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Real Estate National Licensing Exam Prep

Terms in this set (642)

The main difference between the terms real estate and real property is that the only real property includes.....
Improvements
The bundle of rights refers to....
A real property rights
Which of the following is evidence of definite ownership right in real property?
Sell
Sima's property borders a gorgeous lake. She owns.....
Riparian Rights
The land and improvements, and all legal rights, powers, and privileges of real estate ownership are called...
real property
All property that is readily movable is known as....
Personal Property
H plans to sell his tired, worn-out household furnishings when he sells his house. H will most likely use a document called a.....
Bill of Sale
The process of the gradual addition to one's land by the deposit of soil from a flowing river or stream is....
Accrection
Issac brought a property that borders a river that also has a quarry on the land. What are the rights that Issac has in the property?
All of the answers shown
The legal notice that a lawsuit is pending affecting title or possession of a specific property is called a.....
Lis Pendens
Chattel is another name for....
Personal Property
Ownership rights that belong to the owner of property bordering a flowing body of water are.....
Riparian Rights
An accurate legal description on a deed must include.....
A legal description of the land
A description by reference....
Refers to all of the answers shown
A reference to a lot and block number can generally be found on a.....
Deed
One of the most important recognizable factors of the metes and bounds description is the....
Point of the beginning
The meters and bounds description is generally....
Placement of the monuments
Tayisha had attached built-in bookshelves to the walls of her retail store and removed them when her lease was up. These items are called....
Trade Fixtures
Items become fixtures and part of real property in a number of ways. Which of the following is NOT a method by which an item becomes a fixture?
Application
Personal property that attaches permanently to the land or improvements and becomes part of the real property is called....
A Fixture
Habib deeds his land to his friend, Selena, with the condition that she only uses it for residential purposes. This deed is an example of a.....
Fee simple defeasible estate
Ownership, possession, and control of a property that is contingent upon living and lost at death define a....
Life Estate
Telly and Michael hold title to a parcel of land. Neither will inherit the other's portion should one of them die. This is probably a.....
Tenancy in common
Ownership for an undetermined length of time is called a....
A Freehold Estate
When the possession of the property reverts back to the owner at the end of the life estate, it is called a.....
Reversionary Interest
When a property is in the name of only one person or entity, it is an.....
Estate [Ownership] in serveralty
For joint tenancy, which of the following is NOT a unity required between the co-owners? Unity of....
Occupation
Stacey has a fee simple absolute ownership in a property that she has recently purchased. Which of the following rights in the property does she have? To....
All the answers shown
A type of estate that exists for a fixed time period is a called a....
Estate for years
Neal, Oscar, and Dwayne were friends since high school. Over time they have bought a property together with the only unity being that possession. This arrangement is called......
Tenancy in common
E and E hold title to a property together with no right of survivorship. They most likely hold the property.....
As tenants in common
An estate in land that implies possession but not ownership is called a .....
Leasehold
Z's mother deeds Z her beach house for Z's lifetime. Then the property goes to the A.S.P.C.A. in memory of mother's favorite cat upon daughter Z's death. This is an example of....
Life estate in remainder
F and H recently purchase a property and are advised by their attorney that title to the property offers them the most complete form of ownership. Their ownership right is....
Fee Simple Absolute
A deed that reads ' to Xavier Pilar as long as the premises are not used for the sale of alcohol' is an example of.....
Qualified fee Simple
Fee simple estates and life estates are two examples of....
Freehold Estates
Which of the following regarding a fee simple absolute estate is FALSE? It.....
Must be conveyed as an estate in severalty
Carmine conveys 20 acres to Vito for Vito's life. This type of ownership is called a......
Life Estate
Beverly and Jeff own their home free and clear. Beverly believes that if they take out a home equity loan, the loan will jeopardize their fee simple absolute ownership. Which of the following is true?
The loan wil NOT jeopardize their ownership if they pay it back in a timely manner.
Tony owns property with four others. In his will, he leaves his share of the property to his brother who is not a co-owner. Tony probably owns the property as a ....
