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Question And Answers 2024
How does a creditor who has obtained a judgment get satisfaction against a debtor who will not pay? - correct answers ✅Writ of execution. A major difference between freehold and nonfreehold estates is that all freehold estates _________. - correct answers ✅are of indeterminable duration. The economic characteristics of land are - correct answers ✅Scarcity, location, and durability. At the time of harvest, crops that require annual planting are generally considered to be - correct answers ✅Personal Property. A legal easement can be created by any of the following EXCEPT - correct answers ✅merger of titles What type of map is MOST useful for describing the terrain of a very hilly lot? - correct answers ✅contour map. Tenants are still in their rental property even though their lease has expired. The landlord has given them written
Question And Answers 2024
notice to quit and refused to accept rent. They are - correct answers ✅Tenants at sufferance. The real estate contract for a specific property for use as an unlicensed whiskey sales operation was forced to terminate. The termination was the result of - correct answers ✅impossibility of performance. The purpose of requiring an earnest money deposit in a real estate sales contract is to - correct answers ✅provide evidence of the buyer's intention to carry out the contract. When one of the parties to an agreement fails to perform one of its conditions, that contract is deemed to be - correct answers ✅Breached. A will has been drawn up leaving the family homestead to the owners' granddaughter. Once that has been done, the owners may - correct answers ✅make any changes they wish through a codicil or a later will. At the closing on June 15, the buyer is assuming a mortgage presently on the property, on which the monthly interest charge is currently $600. The seller has made the payment due on June 1. Assuming a VA
Question And Answers 2024
Under a land contract for deed, who retains fee ownership of the property? - correct answers ✅Vendor A broker says, while showing a rural property, "This property has the world's purest well water." This would be an example of - correct answers ✅an expression of opinion, or puffing, which could lead to misrepresentation. Errors and Omissions insurance covers the broker for - correct answers ✅unintentional misrepresentations Earnest money should be deposited into a trust account - correct answers ✅in a timely manner, according to state laws. Antitrust laws prohibit competing brokers from all of the following EXCEPT - correct answers ✅receiving compensation from both the buyer and the seller. A single parent of two preschool children makes an application to rent a condo in a development intended for older persons that is 90% occupied by people over the age of 55. In this case, the Federal Fair Housing Act protects the - correct answers ✅condo owner from being
Question And Answers 2024
forced to rent to the family because of the age of over 80% of the occupants of the development. According to the Truth-in-Lending Act, if any "trigger terms" are used in an ad, all of the following disclosures MUST appear in the ad EXCEPT the - correct answers ✅prepayment penalties and rebates. The buyer wants to make the purchase offer contingent on a complex mortgage arrangement. The buyer's agent who is drawing up the contract should - correct answers ✅suggest the buyer ask a lawyer to furnish the wording. An equal housing opportunity notice MUST be - correct answers ✅displayed in the brokerage office. A salesperson qualified a minority couple with two children and defined their price range as between $110,000 and $120,000 for the three-bedroom house they wanted. They asked to look at two listings in a nonminority neighborhood. The salesperson did not show them the properties because they were priced under $90,000 and had only two small bedrooms. Did the salesperson act appropriately and why or why not? - correct answers ✅no, because it is appropriate to show any property for which the buyer is qualified.
Question And Answers 2024
or for 30 years at 6 1/2%. To the nearest cent, what is the difference between the monthly payments for these two loans? (BE SURE TO USE THE AMORTIZATION TABLE.) - correct answers ✅$409. If a borrower can afford to make monthly principal and interest payments of $1,000 and the lender will make a 30-year loan at 5-1/2%, or a 20-year loan at 4-1/2%, what is the largest loan (rounded to the nearest $100) this buyer can afford? (BE SURE TO USE THE AMORTIZATION TABLE.) - correct answers ✅$130, a major reason for buying and owning a condominium rather than a detached single-family home is that - correct answers ✅a condominium tends to be more affordable. Ownership of common stock in a corporation gives - correct answers ✅an interest that is classified as personal property. Too much leverage may result in? - correct answers ✅negative cash flow
Question And Answers 2024
Parcels A, B, and C are located side by side and owned by three different owners. A is worth $20,000, B is worth $27,000, and C is worth $16,000 for a total of $63,000. A developer believes that if all three can be purchased, the larger parcel would be worth $85,000. By assembling these under one owner they would be worth $22, more than their individual values. This demonstrates which principle of value? - correct answers ✅Plottage. Which rule-of-thumb version is being offered to an investor who is told that a house renting for $900 a month should sell for about $90,000? - correct answers ✅GRM Which of the following approaches MOST reliably estimates the sales price of a single-family residence? - correct answers ✅Market Data. If all other factors are equal, in which location is a parking lot likely to bring the highest sales price? - correct answers ✅Business district zoned for a six-story office building. An appraiser MUST be licensed or certified to handle Federally related work on residential property valued at more than - correct answers ✅$250,000.
