Practice Test Missed From Course

The type of deed that is the way a trustor makes a conveyance or transfer to a trustee, who then re-conveys the property to the beneficiary, under specific guidelines, is the:

Deed of trust.

The Federal Home Loan Mortgage Corporation is the same as?:?

Freddie Mac.

The Real Estate Division will not approve a real estate instructor who has been disciplined by the Commission within the immediately preceding:

5 years.

The practice of inducing owners in an area to sell or rent to avoid an impending change in the ethnic or social makeup of the neighborhood that will cause values to go down is known as:

Blockbusting.

A fee contracted for, claimed, demanded, charged, received or collected for an advance fee listing, advertisement or offer to sell or lease property, issued for the purpose of promoting the sale or lease of a business or real estate or for referral to a business or real estate brokers or salesmen, or both, is known as:

Advance fee.

The conveyance of a property occurs when:

the purchaser of the property receives the deed of conveyance (if no escrow was opened for this conveyance).

What is the legal phrase that describes the right to recover money or other personal property through a judicial proceeding?

Choses in action

If someone violates the anti-discrimination provisions under NRS 645, as mentioned in the previous question, based on any of the qualities set forth in that law, that person must pay a fine of how much for his first violation?

$500

The partial transfer of a tenant's right in a rental property to a third party is known as:

Subleasing.

To apply for a permit to do business as a business broker, the licensee must submit an application to the Division, along with a certificate of completion that the licensee has completed a minimum of how many hours of instruction related to business brokerage?

24

The broker of record for a subdivision must retain copies of all contracts and other documents for how many years?

3 years.

For which type of loan must the owner occupy the property for at least one year?

A VA loan.

The type of deed that offers no warranties against any title defects or encumbrances, though the deed implies that the grantor owns the rights he is granting, is known as:

Bargain and sale deed.

Which of the following items is not covered under the Residential Real Property Disclosure form?

The condition of the radon levels of the property.

Land

The surface of the earth and the natural attachments affixed to it

Real-estate

land plus any artificial man-made attachments like houses or buildings

bundle of rights

the collective rights of possession, control, exclusion, enjoyment, and disposition

real property

immovable property consisting of land, real estate, and the bundle of rights.

The Maria Test

Method, Relationship, Adaptability, Intent, and Agreement.

Zoning laws

local government restrictions that regulate how land can be used.

Building codes

standards dictation the safety and quality of construction buildings.

Deed Vs. Title

A deed is the instrument that transfers ownership, Title is the proof of a person’s ownership interests.

Grantee Requirement for a valid deed

Grantee must be specifically named in the deed.

Legal description requirement

a valid deed must contain a clear and accurate description of the of the property.

Granting clause

The section of a deed containing words of conveyance that state the grantors intention to transfers property.

habendum clause

the clause in a deed that defines the type of ownership interest being taken by the grantee.

Exceptions and Reservations in a deed

Specific notations of encumbrances, liens, or easement that limit the title being transfered.

general warranty deed

The highest level of protection, covering all title defects regardless of when they arose.

Special warranty deed

A deed that only protects the buyer against defects caused by the current sellers’ actions or omissions

bargain and sale deed

a deed where the seller states they have the right to sell but provides no other warranty’s

deed of trust

conveys title to a trustee to hold as security for a loan made by a lender to a borrower.

Trustee’s deed

a deed executed by a trustee when transferring the property to someone other than the trustor

The 3 PRESANT covenants of a general warranty deed

Covenant of seisin, Covenant of right to convey, and Covenant Against Encumbrances

The 3 FUTURE covenants of a general warranty deed

Covenant of Quiet enjoyment, Covenant of further assurance, and Covenant of a warranty forever

Action to quiet title

A legal lawsuit used to clear a cloud or dispute regarding the ownership of a property.

3 phased of real-estate syndication

1. Origination 2. Operation 3. Completion of liquidation

R.E.I.T Assets and income requirments

at least 75% of total assets must be in real estate, and 75% of gross income must come from rents or mortgage interests

Equity Trust vs. Mortgage Trust

Equity Trust Invest in physical real estate while Mortgage trusts invest in mortgages and real-estate loans

Realist meaning

a member of the national association of real-estate brokers (NAREB)

COALDC

Acronym for Confidentiality, Obedience, Accounting, Loyalty, Disclosure, and Care and Due Diligence.

Laws Vs. Ethics

Laws govern the actions of an individual or group. Ethics govern behavior

Maximum fine for Code of Ethics violation?

up to $2,500

article 1 of code of ethics?

Realtors must protect and promote the best interest of the client