Texas Real Estate Principles 1 Practice
Exam
Courses for the renewal of an active real estate broker or sales agent
license are called
(Ans- continuing education (CE)
What is the maximum amount that the Commission will pay from the real
estate recovery trust account for claims against any one license holder,
until the account has been repaid in full by the license holder?
(Ans- $100,000
Which is owned by the tenant?
(Ans- a trade fixture
Which of the following terms refers not only to the surface of the earth but
also below to the center of the earth, above to infinity, and natural things
permanently attached but does NOT refer to artificial things permanently
attached?
(Ans- land
If the court learns that the seller placed a sign that said “Not Included” on
the stove every time a buyer looked at the property, the court will consider
which of the following in determining whether the stove is a fixture, absent
a written agreement?
(Ans- Intention of the parties<\/p>\n\n\n\n
What type of estate is complete ownership and exists for an unlimited time?
(Ans- fee simple
If a condition of ownership is violated, title to the subject property
automatically reverts to the original owner in
(Ans- a determinable fee estate
An urban homestead is limited to a lot or lots NOT to exceed how many
acres?
(Ans- 10
The method used to describe real estate by distance, direction, and
boundaries is
(Ans- metes-and-bounds method
Which equals one square mile or 640 acres?
(Ans- section
Under the federal Fair Housing Act, real estate organizations, such as
multiple listing services, may NOT do which because someone is in a
protected group?
(Ans- refuse membership or put conditions on participation
Which aspect of the Canons of Professional Ethics and Conduct requires
the broker or sales agent to be informed on market conditions and national,
state, and local developments affecting the real estate business?
(Ans- competency.<\/p>\n\n\n\n
Texas Principles 1 Exam Practice Questions With (c) Universal Texas Principles of Real Estate Express Members of NAR (National Association of Realtors) Are Known as? Residential User> Quality of life, neighborhood, amenities,price Texas Principles Of Real Estate II Final A chain of title shows the linkage of property ownership that connects the Principles of Real Estate II Final Exam<\/p>\n\n\n\n Principles of Real Estate II Exam: Because these types of properties have both specific physical and complex Real Estate Principles Final Exam The 36 sections in a township are numbered from 1 through 36. Section 1 Principals of Real Estate II Practice (Tax Investment Financing (TIF) is a method of public financing when local (Purchases made on the secondary market provide primary lenders with (Although having information on all of these will assist in determining where Principles of Real Estate 1 Exam; Factors that affect homeowners insurance premiums can include which of Principles of Real Estate 1 Once signed, the listing agreement is a legally binding contract between: This type of housing is not considered real property: Principles of Real Estate Final Exam C. 9 members B. Broker with a listing Real Estate Fundamentals Final Exam buffer zones When a development increases the traffic flow on existing streets and National Real Estate Exam, National Real Fiduciary relationship Undisclosed dual agency Agent may be Real Estate Exam Study Guide: Questions & A fund set aside for replacement of common property in a condominium, Many states determine the order of water rights according to which users of California Real Estate Exam: Questions Name two instruments to transfer ownership What is the result of a breach in condition of a defeasible estate? A holder of a life estate cannot do two things: Texas Real Estate Exam: Texas Real Condemnation C, C & R’s Severance Texas Real Estate Exam Study Guide -Seven members who have been engaged in the practice of real estate Situs In 1939, the first regulation for real estate was passed, called Real Estate Exam – Agency, Brokerage & Law of Agency special agent, the broker is not authorized to buy or sell the property or to Real Estate Final Exam: Questions & A(n) _<\/em><\/strong> is the third party with whom the agent deals when working on +When Henry gives Shannon notice of the acceptance Texas Real Estate Principles 1 PracticeExamCourses for the renewal of an active real estate broker or sales agentlicense are called(Ans- continuing education (CE)What is the maximum amount that the Commission will pay from the realestate recovery trust account for claims against any one license holder,until the account has been repaid in full by the license […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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Answers – Champions School
Townhomes and single-family homes differ in that a common wall. (a) townhomes share (b) single-family homes are sold as distinct living units within (c) owners of townhomes do not own the land because of (d) townhomes are retro-commissioned and share (Ans- (a) townhomes share Rights that are associated with the ownership of real property are often referred to as the owner’s: (a) Bundle of rights (b) Constitutional rights (c) Statutory rights (d) Civil rights (Ans- (a) Bundle of rights The agreement between a broker and a client is most often a(n) ____<\/em><\/strong><\/em><\/strong> agency relationship.
(a) Special
(b) General<\/p>\n\n\n\n
(d) Sub (Ans- (a) Special
A professional association whose local affiliates own and operate MLS
systems throughout the United States is the:
(a) NAR
(b) CCIM
(c) BOMA
(d) ICSC (Ans- NAR
A legal description that contains the words “Beginning at a point” is a:
(a) Lot and block description
(b) Metes and bounds description
(c) Informal reference
(d) PLSS description
(Ans- b) Metes and bounds description
The concept behind the government survey system is the __<\/em><\/strong> of a
grid on top of the land.<\/p>\n\n\n\n
Exam
What kind of professionals manage the legal aspects of a development
project?
(Ans- Real Estate attorneys, title companies, surveyors, property insurance
companies and government regulatory officials
What types of professionals are involved in the transfer of rights and
interest in Real Estate?
(Ans- Titles companies, Real Estate Brokers\/ Sales Persons, Mortgage
Brokers, Mortgage Bankers, Appraisers, Insurers
Property is classified into what three types?
(Ans- Residential, Commercial, and Investment properties
Real Estate Agents in Texas would benefit from belonging to which two
trade organizations?
(Ans- NAR – National Association of Realtors
Texas Assoc. of Realtors
If a broker chooses to specialize by geographic area, how might the area
be defined?
(Ans- Natural Barriers, Streets\/ Highways, By a certain set of Sub Divisions
What are some of the individual brokerage services that one might perform
for a pre-set fee?
(Ans- Comparative price analysis, prospect screening, site analysis,
Database search
The laws most relevant to agents and brokers relate to what topics?
(Ans- Agency, Contracts, Disclosure, Environmental, Impact, Fair housing,
What are the four sources of real estate law?
(Ans- Federal Government, State Government, Local Government, Courts<\/p>\n\n\n\n
(Ans- Realtors
What are the two types of Real Estate Managers?
(Ans- Property Managers and Asset Managers
Which action is often used to define specific aspects of newly created law?
