The Doctrine of Caveat Emptor implies which of the following?
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A buyer is responsible to examine a property thoroughly, rather than
relying on the seller to point out potential problems
(The Doctrine of Caveat Emptor puts the duty on the buyer/customer to
inspect the property and not rely on a seller or sellers agent's statements.)
For tax purposes, rental income is considered ____________ income.
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passive
(Portfolio income comes from earnings derived from interest earned,
dividends, annuities, and royalties not derived from an ordinary course of
business. Passive income comes from any activity in which the taxpayer
does not materially participate, such as rental property or a limited
, partnership business. Active income comes from wages, commissions,
bonuses, profits from a business, etc., and is the same as wage income.)
Under a deed of trust, the lender is known as the
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beneficiary (The vendor is a seller, the vendee is a buyer, and the trustee is
a neutral third party. The lender is the beneficiary.)
Bill has his real estate office on the 14th floor of an office building. Where must Bill
post his brokerage sign?
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In the lobby of the office building(Brokers must post a sign that would be
visible to the public. It is considered correct to post a sign, signifying the
brokerage, in the lobby of the office building.)
A borrower who does not hold legal title has what is referred to as
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equitable title
Income capitalization is most likely to be used when the subject property is
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an apartment complex.
(Income capitalization is used on large income-producing properties, like
an apartment complex.)
Lally columns
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are steel support columns filled with concrete nd are only for interior use.
The still plate is the bottom piece of a frame that is anchored horizontally
to the foundation and provides nailing surface for the floor or wall system.
it is the first layed of wood that starts the construction og the house.
Which secondary mortgage market funds the SONYMA loan?
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(None )
The State of New York Mortgage Agency (SONYMA) is funded by the sale
of tax-exempt bonds. When a lender qualifies the borrower, it is SONYMA
who funds the loan.
Which list of items is tax deductible for a primary residence?
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, mortgage interest, property taxes, in-home office(Any maintenance
expenses, such as a new roof, are not deductible on a primary residence.
Mortgage interest, property taxes, interest on a home equity loan, casualty
losses, and in-home office are deductible on a first and second home.)
Sole Ownership
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Property is owned entirely by one person. Words in the deed such as "John,
a single man", establishes title as sole ownership.
Farmer Brown sold 50 acres of land to a developer, yet retained the right to cross the
50 acres to get to his farm. This is known as easement
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by express grant.
(An easement by necessity applies to landlocked properties. An easement
by express grant allows a seller to retain an easement across his former
land. An easement by condemnation may be placed only by the
government. An easement in gross refers to utility company use.)
A financial encumbrance on the owners title is called a
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A buyer is responsible to examine a property thoroughly, rather than
relying on the seller to point out potential problems
(The Doctrine of Caveat Emptor puts the duty on the buyer/customer to
inspect the property and not rely on a seller or sellers agent's statements.)
For tax purposes, rental income is considered ____________ income.
Give this one a try later!
passive
(Portfolio income comes from earnings derived from interest earned,
dividends, annuities, and royalties not derived from an ordinary course of
business. Passive income comes from any activity in which the taxpayer
does not materially participate, such as rental property or a limited
, partnership business. Active income comes from wages, commissions,
bonuses, profits from a business, etc., and is the same as wage income.)
Under a deed of trust, the lender is known as the
Give this one a try later!
beneficiary (The vendor is a seller, the vendee is a buyer, and the trustee is
a neutral third party. The lender is the beneficiary.)
Bill has his real estate office on the 14th floor of an office building. Where must Bill
post his brokerage sign?
Give this one a try later!
In the lobby of the office building(Brokers must post a sign that would be
visible to the public. It is considered correct to post a sign, signifying the
brokerage, in the lobby of the office building.)
A borrower who does not hold legal title has what is referred to as
Give this one a try later!
equitable title
Income capitalization is most likely to be used when the subject property is
,Give this one a try later!
an apartment complex.
(Income capitalization is used on large income-producing properties, like
an apartment complex.)
Lally columns
Give this one a try later!
are steel support columns filled with concrete nd are only for interior use.
The still plate is the bottom piece of a frame that is anchored horizontally
to the foundation and provides nailing surface for the floor or wall system.
it is the first layed of wood that starts the construction og the house.
Which secondary mortgage market funds the SONYMA loan?
Give this one a try later!
(None )
The State of New York Mortgage Agency (SONYMA) is funded by the sale
of tax-exempt bonds. When a lender qualifies the borrower, it is SONYMA
who funds the loan.
Which list of items is tax deductible for a primary residence?
Give this one a try later!
, mortgage interest, property taxes, in-home office(Any maintenance
expenses, such as a new roof, are not deductible on a primary residence.
Mortgage interest, property taxes, interest on a home equity loan, casualty
losses, and in-home office are deductible on a first and second home.)
Sole Ownership
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Property is owned entirely by one person. Words in the deed such as "John,
a single man", establishes title as sole ownership.
Farmer Brown sold 50 acres of land to a developer, yet retained the right to cross the
50 acres to get to his farm. This is known as easement
Give this one a try later!
by express grant.
(An easement by necessity applies to landlocked properties. An easement
by express grant allows a seller to retain an easement across his former
land. An easement by condemnation may be placed only by the
government. An easement in gross refers to utility company use.)
A financial encumbrance on the owners title is called a
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