What is the final step in the appraisal process, the time when the appraiser arrives at a final estimate of market value for the subject property?

A recent appraisal indicates a current value of $275,000. The owner purchased the property for $150,000 and still owes $125,000 on the first mortgage loan and $35,000 in a home equity loan. What is the current equity in the property?

After closing a loan for a first mortgage, the lender immediately filed a notice in the local recording office in order to provide:

A listing agent researched recently sold homes in the area and compared those prices to the prices of home that did not sell. The listing agent summarized these finding in

What hazardous substance is an odorless, colorless gas that can cause death within hours of inhalation?

In estimating the value of real estate using the cost approach, the appraiser should

The co-owners of a parcel of vacant commercial property have executed three open listing agreements with three different area brokers. All three brokers want to place For Sale signs on the property. Under these circumstances,

A broker obtained a listing agreement to act as the agent in the sale of the seller’s house. A buyer has been found for the property, and all the agreements have been signed. As an agent for the seller, the broker is responsible for the buyer’s

A seller does not want to recite the actual consideration that was paid for the house in the deed. In this situation,

Which of the following real estate documents is LEAST likely to be recorded?

The owner of a large apartment building decided to alter the type of occupancy in the building from rental to condominium status. After checking the applicable laws, the owner discovered that in connection with the change to condominium status, he must initially offer to sell each unit to the tenant who currently occupies the unit. If the tenant rejects the offer, the owner may then offer the unit for sale to the public. The requirement that the owner offer the property to the tenant in this situation is known as a

After discussing the matter with legal advisers, the owner of a large apartment building decided to alter the type of occupancy in the building from rental to condominium status. This procedure is known as

Which law requires that finance charges be stated as an annual percentage rate?

When a buyer signs a purchase contract and the seller accepts, the buyer acquires an immediate interest in the property known as

If a storage tank that measures 12 feet by 9 feet by 8 feet was designed to store natural gas and the cost of the gas is $1.82 per cubic foot, what does it cost to fill the tank to one-half its capacity?

Which situation is legal under the federal Fair Housing Act of 1968?

The buyers intend to purchase a home, but only if they can qualify for a mortgage loan at a reasonable rate. Their qualification is

Which statement about Fannie Mae and Ginnie Mae is TRUE?

Which of the following is TRUE of a sale-and-leaseback arrangement?

By paying his debt after a foreclosure sale, the borrower has the right to regain his property under which of the following?

A seller gives an open listing to serval brokers, specifically promising that if one of the brokers finds a buyer for the seller’s property, the seller will then be obligated to pay a commission to that broker. Which of the following agreements BEST describes this offer by the seller?

What is the outcome when a purchaser signs a purchase agreement and gives the seller’s broker an earnest money check?

The landlord has sold his rental home to the state so that a freeway can be built. Although the current tenant’s lease has expired, the landlord is allowing the tenant to remain until the building is torn down. The tenant continues to pay the same rent as prescribed in the lease. What kind of tenancy does he tenant have?

Under the concept of riparian rights, the owners of property adjacent to navigable rivers or streams have the right to use the water and

What action is legal under the antitrust laws?

A property owner enters into a listing agreement with a broker. Another broker obtains a buyer for the house, and the first broker does not receive a commission. The listing agreement between the first broker and the property owner was probably

What is the cost of constructing a fence 6 ½ feet high around a lot measuring 90 feet by 175 feet, if the cost of erecting the fence is $1.25 per linear foot and the cost of materials is $0.825 per square foot of fence?

Which statement is false regarding the concept of adverse possession?

A real estate loan that uses both real estate and personal property as collateral is known as a

A man believes that he has been the victim of an unfair discriminatory practice committed by a local real estate broker. In accordance with federal regulations, how long does the man have to file his complaint against the broker?

Which of the following is NOT usually prorated between the seller and the buyer at the settlement.

The owner of a condominium unit has the use of many facilities there, including a swimming pool, putting green, and tennis courts. Under the typical condominium arrangement, these facilities are owned by

Which of the following is TRUE about a term mortgage loan?

An appraiser has been hired to prepare an appraisal report of a property for loan purposes. The property is an elegant old mansion that is now used as an insurance company office. To which approach to value should the appraiser give the greatest amount of weight when making this appraisal?

A deed must be signed by the

A broker advertised a home for $247,900. When a Mexican couple asked the broker the price of the house, the broker told them the seller wanted $253,000. Under the federal Fair Housing Act of 1968, such a statement is

The buyers agree to purchase a condo unit for $84,500. The buyers pay $2,000 as earnest money and obtain a new mortgage loan for $67,600. The purchase contract provided for a March 15 settlement. The buyers and the sellers prorate the previous year’s real estate taxes of $1,880.96, which have been prepaid. The buyers have additional closing costs of $1,250, and the sellers have other closing costs of $850. How much cash must the buyers bring to the settlement?

Two men own a parcel of real estate. Each owns an undivided interest, with one owning one- third and the other owned two-thirds. The form of ownership under wich they own their property is

In the deed of conveyance, the grantor’s only guarantee was that the property was not encumbered during the time the grantor owned it, except as noted in the deed. The type of deed used in this transaction was a

In the appraisal of a building constructed in the 1920s, the cost approach would be the LEAST accurate method because of difficulties in

A man purchases a $37,000 building lot and deposits $3,000 as earnest money. If the man can obtain a 75% loan-to-value (LTV) loan on the property and no additional items are prorated, how much more cash will he need at the settlement?

