UPDATE - ACTUAL EXAM 200

Champions Principles of Real Estate 2 LATEST

UPDATE - ACTUAL EXAM 200+

QUESTIONS AND 100% VERIFIED CORRECT

ANSWERS GUARANTEED A+

2 Trec promulgated lease forms - CORRECT ANSWER: seller/buyer residential temp

lease. up to 90 days

2 Types of REITS (real estate investment trust) - CORRECT ANSWER: Equity and

Mortgage. small investors to invest in larger commercial properties. minimum 100 investors

• types of real estate investment syndications - CORRECT ANSWER: limited, general

partnership or corporation under jurisdiction of state and federal security laws

4 government rights in land - CORRECT ANSWER: (PETE) police power, escheat,

taxation, eminent domanin. These are the 4 rights of land.

4 lease hold estates - CORRECT ANSWER: estate for years

tenancy of sufferance tenancy of will periodic tenancy

Abstract of Title - CORRECT ANSWER: complete history of title including deeds,

easements, liens, foreclosures, wills, marriages, death... everything about the property that was recorded.

ad valorem - CORRECT ANSWER: according to value

Alienation - CORRECT ANSWER: any changes to the ownership of real property

appraisal - CORRECT ANSWER: value of a property maybe affected by social,

economic, govt and environmental influences

appraisal process - CORRECT ANSWER: The value of a property may be affected by

social, economic, governmental and environmental influences. An appraiser must always be aware of these influences and possible changes in them that could affect market value.

appreciation - CORRECT ANSWER: the passive increase of the value of a parcel due to market forces. almost all parcels of land have the potential to appreciate in a rising market

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Blanket Mortgage - CORRECT ANSWER: covering more than one parcel of real estate

buffer zone - CORRECT ANSWER: area of land separating one land use from another

(single family, apartments and retail)

cash flow - CORRECT ANSWER: much like a bank statement and it shows all cash

received, expenses during a reporting period

Chain of titles - CORRECT ANSWER: history or list of all owners back to the

sovereignty of the soil

Closure Disclosure (CD) - CORRECT ANSWER: is always compared to the loan

estimate

Comprehensive Environmental Response Compensation & liability ACT (CERLA) - CORRECT ANSWER: .Clean up federal, state and native american. authority to clean up sites contaminated with hazardous substances, pollutants or contaminants

Consideration - CORRECT ANSWER: something of value. grantee gives to the grantor

Constructive Notice - CORRECT ANSWER: record the deed (sign it), then moving in. it gives notice of moving in

conveys an interest in real estate from one party to another. doesn't indicate that they

are legal owner - CORRECT ANSWER: conveys an interest in real estate from one

party to another. doesn't indicate that they are legal owner

Covenant of Quiet Enjoyment - CORRECT ANSWER: grantor promises the grantee

interrupted use of the property

deed - CORRECT ANSWER: first sign then pass to the new owner

disadvantages of real estate investment - CORRECT ANSWER: lack of liquidity, risk, expense and need for management

eminent domain - CORRECT ANSWER: right of govt to take private land for public use.

Equal Credit Opportunity Act - CORRECT ANSWER: federal law passed in 1974.

doesn't include: gender or immigration status. consumers are given equal chance to obtain credit.

escheat - CORRECT ANSWER: transferring real estate to the state cuz the owner died without a will and without heirs

External Obsolescence - CORRECT ANSWER: Losses of property value caused by

forces or conditions beyond the borders of the property. ie. zoning, highways

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