(Ans- Court Decision
Market Equilibrium:
(Ans- a market tends toward a state of equilibrium in which supply equals
demand, and price, cost, and value are identical.
Absorption
(Ans- the amount of available property that becomes occupied over a
period of time.
What is the definition of value as it applies to real estate?
(Ans- The present worth of future benefits that would be gained from
owning real property
How do elements of supply, demand and price interact in the market?
(Ans- In a continuous manner
What type of Real Estate User would be interested in the level of trade area
competition?
(Ans- Retail User
If Price Decreases?
(Ans- Demand is declining in relation to supply
Types of Real Estate Users
(Ans- Residential, Retail Industrial, office<\/p>\n\n\n\n
Retail User: > Trade, area, sales, competition
Office: >Efficiency, costs of Occupancy, Functionality
Industrial User: > Labor pool, availability, supplies, Distribution Channels
How Many members in TREC ( Texas Real Estate Commission)
(Ans- Nine members – six licensed brokers and 3 members of the public
How long are the terms of TREC commission Members?
(Ans- Staggerd 6 Year Terms,
How long does the term of a commission member last and when does a
term expire?
(Ans- Commission members serve staggered six-year terms with the terms
of three members expiring January 31 of each odd-numbered year.
When will a court order a payment to an aggrieved party from the Recovery
Fund?
(Ans- If a licensee cannot pay the full amount of the judgment ordered by
the court, the party may apply to the court in which the judgment was
rendered for an order to pay the balance due from the real estate recovery
fund.
Three parties that don’t need a license to sell Real Estate
(Ans- Attorneys at law, An Auctioneer, Receivers\/ trustees of Bankruptcy
working under court order
Which of these persons would need a real estate license?<\/p>\n\n\n\n\n
raise tuition money for college.<\/li>\n\n\n\n
from a buyer.<\/li>\n\n\n\n
storage firm
(Ans- A college graduate advertises he will sell properties of other students
to raise tuition money for college.
Which of these persons would need a real estate license?<\/li>\n\n\n\n
student.<\/li>\n\n\n\n
son who owns a leasing office in town.<\/li>\n\n\n\n
liability in an upcoming Texas real estate transaction.
(Ans- A senior citizen charges an advance fee for referring an individual to
her son who owns a leasing office in town
What is the experience requirement for an applicant for a broker’s license?
(Ans- At least four years of active experience in Texas as a license holder
during the 60 months preceding the date the application is filed
How many members in TREC Commission?
(Ans- 9 board members: 6 members from real estate industry, 3 members
from general public<\/li>\n\n\n\n
6 year terms
Payments from the Trust Account may not exceed?
(For claims arising out of a single transaction)\/ (Against a single Licensee)
(Ans- 50,000 and 100,000
broker
(Ans- an individual who performs certain real estate services for another
party for compensation.<\/li>\n\n\n\n
Exam
Written documents affecting a title to real estate are recorded:
A. where the titleholder resides
B. where the titleholder has legal residence
C. at the county clerk’s office where the property is located
D. at any county clerk’s office in Texas
(Ans – C. at the county clerk’s office where the property is located
A person appointed by a court to settle the estate of a deceased person
when the executor cannot perform or refuses to perform is:
A. another executor
B. a legatee
C. an administrator
D. a devisee
(Ans – C. an administrator
What is an abstract of title?
A. title insurance
B. a history of all recorded activity affecting a parcel of real estate
C. a judgment on real property
D. a patent
(Ans – B. a history of all recorded activity affecting a parcel of real estate
A title insurance policy in favor of the mortgagee will insure the:
A. owner
B. buyer
C. buyer and seller
D. lender
(Ans – D. lender<\/p>\n\n\n\n
present owner to the original source of title. In most cases it starts with:
A. ownership from 1955
B. chattel
C. a suit in federal court
D. the original grant of the land from the government to a private citizen
(Ans – D. the original grant of the land from the government to a private
citizen
A handwritten will signed by the testator but not witnessed is known as
a(n):
A. nuncupative will
B. holographic will
C. oral will
D. formal will
(Ans – B. holographic will
A voluntary gift of private land to the public is known as:
A. alienantion
B. dedication
C. reliction
D. annexation
(Ans – B. dedication
The General Warranty Deed contains:
A. the covenant of seisin
B. the covenant against encumbrances
C. both A and B
D. neither A or B
(Ans – C. both A and B<\/p>\n\n\n\n\n
licensees.
(Ans-d) state government<\/li>\n\n\n\n
valid?
(Ans-b) The deed must be in writing<\/li>\n\n\n\n
real property is that
(Ans-a) real property includes ownership of a bundle of rights.<\/li>\n\n\n\n
(Ans-c) have a finger printing and background check prior to receiving a
license.<\/li>\n\n\n\n
(Ans-c) a prerequisite of a minimum of 15 classroom hours counted toward
license renewal every two years.<\/li>\n\n\n\n
of the life of the owner.
(Ans-b) life estate<\/li>\n\n\n\n
(Ans-a) It involves a monetary claim against the value of a property.<\/li>\n\n\n\n
estate owner?
(Ans-b) Ordinary life estate<\/li>\n\n\n\n
properties that becomes occupied over a period of time is called
(Ans-b) absorption.<\/li>\n\n\n\n
(Ans-c) Over time, the encroachment may become an easement by
prescription that damages the property’s market value.<\/li>\n\n\n\n
recovery fund on account of a licensee’s acts?
(Ans-d) The license is suspended immediately, but will be reissued upon
reimbursement of the fund, with interest.<\/li>\n\n\n\n
broker. Which of the following is true?
(Ans-d) The listing will stay with the original broker.<\/li>\n\n\n\n
(Ans-a) her current email address.<\/li>\n\n\n\n
right to
(Ans-c) occupy the property.<\/li>\n\n\n\n
a salesperson license?
(Ans-a) Evidence of a degree in some form of postsecondary education.<\/li>\n\n\n\n
(Ans-b) Title insurance fees<\/li>\n\n\n\n
summarizes the critical skills in which of the following?
(Ans-d) Real estate brokerage<\/li>\n\n\n\n
Questions & Answers
In the real estate business, which professional’s primary role is to make
improvements to land?
(Ans-Real estate developer
Hotels, motels, golf courses, resorts, and sporting arenas belong to which
of these property categories?
(Ans-leisure
In the real estate business, which professional’s primary role is to estimate
property value based on established valuation guidelines?
