NATIONAL PRACTICE 1

16問 • 1年前

問題一覧

It’s January, and the pool at Roger’s listing has been prepped for winter for several weeks. The homeowner assures Roger that it’s in good working order. Roger has no reason to disbelieve the homeowner, so he tells prospective buyers that the pool is fine. The property sells, spring comes, and the new owners call to complain that the pump doesn’t work, and the pool drain appears to be clogged. What did Roger commit?

Unintentional misrepresentation

Office space in a downtown high rise rents annually at $33.40 per square foot. Max’s tenant client is interested in renting two adjacent suites: one is 7,152 s.f., and the second is 3,560 s.f. What’s the monthly rental rate?

$29,815.07

Prior to a certain act's existence, there was no legal protection for women who endured sexual harassment from landlords and sellers when they attempted to obtain housing. What's this act called?

Housing and Community Development Act of 1974

What's the most common indicator of illegal property flipping?

Falsely inflated appraisal

What is an appraisal?

An opinion or estimate of a property’s value as of a specific date

Which of the following is an example of a universal agent?

Conservator

Bo’s real estate ad states: “Custom homes for sale with scenic mountain views. Easy financing and low down payments.” What else must be included in the ad in order for it to comply with TILA?

Nothing

In contract law, undue influence differs from duress in that duress includes ______.

Use or threat of force

Olivia took out a 15-year loan secured with a deed of trust. She worked two jobs in order to pay the loan back and finally made her last payment this month. What happens now

The lender tells the trustee to release the title to Olivia.

While Martha’s paying off her loan, her lender is holding on to something that includes her name, property address, the interest rate on her loan, what the late charge amount would be, and the amount and term of the loan. When her loan is paid off, the lender returns it to Mary, marked paid in full. What is this item?

A promissory note

Select the situation that correctly represents a true conflict of fiduciary duties.

Nikki's seller client has instructed her not to present offers that are less than the listing price. This is a conflict of Nikki's duty of disclosure, which requires her to present all offers, and her duty of obedience.

Generally, what's the common range for loan origination fees?

1% to 3%

Which of these situations might be addressed by a subject to clause or limitations in the deed Jane is using to convey property to Moira?

An easement runs across the property, permitting Jane's neighbors to access the neighborhood boat dock.

New Day Corporation’s application to build a new mixed-income housing development was denied, because the town of Springfield has halted all new development until after city elections. What did Springfield enact?

Moratorium

A property was sold using a general warranty deed. Which one of these statements is true?

The buyer is the grantee.

Your client, a builder, is considering buying three adjacent lots. They each have the same depth: 275 feet. Lot A is 35,750 s.f., Lot B 53,900 s.f., and Lot C is 33,000 s.f. If your client buys all three lots, what total street frontage will he have?

446 feet

real estate PRACTICE

ユーザ名非公開 · 13問 · 2年前

real estate PRACTICE