Real Estate Final Exam
When property changes hands, the deed is recorded. There's a fee for recording, so
why would anyone choose to pay this fee? - (answer)-It puts the public on notice
regrading ownership.
Which of these is NOT an example of price fixing? - (answer)-Jake's firm agrees to
charge all clients a listing commission of between 2% and 2.5%
To Make Valid Computations of adjustments for the sales comparison approach to
value, elements of comparison must be applied in a specific order. Which of these
elements listed has the highest priority? - (answer)-Conditions of Sales
A buyer with a 15-year, $250,000 loan at a 5.5% interest rate has a monthly principal
and interest payment totaling $2,042.71. What;s the total amount the borrower will pay
back over the life of the loan? - (answer)-$367,687.80
You're explaining to your client that using electronic documents and signatures
simplifies the home buying process. Your client is skeptical about these signatures. You
describe the Uniform Electronic Transactions ACT (UETA) and tell your client? -
(answer)-The UETA gives electronic signatures that same legal weight as "wet"
signatures.
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 are true? - (answer)-The CD & LE aren't required in a seller-financed
transaction.
Select the situation that correctly represents a true conflict of fiduciary duties. -
(answer)-Nikki's seller client has instructed her not to present offers that are less than
the listing price. This is a conflict of Nikki's duty of disclosure, which requires her to
present all offers, and her duty of obedience.
An abandoned or otherwise unused commercial or industrial site with suspected
contaminants is know as? - (answer)-A brownfield
Camille, a buyer, wants to change the price already agreed to in a sales contract, she
should use? - (answer)-Amendment
Prior to the ______, there was no legal protection for women who endured sexual
harassment from landlords and sellers when they attempted to obtain housing. -
(answer)-Housing and Community Development Act of 1974
,"I understand why you want a buyer representation agreement," your buyer tells you.
"But what's in it for me?" - (answer)-"Without it, you are unrepresented."
Marcus listed his property with Home Sweet Home Realty and one of its listing agents,
Ron Savage. About a month later, Ron filed for bankruptcy, Which of these statements
about this situation are true? - (answer)-The agency agreement only terminates if the
broker or the principal declares bankruptcy.
Which of the following is an example of a universal agent? - (answer)-Conservator
Leon and Beth own 1/13 of a timeshare estate. They own week 20, 21, 40, 41. These
are are inheritable - What type of ownership is this? - (answer)-Fee Simple
Sondra thinks the new business contract she's signed with her business partner is valid.
Both parties are legally competent, the purpose is a business transaction so it's a legal
purpose, an offer was made and accepted, and a fee has been negotiated and
documented. Which essential element of a valid contract has Sondra not yet
considered? - (answer)-Where consent was voluntary.
Which of the following is a tactic used by a predatory lender? - (answer)-Encouraging
Debt
Home Inspector Maura was walking Thad through a property inspection. The frame
house, on slab foundation, had mulch piled about 18 inches next to the house. Why was
Maura noting this as a concern? - (answer)-Mulch next to wood siding may lead to wood
rot.
LaTonya's aunt left her a bungalow on the outskirts of the city. For many years, it was
the place for family holiday gatherings, and LaTonya's sister was even married there.
That's why her family is so upset that she plans to sell the bungalow as soon as she
gets it cleaned out. Which real property right allows her to sell the property? - (answer)-
Disposition
Which of the following statements is true about government loans? - (answer)-They're
insured or guaranteed by a government agency.
When a contractor doesn't provide a specific dates for when the terms needs to be met,
what should the parties assume regarding performance of the contract? - (answer)-
Performance must take place within a "reasonable time."
Which of these is NOT a likely feature of a bridge loan? - (answer)-Amortized loan paid
back over a period of no more than five years.