(Ans-Real Estate Appraiser
Shopping centers and malls belong to which of these property categories?
(Ans-Retail
Of the six categories of real estate, what types of properties are hospitals,
urgent care centers, and doctor’s offices?
(Ans-Healthcare
In the real estate business, which professional’s primary role is to protect
brokerages from litigation and to answer questions for licensees about legal
matters regarding real estate transactions?
(Ans-Real Estate attorney
Single-family, multi-family (duplex, triplex, etc.), apartment buildings,
condominiums, and cooperatives are part of what property category?
(Ans-Residential<\/p>\n\n\n\n
operational requirements, they are usually handled by more experienced
real estate professionals.
(Ans-Industrial
Consider the travel, tourism, and hospitality industry for a moment. Visiting
the best beaches? No problem. Now consider acting as a real estate
licensee specializing in resort and vacation properties. It’s a whole different
beach volleyball game, right? What type of information should licensees
know and understand before they can competently represent clients in this
specialty area?
(Ans-The regulations for timeshare properties and vacation rentals
Timeshare properties are also referred to as _____<\/em><\/strong><\/em><\/strong>.
(Ans-Resort Properties
What’s required in order to call an auction?
(Ans-an auctioneer’s license
Luciana is very successful in her profession, partially because she was
fortunate enough to connect with several developers in the early days of
her career. Since then, she’s built a solid reputation as the “go to” person in
the state to list properties on the MLS and show model homes in newly
developed communities. What’s Luciana’s profession?
(Ans-Shes a real estate licensee
Bryant is a professional who spends his days drafting plans for new
communities. He must consider what these newly developed areas of town
will require, including streets and open areas like parks. In what profession
does Bryant specialize?
(Ans-He’s a planner
Where do live auctions typically take place?
(Ans-On the steps of the local courthouse<\/p>\n\n\n\n
Anything that is fastened or attached to real property permanently is
considered to be:
(Ans- Real Property
A quitclaim deed releases all present claims, rights and title of the:
(Ans- Grantor
When a creditor wants to satisfy a judgement which was levied against
another person, the creditor would:
(Ans- Obtain a writ of execution
Before a mechanics lien is effective it must be:
(Ans- Verified and recorded
Discrimination by a real estate licensee based on race is:
(Ans- A violation of the regulations of the Real Estate Commissioner,
against public policy, and unethical
Upon the signing of a real property sales contract:
(Ans- An equitable title passes to purchaser
All California Real Estate Laws are created by:
(Ans- Acts of the legislature<\/p>\n\n\n\n
is located in the:
(Ans- Northeast corner
Which of the following would be a discriminatory act under the
Commissioner’s Regulations?
(Ans- Posting a sign on the property indicating a preference for female
renters, designing an ad for general circulation appealing to persons of a
specific religion to purchase within a given area, and refusing to list a
property in an area occupied by persons of a race other than the licensee.
The type of interest usually charged on home loans is:
(Ans- Simple
A landowner is notified by a railroad company that it plans to cross his
property with a railroad line. If the landowner refuses, the railroad company
can proceed by the use of:
(Ans- Eminent domain
Title to real property that is transferred by a will is considered:
(Ans- A devise
A real estate broker received 40 acres of land valued at $300 per acre as a
commission from the seller. Two weeks after escrow closed, the broker
was offered $400 per acre for the land. If the broker accepts the offer he:
(Ans- Will be acting in an acceptable manner<\/p>\n\n\n\n
Exam Questions & Answers
What type of insurance protects the business if it is unable to produce
income due to a covered event?
(Ans-Business interruption
(Business interruption insurance protects against loss of income when a
business is unable to produce due to a covered event.)
Colleen and Judy purchased a dilapidated townhome in an estate sale.
Due to their fix-up work and the current economy, the property value has
skyrocketed. They decide to sell it to get their equity out of it. After they list
it, a woman comes forward, saying she is an heir to the previous owner and
lays claim to the property. Which general warranty deed covenant protects
Colleen and Judy?
(Ans-The covenant of warranty
(The covenant of warranty assures that the grantor will warrant and defend
the title against the lawful claims of others.)
Loans made to high-risk borrowers, at higher interest rates and with higher
fees, are __<\/strong>.
(Ans-Subprime loans
(The higher fees and rates are meant to compensate the lender for the
higher risk associated with subprime loans)
Taxes that are set aside for redevelopment and that stem from public
financing when there is little help from the government are called what?
(Ans-TIFs<\/p>\n\n\n\n
governments need assistance in the redevelopment of certain areas. TIRZs
do stem from TIFs. The general program of public financing for
redevelopments is known as TIF.)
Your client, William, wants to run a tax office out of his home. He lives in an
area that is not zoned for that purpose. What must William obtain to
operate his tax office legally?
(Ans-A special use permit
(To operate his tax office legally, William must obtain a special use permit.)
The Institute of Real Estate Management, an affiliate of the National
Association of REALTORS\u00ae, offers a specific certification program. What
designation would you earn upon completing this program?
(Ans-Certified Property Manager
(IREM offers a Certified Property Manager certification program and
designation.)
A 20-unit apartment building sells for $5 million. The property can bring in
$400,000 in annual gross income. What is the gross income multiplier
(GIM)?
(Ans-12.5
(Calculate GIM by dividing the $5 million sales price by the $400,000 gross
annual income: $5 million \u00f7 $400,000 = 12.5.)
What could be a consequence if there were no secondary mortgage
market?
(Ans-Lenders might not have funds available to make new loans to the
public.<\/p>\n\n\n\n
funds to continue making loans. Without this market, lending funds might
become scarce.)
To make valid computations of adjustments for the sales comparison
approach to value, elements of comparison must be applied in a specific
order. Which one of these elements listed has the highest priority?
(Ans-Conditions of sale
(The elements appraisers consider in the sales comparison approach are
applied in a specific order: financing terms and cash equivalency,
conditions of sale, market conditions at the time of contract and closing,
location, and physical characteristics.)
What is the broker’s role at closing?
(Ans-Collect commission
(One of the broker’s responsibilities at closing is to collect the commission
money.)
When sites with hazardous substances are identified, which of the following
mandates that the responsible party cleans them up?
(Ans-CERCLA
(CERCLA identifies sites that have hazardous substances, and requires the
responsible party to clean them up.)
When you use a comparative market analysis to calculate a suggested
price range for a particular property, which of the following actions will you
take?
