FREE REAL ESTATE AND STUDY GAMES ABOUT VA REAL

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FREE REAL ESTATE AND STUDY GAMES ABOUT VA REAL

ESTATE EXAM QUESTIONS

Qs and Ans Expert- Explanation

This Exam contains:

-Guarantee passing score -140 Questions and Answers -format set of multiple-choice -Expert- Explanation

Question 1: Estate tax

Answer:

fed tax on decedent (deceased person) real and personal property)

Question 2: Succession tax

Answer:

Tax on right to succeed property or an interest in it - not the right to transmit it

Question 3: Grantor tax

Answer:

tax seller pays to transfer property

Question 4: Multiperil policies

Answer:

insurance covering fire, hazard, public liability, casualty, etc.

Question 5: Prior appropriation

Answer:

water ownership in which landowner's right to use water is based on gov't-administered permit system

Question 6: Superfund Amendments and Reauthorization Act (SARA)

Answer:

amendatory statute that contains stronger cleanup standards for contaminated sites

Question 7: VA Residential Property Disclosure Act

Answer:

requires owner to give disclosure form to purchaser and refer buyer to VA RE board website for more info

Question 8: Power of attorney

Answer:

written doc authorizing attorney in fact

Question 9: Principal meridians

Answer:

imaginary line running north and south crossing base line at definite point; used by surveyors

Question 10: Steering

Answer:

channeling home buyers to particular areas either to maintain homogeneity or change character

Question 11: Tacking

Answer:

combining successive periods of continuous uninterrupted use by dif parties

Question 12: Easement by necessity

Answer:

Easement allowed by law as necessary for full enjoyment of parcel of RE; right of ingress & egress

Question 13: Rectangular (gov't) survey system

Answer:

est. in 1785 by fed gov't provides for surveying land by reference to principal meridians and base lines

Question 14: Equalization factor

Answer:

factor by which assess value of a property is multiplied to arrive at value for property in line w/statewide tax assessments (ad valorem based on this adjusted value)

Question 15: Ranges

Answer:

strip of land 6 miles wide, extending north & south & numbered east & west according to distance from principal meridian

Question 16: Alienation

Answer:

act of transferring property; involuntary (eminent domain or adverse possession), voluntary (gift or sale)

Question 17: Economic life

Answer:

# of years an improvement will add value to land

Question 18: Interest-only mortgage

Answer:

interest paid off over period of time then principal is due at end of term (or straight loan)

Question 19: Home affordable modification program (HAMP)

Answer:

gives homeowners opportunity to refinance mortgage in order to make monthly payments affordable and avoid foreclosure

Question 20: As-built survey

Answer:

house location survey with all physical features of property shown (water, utility lines, fences, outbuildings, etc.)

Question 21: Prepaid rent

Answer:

rent paid more than 1 month in advance of rent due date

Question 22: Mile

Answer:

= 5,280 feet

Question 23: Ad valorem tax

Answer:

tax according to value, also called general tax

Question 24: Truth in Lending Act

Answer:

consumers must be fully informed of all finance charges and true interest rate (fed gov't regulates)

Question 25: Parol evidence

Answer:

evidence of facts & circumstances not included in deed or contract

Question 26: Deed of trust

Answer:

doc used to create mortgage lien

Question 27: Correction deed

Answer:

deed where errors are corrected (like erroneous legal description, misspelled name, etc.)

Question 28: Reproduction cost

Answer:

cost to create exact duplicate of property