Tenant in common
A life tenant.......
all answers shown
Winona and Aaron own a property together as tenants in common. Each of them wants to divide their interest in the property and destroy the tenancy in common relationship. This may be accomplished through.....
A court proceeding
Both dower and curtesy refer to the automatic life estate owned by a surviving spouse in inheritable property previously owned by the deceased spouse in his or her name alone during the marriage. If the landowner was the husband, the wife has a life estate called.......? If the owner of the land was the wife, the husband has a life estate in most states is called.....?
Dower, curtesy
An act of waste on the part of a life tenant violates which of the following rights?
Estovers
Periodic estates and estates for years are what types of estates?
Leasehold
Jeremy and Melissa own their townhouse together but are not married. Melissa purchased her share six months after Jeremy purchased the property. They are....
Tenants in common
Debbie conveys a condominium to Raul until the death of Jack.This type of ownership is called.....
Pur autre vie
The grounds, roof, hallways, elevators, and pools are in a cooperative and condominium development re called......
Common elements
The right of occupancy to a cooperative is evidenced by a......
Proprietary lease
Gerald conveys a condominium to Felicia for life. Upon Felicia's death, the property goes to Jennifer. What is the type of estate that Jennifer has?
Remainder
A cooperative apartment purchase is different from other types of property transaction because......
A cooperative purchase involves purchasing an interest in a cooperation and receiving shares of stock.
Clarissa and James are disappointed to find out that they will not be able to extend the balcony on their new condo. They might have known about this regulation if they had read which of the following documents?
Covenants, Conditions, and Restrictions
Evidence of a condominium purchase is though....
A deed
Purchasers of a cooperative receive.....
Shares of stock
Which of the following about condominium ownership is FALSE?
Financing is not readily available
The term appurtenance refers to all rights of a property owner EXCEPT the....
A reversion of an interstate decedent's property to the state.
A satellite dish that reaches over a property's boundaries to a neighboring property is an example of a......
Encroachment
All of the following are encumbrances. Which one is also NOT a lien?
Deed Restriction
The 'trespass on the land of another' describes an......
Encroachment
Ramon cashed in on a silver mine he found on his land. We can assume that Ramon owned......
Mineral Rights
To determine whether physical encroachments exist, the buyer or buyer's lender will order a.....
Survey
Which of the following is NOT an appurtenant right?
Title to the Property
Which of the following is FALSE concerning encroachments?
An encroachment is necessary when there is no access to roads from the property.
Cyrus has an easement right . He....
Owns the right to use or have access to the land
Which of the following is an example of an easement? The.....
Right a landlocked property owner has to cross his or her neighbor's property to the road.
An easement by prescription.......
Is obtained by the use of land without the owner's permission for a legally prescribed length of time.
An easement created by the government's right of eminent domain is called easement by ......
Condemnation
An example of an easement in gross is a.....
Unity Pole
Which of the following is FALSE regarding an easement?
The easement in gross is the least used form of easement
Property owner A and property owner B have adjoining residential properties. Property owner B has permission from property owner A to use property owner A's driveway. Property B would be described as the........tenenment.
Dominant
If property owner Cartweight sells his property, including an easement appurtenant, to property owner Purcell, the easement is said to........
Run with the land
When an owner is landlocked and has no access to roads, the landowner may go to court and ask for an......
Easement by Necessity
Property owner, John, gives his neighbor, Odetta, the right to use his driveway to reach her garage. Odetta's interest or right is called a......
Easement
Most road widening sidewalk, alley, and utility easements are created by easements by......
Condemnation
In a lawsuit, Nadia wins a judgment against Casey and all of Casey's property. This type of lien is known as.....
General lien
Mechanics' or construction liens may receive priority for payment because of.....
Time and date of the filing
Adam filed a lien against his contractor for not completing work on a roof on his property. This type of lien{in many states} is called an.....
Mechanic's or construction
A party wall is a type of....
Easement
Which of the following would NOT constitute a lien?
Egress
Which of the following is FALSE regarding liens?
An unpaid lien can not trigger foreclosure proceedings for a new owner.
The highest and best use of a property is defined as....
