Real Estate National Exam Questions And Correct Answers, 100% Verified Solution

Real Estate National Exam Questions And Correct Answers, 100% Verified Solution How does a creditor who has obtained a judgement get satisfaction against a debtor who will not pay? Writ of Execution The economic characteristics of land are? Scarcity, location, and durability What lease would best suit couples needs who are looking for temporary housing? Month-to-Month lease The land description T3N, R4W Principal Meridian refers to what type of property description? Rectangular survey Crops that require annual planting are generally considered to be? Personal Property A distinguishing characteristic of owning property by land trust is that? The identity of the legal owner is kept confidential A lawsuit for reverse condemnation may be brought by the? Homeowner If conditions for purchase are included in a deed and these conditions are violated, what is the penalty? Return of the property to the original owner When more than one approach to value is applied to a property and different indications of value are produced, how should the final estimate of value be determined? Reconciliation A borrower has defaulted on the mortgage. The mortgage contains an acceleration clause. This permits the lender to? Demand immediate payment of the entire note Too much leverage may result in? Negative cash flow A managing broker can be held responsible for? All real estate activities of salespersons Earnest money should be deposited into a trust account when? In a timely manner Why was the Jones vs Mayer decision of 1968 important? By upholding the Civil Rights Act of 1866 A landlord may refuse to rent to a tenant who? Has ever been convicted of selling illegal drugs The buyer is assuming a mortgage presently on the property in the amount of $110,000. What is the adjustment made at the closing? Credit buyer $110,000, debit seller $110,000 In most states, foreclosed property is sold through? Public auction Depreciation is calculated based on? Cost of the building only A judgement has been properly recorded. Any subsequent purchasers have actually examined the record or not, have been given? Constructive notice An agreement to purchase which has not been closed is? An executory contract An agency agreement between a property owner and a property manager is usually created by? A management agreement Homes built before 1978 require? the buyer to acknowledge disclosure of the presence of any known lead paint What is the first step to take when mold actions are found? Identify and remedy the cause of the problems When a principal authorizes an agent to perform to a particular act or transaction, it is an example of? Specific agency A broker earns his commission when? The seller accepts the offer A benefit of a deed of trust is? Foreclosure is usually simpler and faster The purpose of usary laws is to regulate? Interest rates charged by lenders The FHA functions most like an? Insurance company A loan that requires a borrower to pay interest only until the due date and then to pay the entire principal of the maturity date is called the? Term loan A deed restriction is applicable to the activities of? Present and future owners New sidewalks installed only on one side of the street will probably be paid for by? Special assesement What would be needed to be obtained for permission to build a grocery store in an area zoned residential? Conditional use permit or zoning ordinance. What is used to increase the lenders yield on a real estate loan? Origination fee A competitive market analysis is performed when? Pricing property Contracts made by a minor are? Void What is usary? Collecting more interest than is allowed by law All liens are? Encumbrances Abandoned private property redeemed by local government is an example of ? Escheat According to the law of agency as it relates to a broker? The principal and the client are the same person If a mortgagor defaults on the note? The mortgage becomes due and payable To the owner of land it runs across an easement is? An encumbrance Discount points are charged by the lender to? Lower the interest rate What is the fullest estate a property owner can have? Fee simple absolute A valid contract requires only? Offer, acceptance, and consideration When presenting offers it is best to? Present all offers at the same time The lender in a mortgage relationship is the? Mortgagee If a lessor dies after all parties have signed a lease, the lease is? Unchanged Essential elements for a deed include? Words of conveyance When does a deed convey title to property? When it is accepted What is not covered by the statue of frauds? Listing agreement A mortgage is acknowledged by? Mortgagors Which appraisal method would get the most weight on a single family home? Sales comparison approach What is the largest privately owned secondary market player? FNMA A fully amortized loan means that a loan will be payed off when? In equal monthly installments that pay off the entire balance during the loan term Equitable title is? An interest in real property created by the execution of a valid sales contract. A licensed real estate broker must? disclose all material facts to the principal An agent can advertise a property for sale under the agents own name if? The official name of the agent broker is also in the ad. A land contract? Is a way for a vendor to help a vendee finance the property Under The Truth in Lending Act, the borrower has? 3 business days to change their mind The type of mortgage that allows a borrower to borrow an additional sum is called?