(Ans-Use adjusted prices from sold comparables and refine the range with
data about active listings, expired listings, and possibly pendings.<\/p>\n\n\n\n
in a price range an appropriate list price would be, only recent sales of
comparables should be used to calculate that price range for the CMA.)
Which veteran loan program offers qualified veterans help with repairs on
their current home?
(Ans-Veterans Home Improvement Program
(The VHIP helps qualifying veterans complete repairs or home
improvements on their current home. Remember that the “I” represents
“improvements.”)
How long must a taxpayer have lived in a home in order to claim a capital
gain exclusion?
(Ans-Two of the preceding five years
(In order to claim the capital gains exclusion, the taxpayer must have lived
in the home for at least two of the preceding five years.)
Which of these is a dynamic risk?
(Ans-Market change
(Dynamic risks are those business risks that cannot be lessened with
insurance. This includes economic, tax, and market changes.)
Cyril passed away unexpectedly, leaving no will. His wife and two kids were
very distraught, and at the funeral, the family got together with his only
other living relative\u2014a cousin\u2014and friends for the first time in years. Now
that Cyril’s “bought the farm,” his wife is wondering who will get the farm
that she and her children live on but that Cyril inherited before he married
her. According to the laws of intestacy, can you figure out who will get the
land?
(Ans-The wife and the children<\/p>\n\n\n\n
Questions & Answers
All of the following violate the Texas Real Estate License Act, EXCEPT:
(Ans- Disclosing all known facts pertaining to a property to a client
The aspect of the real estate business that is concerned with bringing
together the parties and completing the transactions is:
(Ans- brokerage
An attorney from another state must have a Texas real estate license to
receive a commission for a real estate transaction in Texas.
(Ans- true
all of the following are true about a Texas homestead, except:
(Ans- homestead protection can be waived in writing
ad valorem taxes:
(Ans- Are according to value, Create the highest priority lien on real
property, Are always paid first at a foreclosure sale
Which real estate contract is the exception to the Statute of Frauds?
(Ans- a lease for one year or less<\/p>\n\n\n\n
the following?
(Ans- age and condition of the home, location, the policyholder’s claims
history
Which of the following is required for a lot and block description of a
property?
(Ans- a recorded plat
integrity is best described as:
(Ans- The duty of a licensee to employ prudence and caution so as to avoid
misrepresentation in any way
When a holdover tenant refuses to leave and is not paying rent his interest
in the property is called:
(Ans- tenancy at sufferance
steering is:
(Ans- Directing buyers to or away from a particular neighborhood based on
protected categories
crops are:
(Ans- emblements
when a Texas real estate licensee is in inactive status:
(Ans- he is responsible for renewal fees<\/p>\n\n\n\n
A sales agent or broker associate may perform duties as a real estate
licensee under what circumstance?
(Ans- While associated with and supervised by a broker.
What is the name of the part of the beach that is privately owned?
(Ans- Dry beach.
Real estate law covers general property law, real estate license law, the
law of contracts, landlord\/tenant law, consumer protection, and:
(Ans- The law of agency
Which entity is charged with administering the laws of TRELA?
(Ans- The Texas Real Estate Commission
What is the most common homeowners policy?
(Ans- The HO-B Policy
Which of the following is a right included with real property?
(Ans- Exclusion
Which keyword can be used to describe real property?
(Ans- Built-in. Built-in would describe real property that is permanently
affixed to the property.<\/p>\n\n\n\n
(Ans- The listing broker and the seller.
What is considered a passing grade for the state licensing exam for a real
estate professional who is seeking a brokers license?
(Ans- A 75% or greater.
Land, plus all things permanently attached to it naturally or artificially is:
(Ans- Real estate
The exemption to the Fair Housing Act that would normally apply that is
moot when a real estate agent represents :
(Ans- Owner occupied buildings with no more than four units.
Sally Mae is a real estate licensee who would like to become a realtor,
what must she do?
(Ans- Become a member of the NAR
What agency enforces fair housing laws?
(Ans- FHEO. The Fair Housing and Equal Opportunity administers and
enforces fair housing laws.
Which type of anti-trust violation involves two or more businesses
conspiring against another?
(Ans- Group boycotting<\/p>\n\n\n\n
(Ans- Cooperative
When a fair housing complaint is received, how long does TWCCRD have
to begin investigating and attempt to resolve the issue?
(Ans- 100 days. Once the complaint is received the TWCCRD has 100
days.
What does it mean when the buyer signs and dates the sellers disclosure
notice?
(Ans- The buyer is acknowledging receipt of the disclosure.
When a business is organized as a partnership,
(Ans- General partners are jointly and severally responsible for all
business debts.
The payment of commission to a non-licensed individual for brokerage
services is:
(Ans- Illegally only if the person is not exempt from licensing law.
Individuals who are exempt from licensing law (Such as attorneys) may
receive commissions for providing brokerage services.
What type of a lien is a specific lien?
(Ans- Real property tax lien
In terms of encumbrances, what is a license?
(Ans- Permission without possession, interest or ownership.<\/p>\n\n\n\n
Review: 121 Principles of Real Estate
Final Exam Review<\/p>\n\n\n\n\n
the property of the
__<\/em><\/strong><\/em><\/strong>.
A. Broker\u2014salesperson
B. Salesperson\u2014seller
C. Broker\u2014broker
D. Broker\u2014seller
(Ans- C. Broker- broker
A deed is used to transfer ownership of real estate. A bill of sale would be
used to transfer ownership
of:
A. A mortgage
B. Personal property
C. A deed of trust
D. A house and 2 acres of land
(Ans- B. Personal property
The life tenant in a life estate is not allowed to:
A. Pay the property tax on the property
B. Commit waste by destroying or harming the property
C. Lease the property and keep the rent
D. Improve the property
(Ans- B. Commit waste by destroying or harming the property
The Education Standards Advisory Committee is made up of:
A. 12 members
B. 13 members<\/li>\n<\/ol>\n\n\n\n
D. 14 members
(Ans- A. 12 members
The government receives the authority to take the property of one who dies
without a will and without
heirs by virtue of:
A. Laws of agency
B. Eminent domain
C. Police power
D. Escheat
(Ans- D. Escheat
Which of the following land description methods identifies a parcel of land
by specifying its shape and
boundaries?