The use that will produce the highest present value
The major difference between market price and market value is......
A market price is what the property sells for while market value is what the sales price should be to a typical buyer.
A property valued at $325,000 appreciates by 3% each succeeding year. What is its value after three years?
$355,136.27
In an analysis of highest and best use, the appraiser would NOT consider which of the following?
Value in use
A difference between valuation and evaluation is.....
Valuation is the actual determination of a portable price; evaluation does not result in an estimate of value.
In the construction of a property, if time schedules are not met or other construction problems occur, which the following would most likely apply? The...
Cost may exceed the market value.
A value analysis that does not necessarily produce an estimate of the value can be best defined as a....
Evauation
A property will probably NOT sell for market value under which of the following conditions?
The buyer and the seller are related to each other
Depreciation of real property may be defined as loss of value ....
From any cause
A measurement meaning one-foot wide along a property frontage is called an....
Front foot
The area of a lot with front footage of 100 ft and depth of 150 ft is.....
15,000 ft
Highest and best use....
Is the use that will bring the highest rate of return.
Surveyors' and appraisers' fees in relation to the development of a property are called....
Indirect costs
A physical force that affects real estate value is.....
Climate
An arm's-length transaction means that....
The parties are not release as relatives, friends, or business associates.
An economic factor that will decrease when excess competition occurs is.....
Profit
The plottage value of land refers to the....
Increase in value created y combining two or more sites to produce a larger lot with greater utility.
The expression for the value of a particular property to a given investor is....
Investment value
A study of the supply-and-demand conditions in a specific area for a specific product or service is referred to as....
Market ananlysis
The economic principle that underlies the income approach to value is....
Anticipation
Topography is defined as the .....
Change is constantly occuring
A social characteristic to analyze value for an appraisal report is....
Population growth
The principal of anticipation states that......
Value is the present worth of all prospective future benefits
Which type of value would be most relevant to a city or a county budget official?
Assessed value
A site is most profitably used if it....
Provides the highest monetary returns
Which effect would be created from a seller's market?
New construction offering more choices to the buyer
AN appraisal is best defined as....
An unbiased estimate of value
In the sales comparison approach, if the comparable property has two bathrooms and the subject property has only one, the appraiser must....
A subtract a certain amount from the comparable
The appraisal approach most closely related to a comparative market analysis is the....
Sales comparison approach
The appraisal approach to value that considers the price to reproduce a property when it was new is the.....
Cost approach
Which appraisal approach to value is the MOST applicable approach for appraising single-family residential properties?
Sales comparison
The Board of Directors of Wingate Acdemy, a preparatory school, decided the aging structure with a similar but modern facility. What approach to value would be used to estimate the cost of the new academy?
Cost approach-replacement cost
Why is the economic principal of substitution important to performing an appraisal? It is the basis for....
The sales comparison approach
All of the following are elements of the income approach to value EXCEPT that is....
Is a type of sales comparison approach
Properties such as schools, hospitals, and government office buildings are generally appraised using the....
Cost approach
Reproduction cost as compared to replacement cost is....
The cost to produce an exact duplicate of a building while replacement costs does not produce an exact duplicate.
A value estimate of real property is an.....
appraisal of a single-family home
When writing an appraisal report, the appraiser must consider.....
all of the answers shown
In order to arrive at the gross rent multiplier, two essential components must be extracted from the market. They are.....
Comparable sales price and its economic rent.
If a seller has one bathroom instead of the market standard of two bathrooms in a two- story residential property, the loss in value is considered as.....
Functional obsolescence
Which appraisal approach to value depends most heavily upon replacement value?
Cost
In trying to decide whether or not to add an additional room to an existing home, the owners, Jan and Tom, weigh the future resale value of the hme compare to what they must spend to build the addition. Their analysis represents the economic value principal of......
Contribution
In a residential appraisal report, adjustments may be made to the.....
Comparable to make them like the subject
A valid adjustment for an appraisal report .....
Must be supported with data from the market
The first step in the appraisal process is to....
Define the purpose of the appraisal
Zev and Tiffany recently had an appraisal performed on their property, which they will put up for sale shortly. They wish to have an exact sales price for the property. What will they receive from the appraiser?
