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To which of the following are most of the buyer’s closing costs typically related?

The mortgage loan the buyer’s obtaining

When does a transfer tax become payable?

Upon recording of the deed

Nico is buying a home for $625,000. His earnest money deposit is 8%. He wants to avoid private mortgage insurance (PMI) on his conventional loan, and he owes 5% of the purchase price in closing costs. How much money should he bring to closing?

$106,250

Select the statement that correctly exemplifies the covenant term.

The covenant of quiet enjoyment promises that the grantee won't be disturbed by a title defect the grantor passes on.

Lucas, Ivan, Chad, and Trace own a property as joint tenants. After a few years, Ivan sells his interest to Tom (with permission from Lucas, Chad, and Trace). Chad dies intestate but is survived by a wife, Amy. Trace also then passes away but wills his property to Monique. Who owns the property after Trace’s death?

Lucas and Tom

Which agency enforces Title II under the Americans with Disabilities Act of 1990, when it relates to state and local public housing, housing assistance, and housing referrals?

Department of Housing and Urban Development

The Simpsons are buying the Martins' house for $415,000, and closing is set for March 15. The Martins have a loan balance of $230,000 at a rate of 4.7% and have prepaid property taxes ($2,506) and insurance ($1,400), and they also have mortgage interest to consider. Using a 365-day proration method, calculate the prorated amount the Simpsons will owe the Martins at closing. Assume February has 28 days this year. The sellers own the day of closing.

$1,997.62

Margot and Steve owned several rental properties at the time of their divorce. The divorce decree gave ownership to Margot in return for a cash payment by Steve. Fast forward six years, and Margot is ready to sell the properties. She soon discovers, though, that Steve's name is still on the title. What's her best course of action?

Ask Steve to generate quit-claim deeds on the properties.

Regarding documentation, which of the following actions can help a licensee avoid being accused of unauthorized practice of law?

Using approved fill-in-the-blank forms

Which of the following would be considered personal property?

Free-standing TV

A client is purchasing a small craft shop, including the underlying real estate. The client applies for a commercial loan from a federally insured bank to complete the purchase. Does the Real Estate Settlement Procedures Act cover the client’s transaction?

No; commercial and business loans are exempt from RESPA requirements.

What does a balloon payment represent at the end of a loan term?

It means that some principal remains at the end of the loan term.

Jacob’s family has operated a neighborhood grocery store in the community since before the land was zoned residential. Jacob continues to operate the store legally. What would you call this?

Non-conforming use

Which economic principle is in play when the smallest property's value increases because it's surrounded by higher-value properties?

Progression

Claire rents 1,100 square feet of office space in a new professional building. Her rent payment includes insurance and property taxes, but she pays separately for some operating expenses. What kind of lease does Claire have?

Modified gross lease

A mortgage is a legally binding document that creates a lien on a piece of property and gives the lender the right to foreclose on the property if the borrower defaults. Who or what entity is considered the mortgagee?

Lender

In a residential real estate sale involving a federally related loan, what entity is required to provide Real Estate Settlement Procedures Act disclosures to the consumer?

The consumer’s lender

Jansen and his listing agent just left the closing on Jansen's house. What kind of notice does Jansen, his agent, the buyer, and the buyer's agent have regarding the sale of Jansen's house?

Actual notice

Candace and Phil Tolson listed their home for sale with Trent Richards, the broker for Richards Homes. Sadly, Trent became incapacitated due to a car accident. What's the status of the listing agreement?

The agreement terminates by operation of law.

Carlson presents a real estate purchase contract to his clients. Along with the contract are several supplemental documents attached to it. What are these called?

Addendums

Margie needs to know the square footage for the first floor of the condo her client is interested in buying. The kitchen is 10 feet by 15 feet, the living/dining combo is 20 feet by 25 feet, and the office and bedroom are each 10 feet by 10 feet. What’s the total square footage?

850 square feet

How many acres are in a parcel described as, "The E 1/2 SE 1/4 NE 1/4 Section 3, Township 4 North, Range 2 East of the 6th PM"?

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