Real Estate Exam Prep

Writ of Execution

How does a creditor who has obtained a judgement get satisfaction against a debtor who will not pay?

Scarcity, location, and durability

The economic characteristics of land are?

Month-to-Month lease

What lease would best suit couples needs who are looking for temporary housing?

Rectangular survey

The land description T3N, R4W Principal Meridian refers to what type of property description?

Personal Property

Crops that require annual planting are generally considered to be?

The identity of the legal owner is kept confidential

A distinguishing characteristic of owning property by land trust is that?

Homeowner

A lawsuit for reverse condemnation may be brought by the?

Return of the property to the original owner

If conditions for purchase are included in a deed and these conditions are violated, what is the penalty?

Reconciliation

When more than one approach to value is applied to a property and different indications of value are produced, how should the final estimate of value be determined?

Demand immediate payment of the entire note

A borrower has defaulted on the mortgage. The mortgage contains an acceleration clause. This permits the lender to?

Negative cash flow

Too much leverage may result in?

All real estate activities of salespersons

A managing broker can be held responsible for?

In a timely manner

Earnest money should be deposited into a trust account when?

By upholding the Civil Rights Act of 1866

Why was the Jones vs Mayer decision of 1968 important?

Has ever been convicted of selling illegal drugs

A landlord may refuse to rent to a tenant who?

Credit buyer $110,000, debit seller $110,000

The buyer is assuming a mortgage presently on the property in the amount of $110,000. What is the adjustment made at the closing?

Public auction

In most states, foreclosed property is sold through?

Cost of the building only

Depreciation is calculated based on?

Constructive notice

A judgement has been properly recorded. Any subsequent purchasers have actually examined the record or not, have been given?

An executory contract

An agreement to purchase which has not been closed is?

A management agreement

An agency agreement between a property owner and a property manager is usually created by?

the buyer to acknowledge disclosure of the presence of any known lead paint

Homes built before 1978 require?

Identify and remedy the cause of the problems

What is the first step to take when mold actions are found?

Specific agency

When a principal authorizes an agent to perform to a particular act or transaction, it is an example of?

The seller accepts the offer

A broker earns his commission when?

Foreclosure is usually simpler and faster

A benefit of a deed of trust is?

Interest rates charged by lenders

The purpose of usary laws is to regulate?

Insurance company

The FHA functions most like an?

Term loan

A loan that requires a borrower to pay interest only until the due date and then to pay the entire principal of the maturity date is called the?

Present and future owners

A deed restriction is applicable to the activities of?

Special assesement

New sidewalks installed only on one side of the street will probably be paid for by?

Conditional use permit or zoning ordinance.

What would be needed to be obtained for permission to build a grocery store in an area zoned residential?

Origination fee

What is used to increase the lenders yield on a real estate loan?

Pricing property

A competitive market analysis is performed when?

Void

Contracts made by a minor are?

Collecting more interest than is allowed by law

What is usary?

Encumbrances

All liens are?

Escheat

Abandoned private property redeemed by local government is an example of ?

The principal and the client are the same person

According to the law of agency as it relates to a broker?

The mortgage becomes due and payable

If a mortgagor defaults on the note?

An encumbrance

To the owner of land it runs across an easement is?

Lower the interest rate

Discount points are charged by the lender to?

Fee simple absolute

What is the fullest estate a property owner can have?

Offer, acceptance, and consideration

A valid contract requires only?

Present all offers at the same time

When presenting offers it is best to?

Mortgagee

The lender in a mortgage relationship is the?

Unchanged

If a lessor dies after all parties have signed a lease, the lease is?

Words of conveyance

Essential elements for a deed include?

When it is accepted

When does a deed convey title to property?

Listing agreement

What is not covered by the statue of frauds?

Mortgagors

A mortgage is acknowledged by?

Sales comparison approach

Which appraisal method would get the most weight on a single family home?

FNMA

What is the largest privately owned secondary market player?

In equal monthly installments that pay off the entire balance during the loan term

A fully amortized loan means that a loan will be payed off when?

An interest in real property created by the execution of a valid sales contract.

Equitable title is?

disclose all material facts to the principal

A licensed real estate broker must?

The official name of the agent broker is also in the ad.

An agent can advertise a property for sale under the agents own name if?

Is a way for a vendor to help a vendee finance the property

A land contract?

3 business days to change their mind

Under The Truth in Lending Act, the borrower has?

An Open end loan

The type of mortgage that allows a borrower to borrow an additional sum is called?

Replacement cost

The most common method of estimating property value for fire insurance purposes is?

General Warranty

Which deed contains the most covenants?

A mortgage

What is a lien on real estate?

The voiding of a contract

Rescission of a contract can be described as?

Specific performance

What is the legal procedure brought forth by a buyer to enforce terms of a contract?

Probate court

Who has jurisdiction over estates of the deceased?

Governments ability to put time limits on noncom-forming uses

What is Amortization provision?

Administrator

Dies inestate\=

2nd mortgage, more than one property, interest only, interest and principal.

Wraparound mortgage? Blanket? Interest only? Fully amortized conventional?

Allows a broker to sue for commission if the owner waits for expiration of the listing to contact a buyer to purchase without a broker.

What is a protection clause?

most common, rural, rehabilitation loans, condos.

203b? 203i? 203k? 234c?

Beneficiary

Under a deed of trust, the lender is known as the?

A price a property actually sold for

Market price?

Conveyance tax

What tax will the seller pay for transferring title to real property?

Homeowner getting back their house by paying all debts prior to foreclosure

What is equitable right of redemption?

Lending institutions

The money used to fund fha loans is provided by?

Yes, must include,"On deposit"

Can a salesperson put broker on their cards?

Grantor, grantee

Seller? Buyer?

Police power

What grants zoning authority to municipal government?

Allodial

Under which system of government can we hold title to land?

Members of the National association of real estate brokers

Who uses the term realist?

With the secretary of state

Where must a copy of the trust document be filed by a real estate investment trust?

Interest expense

When determining the net operating income of a investment property, an appraiser will not take into account?

Uniform commercial code

What is the body of law that governs negotiable instruments?

Metes and Bounds

Type of legal system that uses feet, degrees, and natural markers?

Substitute a new contract or a new party to an existing contract

Novation?

Chattel

What is a trade fixture?

Annexed converted to real property

What is a fixture?

Couple who has signed a purchase contract and has been approved/signed by the seller.

Equitable title?

Fractional equivalent of the original structure

What is replacement of a building?

Sherman Antitrust Act, contract must be in writing, disclosure of transaction costs, loan cost disclosure.

Discussing commission rates? Statue of Frauds? Respa? Truth in lending?

To receive title through a last will and testament.

What is to inherit?

Allows seller to procure the buyer and forgo paying the broker a commission.

What is exclusive agency?

Can earn interest

A property management account?

Completion

What causes termination of a real estate contract?

Rent per month * the number

What is GRM?

The dominant tenement

A person who benefits from an easement is considered?

Respa

What law requires lenders to limit the amount of money that can be held in reserves?

Conversion

When an agent uses money that belongs to others is called?

When the seller mails the original accepted offer back to the buyer

When is there a contract between buyer and seller?