An estimate
While preparing the comparative market analysis, the sale agent, Emily, should NOT consider.....
Similar properties being built
One of the most important aspects of marketing a property is.....
Knowing the competition and adjusting pricing and market accordingly.
When analyzing data for a comparative market analysis, Tammy, a real estate agent, should not use......
Expired listings over six months old
Seller Suzanne and real estate broker Jamison agree upon a price to market Suzanne's property. This price is called the.....
Listing price
A valuation of the subject property for sales purposes is best described by the term.....
Appraisal
What is the difference between the sales comparison approach and the comparative market analysis in valuing property?
Adjustments are generally made only when using the sales comparison approach
Expired listings......
The properties that were not sold during the term of their listing.
Which of the following is TRUE of housing demand in a single-family residential market analysis?
If financing terms are not favorable, housing demand will decrease even though incomes increase
Typically, when pricing a property, a real estate agent should NOT use comparable that date back more than.....
Six months
The name of the listing system available to real estate agents or subagents is the.....
MLS
Which of the following regarding the price of a property is TRUE? Price......
Is not always equivalent to the market value of the property
In any real estate investment, the expenses and mortgage costs may well exceed the returns f the investor......
Uses to much leverage
Jerome's office building produces a net annual operating income of $140,000. If Jerome paid $1,166,666 for the property, what rate of return is he receiving on the investment?
12%
Which of the following is FALSE regarding investment in vacant land?
Land investment is seldom profitable
Rent roll refers to which of the following? The.....
Number of rental units that are currently occupied multiplied by the rental amount per unit.
Property taxes may be deducted from which which types of property?
All types of property
In the sale of a real estate investments , the taxpayer is taxed on the....
Gain or profit
Carlotta and Sam buy a second home for vacation purposes only. Their purchase exemplifies which type of value?
Value in use
The percentage of income per dollar amount earned that an investor receives back on an investment is called the.....
Rate of return
Income received without deducting expenses is known as.......
Gross income
G was able to use a minimal amount of personal funds and substantial amount of borrowed funds to purchase a four-family apartment building. G had a great deal of......
Leverage
Unfortunately, Gary's investment property is not yielding income equal to the investment. The economic principal behind Gary's misfortune could be......
Decreasing returns
Latisha and Toby sell their home for $122,000. They purchased it for $68,500 in 2008, and added central air-conditioning costing 12,000 in 2010 and a small bathroom costing $7,500 in 2011. What is their adjusted basis in the home?
$88,000
Which of the following is NOT a method by which equity builds up in an investment property?
Obtaining a second mortgage on the property
A benefit of tax depreciation is......
Tax deduction
Accrued depreciation......
Is the total loss in the value of a property over a period of time.
Tax depreciation......
means a deductible allowance from net income of property when arriving at taxable income
For income tax purposes for a business, which of the following is NOT a deductible expense for a business property?
Mortgage Principal
Anthony, Certified General Real Property Appraiser, receives an assignment to conduct a mass appraisal on a housing development in a low-income community that has a significant minority population. The lender tells Anthony that the valuation should be on the low side as compared with other similar developments . Anthony should....
Refuse the assignment
An appraisal performed by a licensed or certified appraiser is required for all real estate-related financial transactions except for those in which the transaction value is....
$250,000 or less
A Certified General Real Property Appraiser, with regard to federally regulated or insured properties, can appraise......
All types of real property
Which of the following is NOT a federal category of appraisal licensure?
FDIC-Certified Real Property Appraiser
Helen has received her appraiser trainee licensee. Which laws, codes, and regulations apply to her as she performs appraisals under the supervision of a Certified General Real property Appraiser?
All of the answers shown
Miranda, a Certified General Real Property Appraiser, is asked to appraise a property that has ramps, widened doorways, lowered countertops, and other accommodations for the disabled. How should she state this information in the appraisal report?
Not draw an unsupported conclusion that the features either enhance or detract from the property's value.
Income received without deducting expenses is known as.......
...
The study of the social and economic statistics of a community is known as......