Prudence just finished paying off the debt on her loan, so the lender released the
property's title to her. What clause in her mortgage stipulates this? - (answer)-
Defeasance
, Christy found a property was for sale by owner and made an offer. The seller accepted
Christy's offer, but neither of them knew how to proceed. LIcensee Zelda helped Christy
complete the necessary purchase documents and walk her through the process. What
kind of agency exists? - (answer)-Implied Agency
Which of these are excluded on a title insurance policy on Martha's property because of
the schedule of exceptions? - (answer)-A verbal lease agreement Martha has with her
neighbor to lease her garage.
Which of these regarding the Brownfield law is true? - (answer)-The Smiths have
discovered chemical contamination on the property deed to them by their late parents.
The Brownfields Law may provide funds to help them clean up the site.
What does the Brownfield Law Provide - (answer)-The Brownfield Law provides direct
funding, typically in the form of grants, to property owners to assist in the assessment
and cleanup of contaminated sites.
Bill is joining his inspector Hank for the inspection of the property he hopes to purchase.
Hank notices that the dirt on the exterior of the home slopes towards the house. He
explains that it should slope away from the home. What problem might this create? -
(answer)-Basement Leaks
Which of these is NOT an example of a group boycott? - (answer)-Sean and the
associated brokers in his firm agree to purchase their marketing materials from a single
supplier so they get a quantity discount.
Gene and Alex bought a property that backed up to a neighborhood park. The previous
owner mentioned that ever since the park was built eight years ago, the next-door
neighbor who works at the park has cut through the yard to get to the park rather than
go around via the streets, which saves about half a mile. What kind of easement is this?
- (answer)-Easement by Prescription
Which of these gurantees is offered by a general warranty deed but not a special
warranty deed? - (answer)-The seller will defend against all claims against the
property's title.
Which of the following can help a licensee avoid being accused of unauthorized practice
of law? - (answer)-Using Approved Fill in the Blank Forms.
Whitney and Justin are about to close on their refinance, and their loan amount is
$362,000. They are paying a 1.5% origination fee. How much will their origination fee
be? - (answer)-$5,430
The assessed value for your buyer' client's new purchase is $209,000. They feel they
got a great deal since they're purchasing the property for $175,000. They've asked you
When property changes hands, the deed is recorded. There's a fee for recording, so
why would anyone choose to pay this fee? - (answer)-It puts the public on notice
regrading ownership.
Which of these is NOT an example of price fixing? - (answer)-Jake's firm agrees to
charge all clients a listing commission of between 2% and 2.5%
To Make Valid Computations of adjustments for the sales comparison approach to
value, elements of comparison must be applied in a specific order. Which of these
elements listed has the highest priority? - (answer)-Conditions of Sales
A buyer with a 15-year, $250,000 loan at a 5.5% interest rate has a monthly principal
and interest payment totaling $2,042.71. What;s the total amount the borrower will pay
back over the life of the loan? - (answer)-$367,687.80
You're explaining to your client that using electronic documents and signatures
simplifies the home buying process. Your client is skeptical about these signatures. You
describe the Uniform Electronic Transactions ACT (UETA) and tell your client? -
(answer)-The UETA gives electronic signatures that same legal weight as "wet"
signatures.
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 are true? - (answer)-The CD & LE aren't required in a seller-financed
transaction.
Select the situation that correctly represents a true conflict of fiduciary duties. -
(answer)-Nikki's seller client has instructed her not to present offers that are less than
the listing price. This is a conflict of Nikki's duty of disclosure, which requires her to
present all offers, and her duty of obedience.
An abandoned or otherwise unused commercial or industrial site with suspected
contaminants is know as? - (answer)-A brownfield
Camille, a buyer, wants to change the price already agreed to in a sales contract, she
should use? - (answer)-Amendment
Prior to the ______, there was no legal protection for women who endured sexual
harassment from landlords and sellers when they attempted to obtain housing. -
(answer)-Housing and Community Development Act of 1974
,"I understand why you want a buyer representation agreement," your buyer tells you.
"But what's in it for me?" - (answer)-"Without it, you are unrepresented."
