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22問 • 1年前

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Which one of these statements accurately represents one of the required elements in a deed?

The deed includes an act of conveyance.

A contractor discloses their right to place a lien on the properties where they work in the event of non-payment. What type of lien is this?

Mechanic's

The Perfect Home brokerage firm was found guilty of running deceptive ads. The Federal Trade Commission might require all of the following EXCEPT ______.

Letters of apology to all affected consumers

Everything in your office is potentially at risk from thieves and other criminals. Because of this, what should you never do?

Leave clients unattended in the office.

Which type of agent is an escrow officer?

Limited agent

Which of these is what a buyer has paid for a property and what the seller has accepted?

Price

A buyer anticipates a house payment of $1,000 per month, with monthly homeowner association fees of $150. The buyer also has a car payment of $400 per month. If the buyer earns a monthly gross income of $5,000, what's the housing ratio?

23%

Gabi owns one parcel measuring one square mile and another parcel measuring one mile by a half mile. She combined the parcels and sold them for $2.5 million. What price per acre did she receive for the land?

$2,604.17

Gerald practices real estate in a state that recognizes sub-agency. Which of the following statements is true of Gerald's authority to appoint a sub-agent?

He must receive the principal's permission in writing to appoint a sub-agent.

Which amendment to CERCLA says that “innocent landowners” aren’t responsible for the cleanup of hazardous contamination?

Superfunds Amendments and Reauthorization Act

Conrad just closed on the house he’s buying to fix up. Why should he follow up to be sure the deed has been recorded?

Recording provides constructive notice that he owns the property.

A property manager is preparing a report pursuant to the terms of a property management agreement. This report shows actual results from operating the property versus what had been projected. What report is he preparing?

Budget comparison statement

At what point must a listing agent disclose material facts to all parties involved in the transaction?

As soon as possible

Two parties have agreed to a transaction in which the seller will finance part of the purchase price for the buyer. The buyer will make payments to the seller while the seller retains the property title. What is this an example of?

A land contract

Homestead Realty had a listing agreement with Gertrude. The listing expired, and Gertrude moved the listing to another firm. Another licensee at Homestead Realty has a buyer client who's interested in Gertrude's property. What restrictions are in place for Homestead Realty?

Homestead may represent the buyer, must disclose material facts about the property, and must maintain Gertrude’s confidentiality.

Upon examination of his mortgage document, Jared finds a clause stating he will owe additional interest if he pays off his loan within one year of the loan origination date. What type of penalty does this describe?

Prepayment

Phoebe’s gross monthly income is $4,200, and she has $360 in monthly non-housing debt payments. The lender’s qualifying ratios are 28% for the housing ratio and 36% for the total DTI ratio. What’s the maximum housing payment she can afford?

$1,152

The Nettles have accepted the Briars’ purchase offer, and both parties have signed the sales contract. The funds, and the title, should transfer in a matter of days, but otherwise all elements and terms of the contract have been met. What type of contract do the Nettles and the Briars have?

Executory

How many acres are in a parcel described as, "The NE 1/4 SW 1/4 Section 3, Township 4S, Range 2W of the 6th PM"?

The Richards family farm is located on a 10-acre parcel of land, which is very rare in their area. However, the house is rundown and in need of many repairs. Most buyers in the area are looking for a move-in-ready home, which means they would need to either look elsewhere or wait several months for the home to be renovated. Which factor is most negatively impacting the value of the Richards’ property?

Demand

Local authorities lack police power over which of the following?

the federal government construction projects

Which of the following situations may result in inverse condemnation?

Property values decrease because adjacent property was rezoned.

real estate PRACTICE

ユーザ名非公開 · 13問 · 2年前

real estate PRACTICE