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34問 • 1年前

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Joanna is appraising an apartment complex with five units and off-street parking spaces available for a fee. Which income approach is she using?

Gross income multiplier

Jennifer, an experienced salesperson, hires an unlicensed assistant, Suzanne. Jennifer’s on vacation, and in her absence, Suzanne discussed some contract terms with one of Jennifer’s clients. Who’s responsible for Suzanne’s behavior?

Both Jennifer and her broker are responsible for supervising Suzanne, and both could be disciplined.

Kentucky licensee Giana manages Three Star Realty’s main office. She’s in charge of training and mentoring the firm’s staff. What kind of licensee is she?

Principal broker

Which of these statements about Kentucky’s Consumer Guide to Agency Relationships is true?

The brokerage chooses the model policy that matches its use of designated or dual agency.

The legal description of the project, easements that run with the land, and street and traffic patterns are all under consideration when a local planning board ______.

Reviews a developer's project plat

Appraiser Niles uses ______ to determine a range of values based on comparing a subject property to comparable sales. He makes sure to use some comparables that lack features of his subject property, and others that have even more desirable features, to balance out the comparison.

Bracketing

What are the two categories of comparison when evaluating comparables to a subject property in the market comparison approach?

Elements and units

How many acres is a 5,445,000 square foot parcel of land?

125 acres

A residential property has four units. Each unit is 600 square feet and has one bedroom, a living room, a kitchen, and one bathroom. Two of the units are renting for $700 per month, and the other two rent for $650 per month. Which of these options is an appraiser most likely to use as the contract rent for this property?

$2,700 per room per year

What's usury?

When a loan's interest rate is higher than the maximum allowable rate

Tammy and Reginald bought a house with a gas line easement on the property. An easement like this one placed by the utility company is an example of a ______.

Private land control

A small duplex sold for $550,000. Each unit can gross $2,500 in monthly rent for the owner, and there are no additional income sources from the property. What’s the GRM?

110

Which of the following properties is a REO?

A duplex that a lender has tried to sell by foreclosure and failed

Which of the following tasks in Kentucky requires a real estate license?

Holding earnest money and security deposits

Which loan is a type of gap financing that is used temporarily until the consumer can obtain permanent financing?

Bridge loan

If Dot and her seller client, Ken, have changes to make the KREC Exclusive Right to Sell Agency Contract, what does Kentucky license law require them to do?

Initial, date, and time stamp each change

Which type of roof features a ridge beam or girder that forms the top line of the roof?

Rafter roof

Many market conditions impact housing prices. Which of the following is a true statement?

Reduced consumer confidence makes new buyers wary of purchasing and homeowners hesitant to trade up.

An agent has a signed listing agreement with his clients. In exchange for helping the clients list, market, and sell their home, they have agreed to pay the agent a commission. What type of agreement is being made between the agent and the clients?

Bilateral

What is the benefit of industrial loft conversions to investors?

They offer less risk to investors because they can have mixed-use applications.

An unmarried couple have three young children. A seller's broker refuses to show them a house in a neighborhood where residents tend to be older, and no one else has children. Which protected class status applies?

Familial status

Which of the following actions occurs prior to closing?

The buyer obtains a binder for insurance coverage on the new home.

How long does the borrower have to pay private mortgage insurance?

Until the borrower reaches a 22% equity position

This equation, “Value of land = Anticipated sales of finished lots - development costs,” is a simplified version of one used with the ______ method of land valuation.

Subdivision

A newly constructed home sells for $300,000. The relationship of land to building value in the market is one-to-three. Using the allocation method, we can determine that the site’s value is:

$75,000

Which of these would most likely be an implied contractual condition in a real estate sales contract?

Freedom from fraud and misrepresentation

In non-full-disclosure states, whose responsibility is it to notify sellers of their duty to disclose required items?

Licensee representing the seller

Which type of listing can help a real estate professional determine how quickly a home in a given price range received an accepted offer?

Pending

A land surveyor was called out to survey a property. After doing some research, they located the legal description for the property in question. Now, if they could just find the point of beginning located at the iron pin on the southerly line of state route 117, 30 feet east of the oak tree next to Bear Creek. What type of legal description is the surveyor working with?

Metes and bounds

The Housing and Community Development Act of 1974 added which protected class to federal fair housing law?

Sex

General influencers of property value include all of the following except for which one?

Residential

Which statement is a limitation of the age-life method?

The age-life method assumes that all buildings depreciate on a “straight-line” basis (the exact same amount every year of their economic life).

Chrissy lives in Lake Ridge Estates, a neighborhood in which vinyl siding may not be used on homes. This HOA regulation is what kind of private land control?

CC&R

What can an on-site property manager negotiate with a prospective tenant to have included in the lease agreement to ensure that the tenant is running a profitable business?

A cancellation clause

real estate PRACTICE

ユーザ名非公開 · 13問 · 2年前

real estate PRACTICE