Demography
Which of the following statements is FALSE?
Enforcement of covenants is limited to the original purchasers
Which of the following is an example of private land use control?
Deed Restriction
Cameron was astonished where a group of homeowners in her subdivision informed her that she could not have a toolshed in her yard. Cameron felt that this was not fair espectually since most of the other subdivision owners had toolsheds in their yards. What might explain this?
Cameron has a restriction in her deed preventing her from having the toolshed.
The best example of direct public ownership is......
Streets, highways, and parks
Which of the following is NOT a privately imposed land use control?
Variance
If a municipality does not have the services to support a new development, it may impose a......
Moratorium
Zane is building a strip mall in a small in community. The community now has to rebuild some roadways for increased traffic. Which of the following is FALSE? Zane ....
Must apply for a nonconforming use permit.
The government's right to tax real property is derived from....
Police Power
The power of escheat allow the state.....
Take the property of a decreased owner who leaves no heirs or will.
The Interstate Land Sales Full Disclosure Act regulates developers of subdivision of.....
25 or more lots offered across state lines
If a state takes property under its power of escheat, it is because the property owner died.....
Interstate
Which of the following is NOT a government restriction on real property?
Restrictive covenant
Compensation by a government agency and a property matter often follows a court action related to which of the following?
Condemnation
The purpose of cluster development is to.......
preserve open space
Specific regulations governing materials used in construction, Fire & Safety standards, and Sanctuary equipment facilities are referred to as.....
Building codes
The document that prevents occupation of a structure by tendons or owners is called a........
Certificate of occupancy
Developers offering twenty-five or more Lots across state lines must provide a property report to the prospective buyer in a statement of record to HUD according to........
The Interstate Land Sales Full Disclosure Act
Although the block where Z's travel agency was located was razon to residential use, Z was allowed to keep his agency in the same location. This is an example of.....
Nonconforming use
The first step in community planning is to.....
Develop a master plan for the community
Zoning ordinances are established by the.......
Planning board
A permanent deviation from specific requirements of the zoning ordinance defines......
Variance
After a public hearing, the planning board allows Dewayne to open a computer Warehouse in a residential neighborhood. The planning board most likely granted him a.....
Special use permit
Homeowners in Lakeside Manor subdivision did nothing for three years to enforce it, then stating that residents may not park an RV on their front driveway. The homeowners may lose their rights to enforce this covenant under
The Doctrine of Laches
Ramon wishes to construct a house that is larger than Allowed by local zoning regulations for that neighborhood. Which of the following would NOT be a necessary step in the building process?
Lead- based paint disclosure
Terry wishes to add another story to her home, but the new height would not comply with local zoning regulations. She would have to apply for a......
Variance
Which of the following does NOT describe typical planning and zoning?
Requires the unanimous consent all Property Owners within a community.
A zoning issue raised by the conversion of Apartments into Condominiums might include.....
All of the answers shown above
In general, changes to a community's master plan are....
Voted in by a majority referendum of the community
Zoning ordinances consists of which two parts?
The zoning map in the text of the zoning ordinance
The zoning board of appeals does NOT......
Established zoning policy
Is owning a property is solely for the benefit of the property owner and has the effect of increasing the land value, the rezoning is.....
Illegal spot zoning in most States
Warehouses left standing and in use after the entire street is razon AZ residential. The warehouse then converts to a retail store. Which of the following applies?
The non-conforming use is violated
An outlot can be defined as
Parcel of land that is outside the main area of development.
An element that is friable and can cause lung cancer when released into the air is
Asbestos
An innocent land owner would not be liable for the presence of hazardous waste under the Superfund Amendment to the Comprehensive Environment Response, compensation comma and liability act. These parties may include.....
All the answers shown above
An element that is radioactive and measured in picocuries......
Is Radon
Dudash diligence reviews of a property before title transfer protect which of the following from liability for an event environmental problems after title transfer?
Purchaser
Which of the following laws seek reimbursement from responsibility parties who have caused hazardous waste?
Comprehensive environmental response, compensation, and liability Act
Which of the following is TRUE?