Marcus listed his property with Home Sweet Home Realty and one of its listing agents,
Ron Savage. About a month later, Ron filed for bankruptcy, Which of these statements
about this situation are true? - (answer)-The agency agreement only terminates if the
broker or the principal declares bankruptcy.
Which of the following is an example of a universal agent? - (answer)-Conservator
Leon and Beth own 1/13 of a timeshare estate. They own week 20, 21, 40, 41. These
are are inheritable - What type of ownership is this? - (answer)-Fee Simple
Sondra thinks the new business contract she's signed with her business partner is valid.
Both parties are legally competent, the purpose is a business transaction so it's a legal
purpose, an offer was made and accepted, and a fee has been negotiated and
documented. Which essential element of a valid contract has Sondra not yet
considered? - (answer)-Where consent was voluntary.
Which of the following is a tactic used by a predatory lender? - (answer)-Encouraging
Debt
Home Inspector Maura was walking Thad through a property inspection. The frame
house, on slab foundation, had mulch piled about 18 inches next to the house. Why was
Maura noting this as a concern? - (answer)-Mulch next to wood siding may lead to wood
rot.
LaTonya's aunt left her a bungalow on the outskirts of the city. For many years, it was
the place for family holiday gatherings, and LaTonya's sister was even married there.
That's why her family is so upset that she plans to sell the bungalow as soon as she
gets it cleaned out. Which real property right allows her to sell the property? - (answer)-
Disposition
Which of the following statements is true about government loans? - (answer)-They're
insured or guaranteed by a government agency.
When a contractor doesn't provide a specific dates for when the terms needs to be met,
what should the parties assume regarding performance of the contract? - (answer)-
Performance must take place within a "reasonable time."
Which of these is NOT a likely feature of a bridge loan? - (answer)-Amortized loan paid
back over a period of no more than five years.
Prudence just finished paying off the debt on her loan, so the lender released the
property's title to her. What clause in her mortgage stipulates this? - (answer)-
Defeasance
, Christy found a property was for sale by owner and made an offer. The seller accepted
Christy's offer, but neither of them knew how to proceed. LIcensee Zelda helped Christy
complete the necessary purchase documents and walk her through the process. What
kind of agency exists? - (answer)-Implied Agency
Which of these are excluded on a title insurance policy on Martha's property because of
the schedule of exceptions? - (answer)-A verbal lease agreement Martha has with her
neighbor to lease her garage.
Which of these regarding the Brownfield law is true? - (answer)-The Smiths have
discovered chemical contamination on the property deed to them by their late parents.
The Brownfields Law may provide funds to help them clean up the site.
What does the Brownfield Law Provide - (answer)-The Brownfield Law provides direct
funding, typically in the form of grants, to property owners to assist in the assessment
and cleanup of contaminated sites.
Bill is joining his inspector Hank for the inspection of the property he hopes to purchase.
Hank notices that the dirt on the exterior of the home slopes towards the house. He
explains that it should slope away from the home. What problem might this create? -
(answer)-Basement Leaks
Which of these is NOT an example of a group boycott? - (answer)-Sean and the
associated brokers in his firm agree to purchase their marketing materials from a single
supplier so they get a quantity discount.
Gene and Alex bought a property that backed up to a neighborhood park. The previous
owner mentioned that ever since the park was built eight years ago, the next-door
neighbor who works at the park has cut through the yard to get to the park rather than
go around via the streets, which saves about half a mile. What kind of easement is this?
- (answer)-Easement by Prescription
Which of these gurantees is offered by a general warranty deed but not a special
warranty deed? - (answer)-The seller will defend against all claims against the
property's title.
Which of the following can help a licensee avoid being accused of unauthorized practice
of law? - (answer)-Using Approved Fill in the Blank Forms.
Whitney and Justin are about to close on their refinance, and their loan amount is
$362,000. They are paying a 1.5% origination fee. How much will their origination fee
be? - (answer)-$5,430
The assessed value for your buyer' client's new purchase is $209,000. They feel they
got a great deal since they're purchasing the property for $175,000. They've asked you
