問題一覧
1
Federal income tax regulations allow a homeowner to reduce taxable income by amounts paid for
interest and property tax
2
A township contains
36 sections
3
A person who has defaulted in payment of several debts, and a court has ordered his property sold to satisfy them. Which of the following would be considered the prior lien?
Current real estate taxes
4
Which of the following is a lien that does NOT need to be recorded?
Real estate taxes
5
A guarantee that the lender will commit to a certain percentage for the cost of the loan is called
rate lock
6
A tenant’s written, one-year lease expires on May 1. To obtain possession on May 1, the landlord must give the tenant
no notice
7
Which of the following situations will NOT delay closing under the TRID rules?
Escrow amount for taxes and insurance was changed
8
To the seller’s agent, the buyer is properly described as a
Customer
9
A person who has absolute control of a parcel of real estate is said to own a
fee simple
10
A legal description that defines the boundary lines is called
meters and bounds
11
A property owner lets his neighbor store her camper in his yard for a few weeks. He does not charge her rent. He has given the neighbor a(n)
license
12
A couple owns property that the city wants to use to extend the airport runway. The couple refuses to sell. The city may acquire this property by its right of
Eminent domain
13
Whether a salesperson is associated with a broker as an employee or as an independent contractor is important
for income tax purposes
14
When an owner sold her listed home herself, she didn’t owe anyone a commission. The listing she had signed was probably a(n)
exclusive-agency listing
15
A property owner gave the hospital a vacant lot for “as long as it is used for hospital purpose”. The hospital owns a
fee determinable
16
The term depreciation refers to
a loss of value due to any cause
17
Which appraisal approach computes the value of the land separately from the buildings?
Cost
18
A merchant signs a lease for $800/mo or 6% gross sales, whichever is more. In July, gross sale were $14,000. How much is the rent for July?
$840
19
A grantor becomes a lessee, and the grantee becomes the lessor, in a
sale and leaseback
20
Which of the following is considered personal property?
Crops
21
Which of the following is considered dual agency?
Broker acting for both buyer and seller
22
The HUD-1 statement will still be used for a mortage secured by a
reverse mortgage
23
The buyer moves in and pays expenses and loan payments but the seller retains title in a
land contract
24
What is the function of Fannie Mae?
buys FHA loans