Construction on or near a wetland requires an application and permit
The federal government organization that oversees navigation, flood control, and dredging project is the.....
Army Corps of Engineers
If a property is termite infested,
A real estate licensee must disclose information regarding termite infestation, is known, to prospective buyers
A member of the fungi Kingdom that is caused by excess moisture and high humidity in an about a property is called.......
Mold
The federal agency that oversees the regulation of underground storage tanks is........
EPA
Which of the following is NOT generally a consideration by the development of a site or subdivision plan?
The power of escheat
an environmental impact statement
Becomes necessary if a government agency finds that further evaluation of the property is needed before a project can be developed.
When an environmental impact statement for a development is completed, which of the following will occur next?
A public comment period and public hearing
Which of the following is FALSE regarding owners of underground storage tanks?
If there is leakage from the tank, the owner should not remove the product from the tank
When is purchasing an industrial plant to manufacture chemicals for swimming pools period the plant on 5 underground storage tanks, and Wayne plans to add 5 more and expand the building to cover another acre of land to use for storage of more chemicals. What might be the process that Wayne faces in the transfer of the property?
All of the answers shown above
Broker L showed prospective buyers a property that was in close proximity to a toxic-waste site. Although the broker knew about the site, he did not inform the buyers. Later, the buyers bought the property and sued the broker and the sellers. Who may be liable?
Both the sellers and the broker
Tanisha is a buyer broker. Her client's request that the property they are purchasing be tested for Radon. Neither Tanisha nor the buyer's attorney as a radon contingency to the contract. After purchase, the property test high for radon levels. Who may be liable?
Tanisha , the buyer broker, and the buyer's attorney
Which of the choices below is falls under the comprehensive environmental response, compensation, and liability act? A program exists to.....
Blame innocent landowners who unknowingly purchase contaminated property
An agent list a property, built after 1978, in a rural area that uses oil heat in a well and septic system. From this information comma which of the following contingencies would not appear in the contract for purchase?
Lead-based paint contingency
An issue that developers must consider in building near tidal Waters or Wetlands includes.......
All of the answers shown above
The only true and impartial standard of setting assessments is.......
The market value
When an action is brought against the real property and not against the individual and his personal property, this is shown as.....
An in rem legal proceeding
The tax rate is determined by the amount of the......
Tax levy
Which of the following is NOT classified as a Homestead Property?
Warehouse
If the tax value is 50% of the assessed value, and the assessed value is $89,990, what are the annual taxes if the rate is $4.10 / $100? (Rounded)
$1,844.80
A tax bill is determined by.....
The property's taxable assessment and the tax rates of the taxing jurisdiction in which of the property is located.
Which of the following properties are always fully exempt from the property taxes?
Churches
Serena is purchasing a property for $325,000. She finds out that the sellers purchased the property for $200,000 8 years ago. She asked her real estate agent, Eva, if she has to pay increase property taxes once title transfers to her. How should Eva respond?
Serena's property taxes will probably not intermediately increase upon transfer.
Tom is 66 years old and has owned and lived in his house for 25 years. He is a US Army veteran. Time is disabled because of his service in the military. For which of the following reasons may be eligible for a school or property tax exemption?
All of the answers shown above
Decisions regarding the assessments to real property are made by the.......
Local Assessor
The tax rate is usually expressed by the number of tax dollars per $1,000 assessed value. If a town levy is $5 million and the entire town has an assessed value of $100 million, what would be the tax rate for the town?
$50
Appropriation
Occurs when a government agency sets aside funds for a certain purpose
When a taxpayer is dilngquent unpaid property taxes, which of the following attaches to the property?
Tax lien
Which of the following is false concerning back taxes?
Generally, owner of back taxes will affect the reassessment of a property
A type of mat, drawn to scale, showing all of the real property Parcels in the city, time, or other assessing unit is a.......
Tax map
a property who's market value $1000,000 in a community where the uniform percentage for an assessment is 70% will have an assessed value of.......
$70,000.00
There would be no need for Equalization of all municipalities assess all property at what percentage of the market value each year?
