NATIONAL STUDY

23問 • 1年前

問題一覧

A property manager needs to pay for some routine maintenance to one of the units in her apartment complex. Which bank account should she use?

The operating account for that specific apartment complex

Why do many property managers have separate operating and trust accounts?

It prevents the misuse of tenant funds for operating expenses.

An investor wants to purchase a property that's subject to an existing lease agreement, which includes the tenant's right to renew the lease. What is the investor's obligation, if any, to uphold the terms of the lease agreement?

He must honor that right and allow the tenant to renew at the end of the term.

Brynn’s listing agent told potential buyers that all offers on Brynn’s property would be considered at 5 p.m. on May 3. By that date and time, four offers had been made. The persons making these offers are the ______.

Offerors

Landlords must abide by all fair housing, civil rights, and ADA regulations as well as comply with all state and federal landlord-tenant legislation. What responsibility does the property manager have related to this?

The property manager, as the landlord's general agent, is responsible for upholding all the laws and regulations required of the landlord.

What type of arrangement allows the buyer to retain title to the property, but places a security interest in the property on behalf of the seller?

Purchase money mortgage

Rennie owns a 240-foot by 130-foot lot. How do you calculate the perimeter?

Add two times the length to two times the width.

The MARIA acronym helps to identify the five tests of a fixture. Which of the following tests refers to how and whether the item is attached to the property

Method of annexation

A homeowner's credit card company sued them in civil court for nonpayment. There was a judgment against them, and so now the homeowner has to sell their classic car and their primary residence to pay the credit card company. What type of lien did the company have?

General

A parcel of land measures one half mile by 3,000 feet. If price per acre is $4,200, what’s the list price for this parcel? Round to 10ths of an acre for your calculation.

$763,560

Rhonda hasn’t paid her HOA dues in two years. Her attorney recently informed her that her state grants HOA-related liens a super lien status. What does this mean?

The HOA lien takes priority over all other liens

Which of these is the best definition of real estate?

Land, plus all things permanently attached to it naturally or artificially

Widget Corporation just bought land on which it plans to build a new manufacturing facility. How is the land owned?

It’s owned as an estate in severalty

Which of these areas would be included in the livable area calculation?

A pool house connected to the house by a hallway

Which ownership type is defined by four unities: time, title, interest, and possession?

Joint tenancy

What are improvements with regard to property?

Artificial attachments to land that include items such as fencing, buildings, and walkways

Which of the following would be considered a foreign person according to FIRPTA?

A company incorporated in France with regional development offices in the U.S

Jane is selling her home to Micah. What must occur for Jane to effect a transfer of title to Micah?

Jane must deliver the deed to Micah.

When a buyer finances a newly built home with a Federal Housing Administration loan, what does the FHA require the builder to do?

Purchase a third-party home warranty to protect the buyer

Murphey's farm has been in his family for generations, since his great-great-great-grandfather received it as a land grant in 1862. What’s the beginning point of this property's chain of title?

Murphey, the current owner

Which document is used to give a buyer an overview of the title history and information about what is or isn't covered in a title insurance policy?

Preliminary report

Quad City National Bank has several REO properties on its books. Why does the bank own these properties?

The properties went through the foreclosure process and didn’t sell at auction.

Lawrence is a buyer closing on a home purchase for which he's obtaining financing. He receives a Loan Estimate from his lender. What's one purpose of this document?

To provide the estimated closing costs for Lawrence's loan

real estate PRACTICE

ユーザ名非公開 · 13問 · 2年前

real estate PRACTICE