Question And Answers 2024
The principal difference between zoning and planning as they relate to land use control is that zoning - correct answers ✅is a legal implementation while planning is a process. A lawsuit for inverse condemnation may be brought by - correct answers ✅a homeowner. The purpose of laws that provide for property to escheat to the state or county when a landowner dies with no will and no heirs is to - correct answers ✅prevent property from being ownerless. Although states make specific laws governing water rights and the rights in land that borders water, most states generally follow one of two basic doctrines regarding water rights. Either riparian and littoral rights are automatically conveyed with property, or all water rights are controlled by the state under the doctrine of prior appropriation. The doctrine of prior appropriation is MOST likely to be followed in states where - correct answers ✅prior appropriation. A borrower has defaulted on the mortgage. The mortgage contains an acceleration clause. This permits the lender
Question And Answers 2024
to - correct answers ✅demand immediate payment of the entire note. Which of the following statements about discount points is false? - correct answers ✅They are computed as a percentage of the selling price. In helping a buyer to select a lender, if the buyer believes he has good credit and his income is documentable as a salary and by tax returns, the licensee might recommend a mortgage banker, instead of a mortgage broker, for all of the following reasons EXCEPT - correct answers ✅more variety of loan programs available. An adjustable rate loan should include all of the following elements EXCEPT - correct answers ✅negative amortization. Usury laws were enacted to protect the - correct answers ✅borrower When is flood insurance REQUIRED in order to obtain a loan? - correct answers ✅When the property is located in a flood hazard zone.
Question And Answers 2024
A broker supplies the financing for a project to build condominiums with the stipulation that he has the exclusive right to sell the completed condos. Which of the following BEST describes this relationship? - correct answers ✅Agency coupled with an interest. A broker lists a property, with a listing contract allowing subagency and dual agency. One of the broker's salespersons shows the property. The salesperson would be classified as - correct answers ✅a subjacent of the seller. An agency relationship between a property owner and a property manager is usually created by - correct answers ✅a management agreement. A realty firm has just entered into an agreement to represent a home builder in the sale of a new subdivision. The firm has located several potential buyers and five homes have been sold to purchasers that the firm's agents have contacted. The realty firm has an agency relationship with - correct answers ✅the builder. A broker has brought a ready, willing, and able buyer to a seller. In MOST listing contracts, the broker has earned his commission when - correct answers ✅the seller accepts the offer.
Question And Answers 2024
A seller mentions to his agent that the previous owners of his property may have dumped hazardous waste on the site. Under the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), who is liable for damages from the dumping prior to the sale of the property? - correct answers ✅Seller. A seller tells the listing agent that her home was treated for termites 10 years ago, so there are no termites now. Before listing the property, the agent should - correct answers ✅Tell the seller to disclose the termite treatment on the property disclosure. Without checking the facts, a broker who is the seller's agent tells a buyer that the property taxes in a particular neighborhood are among the lowest in the area. The buyer relies on the broker's statement and makes an offer on a house in the neighborhood. Before closing, it is determined that the taxes are actually among the highest in the area. The buyer could seek to rescind the contract on the basis of - correct answers ✅misrepresentation. The real estate broker who is listing a house for sale should personally verify - correct answers ✅the number of sq feet in the building.
Question And Answers 2024
The document used in a real estate sale that establishes the legal rights of the buyer and seller is the - correct answers ✅purchase contract. A company agrees to lease a property to be used as a gambling casino. State laws prohibit gambling. This particular contract would be legally defined as - correct answers ✅void. A prospective buyer made an offer to purchase a property. The owner responded with a counteroffer. While the buyer was reviewing the counteroffer, the owner received a better offer. The owner can accept the second offer if - correct answers ✅the owner withdraws the counteroffer before it is accepted. A couple signed a lease on an apartment for a period of 1 year. The lease does NOT contain an automatic renewal clause. The couple plans to move out at the end of the lease rather than renew it. How much notice MUSt they give to comply with the lease term? - correct answers ✅no notice is required. A contract has been drawn which obliges the sellers to convey title to their land to the buyers if the buyers come up with $22,000 on or before December 31st. This is called - correct answers ✅an option contract.
