Test Review

44問 • 1年前

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Which of these federal laws regulates the advertisement of a lender’s credit terms (rates, payments, etc)?

Regulation Z

MOST closed real estate transactions should be reported to the IRS. Required information includes the sellername(s) and social security number(s) and

The sale price

A major difference between freehold and non-freehold estates is that all freehold estates

are indeterminable duration

Legal descriptions using government survey system are not generally used in

The original 13 states

A contract has been drawn which obliges the sellers to convey the title of their land to the buyers, if the buyers come up with $22k on or before Dec 31st. This is called

an option contract

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

The owner withdraws the counteroffer before it is accepted

A minority couple comes to a salesperson looking for a hose. The salesperson has some properties for which the couple could qualify, but avoids showing them. Instead the salesperson only shows properties in low-priced and integrated neighborhoods. This practice is known as

steering

If all other factors are equal, which parking lot would have the highest sales price?

6 story business zoned office building

A seller tells the listing agent that her home was treated to termites for 10 years ago, so there are no termites now. Before listing the property, the agent should

tell the seller to disclose he termite treated ent on the property disclosure

The gross rent multiplier for a single-family home is calculated by dividing the sales price of the property by

its gross monthly rent

A competitive market analysis takes into consideration

square footage of the subject property

A land owner wishes to build a neighborhood grocery store on a busy street in an area zoned for residential use. Which of the following would MOST likely be used to obtain permission for this store?

conditional use permit or zoning variance

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

more variety of loan programs available

A buyer was negotiating the purchase of a house for himself. During a conversation with the seller, the seller agreed o include all kitchen appliances in the sale and this fact was included in the sales contract. In this situation, if the seller takes the appliances with him, what recourse does the buyer have?

The buyer may sue the seller for specific performance

State laws differs on whether a buyer is entitled to know about

A suicide that occurred in the house last year

To be valid, every deed must

be executed by the grantor

At the closing, a seller’s attorney informed her that he would be giving credit to the buyer for certain accrued items. These items represent

Bills related to the real estate that have not been paid as of the time of the closing

Another term for the owner of a property listed with your firm is the

Client

A property owner died, having willed his real property to his two daughters. There is still a chanc that type could lose the land for a variety of reasons, but it cannot be take through

escheat

An easement can be terminated by

merger of titles

In NJ, the realty transfer fee is always

Charged to the seller

Which of the following liens serves as a notice of possible future legal actions against a parcel of real estate?

lis pendens

A borrower has defaulted on the mortage. The mortgage contains an acceleration clause. This permits the lender to

demand immediate payment of the entire note

A real estate salesperson is representing only the buyer in a transaction. Which of the following actions would be a violation of the salesperon’s agency duties to the client?

disclosing the highest price the buyer is willing to pay

A salesperson lists a property with a contract that allows for sub agency and dual agency. The sales person is

an agent to the broker and sub agent to the principal

Under the common law of agency, licensees owe the broker with whom they are associated, all of the following duties EXCEPT

indemnification

A company agrees to lease a property to be used as a gambling casino. State law prohibits gambling. The particular contact would be legally defined as

voidable

A deed restriction is applicable to the activities of

all owners, present and future

All of the following are methods to calculate the reproduction or replacement cost of a building EXCEPT

straight-line method

The FHA functions MOST like

an insurance company

Which restrictive covenant would be considered illegal?

a covenant that restricts selected parcels with a defined subdivision

Salesperson Shelley was at the local coffee shop with some agents from other offices. The subject of commissions came up, and agents began to compare their commission rates. Shelly should

advise her friends this could constitute a violation of the Sherman Antritrust Act

Although states make specific laws governing water rights and the rights in land that borders water, most states generally follow one of the tow basic doctrines regarding water rights. In many states, the common law doctrine of riparian and littoral rights dictates that water rights are automatically conveyed with property. In others, all water rights are controlled by the state under the doctrine of

prior appropriation

An exlcusive right to sell listing obtained by a broker associate belongs to

the employing broker only

An appraiser MUST be licensed or certified to handle Federally related work on residential property valued at more than

$250,000

When is flood insurance required to obtain a loan?

When the property is located in a Flood Hazard Zone

The relationship in which the agent is placed in the position of trust and confidence to the principal is known by the term

fiduciary

If conditions for purchase are included in a deed and these conditions are violated, what is the penalty?

Return of the property to the original owner

Ownership of common stock in a corporation gives

An interest that is classified as personal property

The practice of inducing panic selling in a neighborhood for financial gain is

blockbusting

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

impossibility of performance

A seller mentions to his agent that the previous owners of his property may have dumped hazardous waste on the sit. 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?

Seller

The document used in a real state sale that establishes the legal rights of the buyer and seller is the

purchase contract

which of the following statements about discount points is false?

they are computed as a percentage of the selling price

Real Estate Review

ユーザ名非公開 · 150問 · 1年前