A. Metes and bounds
B. Government survey
C. Recorded plat
D. Assessor’s parcel number
(Ans- A. Metes and bounds
When someone owns property to the exclusion of all other persons, this
person is said to hold the
property in:
A. Personality
B. Severalty
C. Common
D. Secret
(Ans- B. Severalty
One who is given a power-of-attorney that allows them to sign the name of
a principal to a contract of
sale is a(n):
A. Attorney-in-fact<\/p>\n\n\n\n
C. Special agent
D. Attorney at law
(Ans- A. Attorney-in-fact
TRELA does not apply to:
A. An attorney licensed in this state
B. An on-site manager of an apartment complex
C. A public official while engaged in official duties
D. All of the above
(Ans- D. All of the above
The most widely recognized aspect of joint tenancy is the:
A. Right of equal interest
B. Right of equal use
C. Right of survivorship
D. Simultaneous creation of ownership
(Ans- C. Right of survivorship
An applicant who fails an examination:
A. May apply for reexamination but must wait 7 days before retaking the
national portion of the test.
B. Must retake and pass a 30-hour principles class before applying for
reexamination.
C. Will only be allowed to retest after a six-month wait.
D. May apply for reexamination by filing a request accompanied by the
proper fee.
(Ans- D. May apply for reexamination by filing a request accompanied by
the proper fee.
Jane lives at 1226 Main Street, Smalltown, Texas. This would be used as
the legal description for
her:
A. Deed
B. Lien<\/p>\n\n\n\n
Bundle of Legal Rights is property included in
(Ans-The definition of real property
Bundle of rights concept
(Ans-Possession, Enjoyment, Exclusion, Disposition, control
In Pennsylvania, mine activities refers to
(Ans-Subsurface rights
Land is considered to be
(Ans-indestructible
The Comprehensive Plan
(Ans-Is not a regulatory document
Zoning does not affect such things as
(Ans-Deed restrictions
Zoning
(Ans-A planning tool used to separate industry and business from
residential neighborhoods.
Zoning Ordinance
(Ans-A law that limits the permitted uses of land and maximum density of
development in a community.<\/p>\n\n\n\n
(Ans-A strip of land, usually used as a park or designated for a similar use,
separating land dedicated to one use from land dedicated to another use.
Inverse Condemnation
(Ans-action, initiated by a property owner against the government, to
recover the loss in property value
Zoning Affects:
(Ans-permitted use of the land, lot sizes, types of structures, building
heights, setbacks( the minimum distance structures may be built from
streets or sidewalks) density(the ratio of land area to structure area or
population) protection of natural resources
The grantor of a deed may place effective restrictions on
(Ans-The use of the land
Zoning Hearing Board are established to hear complaints about
(Ans-The effect of a zoning ordinance
A new zoning ordinance is enacted. A building that is permitted to continue
in its former use even though that use does not comply with a new zoning
ordinance is an example of
(Ans-. a nonconforming use<\/p>\n\n\n\n
highways, the municipality can fund the cost of transportation
improvements that needed because of this development through
(Ans-Impact fees
To protect the public from fraudulent interstate land sales, a developer
involved in interstate land sale of 25 or more lots must
(Ans-Provide each purchaser with a report of the details of the land, as
registered with HUD.
Where are permitted land uses and set- asides, housing projects,
transportation issues, and objectives for implementing future controlled
development found
(Ans-Comprehensive plans
Under the Interstate Land Sales Full Disclosure Act, what is the outcome if
the property report is not given to the prospective purchaser before the
contract is signed?
(Ans-The purchaser may revoke the contract, at the purchaser’s option, up
to midnight of the seventh calendar day following the signing of the
contract.
When is a certificate of occupancy issued?
(Ans-After a newly constructed building has been inspected and found
satisfactory by the municipal inspector<\/p>\n\n\n\n
Estate Exam Prep
Agent
(ans- works for a client giving advice and with a customer giving
information
Agency
(ans- condition which legally exists when a principal contracts with an
agent to perform on his behalf.
Universal agency
(ans- authorizes an agent to handle matters of all types for the principal.
Requires power of attorney
General agent
(ans- authorizes an agent to transact matters concerning a specific area of
business for the principal.
Example: managing several investment properties
Specific agent
(ans- represents the principal for a specific act only, such as the sale of a
house
Express agency
(ans- based on a formal agreement between parties in which the parties
express the establishment of an agency and state the terms and conditions
Ex. Listing agreement
Implied agency
(ans- occurs when parties act in such a was as to indicate that they have
agreed to an agency<\/p>\n\n\n\n
(ans- based on trust and confidence
Ex giving power of attorney
Fiduciary responsibilities
(ans- old car
Obedience, loyalty, disclosure, confidentiality, accountability, reasonable
care
Duties owed to the customer
(ans- the person you do not represent, owe them honesty and fairness
Termination of agency
(ansdeath or incapacity of either party
Destruction or condemnation of property
Expiration of terms
By mutual agreement
Renunciation by the agent (fire each other)
Bankruptcy of the principal
Fulfillment of purpose
Designated agent
(ans- person authorized by the broker to act as the agent of a specific
principal
Sub agency
(ans- salespersons are general agents of the broker, and therefore owe
fiduciary duties to the broker. A cooperating broker may also be a subagent
of a listing broker
Dual agency
(ans- the act of representing 2 principals to a transaction at the same time
and require equal loyalty to both.<\/p>\n\n\n\n
(ans- may occur unintentionally by either carelessness or
misunderstanding
Disclosed dual agency
(ans- representing both the buyer and seller in the same transaction with
the informed consent of both
Agency disclosure brochure
(ans- must be signed by the client and agent before an agent may show a
property
Pertinent material facts and defects
(ans- an agent must fully disclose that he knows to be present in the
property he is showing
Latent defect
(ans- a hidden structural defect that would not be discovered by ordinary
inspection
Fraud
(ans- the intentional misrepresentation of a material fact
Negligent misrepresentation
(ans- occurs when the agent should have known that a statement about a
material fact was false
Negligent omission
(ans- the agent accidently fails to perform some act, such as delivering a
counter offer
Puffing
(ans- exaggerating a property’s benefits such as views or landscaping. An
opinion<\/p>\n\n\n\n
(ans- employee of a broker or an independent contractor
Exempt from licensing
(ansfor sale by owner
Executors, administrators, guardians
Attorney
Lending institution
City, state, federal
Appraisers, trustees
(la) appraisers must have license
Environmental hazards
(ans- hazards you must disclose.
