______ is a process in which an appraiser determines a probable range of values for a
property by comparing a group of comparable sales to the subject. The appraiser
attempts to include both superior and inferior units of comparison, such as age,
transaction price, etc. - Answer -bracketing
.a ___ is an example of a limited agent - Answer -escrow officer
.A $400,000 property depreciated in value by 2%. What's its new value? - Answer -
392,000
.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. If $1,145.83 is interest, how much is applied to
principal? - Answer -896.88
.A fee a lender charges for processing a loan is called _______. - Answer -loan
origination fee
.A negotiable instrument must contain an order to pay or a ________. - Answer -
promise to pay
.A property appraised for $257,000 and the buyer paid $249,000. Which value will a
lender use when determining the loan-to-value ratio? - Answer -249,000
.A property owner's right to access ponds, lakes, oceans, and other closed bodies of
water bordering the owner's land is called ______ rights. - Answer -littoral
.A seller you're working with still owes $50,000 on his mortgage but wants to net
$20,000 after the mortgage and 7% commission are paid. What is the minimum for
which the house must sell? - Answer -$75,269
.According to Article 13 of the NAR Code of Ethics, you should recommend that legal
counsel be consulted when _______. - Answer -It's in the best interest of any party in
the transaction
.Agatha helped her client Rufus complete the ______, which documents Rufus's
purchase offer to the seller for the property he is interested in buying. - Answer -sales
contract
.An environmental impact statement is most likely needed in which one of the following
situations? - Answer -Proposed construction from a federally funded agency
, .Any compensation paid to a licensee must be ______ by the licensee's supervising
broker. - Answer -Paid
.Appraiser Niles uses ______ to determine a range of values based on comparing a
subject property to comparable sales. He makes sure to use some comparables that
lack features of his subject property, and others that have even more desirable features,
to balance out the comparison. - Answer -bracketing
.Aside from price, which of the following is a legitimate reason to counter an offer? -
Answer -The closing date is unacceptable to one party.
.Benji is a buyer's agent, and he'll receive a split of the commission paid from the sale of
Harriet's listing. The property sold for $425,000. The total commission paid from the sale
is 6%, split evenly between the buyer and seller brokerages. Benji has an agreement
with his broker that he earns 80% of the commission received. How much will Benji be
paid from this sale? - Answer -10,200
.Bob and Mary are financing $80,500 for a new home. Their lender will approve an
interest rate of 6.5% if Bob and Mary pay three-and-a-half discount points at closing.
How much is this? - Answer -$2,817.50
.Brokerage firms have multiple ways to manage risk, including transferring, avoiding,
and minimizing it. Which of the following is an example of transferring risk? - Answer -
insuring the property against fire flood and other perils
.brownsfield - Answer -An abandoned or unused commercial or industrial site with
suspected contaminants
.Built-to-Last Construction, Inc., entered into a contract to build a new home for Jane
and Dick Monahan. The contract specified that the home must be completed by June 1.
Built-to-Last Construction finished the home on May 28. What's this an example of? -
Answer -performance
.Carson is purchasing a $600,000 property by obtaining an 80/20 loan. How much is
Carson financing? - Answer -$480,000
.Chance and Lucky have an option agreement between them in which no consideration
is provided. Is this enforceable? - Answer -no
.Diego represents Matt in the purchase of a house. Kitty represents the seller, Tyler.
Which of the following statements accurately reflects the fiduciary duties owed? -
Answer -diego owes tyler the duty of disclosure
.Ella, a listing agent, accidentally discriminated on the basis of familial status when she
used which statement in her advertisement? - Answer -"Families will love it here!"
property by comparing a group of comparable sales to the subject. The appraiser
attempts to include both superior and inferior units of comparison, such as age,
transaction price, etc. - Answer -bracketing
.a ___ is an example of a limited agent - Answer -escrow officer
.A $400,000 property depreciated in value by 2%. What's its new value? - Answer -
392,000
.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. If $1,145.83 is interest, how much is applied to
principal? - Answer -896.88
.A fee a lender charges for processing a loan is called _______. - Answer -loan
origination fee
.A negotiable instrument must contain an order to pay or a ________. - Answer -
promise to pay
.A property appraised for $257,000 and the buyer paid $249,000. Which value will a
lender use when determining the loan-to-value ratio? - Answer -249,000
.A property owner's right to access ponds, lakes, oceans, and other closed bodies of
water bordering the owner's land is called ______ rights. - Answer -littoral
.A seller you're working with still owes $50,000 on his mortgage but wants to net
$20,000 after the mortgage and 7% commission are paid. What is the minimum for
which the house must sell? - Answer -$75,269
.According to Article 13 of the NAR Code of Ethics, you should recommend that legal
counsel be consulted when _______. - Answer -It's in the best interest of any party in
the transaction
.Agatha helped her client Rufus complete the ______, which documents Rufus's
purchase offer to the seller for the property he is interested in buying. - Answer -sales
contract
.An environmental impact statement is most likely needed in which one of the following
situations? - Answer -Proposed construction from a federally funded agency
, .Any compensation paid to a licensee must be ______ by the licensee's supervising
broker. - Answer -Paid
.Appraiser Niles uses ______ to determine a range of values based on comparing a
subject property to comparable sales. He makes sure to use some comparables that
lack features of his subject property, and others that have even more desirable features,
to balance out the comparison. - Answer -bracketing
.Aside from price, which of the following is a legitimate reason to counter an offer? -
Answer -The closing date is unacceptable to one party.
.Benji is a buyer's agent, and he'll receive a split of the commission paid from the sale of
Harriet's listing. The property sold for $425,000. The total commission paid from the sale
is 6%, split evenly between the buyer and seller brokerages. Benji has an agreement
with his broker that he earns 80% of the commission received. How much will Benji be
paid from this sale? - Answer -10,200
.Bob and Mary are financing $80,500 for a new home. Their lender will approve an
interest rate of 6.5% if Bob and Mary pay three-and-a-half discount points at closing.
How much is this? - Answer -$2,817.50
.Brokerage firms have multiple ways to manage risk, including transferring, avoiding,
and minimizing it. Which of the following is an example of transferring risk? - Answer -
insuring the property against fire flood and other perils
.brownsfield - Answer -An abandoned or unused commercial or industrial site with
suspected contaminants
.Built-to-Last Construction, Inc., entered into a contract to build a new home for Jane
and Dick Monahan. The contract specified that the home must be completed by June 1.
Built-to-Last Construction finished the home on May 28. What's this an example of? -
Answer -performance
.Carson is purchasing a $600,000 property by obtaining an 80/20 loan. How much is
Carson financing? - Answer -$480,000
.Chance and Lucky have an option agreement between them in which no consideration
is provided. Is this enforceable? - Answer -no
.Diego represents Matt in the purchase of a house. Kitty represents the seller, Tyler.
Which of the following statements accurately reflects the fiduciary duties owed? -
Answer -diego owes tyler the duty of disclosure
.Ella, a listing agent, accidentally discriminated on the basis of familial status when she
used which statement in her advertisement? - Answer -"Families will love it here!"
