FINAL EXAM Bob Brooks Flashcards

FINAL EXAM (Bob Brooks) Flashcards The Governor has the authority to appoint Commissioners to serve on the Mississippi Real Estate Commission.TrueFalse True

Discount Points are figured on the:a. Selling Priceb. Loan

Balancec. Salary of buyerd. None of the above.

• Loan Balance

Monthly payments for a particular loan are figured on a 25 year amortization schedule. However, the loan is due in full after five years. What type of loan is this?a. Open-end mortgage.b. Variable rate mortgage.c. Partially amortized loan.d. Reverse payment mortgage.

• Partially amortized loan.

Real estate brokers are allowed, under the provisions of the License Law, to do which of the following?a. Act as a public conveyancerb. Give legal advice or opinionsc.Prepare documents fixing and defining the legal rights of parties to a transactiond. Real estate brokers are not allowed to practice law unless they are a duly-licensed attorney.

• Real estate brokers are not allowed to practice law

unless they are a duly-licensed attorney.The borrower has the right to redeem the property after it has been sold to another at the sheriff's sale. This is called

the:a. Redemption period.b. Equitable Redemption.c.

Statutory Redemption.d. Equity Redemption.

• Statutory Redemption.

When the value of money decreases but retail prices

increase, it is:a. Cash flowb. Leveragec. Inflationd.

Deflation

• Inflation

All of the following are TRUE about advertising EXCEPT which?a. Advertising by salespeople can be by phone number alone.b. The salesperson's phone number can be used in the ad.c. Salespeople can advertise their own personal real estate for sale.d. The company name and phone number may be larger in ad than the salesperson's name and phone number.

• Advertising by salespeople can be by phone number

alone.All of the following are common ways to measure land

EXCEPT:a. Square footb. Metes and Boundsc. Front footd.

Acre

• Metes and Bounds

The process in which the mortgagor waived benefit of

appraisement in a foreclosure proceeding is known as:a.

Ordinary process.b. Confession of judgment.c. Trustee.d.Mortgagee.

• Confession of judgment.

Procedures for title transfer:a. Differ widely throughout the

countryb. Are the same all over the country.c. Differ only in common law states.d. Are always the same in common law

states.

• Differ widely throughout the country

An oral contract for the sale of real estate would NOT be

enforceable because:a. It would be too hard to decide who

is telling the truthb. It would be impossible to provec.Federal law does not allow itd. It does not conform to the Statute of Frauds

• It would be impossible to prove

Elevators, hallways, tennis courts, etc. in a condominium

which are used by all homeowners are:a. common

elementsb. jointly owned by all homeownersc. owned as tenants in commond. All of the above.

• All of the above.

Metes and Bounds refer to:a. Measurement by angles and

distances from a specific point.b. Lines running north and south.c. Area 24 miles square.d. Emblements

• Measurement by angles and distances from a specific

point.Title acquired by adverse possession MAY be perfected

by:a. recording within 180 daysb. marketing or selling the

propertyc. quiet title actiond. prescription

• quiet title action

When is a licensee required to pay over to their responsible broker any deposits or earnest money received?a. Within 24 hoursb. Within 48 hoursc. As soon as they next see their responsible broker in persond. Immediately upon receipt thereof

• Immediately upon receipt thereof

When a monthly note is paid and the payment covers the

previous month, the note is said to be in:a. Advanceb.

Arrearsc. Graduatedd. Default

• Arrears

The segment of the financial market that buys packages of

loans is the:a. Primary marketb. Secondary marketc.

Federal Mortgage Purchase Associationd. Credit Unions

• Secondary market

What are the usual taxes on common elements in a condominium?a. paid by the tenants' associationb.prorated along with taxes on individual unitsc. paid by the developerd. no taxes are charged on common elements

• prorated along with taxes on individual units

Application and exam fee allows the applicant to sit for the exam ________.a. Onceb. Twicec. Three timesd. Four times

• Twice

Advertisements by agents selling their own personal real estate MUST state "owner agent".TrueFalse True

A listing agreement creates a:a. Special agencyb. General

agencyc. Universal agencyd. Agency with an interest

• Special agency

The chain of title is broken between a previous owner and the present owner. To convey the title, the following will

probably be required:a. title inspectionb. quiet title suitc.

contrct for deedd. bill of sale

• quiet title suit

If a lender holding a note for $58,000 sold it to a second

lender for $50,000, his action would be known as:a.

Refinancingb. Discountingc. Depreciatingd. Hypothecating

• Discounting

The borrower of money or the person who gave the

mortgage to the lender is:a. Mortgagorb. Mortgageec.

Borrowerd. Borrowee

• Mortgagor

Foreclosure where there is no court action is an example

of:a. Confession of judgmentb. Executory process.c.

Judgment.d. Ordinary.

• Executory process.