Option (unilateral contract)
(ans- a right extended to purchase real property for a specified amount
within a specified period of time. If the second party accepts, the offerer is
obligated. Must be signed by one.
Void contract
(ans- no contract at all. Does not conform with law
Voidable contract
(ans- a contract that is still binding, but is flawed
Offer and acceptance
(ans- “meeting of the minds” offerer makes and offer and offeree accepts or
rejects
Constructive communication
(ans- when an offerer specifies the means by which he wants his offer
accepted.
Legally binding as soon as the offeree follows offerers directions<\/p>\n\n\n\n
Answers
Which of the following is true of “condominiums”?
A. It is an ownership where owners own their unit solely but share
ownership with the common areas, and buildings
B. It applies to ownership, not to construction or development
C. It is a type of ownership where all of the owners own each other’s
interior units
D. Both A and C
(Ans- A. It is an ownership where owners own their unit solely but share
ownership with the common areas, and buildings
A homeowner’s association does which the following?
A. It manages the common areas of a condominium project or planned unit
development
B. It owns title to the common elements in a condominium development
C. It doesn’t own title to the common elements in a planned unit
development
D. All of the above
(Ans- A. It manages the common areas of a condominium project or
planned unit development
Which of the following is true of “common areas”?
A. They include swimming pools, tennis courts, and other recreational
facilities
B. They are portions of a building, land, and amenities owned or managed
by a planned unit development or condominium project’s homeowners’
association
C. They have shared expenses by the property owners for the operation
and maintenance
D. All of the above
(Ans- D. All of the above<\/p>\n\n\n\n
PUD, or cooperative project, particularly that which has a short life
expectancy, such as carpet or furniture is called:
(Ans- Replacement reserve fund
A type of multiple ownership where the residents of a multi-unit housing
complex own shares in the cooperative corporation that owns the property
and gives each resident the right to occupy a specific apartment or unit is
called:
(Ans- Cooperative
You put in a new driveway to your property, but in the process, the paving
goes across your property line onto your neighbor’s property a few inches.
This is called an:
(Ans- Encroachment
If you convey an interest in real property to a relative, that person is known
as the:
(Ans- Grantee
You and your sister are joint tenants in a home your mother left you. Your
sister has three children in her will and you have one. If she dies first, who
does the property go to?
(Ans- It goes entirely to you
Which of the following falls under the term “personal property”?
A. Sofa
B. Garage attached to a house
C. The front porch of a home
D. The windows in a home
(Ans- A. Sofa<\/p>\n\n\n\n
the water hold a recorded beneficial use permit. This allocation of water
rights in Massachusetts is determined by:
(Ans- The doctrine of prior appropriation
Evan lives in an apartment building. The land and structures are owned by
a corporation, with one mortgage loan covering the entire property. Like the
other residents, Evan owns stock in the corporation and has a lease on his
apartment. This type of ownership is called a(n):
(Ans- Cooperative
If a commercial tenant has a lease. The lease will end soon and the tenant
is moving to a new location. During the tenancy the tenant installed
bookcases. Can the tenant remove the bookcases?
(Ans- Yes, as long as the tenant pays for or repairs the damages
If a prospective buyer is purchasing a house, can a seller take the shrubs
with him? (Ans- No, the shrubs are permanently rooted
If a person wants to build a dock on a lake, what agency should they get
permission?
(Ans- The Massachusetts Department of Environmental Protection Agency
When a company furnishes materials for the construction of a house and is
subsequently not paid, it may file a(n):
(Ans- Labor Lien
A person with a life estate can:
(Ans- Live on the property for their lifetime
Who would a resident appear before to complain about Snob zoning? (AnsZoning Board
Which is NOT an involuntary transfer?
A. Dedication for public use<\/p>\n\n\n\n
& Answers
Reed vs. King Case
(Ans- Must disclose death (and manner of death) on a property if occurs
within 3 years, except AIDS
Jones vs. Mayer Supreme Court Decision (1968)
(Ans- Racial discrimination not allowed (whether selling or buying) in all
PRIVATE property transactions (based on Civil Rights Act of 1968)
Easton vs Strassburgar
(Ans- Seller disclosures to third parties AND agent visual inspection of all
accessible for 1-4 single family homes
If license applicant is delinquent on child support, what type of license will
be issued?
(Ans- 150 day temporary license
A commission is earned when\u2026
(Ans- A ready, willing, and able buyer is found
Name 4 examples of real property
(AnsLand
Fixtures (attachments)
Appurtenances
Immovable by law
DEF mineral rights
(Ans- Right to remove substances from land, usually beneath the surface<\/p>\n\n\n\n
(Ans1. Deed (real estate)<\/p>\n\n\n\n\n
Name five tests to determine if something is a fixture:
(Ans- MARIA
Method of attachment
Adaptability
Relationship of parties
Intent of parties in placement
Agreement of parties
Of the five MARIA tests to determine if something is a fixture which is most
important
(Ans- INTENT
Estate always relates to\u2026
(Ans- Ownership
DEF freehold estate
(Ans- Highest form of land ownership and of indefinite duration
Fee Simple Absolute
(Ans- Same DEF as freehold. Difference is that this is the MODERN def
(this is BEST answer)
DEF Fee simple defeasible
(Ans- Estate that is subject to the power of termination
Defeasible estates are subject to a \u2026
(Ans- condition<\/li>\n<\/ol>\n\n\n\n
(Ans- Loss of title
In CC&Rs, breaking (covenant\/condition) result in loss of title?
(Ans- Condition
What are two other names for a fee simple estate?
(Ans1. Estate of inheritance<\/p>\n\n\n\n\n
In a fee simple defeasible estate, to whom does the estate revert back to if
a condition is breached?
(Ans- Creator of the estate
Example: Hugh Hefner and Cal Poly Pomona
Def of Life Estate
(Ans- A freehold estate with limited duration which is based on someone’s
life.
Can the holder of the life estate sll or lease the estate?
(Ans- Yes
Who does the life go back to when the holder dies?
(Ans1. Estate in reversion – goes back to creator<\/li>\n\n\n\n
DEF encumbrance
(Ans- Anything that would be a burden on the title
Name two types of encumbrances
(Ans1. Money (liens)<\/li>\n\n\n\n
(Ans1. Will or devise the estate<\/p>\n\n\n\n\n
property)
Mechanic’s Lien: used to secure payment to anyone that provides any of
these four things:
(Ans1. Labor<\/li>\n\n\n\n
Mechanics liens become effect when\u2026
(Ans- work started
An owner can post and record WHAT to protect the title against a
mechanic’s lien?
