3 hour final Exam MI sales person PSI exam Flashcards

• hour final Exam ( MI sales person PSI exam) Flashcards

Tenancy by the entireties72. For a deed to be considered a General Warranty Deed,

it must contain:

Operating expenses68. Which of the following is permissible under the law?

A. All covenants of title.73. Deeds are recorded to provide:

• A buyer wants to buy a parcel of land but only if he can

get the zoning changed. He is able to place a $10,000 deposit on the purchase agreement subject to obtaining a change in the zoning or purchase a 90-day option by paying a $10,000 option fee. Which of the following is true regarding the buyer's choices?He loses his option unless he exercised it before expiration of the 90-day period.The buyer was released from the offer when the seller made a counter offer

• All but which one of the following would be considered

in the cost approach appraisal method? A.A quick claim Deed contains:Conveyance of such interest, as the grantor has in the property without warrenty

• After renting a house to a family of four, the landlord is

notified by the tenant that their daughter is now in a wheelchair after having surgery and asks permission to

build a ramp at the family's own expense. The owner must:

Approve the ramp after making sure it is constructed according to codes and handicap specifications.

• Two Brokers decide to go broke 60/40 in favor of the

listing broker, and each broker split 50 Dash 50 with his sales person. How much will the listing sales person make if the house is sold for $134,500 & commission rate is 6%?

$2,421

• A tax that is due to the county and the state for

recording a deed and is paid by the seller is?Transfer tax (revenue stamps)

• An agent's exaggerated opinion of property features is

known as:

Puffing

• When Sharon leased a store in a strip center for three

years to open up her ice cream store, she wanted to make sure that at the end of the lease she had the right to renew it or leave the premises after lease expiration in case the business was not as good as she thought it would be.

Sharon is advised to negotiate:

A lease option

• A line of townships that runs in a North-South direction

is called:

The Range.

• In the process of obtaining a listing on a property that

shares a driveway with the adjacent house, the owner insists that you don't mention this fact to any prospective

purchaser. Regarding this problem, you should:

Refuse the listing.

• XYZ Mortgage Company does not lend money to

applicants who intend to purchase property located north of Illinois Avenue and east of Highway 98. This practice is

best described as:

Redlining

• John is a veteran who obtained a VA loan but has just

been notified that he is being transferred. What could John

do with his present home?Allow a non-veteran to assume the loan and go on to purchase another home.

• A person who authorizes another person to act on his

behalf, is called:

• Mr. Able owns unit 22 in the Blueridge condominium.

What part of the condominium does Able own without sharing with the other co-owners?The air space within Apt. 22

• The real estate board, appointed by the governor and

consisting of nine voting members, has authority to decide on all of the following except Waiving continuing education requirements for an individual who proves to be very competent.

• The type of deed that provides the least liability to the

grantor is:

Full warranty deed If the loan is for refinancing.84. Which of the following conditions is an indication of functional obsolescence?

• How many acres are there in a parcel 348 by 625 feet?C. 5 acres
• An owner of land may stop another person from gaining

adverse possession over her land by:

Either A or B.When charges are filed against a licensee, the licensee:May attend an informal hearing and then may attend a formal hearing if the informal hearing Celings lower tha customary85. The right of government to take private property, for

public use is called:

26. A deed that contains all the covenants of title is a:General warranty deed

• A developer who wants to build a retail outlet on land

zoned for residential use must try to get A zoning variance

• House is sold for $250,000 and the lender's appraiser

decided that the house is worth $220,000. Based on an 80% loan ratio and one point origination fee, how much is the loan origination fee?

$1,760

• John, a broker in Detroit who has a permanent office,

wants to open up a branch in Grand Rapids. He must:

. License the branch with the Department and make sure it is managed by an associate broker.

• Property that is of temporary and movable nature, is

called:

Personal property

• The Real Estate Settlement Procedures Act applies to:Federally related loans for one-to four-family dwellings.
• The amount of points $120,000. How many points was

the bank charging? paid were $2,400 and the loan was 2

• When a buyer finances property and signs a

promissory note in favor of the lender, what accompanies the promissory note?Mortgage

• Which of the following is (are) true concerning the

properties registered under the condominium law?

• Each unit has its own deed and may be conveyed or

encumbered as if it were separate and distinct from all other apartments

• Property is appraised for $158,000 and tax rate is 33

mills. How much tax is due?2,607

• The following is an example of functional obsolescence?Outdated plumbing.

Joint tenants81. An "acceleration clause" found in a mortgage would

mean that: