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20 Cards in this Set

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  • Back
  • 3rd side (hint)
which of the following is not requirement of a valid homestead?
A. a statement that the claimant is married
a single person may file a homestead, being married is not a requirement. the other 3 choices are required
if a salesperson sold a parcel with 800 front feet at $100 a front foot, and he was to receive 40% of his broker's 6% commission, he would receive.
c. 1,920
800x$100=$80,000x0.06=$4800 x .40
= 1,920
under the bulk sales law, the minimun time to close the sale after the publication of notice of sale is.
c, 12 business days
the uniform commercial code requires 12 business days publication prior to sale. therefore, this period f time would have to elapse between publication and sale.
a broker had signed an agreement with an investor who was interested in certain property. the broker, determined that she could purchase this property for less than her principal was willing to pay, purchased the property and later sold it to the principal at a profit. this consititutes
d. secret profit
this is a good example of secret profit and is a violation of the real estate law
according to the laws of homesteads, a homestead would be invalidated by:
b.a prior recorded homestead
one can only have one homestead at a time. to abandon a homestead exemption on a piece of property, one must either sell the property or file and abandonment of homestead. once he has done this he may file a new homestead exemption on is new residence
which of the following requires mutual mortgage insurance
c. FHA
mutual mortgage insurance is part of the GHA Loan Program
all of the following are considered forces of value. which is least important in its effect on value
b original cost
the clue work is least important. orginal cost has very little effect on value
8. All of the following are considered forces of value. Which is least important in its effect on value?
B. The clue word is least important. Original cost has a very little effect on value.
9. Acquiring permissive use of another’s land would be
d. Must be hostile (without permission)
10. A lien may be created by recording a
a lien is a type of emcumbrace that involves a mney clain against the title
11. The appraisal approach using income from property as a basis for determining its value would be concerned with which of the following characteristics of the income
these are the three factors of incme that an appraiser examines in determining the rate of return on an investment and estab,ishes the capitalization rate.
12. Functional obsolescence
Statement of fact question and answer.
13. The word potable refers to
the definition of the word potable is liquids that are drinkable
14. A client contacts you to give you a listing. You look at his papers and discover that he is purchasing the property on a contract of sale. The contract contains no acceleration clause and there are no restrictions in the contract of sale prohibiting resale or assignment. One of the following is the most nearly correct statement. Your client could
b in a
he can sell his interest witout paying off the existing contract, in c and d he can not give a deed of any kind becasue, as the equitable owner, only, he has no title to convey
15. In the field of real estate, the terms, quantity survey, unit-cost in place and square foot apply to
reproduction or cost of replacement approach ot appraising uses these terms
16. Which of the following is incorrect in regards to a metes and bounds description
the metes are mesaurments and the bounds are the boundaries
17. When a loan is secured by a borrowers residence, a prepayment penalty is not allowed after
statement of fact
18. A man divided an acre of land into four lots. He than sold the lots for 10,000 each. If his cost basis on each lot was $2000 what was his total gain on the sale of the lots
(1) $10,000 - $2000 + $8,000 gain per lot. (2) $8,000 x 4 lots + $32,000 gain
19. One cubic yard of concrete is equal to haw many cubic feet of concrete?
3' x 3' x 3' = one cubic yard + 27 Cubic Feet.
20. When commercial real estate is purchased today, the minimum period of time over which the owner can depreciate the improvements is
under current tax law, cmmercial real estate can be depreciated over a minimum of 39 years