100%
If a property is assessed at 90% of the market value, the market value is $200,000, and the tax rate is 6%, what is the amount of the property tax?
$10,800.00
A properties owners tax rate is 0.045, and the annual tax bill is $9,500. What is the assessed value of the property? (Rounded)
$211,111.00
Which of the terms below refers to the decision of property and school taxes monies so that the school districts, counties, towels, and cities in the different municipalities all pay their fair share of the tax levy?
Apportionment
The house has an access value of $150,000. The property is taxed at 75% of the assessed value at a rate of $4.50/$100. If the assessed valuation is increased by 15%, what is the amount of taxes to be paid on the property? (Rounded)
$5,821.88
The difference between proposed expenditures and revenues from various sources such as state and federal aid determines the......
Tax levy
Makeda has applied for a tax exemption because of her age and income. She will be allowed a 25% reduction in her assessment. Her current assessment before the exemption is $80,000. The current tax rate for all properties in the town is $32 per $1,000. What will Makeda owe and property taxes for the year?
$1,920.00
A home is valued at 94000 and is assessed at 40% of the value. The tax rate is 17 mills. 1 mills= 1/10 of one cent. What is the amount of the tax bill?
$639.20
If a town Levy is 1.5 million dollars and the entire town has an assessed value of 75 million dollars, what would the tax rate be for the town expressed by number of tax dollars per $1,000 of assessed value?
$20
Consideration is......
The giving of something, which need not be monetary value, as an inducement to contract.
What is the main benefit of the mortgage contingency Clause? If the......
Buyer does not receive a mortgage commitment, the contract may be canceled.
Which of the following is NOT a contract?
Deed
When two parties have made since your promises to each other, the contract that exists is known as.......
Bilateral contract
Vince, is salesperson, wants to avoid the unlawful practice of law in filling out a contract of sale. What should he include in his contract?
An attorney review the clause
An example of a liquidated damages is......
Forfeit of earnest money
A contract that is always binding and enforceable on all parties to it is known as......
Valid
Carol Anne is 15 years old and has entered into a written real estate contract with a person who is 25. From the point of view of Carolanne, this contract is.....
Voidable
Why is it important than an earnest money deposit a company and offered to purchase? It......
Includes all of the answers shown above
A contract is drawn to convey Lot Number 3 from Greenhill developers, Inc. 2 Matthew Morton. Upon further investigation, it is discovered that the lot selected by Matthew was Lot number for. Both parties recognize an error was made and agreed to correct the contract. The error is an example of......
Mutual mistake
Which of the following is NOT a purpose of the earnest money deposit?
To buy down the interest rate of the mortgage loan.
An executed contract means.....
All the parties have fully performed their duties.
Be entered into a contract to buy land from see. It was soon discovered that she was not the owner of the land. The contract between the two of them is......
Void
Which of the following is NOT an essential element of a contract?
Value of comparable sales
Which of the following is NOT a form of real estate contract?
Mortgage contingency
If the contract is signed and pending and another contract comes in, this is known as........
Back - up offer
A valid contract.....
Is binding and enforceable on all parties.
When the parties to a contract have definitely agreed to all terms and conditions in the contract, the type of contract that is exists is known as.......
Express
Seller are received an order form from the court stating that he must pay the commission to the broker exactly as stated in the agreement. The court has ordered.......
Specific performance
The portion of the money paid to purchase a property that is paid in cash and is not part of the mortgage loan is called the.......
Down payment
Frank and Debbie sign a contract to purchase a house for their daughter. The daughter decides that she does not like the house. Luckily, Frank's son decides that he wants it. The contract is amended with Frank's son on the purchaser. This is an........
Assignment
The rights, duties, and responsibilities of the parties to a contract wholly expressed through the.....
Contract
Legal capacity to contract includes which of the following considerations?
All of the answers shown above
Essential elements of a valid contract do Not include.......
Assignment
Deposits for real estate transaction negotiated by Brokers may be held by all of the following EXCEPT......
Sellers
In a brokerage firm, the listing contracts are typically owned by the........
Brokerage firm
A brokerage firm received an order from the court to immediately stop soliciting listings in a certain geographic area. The order is called........
