National Real Estate Exam Old Version.

National Real Estate Exam Old Version.Olivia took out a 15-year loan secured with a deed of trust. She worked two jobs in order to pay the loan back and finally made her last payment this month. What happens now? -utah Because the property deed was held by a third-party trustee instead of the lender, the trustee grants a reconveyance deed to Olivia. Warren signed a contract with the Samsons for the sale of property he didn't own. What type of contract is this? -utah A party can't promise to do something impossible in a contract. Doing so makes the contract void. Which amendment to CERCLA says that "innocent landowners" aren't responsible for clean-up of hazardous contamination? -utah The Superfund Amendments and Reauthorization Act, or SARA, says that innocent landowners aren't responsible for clean-up of hazardous contamination. With the cost approach to value, what is the replacement cost? -utah The replacement cost reflects the cost to build a functionally equivalent improvement, as opposed to the reproduction cost, which is the cost to build an exact replica of the subject, with the same materials and deficiencies. Antje's clients closed on their property yesterday, but Antje still has some paperwork that she needs to deliver to them as soon as possible. Under which fiduciary duty is Antje acting? -utah The duty of accounting may continue even after the transaction closes. The agent must account for any documents or money belonging to the client until it is delivered to the appropriate party. When real estate licensee Brian discovered that Arnold was using a 'Choose Your Neighbor' letter to market a property without also listing the property in the MLS, in the local paper, or even putting a for sale sign in the yard, what charge could he bring against Arnold to the National Association of REALTORS®? -utah REALTOR® Brian could charge Arnold with violating Article 10 of the Code of Ethics, which prohibits REALTORS® from agreeing to discriminate against people belonging to a protected class. What is estate at sufferance? -utah Estate at sufferance is when a tenant remains on the property after the lawful authority has expired (a holdover tenant), after which the landlord may evict. Which entity typically enforces the code restrictions and licensing and insurance requirements for contractors, thereby enforcing the building code? -utah While builders and developers self-regulate to some degree, they're not responsible for enforcing the building code. This is the local building department's responsibility.