owner of the property you have listed is 1. the customer. 2. the subagent. 3. the prospect. 4. the client. |
4. The client |
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83. The following is considered prima facie evidence of discrimination by a broker; 1. Failure for a customer to qualify for a loan. 2. Failure of the lender not to grant. 3. Failure to display the equal opportunity poster at the broker’s office. 4. Failure to keep appointments. |
3. Failure to display the equal opportunity poster at the broker's office |
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84. Termination of an easement can happen 1. with a fire on the dominant property. 2. when the owner of the easement dies. 3. with the merger of titles. 4. when one property sells. |
3. With the merger of titles |
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85. A contract to purchase that has not closed is 1. null. 2. void. 3. an executory contract. 4. an implied assessment. |
3. An executory contract |
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86. An adjustable mortgage contains all of the following except 1. life of loan cap. 2. margin. 3. depreciation. 4. index. |
3. Depreciation |
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87. Zoning Ordinances primarily 1. implements a city master plan. 2. implement the quality of workmanship. 3. control business. 4. control water quality. |
1. Implements a city master plan |
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88. Economic characteristics of land include 1. the metes and bounds. 2. situs or area preference, scarcity and durability. 3. the plot plan. 4. palm trees. |
2. Situs or area preference, scarcity and durability |
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89. A tenant’s lease expired last week. The tenant went ahead and paid next month’s rent and the landlord gave him a receipt. This is a 1. net lease. 2. tenancy in common. 3. holdover tenancy. 4. tenancy at sufferance. |
3. Holdover tenancy |
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90. A neighbor allowed his next-door neighbor to fish from his pond in the month of July only. The neighbor with the lake granted 1. an easement appurtenant. 2. a restriction. 3. a gross easement. 4. a license. |
4. A license |
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91. A violation of The Federal Fair Housing law can be heard by either within the Dept. of Housing and Urban Development or by a Federal Judge. The Federal Court hearing has an advantage to the complaining party because 1. it’s faster. 2. there is no dollar limit on damages paid. 3. it’s fairer. 4. there is no advantage. |
2. There is no dollar limit on damages paid |
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92. When a property owner dies without a will or heirs, the property 1. become at sufferance. 2. is executory. 3. becomes the property of the closest neighbor .4. escheats to the state. |
4. Escheats to the state |
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93. Ana, John and Jim bought together a property worth $675,000. John put up $337,500, Ana put up 25%. How much ownership interest does Jim have? 1. 15% 2. 25% 3. 35% 4. 45% |
2. 25% |
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94. Ana, John and Jim bought together a property worth $675,000. John put up $337,500, Ana put up 25%. How much money did Jim have to come up with? 1. $172,564. 2. $158,943. 3. $168,750. 4. $89,500. |
3. $168,750 |
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95. The amount of commission is 1. set by the Board of Realtors. 2. negotiable. 3. set by multiple brokers. 4. set by law. |
2. Negotiable |
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96. A doctor built a five-bedroom house with five bathrooms on a lot in a neighborhood where all the homes are three bedrooms and one bath. The doctor’s home will most likely suffer from 1. subrogation. 2. novation. 3. progression. 4. regression. |
4. Regression |
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97. Which of the following owners of an apartment building would emphasize maintenance of value over income? 1. An entrepreneur who owns several income properties. 2. HUD 3. FCC 4. Dept. of the Interior |
2. HUD |
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98. When several approaches of value are applied to a property, the appraiser will do which of the following? 1. Plottage 2. Reconciliation 3. Ascension 4. Round off to the highest value |
2. Reconciliation |
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99. Elevation Benchmark? 1. A seat in the community park zoned recreational. 2. Horizontal Plain used to find the legal description in high rises. 3. A mark used in a rectangular survey system measurement. 4. The measurement point as the point of beginning. |
2. Horizontal plain used to find the legal description in high rises |
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100. Jim wants to open a grocery store on a lot that is zoned for residential. Jim 1. will need to obtain a variance or a conditional use permit. 2. will need to petition the local courts to change the zoning. 3. will be able to open if the people in the neighborhood write letters to the mayor. 4. All of the above can happen. |
1. Will need to obtain a variance or conditional use permit |
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101. The Equal Credit Opportunity Act does not address 1. factors for borrower’s analysis. 2. written credit denial letters. 3. interest rates. 4. discrimination in lending. |
3. interest rates |
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102. A property went into foreclosure with a first mortgage of 158,000 and a second mortgage of 33,000. The second mortgagee most likely will receive 1. the entire 33,000. 2. whatever is left over after paying off all other property liens. 3. one half of the amount owed. 4. nothing |
4. Nothing |
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103. The government survey system is not generally used in 1. states west of the Mississippi River.2. the southern states. 3. the original 13 states. 4. the northern states. |
3. The original 13 states |
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104. Violating Fair Housing practices, an agent 1. will lose their license only. 2. will get probation. 3. will get arrested immediately. 4. will have his license revoked and will be criminally prosecuted. |
4. Will have his license revoked and will be crominally prosecuted |
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105. A very old oak tree! 1. Metes and Bounds 2. Rectangular Survey 3. Straight Line Method 4. North America |
1. Metes and bounds |
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106. A CMA benefits? 1. The Buyer 2. The Seller 3. The Agent 4. The Broker |
2. The seller |
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107. A contour map is used for which of the following locations? 1. Flat low-lying areas 2. Desert towns 3. A very hilly location 4. They are never used. |
3. A very hilly location |
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108. A Trustee may? 1. Sell the property 2. Lien the property 3. Do whatever is permitted in the trust agreement 4. Keep the deed after final payment |
3. Do whatever is permitted in the trust agreement |
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109. Prior Appropriation will most likely be found in what type of area? 1. Mountains 2. Deserts - Dry areas 3. Islands 4. Jungles |
2. Deserts-dry areas |
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110. An Environmental Impact Statement is used for? 1. A proposed project 2. An outdated project 3. A private company 4. A quitclaim deed |
1. A proposed project |
