RIAR Sales Pre-License Course Terms Questions With
Accurate Solutions.
probate - accurate answers-A legal process by which a court determines who
will inherit a decedent's property and what the estate's assets are.
procuring cause - accurate answers-The effort that brings about the desired
result. Under an open listing, the real estate professional who is the procuring
cause of the sale receives the commission.
profit - accurate answers-Making a gain from an investment after subtracting
expenses.
profit and loss statement - accurate answers-A general financial picture based
on the monthly cash flow reports; does not include itemized information.
progression - accurate answers-An appraisal principle that the value of a
lesser-quality property is favorably affected by the presence of a better-
quality property.
promissory note - accurate answers-A financing instrument that states the
terms of the underlying obligation, is signed by its maker, and is negotiable
(transferable to a third party).
property inspection waiver - accurate answers-An option to waive an
appraisal for an eligible loan purchased by Fannie Mae.
property manager - accurate answers-Someone who manages real estate for
another person for compensation. Duties include collecting rents, maintaining
the property, and keeping up all accounting.
property reports - accurate answers-The mandatory federal and state
documents compiled by subdividers and developers to provide potential
purchasers with facts about a property prior to a purchase.
proprietary lease - accurate answers-A lease given by the corporation that
owns a cooperative apartment building to a shareholder who has the right as
a tenant to an individual unit.
,prorations - accurate answers-Expenses, either prepaid or paid in arrears,
that are divided or distributed between the buyer and the seller at the closing.
protected class - accurate answers-Any group of people designated as such by
the Department of Housing and Urban Development (HUD) in consideration of
federal civil rights legislation.
public ownership - accurate answers-Government-owned property.
puffing - accurate answers-Exaggerated or superlative comments or opinions.
pur autre vie - accurate answers-"For the life of another." A life estate pur
autre vie is a life estate that is measured by the life of a person or persons
other than the grantee.
purchase money mortgage - accurate answers-A note secured by a mortgage
or deed of trust given by a buyer, as borrower, to a seller, as lender, as part of
the purchase price of the real estate.
purchase option - accurate answers-The right given by a lease to the tenant to
purchase the property at a predetermined price within a certain period,
possibly the lease term.
pyramiding - accurate answers-The process of acquiring additional property
by refinancing property already owned and investing the loan proceeds in
additional properties.
quiet title - accurate answers-A court action to remove a cloud on the title.
quitclaim deed - accurate answers-A conveyance that transfers whatever
interest the grantor has in the specified real estate, without warranties or
obligations.
quotient - accurate answers-The number resulting from dividing one number
by another.
radon - accurate answers-A naturally occurring gas that is suspected of
causing lung cancer.
, range - accurate answers-A strip of land six miles wide, extending north and
south and numbered east and west according to its distance from the
principal meridian in the rectangular (government) survey system of legal
description.
rate cap - accurate answers-The limit on the amount the interest rate can be
increased at each adjustment period in an adjustable rate loan.
ratification - accurate answers-Method of creating an agency relationship in
which the principal accepts the conduct of someone who acted without prior
authorization as the principal's agent.
ready, willing, and able buyer - accurate answers-Person who is prepared to
buy property on the seller's terms and is ready to take positive steps to
consummate the transaction.
real estate - accurate answers-Land; a portion of the earth's surface extending
downward to the center of the earth and upward infinitely into space,
including all things permanently attached to it, whether naturally or
artificially.
real estate broker - accurate answers-A person licensed to arrange the buying,
selling, leasing, or exchange of real property for a fee.
real estate investment trust (REIT) - accurate answers-Trust ownership of
real estate by a group of individuals who purchase certificates of ownership in
the trust, which in turn invests the money in real property and distributes the
profits back to the investors free of corporate income tax.
real estate license law - accurate answers-State law enacted to protect the
public from fraud, dishonesty, and incompetence on the part of those they hire
to represent them in the purchase and sale of real estate.
real estate licensee - accurate answers-In real estate practice, a person who
has the skills and knowledge to be licensed as a real estate broker or
salesperson.
