Magnolia cram course Flashcards

Magnolia cram course Flashcards What are the set of guidelines called that must be followed by appraisers?USPAP (Uniform Standards of Professional Appraisal Practice) When office space rentals are plentiful, what type of market are we in?buyer's market What is the effective yield to the lender if the borrower has 5% interest on a loan and purchases 4 points?

5.5% Which statement is true about the monthly payments on a 30- year fully amortized loan?Initially, interest is the largest portion of the payment Concerning the Statute of Frauds, which does not apply?The Statute of Frauds states that all contracts must be in writing to be enforceable.How is the tangible tax typically noted on the closing disclosure statement?Buyer debit only Two brothers have decided to purchase investment property and are not sure how they want to take title. The brother's wives have looked into the options and have decided that in the event that one of the brothers die, his wife would like to receive title. With this information, how should they take title?Tenancy in common Which of the following is a written opinion of value?BPO (brokers price opinion) Which of the following statements concerning violations of the fair housing act is incorrect?Steering is when sellers are encouraged to list their property based on discriminatory practices.If you are at the POB, (point of beginning) and you are headed N90 degrees East, what direction are you headed?east How many sections are in a township?36 How is the binder deposit noted on the closing disclosure?Credit buyer Two brokers meet and decide to set commission rates on all sales for one year. Which applies?This is a violation of Anti Trust laws.Can sales associates do appraisals?Yes What is the status of a sales associates license if he/she does not complete the required post licensing education prior to his/her first renewal cycle?null and void If a lot is 250' x 300', street paving costs are $20.00 per running foot, and the city will pay 40% of the paving costs, what will be the assessment to the property owner?

$1,500

How many acres and square feet are in the legal description N 1/2 of the SE 1/4 of the NW 1/4 and the N 1/2 of the S 1/2 of the SE 1/4 of the N 1/4 of section 11?30 acres and 1,306,800 square feet Which of the following liens would take priority? Property tax lien filed on January 14th 2018 Do you ever have to file a USPAP?Yes What requirement does not apply regarding dwellings built prior to 1978?Buyers must have the property inspected for lead-based paint

Which expenses associated with a principal residence are deductible for income tax purposes?Property taxes, mortgage interest, points, and mortgage loan origination fees A father intended to leave his house to his son and executed a general warranty deed to the property and gave it to his son. Shortly after, the father died, before the deed could be recorded. Which applies?The son has title to the property because title to the property was conveyed when the father delivered the deed to his son and his son voluntarily accepted it.Which of the following is true about taking listing contracts when a license leaves a brokerage?If a sales associate takes listing contracts, he/she could be charged with larceny. If a sales associate takes copies of listing contracts, he/she could be charged with breach of trust.Can you call a CMA an appraisal?No How many acres are in a section?640 acres The subject property is a three-bedroom, two-bath home. A comparable property is a three-bedroom, two and one-half-bath is worth about $2,000. What adjustment should the appraiser make?Subtract $2,200 from the comparable transaction price.If a property sold for $675,000 and was listed at a 6% commission, what was the sales associate's check amount if the sales associate is entitled to receive 80% of all commissions earned?

$32,400

A residential zone requires at least 7,000 square feet per lot. The developer is reserving 25 percent of the land for streets, sidewalks, and a community center. The tract of land for the development consists of 175 acres. How many residential lots are available for development?762 Which of the following clauses or covenants in a deed states that the grantor owns the property and has the right to convey it?Covenant of seisin What is not true of an abstract of title? An abstract of title is a complete successive record of a property's ownership.An unlicensed personal assistant may perform which activity?Hand out objective, written information on a rental property Which of the following methods of surveying property is used in a subdivision where plat maps have been recorded?Lot and block also called the plat method Amy, Todd, Frank, and Francine all co-own a beach house on St. Petersburg beach. Frank died, and his co-ownership of the property passed, according to his will, to his son.How do these parties own the property?Tenants in common Can sales associates call themselves an appraiser?No A broker sold an up-to-date and accurate rental list to a customer on June 10th for $475.00 On June 14th the customer decided not to obtain a rental and then orally demanded, and should receive, how much of a refund?

$356.25

Which of the following types of notice is also called legal notice and is achieved by recording documents in public records?constructive notice A broker sold three houses in Florida to a customer that now lives in Chicago. This same customer uncovered an opportunity with someone who might want to buy property from the Florida broker. The customer asked the broker if he would reimburse her for the expenses incurred in convincing the person to buy property from the Florida broker. Which applies?The broker cannot reimburse the customer because the customer does not have an active real estate license.What are the rights flowing through your property called?riparian rights Which of the following is an example of a blind ad?Call Suzanna Smith, best sales associate in town 555.201.2435 (cell).How is the binder deposit shown on the Closing Disclosure Form?credit to the buyer only A real estate brokerage company has entered into a single agent buyer relationship with the buyer. In order to show this buyer property that is listed with the same brokerage company for which it is a single agent, in what brokerage capacity may the company work with this buyer and seller?Both the seller and the buyer must transition to a transaction broker relationship before the buyer can be shown the seller's property.Two close friends own a daycare center as joint tenants with right of survivorship. One owner passed away? Who owns the daycare center?The surviving owner becomes sole owner of the daycare center by operation of law.Which statement is false concerning the primary mortgage market and the secondary mortgage market?The primary objective of the secondary mortgage market is to create new loans for borrowers to increase the money supply for lenders.In which of the following mortgage lending theories does the borrower not retain title during the loan period?Title theory If the title company is holding the escrow check, what must be on the purchase and sales contract regarding the title company?The name, address, and phone number of the title company Which of the following is incorrect concerning FHA and VA mortgages?VA is a government insured loan and could be accompanied by an origination fee Which of the following statements is true concerning continuing education?Actively licensed and inactively licensed sales associates must complete the 14 hours of continuing education.Which of the following describes leverage? Leverage is the use of BORROWED FUNDS to purchase assets or to finance an investment.Which of the following is a penalty for a first-time minor violation that is not accompanied by a fine?A notice of non-compliance A property sold for 450,000 the sales associate that listed the house is entitled to 70% of all commission earned. If the sales associates check was 22,050 what was the property listed at?7% A building is 4 stories high and each floor is 100 x 50. I want to put bins in all the space I can. I can't use 20% of

each floor. The bins are 5 x 5. How many bins can I put in the building?640