All of the following are exemptions to the federal Fair Housing Act of 1968 EXCEPT

A borrower defaulted on his home mortgage loan payments, and the lender obtained a court order to foreclose on the property. At the foreclosure sale, however, the property sold for only $64,000; the unpaid balance of the loan at the time of the foreclosure was $78,000. What must the lender do in an attempt to recover the $14,000 that the borrower still owes?

A broker took a listing and later discovered that her client had previously been declared incompetent by the court. The listing is now

Local zoning ordinances often regulate all of the following EXCEPT

If the mortgages loan is 80% of the appraised value of a house and the interest rate of 8% amounts to $460 for the first month, what is the appraised value of the house?

Assume a house is sold for $84,500 and the commission rate is 7%. If the commission is split 60/40 between the selling broker and the listing broker, and the brokers split their individual share of the commission evenly with the salesperson, how much will the listing salesperson receive from this sale?

If the quarterly interest at 7.5% is $562.50, what is the principal amount of the loan?

The parcel of property over which an easement runs is known as the

On Monday, a developer offers to sell a vacant lot to a couple for $52,000. On Tuesday, the couple counteroffers to buy the lot for $50,500. On Friday the couple withdraws their counteroffer and accepts the developer’s original price of$52,000. Under these circumstances, there is

A landlord and a tenant orally enter into a six-month lease. If the tenant defaults, then the landlord may

A brother and sister are joint tenants in a parcel of property. The brother sells his interest to his cousin. What is the relationship between the sister and the cousin regarding the property?

The broker receives a deposit with a written offer that indicates that the offeror will leave the offer open for the seller’s acceptance for 10 days. On the fifth day, and prior to acceptance by the seller, the offeror notifies the broker that he is withdrawing his offer and demanding the return of his deposit. In this situation, the offeror

Under the terms of the mortgage, the lender must be paid in full if the property is sold. This is known as the

Acceleration is a term associated with which type of document

An individual seeking to be excused from the requirements of a zoning ordinance should request

In an option to purchase real estate, the optionee:

What is the difference between a general lien and a specific lien?

What would it cost to put new carpeting in a den measuring 15 feet by 20 feet if the cost of the carpeting is $6.95 per square yard and installation costs an additional $250?

The Civil Rights Act of 1866 prohibits, in all cases, discrimination based on a person’s

Under the terms of a net lease, the tenant is usually responsible for paying all of the following EXCEPT:

Discount points on a real estate loan are a potential cost to both seller and buyer. The points are

A defect or a cloud on title to property may be cured by

A couple purchases a cooperative apartment after selling their home. Under the cooperative form of ownership, the couple will

A broker enters into a listing agreement with a seller wherein the seller will receive $120,000 from the sale of a vacant lot and the broker will receive any sale proceeds over that amount. This type of agreement is called

If the annual net income from a commercial property is $22,000 and the capitalization rate is 8%, what is the value of the property using the income approach?

A borrower just made the final payment on his mortgage loan to his bank. Regardless of this fact, the lender will still hold a lien on the mortgaged property until which of the following is recorded?

An offer to purchase real estate becomes a contract when it is signed by the

Which of the following is the face amount of the loan?

A commercial tenant has outgrown the space but still has two years remaining on the lease. The landlord has agreed to remove the first tenant’s lease obligations and is allowing a smaller company to take over the remainder of the lease. This is an example of

Under a land contract, what interest if any, does a purchaser hold until the contract is paid in full?

All of the following will terminate an offer EXCEPT

The commission rate is 7% on a sale of a building lot for $50,000. What is the dollar amount of the commission?

If a house was sold for $140,000 and the buyer obtained an FHA-insured mortgage loan for $138,500, how much money would be paid in discount points if the lender charged two points?

An eligible veteran made an offer of $150,000 to purchase a home to be financed with a VA- guaranteed loan. Four weeks after the offer was accepted, a certificate of reasonable value (CRV) for $147,800 was issued for the property. In this case, the veteran may

What are capitalization rates?

After a snowstorm, a property owner offers to pay $10 to anyone who will shovel his driveway. This is an example of

A man purchased a $160,000 home and obtained a 90% LTV. The lender required a 1% loan origination fee. What was the total cash used for the purchase?

The current value of a building is $40,000. The property is assessed at 40% of current value for real estate tax purposes, with an equalization factor of 1.5 applied to the assessed value. If the tax rate is $4 per $100 of assessed valuation, what is the amount of tax due on the property?

The purchaser of a condominium unit obtains financing from a local savings and loan association. In this situation, which of the following BEST describes this purchaser?

An acre contains

The seller wants to net $165,000 from the sale of his house after paying the broker’s fee of 6%. His gross sales price will be

Which of the following is a private land-use control

The market value of a parcel of land

According to the statute of frauds in Pennsylvania, an oral lease for five years is

Assuming that the listing broker and the selling broker in a transaction split their commission equally, what was the sales price of the property if the commission rate was 6.5% and the listing broker received $5,200?

Three years after a six-story building was constructed, an ordinance was passed in that area banning any building six stories or higher. This building represents a

A residence with outmoded plumbing is suffering from

What is tenancy for years?

The states in which the lender is the owner of the mortgage real estate are known as

Under joint tenancy

A grandmother grants a life estate to her daughter and stipulates that upon the daughter’s death, the title to the property will pass to her grandson. This second estate is known as an

What is steering?

The deed that contains five covenants is the

A loan originated by a bank may be sold in which of the following?

The borrower computed the interest she was charged for the previous month on her $60,000 loan balance as $412.50. What is her interest rate?

A mortgage loan that requires monthly payments of$875.70 for 20 years and a final payment of $24,095 is known as

A broker receives a check for earnest money from a buyer and deposits the money in an escrow or trust account to protect herself from the charge of

A contract agreed to under duress is

Which of the following is a lien on real estate?