Injunction
Scott lists his farm with AJ, a local broker, who specializes in farm and land transactions. Scott retains the right to sell the property himself, but it sure is AJ that he is the only broker Scott wants to work with. AJ and I just got to sign a contract for a.....
Exclusive agency
The two tests that entitle a broker to a compensation is a buyer who is......
Ready, willing, and able; seller acceptance
At closing, the sellers refuse to pay Jacob the full commission agreed upon in the listing agreement because they think it is too high. What recourse does Jacob have to obtain the full commission?
Sue for the commission
In general, a valid written listing agreement between a Cellar and a real estate agent for a buyer has not been found is........
Excutory Contract
'The seller lists the property with several brokers' describes a........
Open listing
A contract of sale includes a 'time of the essence' Clause. However, the parties to the contract do not close by the date specified in the contract. The contract Maybe.....
Unenforceable
The law that requires that all contracts that create an interest in real estate be in writing to be enforceable in court is the......
Statue of frauds
Which of the following statement is TRUE ?
A buyer Begins the contractual process is the offeror
At what point is a real estate contract of sale binding?
When it is reviewed and approved by the attorneys for buyer and seller.
Typically, I deposit that accompanies an offer to purchase or contract of sale is which of the following?
A percentage of the purchase price.
A real estate salesperson sells a property for $90,000. The commission on the sale to the real estate firm with whom the sales person is associated is 6%. The salesperson receives 60% of the total commission paid to the real estate firm. What is the amount of the sales person's Commission?
$3,240.00
In certain places, which of the following is used in place of an offer to purchase when a buyer makes an offer on a property?
Binder
Which statement is FALSE about an accepted offer to purchase? The.....
Principals have formed an agency relationship with each other.
If a contract for purchase and sale states that ' time of essence,' this means that the contract must be performed......
On or before the date stipulated on the contract
Golden and Sam, college graduates, are ready to buy their first home, and received a lender promise of $275,000 on a property with a purchase price of $325,000.00. The seller agrees to pay all closing costs. They are unable to purchase the property because they do not have the.......
Down payment
April curtains and commission of $12,000 in the sale of a residential property. His rate of commission is 6%. What is the selling price?
$200,000.00
Which of the following is NOT a part of real estate contract of sale?
Codicil
Who signs the offer to purchase first?
The purchaser
Solar Bell Signs a purchase agreement with a buyer Leroy, contingent Upon A passed inspection. In this contract, seller Louise agrees that she will pay up to 2% of the purchase price for any repairs that a licensed pest inspector indicates must be completed. Upon expect inspection, it is discovered that the repairs will exceed 4% of the purchase price. The purchase agreement is now.......
Voidable
Justine enters into a written contract of sale with Pietro. The closing is scheduled for the following month. The contract is......
Express
Pet restrictions, repair obligations, and use of the common elements are disclosed in a condom condominium's...
Bylaws
Which of the following is NOT included in a condominium offering plan?
Proprietary Lease
In the sale of a cooperative, a board package, submitted to the cooperative board of directors, consist mainly of.......
Financial data
The type of contract used for the transfer of corporate of properties is a......
Cooperative contract of sale
Which of the following is FALSE regarding an installment land contract? It.......
Cannot be used on a land purchases
Evan has an option to lease a movie theater when the current lease runs out. In the meantime, another buyer expresses an interest in leasing the same movie theater. The property under contract Evan and ask him if he wants to exercise his option, or else the property owner will lease it to another interested party. What must Evan have in his option contract?
Right of the first refusal
A written option agreement is a contract that......
Specifies a time limit with in which the options may choose to purchase or lease a piece of real property.
Aunt made promises to hold 10 acres of land to sell to her nephew 10 months from today for $100,000. Her nephew promises nothing in return. The legal agreement they both sign is......
An option
Often, is seller agrees to finance a portion, or all of the selling price of the property. A seller financing contract is which of the following?
Purchase money mortgage
The Havenots make an offer for a property that was rejected by the sellers. The sellers then make a higher offer to the Have Nots. In this situation, the sellers have......
Counter offered