Northern Arizona University

Test Bank for Fundamentals of Investing, 14e Scott B. Smart, Chad J Zutter

In a listing agreement, the seller would be the.. - correct answer Employer The annual gross multiplier is calculated by - correct answer Dividing the price paid by the annual gross income A Real Estate broker is normally what type of agent - correct answer Special Agent Who does a salesperson represent - correct answer Employing Broker A salespersons right to compensation is based on - correct answer Having a valid license What is not required for a listing contract to ...

When a deed in lieu of foreclosure is given to a lender, which of the following is true? - correct answer Time and cost are less B buys land from W using a deed of trust as security for the carryback. B makes all the payments except the final three and is now in default. W does nothing and decides not to foreclose until later. By doing this W is exercising his right of: - correct answer Forbearance A commercial building is sold in a foreclosure for $100,000 less than the balance due th...

A 3.45-acre lot sells for 50 cents per square foot. What is the selling price? - correct answer $75,141 A blind ad refers to an ad that - correct answer gives no indication that the property is listed with a broker A borrower is required to put 10% down for the purchase of a property. The 10% down would be considered - correct answer Equity A broker, acting as a property manager, would be what type of agent? - correct answer General A buyer pays 20% down and obtains a real es...

Attachments are generally considered_____and can be either____or____ - correct answer real property, natural, or man made What are five test to determine what is or is not a fixture? - correct answer M.A.R.I.A. Method of Attachment, Agreement, Relationship, Intent, Adaptability Property ownership is what two basic systems? - correct answer Feudal and Allodial All real estate is owned by the king and there are no heirs. - correct answer Feudal System The system of land ownersh...

Wetlands = - correct answer Police Power Confidentiality = - correct answer Loyalty and last forever Brownfields = - correct answer Land with hazardous substance Friable = - correct answer Asbestos Compensatory Damages - correct answer Actual damage Type 2 water rights can be.... - correct answer Sold with the land Sub division - correct answer 6 or more lots less than 36 acres Nominee - correct answer To remain anonymous in a contract Future Lien possibly...

Salesperson is working for a principal, but the salesperson exceeds authority in agreement. Principal does nothing to correct the actions, and the public is led to believe the actions were okay. Agency? - correct answer Estoppel Amount stated in a purchase contract in case the buyer breaches is called: - correct answer Liquidated In a sublease with a positive leasehold who benefits from excess rent? - correct answer Sub-lessor Property taxes are 1,525. 1st half paid by seller clos...

A grantor conveyed a vacant one acre tract of land to a grantee. The grantee receives: - correct answer 43560 sq feet Fee simple title to a designated unit of air space with a percentage ownership of common elements in the property is called: - correct answer Condominum When a woman has an interest in land that will continue as long as she lives, she has: - correct answer Life Estate Tom and Sally are not married, but own a rental property together. Because they also have a right ...

What is included in a "Bundle of Rights"? (allodial system of ownership) - correct answer 1. Possession 2. Use 3. Encumbrance (loan against) 4. Expulsion (exclude others) 5. Transfer Corporeal - correct answer Land and Tenements (buildings) Incorporeal - correct answer Rights and Relationships Hereditaments - correct answer Any property that can be inherited Fixtures - correct answer Item of personal property that because of it's attachment becomes real property MAR...

The sale of personal property would include: - correct answer Bill of sale What governmental right requires compensation to private property owners? - correct answer Eminent domain If property is obtained by the state after a person dies, this is called: - correct answer Escheat Transfer of real property requires a: - correct answer Deed This is an economic characteristic of real property: - correct answer Frozen asset A promissory note is considered: - correct answer ...