Accurate Solutions.
probate - accurate answers-A legal process by which a court determines who
will inherit a decedent's property and what the estate's assets are.
procuring cause - accurate answers-The effort that brings about the desired
result. Under an open listing, the real estate professional who is the procuring
cause of the sale receives the commission.
profit - accurate answers-Making a gain from an investment after subtracting
expenses.
profit and loss statement - accurate answers-A general financial picture based
on the monthly cash flow reports; does not include itemized information.
progression - accurate answers-An appraisal principle that the value of a
lesser-quality property is favorably affected by the presence of a better-
quality property.
promissory note - accurate answers-A financing instrument that states the
terms of the underlying obligation, is signed by its maker, and is negotiable
(transferable to a third party).
property inspection waiver - accurate answers-An option to waive an
appraisal for an eligible loan purchased by Fannie Mae.
property manager - accurate answers-Someone who manages real estate for
another person for compensation. Duties include collecting rents, maintaining
the property, and keeping up all accounting.
property reports - accurate answers-The mandatory federal and state
documents compiled by subdividers and developers to provide potential
purchasers with facts about a property prior to a purchase.
proprietary lease - accurate answers-A lease given by the corporation that
owns a cooperative apartment building to a shareholder who has the right as
a tenant to an individual unit.
,prorations - accurate answers-Expenses, either prepaid or paid in arrears,
that are divided or distributed between the buyer and the seller at the closing.
protected class - accurate answers-Any group of people designated as such by
the Department of Housing and Urban Development (HUD) in consideration of
federal civil rights legislation.
public ownership - accurate answers-Government-owned property.
puffing - accurate answers-Exaggerated or superlative comments or opinions.
pur autre vie - accurate answers-"For the life of another." A life estate pur
autre vie is a life estate that is measured by the life of a person or persons
other than the grantee.
purchase money mortgage - accurate answers-A note secured by a mortgage
or deed of trust given by a buyer, as borrower, to a seller, as lender, as part of
the purchase price of the real estate.
purchase option - accurate answers-The right given by a lease to the tenant to
purchase the property at a predetermined price within a certain period,
possibly the lease term.
pyramiding - accurate answers-The process of acquiring additional property
by refinancing property already owned and investing the loan proceeds in
additional properties.
quiet title - accurate answers-A court action to remove a cloud on the title.
quitclaim deed - accurate answers-A conveyance that transfers whatever
interest the grantor has in the specified real estate, without warranties or
obligations.
quotient - accurate answers-The number resulting from dividing one number
by another.
radon - accurate answers-A naturally occurring gas that is suspected of
causing lung cancer.
, range - accurate answers-A strip of land six miles wide, extending north and
south and numbered east and west according to its distance from the
principal meridian in the rectangular (government) survey system of legal
description.
rate cap - accurate answers-The limit on the amount the interest rate can be
increased at each adjustment period in an adjustable rate loan.
ratification - accurate answers-Method of creating an agency relationship in
which the principal accepts the conduct of someone who acted without prior
authorization as the principal's agent.
ready, willing, and able buyer - accurate answers-Person who is prepared to
buy property on the seller's terms and is ready to take positive steps to
consummate the transaction.
real estate - accurate answers-Land; a portion of the earth's surface extending
downward to the center of the earth and upward infinitely into space,
including all things permanently attached to it, whether naturally or
artificially.
real estate broker - accurate answers-A person licensed to arrange the buying,
selling, leasing, or exchange of real property for a fee.
real estate investment trust (REIT) - accurate answers-Trust ownership of
real estate by a group of individuals who purchase certificates of ownership in
the trust, which in turn invests the money in real property and distributes the
profits back to the investors free of corporate income tax.
real estate license law - accurate answers-State law enacted to protect the
public from fraud, dishonesty, and incompetence on the part of those they hire
to represent them in the purchase and sale of real estate.
real estate licensee - accurate answers-In real estate practice, a person who
has the skills and knowledge to be licensed as a real estate broker or
salesperson.
