NCSO ACSA EXAM PREP: LATEST KEY QUESTIONS AND
ANSWERS FOR AN A+
mortgage companies
Insurance companies not willing to deal directly with borrowers usually pay a loan
servicing and preparation fee, and make real estate mortgage loans to purchase
indirectly through:
the bundle of rights
the total collection of rights which may be claimed by private ownership is best
described as
constructive notice
the recording of an instrustment gives
Nonconforming use
For the past 30 years, the Stone Family has operated a neighborhood grocery store.
Last week the city council passed a zoning ordinance that prohibits packaged food
sales in the area where the Stone's grocery store is located. The store is now an
example of a/an:
Yes, because of economic obsolescence.
The Rose family owns a home in a semi-rural area which is about five years old.
Recently announced plans for a new regional airport will place their home directly in line
with a main runway that ends one mile before their home. If the airport is constructed,
will this diminish the value of the Rose home?
Disclose the true costs of obtaining credit.
The primary purpose of Truth in Lending is to:
A definite date of expiration
In order to be valid, all exclusive listings must include:
Life estates
Freehold estates include:
Warehousing
, A mortgage company makes a number of loans to be assembled into one package and
sold to permanent investors. This process is an example of interim financing to the
mortgage company, and is called:
Four years
What is the statue of limitations for the submission of consumer complaints to the Texas
Real Estate Commission?
Eminent domain
power of the state to seize a citizen's private property, or seize a citizen's rights in
property (with compensation) but without consent of the owner.
Building code
A set of regulations pertaining to building design, materials, safety, sanitation and
structure.
Personal Property
A bill of sale must be used to transfer:
Sole Ownership
What does severalty mean?
An option period
A contract can still be valid even if it lacks:
Termination date
What must all listing agreements have?
Specific performance
What is a court order requiring all parties to carry out the promises stipulated in a
contract?
A state issued exam
How does the Texas Real Estate Commission determine a license applicant's
competency?
delivered and accepted
A deed is valid only when it is
80%
What percentage of a building's replacement value must be covered by fire insurance
accoriding to typical coinsurance clauses?
ANSWERS FOR AN A+
mortgage companies
Insurance companies not willing to deal directly with borrowers usually pay a loan
servicing and preparation fee, and make real estate mortgage loans to purchase
indirectly through:
the bundle of rights
the total collection of rights which may be claimed by private ownership is best
described as
constructive notice
the recording of an instrustment gives
Nonconforming use
For the past 30 years, the Stone Family has operated a neighborhood grocery store.
Last week the city council passed a zoning ordinance that prohibits packaged food
sales in the area where the Stone's grocery store is located. The store is now an
example of a/an:
Yes, because of economic obsolescence.
The Rose family owns a home in a semi-rural area which is about five years old.
Recently announced plans for a new regional airport will place their home directly in line
with a main runway that ends one mile before their home. If the airport is constructed,
will this diminish the value of the Rose home?
Disclose the true costs of obtaining credit.
The primary purpose of Truth in Lending is to:
A definite date of expiration
In order to be valid, all exclusive listings must include:
Life estates
Freehold estates include:
Warehousing
, A mortgage company makes a number of loans to be assembled into one package and
sold to permanent investors. This process is an example of interim financing to the
mortgage company, and is called:
Four years
What is the statue of limitations for the submission of consumer complaints to the Texas
Real Estate Commission?
Eminent domain
power of the state to seize a citizen's private property, or seize a citizen's rights in
property (with compensation) but without consent of the owner.
Building code
A set of regulations pertaining to building design, materials, safety, sanitation and
structure.
Personal Property
A bill of sale must be used to transfer:
Sole Ownership
What does severalty mean?
An option period
A contract can still be valid even if it lacks:
Termination date
What must all listing agreements have?
Specific performance
What is a court order requiring all parties to carry out the promises stipulated in a
contract?
A state issued exam
How does the Texas Real Estate Commission determine a license applicant's
competency?
delivered and accepted
A deed is valid only when it is
80%
What percentage of a building's replacement value must be covered by fire insurance
accoriding to typical coinsurance clauses?