(Ans- Notice of Non Responsibility
DEF lien
(Ans- An encumbrance that the property acts as security for payment of a
debt or discharge of an obligation.
Note – on the property NOT the owner
List two examples of a specific, involuntary lien
(Ans- Property Tax
Mechanics Lien
Name one example of a specific voluntary lien
(Ans- Mortgage loan<\/li>\n\n\n\n
Estate Exam Study Guide
Police Power
(Ans- Government right to regulate and control the character and use of
property for the health, safety and general welfare of the public
Zoning
(Ans- Local laws to control land use
Non-conforming use
(Ans- A permissible use under former rules that is now prohibited –
automatically granted when zoning regulations change
Variance
(Ans- Permission to violate current regulations – obtained by a hearing
Buffer zone
(Ans- An area of land separating one land use from another incompatible
use such as residential from commercial
Building codes
(Ans- Regulations regarding specific construction requirements- plumbing,
electrical, etc.
EIS
(Ans- Environmental impact statement- a study done to determine the
effect of a proposed project on a community
Eminent domain
(Ans- The right of government to take private property for public use<\/p>\n\n\n\n
(Ans- The action of the government I taking private property under the right
of eminent domain
Inverse condemnation
(Ans- The action of an individual trying to force the government to buy his
property
Taxation
(Ans- The right of government to tax real property
Ad valorem
(Ans- According to value- real property taxes are ad valorem taxes
Assessed value
(Ans- Property value for tax purposes- (tax rate*assessed value= tax)
Special Assessment
(Ans- A tax levied against only those property owners who benefit from a
government improvement such as curbs or sidewalks
Municipal improvement district
(Ans- An area within a municipality that is taxed for a specific improvementunlike a special assessment, property owners were permitted to vote for
the improvement district to be created
Escheat
(Ans- The right of the government to take real property if an owner dies
without a will and with no heirs or no kindred
Riparian rights
(Ans- The right to use water from a river or stream that borders a property
Littoral rights
(Ans- The right to use water from a lake or ocean that borders a property<\/p>\n\n\n\n
(Ans- Deed covenants, conditions and restrictions are private controls of
land use, development, methods and materials for construction, including
style and appearance requirements in some cases
Injunction
(Ans- A court order to cease, stop, or refrain from acting- can be used to
enforce c,c &r’s
Real Property
(Ans- Land, improvements attached to the land, and the rights to use them
Personal Property
(Ans- Anything not classed as real property, a right or interest in things of a
temporary or moveable nature
Chattel
(Ans- Personal property
Personality
(Ans- Personal property
Fixture
(Ans- Personal property that has been installed or attached to become real
property
Annexation
(Ans- The process of attaching personal property so that it becomes real
property thus creating a fixture<\/p>\n\n\n\n
(Ans- Real property becomes personal property when it is “severed” from
the land. Uninstall, unattach
Trade Fixture
(Ans- Personal property installed on leased property for the purpose of the
tenants occupation or profession
Physical Charateristic of Land
(Ans- Nonhomogeneity, immobility, indestructibility
Nonhomogeniety
(Ans- A physical characteristic of land stating no two pieces are exactly
alike
Immobility
(Ans- A physical characteristic of land stating that land cannot be movedan owner must go to the land
Indestructibility
(Ans- A physical characteristic of land stating that the land will always be
there- it is durable
Economic Characteristics of Land
(Ans- Scarcity, modification, fixity and situs
Scarcity
(Ans- An economic characteristic of land stating that a short supply where
demand is great will cause an increase in value- usually based on
geography
Modification
(Ans- An economic characteristic of land stating that improvements made
by man will alter the value of the land and surrounding properties<\/p>\n\n\n\n
Broker
(Ans- a person who, in exchange for a commission or other valuable
consideration or with the expectation of receiving a commission or other
valuable consideration, performs for another person one of the following
acts, including helping another person to conduct a real estate transaction
TRELA
(Ans- The Real Estate License Act (TRELA), a broker is the agent for the
buyer or the seller, or in some cases, both parties, in negotiating the sale,
purchase, or renting of property. A broker is authorized to operate a real
estate brokerage (business).
Sales Agent
(Ans- is a licensee employed by or associated with a broker, who conducts
brokerage activities on behalf of the broker in return for a fee or a
commission. They perform real estate transactions under the ultimate
supervision of the broker.
ESAC
(Ans- Education Standard Advisory Committee
The function is to regularly review and revise curriculum standards, course
content requirements and instructor certification requirements for core and
MCE courses.
-Committee consists of 12 members<\/p>\n\n\n\n
-Four members who are real estate instructors or owners of real estate
-One member who represents the public
Economic Characteristics of Land
(Ans-
-Scarcity
-Modification
-Fixity, and
-Situs.
Scarcity
(Ans- a shortage of land in a given geographical area where there is a
great demand for land
Modification
(Ans- also called improvements, are man-made developments made to real
property. Modifications greatly influence land use and value. They can be
anything from apartments to airports, schools to sewers, farms to factories.
Fixity
(Ans- also called investment permanence, means that land, buildings, and
other improvements require long periods of time to pay for themselves.
This is why an investment in real estate is regarded as a fixed or “sunk”
cost.<\/p>\n\n\n\n
(Ans- or location preference, refers to a location from an economic rather
than a geographic standpoint. Residential, commercial, and industrial
properties have different location preferences for different reasons. is the
reason why house lots on street corners, corner offices, and apartments
with commanding views are valued more highly than identically-sized lots in
less-preferred locations
Nonhomogeneity
(Ans- Also known as heterogeneity, nonhomogeneity means that no two
parcels of land are exactly alike\u2014because no two parcels of land can
occupy the exact same space on the globe.
In the United States, there are seven sources of law that affect the
ownership and transfer of real estate:
(Ans-
-United States Constitution
-laws passed by the United States Congress
-federal regulations adopted by the various agencies and
commissions created and authorized by Congress
-state constitutions
-laws passed by state legislatures
-ordinances passed by local governments such as cities, towns, and other
jurisdictions
-court decisions<\/p>\n\n\n\n
(Ans- Texas Real Estate Dealers Act
The act was renamed The Real Estate License Act in 1955
The purpose of the US Constitution and the individual state constitutions is
(Ansto establish the rights of the citizens of the United States, and to outline the
limits of government.
