CE SHOP final I think Flashcards

CE SHOP final I think Flashcards What type of agency exists when a buyers agent is also the listing agent for the same property?Dual agency What is a legal description?a description of the land that specifies the boundaries and location of a piece of real property.An organization with many investors who jointly participate in a real estate investment and must adhere to the rules and regulations of the securities and exchange commission is a ____ Syndicate How does the builder department ensure that a builder who has obtained a permit builds to code?The building department sends inspectors to inspect the work What is a company checklist?A list of how procedures are completed within a company What does a chain of title document establish? The path of title ownership over time The tax is $0.115 per $100 of mortgage debt or obligation secured. A property that sold for $500,000 of which $400,000 was financed, would have a mortgage recording tax amount of _____ The tax is $0.115 per $100 of mortgage debt or obligation secured. A property that sold for $500,000 of which $400,000 was financed, would have a mortgage recording

tax amount of $460. (.0115 x 400,000)Answer : 460

You are meeting with a prospective client for the first time which required document will you review with the customer that will explain the business relationship they are entering into with you?Consumer notice Land, plus all things permanently attached to it naturally or artificially is Real estate A lease with option to buy is a good home buying solution for some buyers. Which of the statements about a lease with option to buy is FALSE?Option agreements usually don't include a termination date Which term refers to a permitted devaluation from current zoning restrictions that allow an owner to use land for a purpose thats otherwise prohibited and requires the owner to prove the zoning creates an unnecessary hardship?Use variance What's the primary purpose of bulk zoning? To reduce density What do shares in a co-op to shareholders A proprietary lease to passes their unit, use the property and share in the amenities Why does the PA state real estate commission hold special public meetings?To solicit public commentary, suggestion and objections about real estate practices in the common wealth What must occur to effect a transfer title? The grantor must deliver a valid deed to the grantee Why was the civil right act of 1866 monumental among fair housing and anti-discrimination laws?It provided no exceptions for discrimination based on race and color What's an encumbranceA claim on property that limits the owners use or rights, or decreases the property value Rhiannon met the Rays for the first tine two months ago, at which time she provided them with consumer notice. After

reviewing the disclosure, both Rhiannon and the Rays signed the document. How long must Rhiannon keep the acknowledged consumer notice on file?For at least 6 months following acknowledgement

Which of these is NOT a form of ownership for real estate?Riparian Jillian has a loan-to-value ratio of 90/10. This means

______.

Her loan is 90% of the value of the real estate used as collateral and she's putting 10% down.Which of the following is a prohibited activity under PA law?Engaging in undisclosed dual agency What is a judicial foreclosure ?After sufficient notice to the borrower and to the public, the court permits the property to be sold at auction to the highest bidder Adela received money for her down payment in the form of a tax credit for a portion of the mortgage interest paid per year on her federal tax return. This tax credit is known as a __ Mortgage credit certificate Which of the following opinions can be real estate licensee provide?An opinion regarding the listing price To determine the net operating income of a property, subtract the total operating expenses from the ___ Effective gross income Tiana had held a pennsylvania real estate license for two years and works under another individual's supervision.Which term best describes tina?Salesperson You just helped Marcy find her dream house - a condominium that will be her full time residence. She loves that it's in a self-contained community with leisure activities, shops, restaurants, and security. This type of development is sometimes called a planned unit development. (PUd).Which type of multi family housing is Marcy buying?Master planned communuty What is the purpose of a deed?It's used to transfer real property from one party to another A set of guidelines for the ethical conduct of real estate licensees is called a _ Code of ethics What responsibilities does a real estate professional have regarding property taxes?Understand how property taxes are calculated and disclosure to buyers what their property taxes will be based on true taxes, not assessed value nor taxes after exemptions are taken Seller Randy signed a listing agreement with Barbara, who worked very hard to find him a buyer. Randy's cousin decided to purchase the house during the listing period. Is Barbara owed a commission?Yes, if she has an exclusive right-to-sell agreement.What is a survey?Professional, on-site measurement of the lot lines and dimensions of a property In which of the following is it legal to receive compensation?You refer a client to your sister, who works at an other real estate agency. When she gets her commission check she sends you a thank you card Yukon is a shareholder in a cooperative building, where she lives. Which of the following is true about her situation?She owns shares in corporation that runs the building What is a promotional land sale?Promotion for the sale of large tracts of land developed (at least 50 lots)

Which of the following is a residential dwelling and with shared walled where the owner also typically owns the land on which the home sits?Townhome Jill needs to pay the web developer who created a new website for her brokerage, but she floats herself a loan from earnest money kept in the brokerage escrow account and deposits it in her account for a few days before paying the developer. Which answer correctly identifies the violations committees?Commingling and conversion Janine wants to meet with her potential buyer clients face- to -face in her office. What's her reason for doing this?She wants to make sure the buyers are serious about purchasing Uh-oh. You failed to present an offer on behalf of your client in a timely manner. As a result, the seller accepted a lower offer from another buyer. For which of the following could your buyer sue you?Negligence Which of these is an example of a lot and block description?Lot 6 of Block 3 of the East Subdivision plat as recorded in Map Book 18, Page 11 at the Recorder of Deeds What does REO stand for?Real Estate Owned What is the type of possession in which a tenant stays after the right to possess has terminated?Estate at sufferance Why would tentants be willing to sign a lease in which they give a percentage of their sale proceeds to their landlord(?The tenants want to reduce the base rent Ellen and Sadie signed an agreement to list Sadie's condo for sale. After the contract was signed, Sadies father Grant offered to pay Ellens commission as a housewarming present Sadie's mom and stepdad, Linda and Rick also chipped in. Who is Ellen's client?Sadie When did the clean water act do regarding private landowners who want to fill or drain wetlands on their property without obtaining a permit from the Army Corps of Engineers Made it illegal What does procuring refer to?An uninterrupted series of events that results in a sussesful transaction Which act encourages fair, truthful, non-deceptive, and evidence-supported claims in advertising?Federal Trade Commission Act Which document provides an estimate of the costs a buyer is likely to pay at settlement?Loan estimate What are mortgage backed securities?Mortgages that are pooled together and sold to investors What's the amount a lender charges a borrower for using the lenders money?Interest The uniform condominium act requires that consumers be given a ____ at least 15 days before entering into a contract to buy a unit Public offering statement Loans available through the Farm Service Agency have which of the following characteristics?Loan terms may be as long as 38 years.