Real Estate MOD 6

Under the fair housing act, which action is legally permitted?

A- Advertising property for sale only to a special group

B- Altering the terms of a loan for a member of a protected class

C- Refusing to make a mortgage loan to a a member of a protected class because of a poor credit history

D- Telling a member of a protected class that an apartment has been rented when in fact it has not

C- Refusing to make a mortgage loan to a a member of a protected class because of a poor credit history

Why is the civil rights act of 1866 unique?

It provides no exceptions that would permit racial discrimination

Which of the following describes a gross lease?

A- An agreement in which the tenant pays a fixed rent and some or all of the utilities and the landlord pays all taxes, insurance, and expenses related to the property

B- A lease in which the tenant pays rent plus some of the operating expenses related to the property

C- A lease in which the tenant pays the landlord a percentage of the monthly income derived from the property

D- An agreement allowing the tenant to terminate the lease if certain conditions near the premises become unbearable

A- An agreement in which the tenant pays a fixed rent and some or all of the utilities and the landlord pays all taxes, insurance, and expenses related to the property

A lease has a one-year leasehold interest in a house. The lease automatically renews itself at the end of each year. The lessee’s interest is referred to as a tenancy:

From period to period

The owner’s of a modest ranch house in a neighborhood of larger, more expensive homes may find that the value of their home is affected by what?

Regression

All of the following factors would be important in comparing properties under the dales comparison approach to value EXCEPT difference in:

A- Dates of sale

B- Financing terms

C- Appearance and condition

D- Original cost

D- Original cost

If a property’s annual net income is $24,000 and it is valued at $300,000, what is its capitalization rate?

8%

What is the key to an accurate appraisal?

Methodical collection and analysis of data

A tenant still has five months remaining on a one-year apartment lease. When the tenant moves to another city, the tenant transfers possession of the apartment to a friend for the entire remaining term of the lease. The friend pays rent directly to the tenant. In this situation, the tenant has become a(n):

Sublessor

A tenants tenancy for years will expire in two weeks. The tenant plans to move to a larger apartment across town when the current tenancy expires. In order to terminate this agreement, the tenant must:

Do nothing because the agreement will terminate automatically at the end of the current term.