-The Fifth Amendment to the Constitution is particularly applicable to
property rights where it guarantees that a citizen will not be deprived of
property
-The Fourteenth Amendment which was written and adopted to address
citizenship of former slaves after the Civil War, also allowed for Congress
to pass the federal fair housing legislation under its civil rights protections.
The 14th Amendment applies the 5th Amendment guarantees to the states
as well as federal law.
An ordinance is
(Anslegislation that is passed by a local municipality and binding on the citizens
of that municipality. As they say with a variety of policies, ‘all real estate is
local.
Here are some sample zoning ordinances from around the state of Texas:
City of Dallas
City of Austin
City of El Paso<\/p>\n\n\n\n
Ethical Considerations
Brokerage
(Ans- the business of bringing buyers and sellers together in the
marketplace
Broker
(Ans- a person who is licensed to assist others in real estate transactions
and to receive compensation for those services
Principal
(Ans- (known as the client) or the party who employed the broker
Ready, Willing and Able Buyer
(Ans- One who is prepared to buy property on the seller’s terms and is
ready to take positive steps to consummate the transaction.
Customer
(Ans- A party to a transaction who is represented by another broker and is
not the agent’s principal (client). Customers are owed honesty and fair
dealing
Fiduciary relationship
(Ans- trust and confidence of trust and confidence in which an agent is
responsible for the money and\/or property of others.<\/p>\n\n\n\n
(Ans- The law that governs the relationship between a principal and his or
her agent.
Fiduciary
(Ans- A licensee is a Fiduciary when the enter into a Fiduciary agreement
with a client.
Universal Agent
(Ans- has authority to represent the principal in all matters that can be
delegated. He or she can enter into any contract on behalf of the principal
without prior permission.
General Agent
(Ans- is empowered to represent the principal in a broad range of matters.
The general agent may bind the principal to any contracts within the scope
of his or her authority. An example of a general agent would be a property
manager responsible for running a large building: procuring tenants,
collecting rents, and hiring and supervising maintenance personnel, among
other duties.
Special Agent
(Ans- is authorized to represent the principal in one specific capacity only.
A real estate broker is traditionally a special agent hired by a buyer or seller
to locate a willing seller of a suitable property or a willing buyer. As a<\/p>\n\n\n\n
bind the principal to any contract
Power of Attorney
(Ans- Often one person is authorized to act for someone else in a legally
binding capacity. This type of agency is created by a power of attorney, a
legal written authorization that stipulates the specific areas of authority in
which the agent may act. The agent acting in such a capacity is known as
an attorney-in-fact
Attorney-in-Fact
(Ans- A person given the authority to act on behalf of another under a
power of attorney.
Express Agency
(Ans- Express agency is where the agency relationship is created through
an agreement in which the agent and the principal state their intentions to
enter into an agency relationship, that the agent will represent the principal.
The parties state or express their intentions in writing. Oral agreements
establishing an agency relationship is rarely binding
Ostensible Agency
(Ans- The term “ostensible agency” refers to the relationship that exists
between two parties and that leads a person to believe that the first is an
agent of the second, or vice versa. An agency created by law when a
principal acts (intentionally or negligently) as if one is an agent who in fact
is not.<\/p>\n\n\n\n
Answers
Seller Deangelo agreed to mediate the radon gas problem in his basement
within 31 days. It has been 31 days and he still has not addressed the
issue. What is the current status of the sales contract?
(Ans \u2013
It is not affected and is in force.
The buyer must now address the problem within 31 days.
Deangelo will now receive $5,000 less from the buyer.
+Deangelo has defaulted on the contract.
What powdery mineral is a health hazard when airborne?
(Ans \u2013
Mercury
Radon
+Asbestos
Uranium
A licensee is required to continue to provide _<\/em><\/strong><\/em><\/strong> even after the
agency agreement has been terminated.
(Ans \u2013
Care
Obedience
Compensation
+Confidentiality
Licensee Carol is representing seller Cameron. Carol is currently a
(Ans \u2013
free agent.
+dual agent.
listing agent.
recording agent.<\/p>\n\n\n\n
behalf of the principal.
(Ans<\/p>\n\n\n\n\n
+customer
principal
tester
Buyer Tal is regretting the full price offer he just made on a home. Can he
still revoke the offer?
(Ans \u2013
No, because it was a full price offer.
+Yes, he can revoke the offer assuming the seller has not already
accepted it.
Yes, he can revoke an offer even after a seller has accepted it and
delivered notice of acceptance.
No, he must wait to hear if the seller accepted the offer.
A written contract to sell timber rights is performed by both parties. Six
months later, the seller has second thoughts and wants to reclaim the
rights under Regulation Z. What is the likelihood that the seller will
succeed?
(Ans \u2013
Slight, if the seller fells like he was taken advantage of.
Good, because Regulation Z requires the contract be in writing.
+Nonexistent, since this contract has nothing to do with a violation or, or
compliance with, Regulation Z.
Excellent, because landowners are not allowed to sell timber rights under
Regulation Z.
Buyer Henry is going to accept seller Shannon’s $282,500 counteroffer.
When will this counteroffer become a contract?
(Ans \u2013
Counteroffers cannot become contracts<\/li>\n<\/ul>\n\n\n\n
When Henry signs the counteroffer
When Shannon first made the counteroffer
What is an advantage of a VA loan compared to a traditional mortgage?
(Ans \u2013
The loan must typically be paid off in 10 years instead of 30 years.
The VA insures the lender against loss.
+The VA does not allow prepayment penalties to be charged if a veteran
pays off a loan early.
The VA will pay at least 25% of the monthly payments.
A rental house has monthly gross income of $3,000. A suitable gross
income multiplier derived from market data is 13. What estimated sale price
(to the nearest $1,000) is indicated?
(Ans \u2013
$360,000
$390,000
$429,000
+$468,000
sales price=annual incomeXGIM
Eldrick bought a certificate that allows him to apply for a tax deed after a
certain period. What did Eldrick purchase?
(Ans \u2013
A title certificate
A renewal certificate
A homestead certificate
+A tax certificate
What mortgage clause allows a lender to charge extra interest if the loan is
paid off before the normal completion date?
(Ans \u2013
An acceleration clause<\/p>\n","protected":false},"excerpt":{"rendered":"