問題一覧
1
what specific criteria are required before adverse possession will apply?
The possession must be open, notorious and hostile, and the trespasser must believe that he or she is entitled to the property.
2
Which agency enforces federal fair housing laws?
FHEO
3
What form should be provided to borrowers no fewer than three days prior to closing?
Closing Disclosure
4
Which of the following is an example of a deed restriction?
fence height
5
Kris made an offer on Lincoln’s townhouse. However, Kris offered no earnest money. If Lincoln accepted her offer, would it be binding?
Yes, because the offer to buy is the consideration.
6
In states without full disclosure requirements, whose responsibility is it to review disclosures, ask questions, and obtain a home inspection?
Buyer
7
Jorge is a dual agent. He owes his clients all of the following fiduciary duties except____.
Undivided loyalty
8
Which party’s closing costs might include mortagage insurance?
buyer
9
A late spring snow melt caused a river to swell past it’s bank. The flooding led to many landowners losing portions of their properties. What is the process called that caused this land use?
Avulsion
10
What type of agency exists because of the actions and behavior of the parties?
implied agency
11
The ______ makes it illegal to send unsolicited commercial solicitations via fax without the recipent’s permission or an established relationship.
Junk Fax Prevention Act of 2005
12
The formula for net to seller is sales price x (100%- _____)
commission rate
13
____ is applied whenever real property is sold, and the tax rate varies by state.
Transfer tax
14
the ____ provides the buyer with an approximation of the costs they will likely pay at settlement.
loan estimate
15
which statement is true about a construction mortgage?
the lender is loaning on land, air, and a promise to build.
16
when is a transfer tax payable?
when the deed is recorded
17
Which of the following best describes what an appraisal is?
it’s an opinion of value
18
what’s the term for an addition to a sales agreement form that can be added before it is signed without changing any of the other terms that have already been agreed upon?
addendum
19
Keenan singed a lease agreement that contains a right of first refusal. what does this clause do for Keenan and his landlord?
it gives keenan the option to buy the property he’s leasing before the property is sold to someone else
20
which of the following covers the real estate agency law in Alabama?
RECAD
21
emblements are considered to be _____
personal property
22
which term is used when someone claims someone else’s property by using it for an extended period of time?
adverse possession
23
with which cost approach to value does the appraiser analyze a property’s a ability to earn future income?
income approach
24
the power of the state to claim property when the owner dies without a will and without locatable heirs or creditors is also known as___
escheat