Wrong answers

24問 • 2年前

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Which of the following is a true statement about price ranges in a given market

When studying Price levels, you should look at how they rise or fall within a given price range, and not merely average sales price.

Which of the following benefits affects potential buyers of an auction property

Properties for sale at auction may be sold as is and therefore at a reduced price

Selena was obtaining a conventional loan, and she put $50,000 down as a down payment. Why might her lender also require her to obtain private mortgage insurance

Her down payment of $50,000 isn't at least 20% of the purchase price

Mark is performing a income property appraisal and is converting the properties income potential to current value. He's dividing the sale price of a comparable property by its total gross income. Which method is he using?

GIM

In which section of the report would the appraiser include the subject properties history and its recent sales and listings

Introduction

Which of the following is NOT a purpose of touring a subject property

Determine a list price range

Which of these is NOT a likely features of a bridge loan?

Armorized loan paid back over a period of no more than five years

In the title theory state, which of the following is a true statement?

It's generally much easier for a lender to foreclose on a property

What does “caveat emptor” mean?

Let the buyers beware

Which of the following resources was developed to improve the quality in consistency of appraisal data for loans delivered to the Fannie Mae and Freddie Mac?

Universal Appraisal dataset

Real estate professionals handle many documents related to real estate transactions. Which one of the items listed below is one of the most important in detecting mortgage fraud?

The original sales agreement and any addenda

What type of adjustment will an appraiser make to show an overall effect on market value of a factor such as a change in market condition?

Percentage adjustment

If land is described as “beginning at the great Oak 60 yards from the center of the rock river that runs north to south through the county,” what type of legal description is being used?

metes and bounds

Lenore makes a 95% offer on a townhouse that's listed at $285,000 and includes an earnest money deposit for 10% of her offer, which the seller accepts. She brings to closing a cashiers check for $35,025 comprising the balance of her 20% down payment and closing cost. What's the amount of her total down payment?

$54,150

Which of the following properties would require the fewest adjustments in comparison with a split level subject property that has been well-maintained with limited depreciation due to a normal wear and tear and was built 10 years ago?

Property D is a one-and-a-half-story home built 15 years ago

Steven 114 acres of wooded and rural land. The abundance of wildlife on his property means his friends are always asking for permission to hunt on it during various game season. If Steven gives a friend permission to hunt on his land it can be said that he is given his friend a _______.

License

When a contract has been breached, the wrong party may attempt to sue for punitive damages, which are

Payments in excess of any compensatory damages

Which of these is an example of bulk zoning

Misty Falls restricts building any structure within 15 feet of a roadway

If a private individual owner doesn't own more than three single-family homes at one time, which exemption from the fair housing act could apply?

Single family housing sold or rented without the use of a broker

The town planning and zoning board is considering some new zoning regulations to ensure that one of the neighborhoods maintain its designation on the national register of historic places. What type of zoning are they likely to enact

Aesthetic zoning

Under what circumstances might an appraiser use a 15% adjustment?

When housing prices have dropped by 15%

What rating scale do appraisers used to indicate the quality of workmanship, materials, and finish of the subject property and comparable properties?

A range from Q1 for exceptionally high quality to Q6 for the most basic quality

Chelsea's mother owns several rental properties and intends to keep them to pass on to the family. Chelsea holds a special power of attorney to manage the rental properties, including working with the property manager to place an evict tenants as necessary. Which of these would violate the POA?

Without consulting her mother Chelsea decides to completely refurbish one of the properties

______ is a standardized measure for interest rates and other cost of loan

Annual percentage rate

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