PSI National real estate often missed Flashcards

PSI National real estate (often missed) Flashcards A homeowner has negotiated with a neighbor to obtain the permanent right to pass over the northern part of the neighbor's land to gain access to the river. He pays the neighbor $9,000 for the right of access and receives a deed. This is an easement1. in gross2. by necessity3.appurtenant4. by prescription

• appurtenant

Which of the following is NOT used by an appraiser applying the income approach to value?Annual Gross IncomeCapitalization RateAnnual Net Opportunity IncomeAccrued Depreciation Accrued DepreciationDepreciation is one of the calculations used in the replacement (cost) approach and not in the income approach.what transfer title from the trustor (property owner) to a trustee, who holds it on behalf of a beneficiary (lender) Deed of trust The Fair Housing Act requires all "covered multifamily dwellings" designed and constructed for first occupancy after March 13, 1991 to be accessible to and usable by people with disabilities. Covered multifamily dwellings are all dwelling units in buildings containing four or more units with one or more elevators, and all ground floor units in buildings containing four or more units, without an elevator.Covered multifamily dwellings are all dwelling units in buildings containing four or more units with one or more elevators, and all ground floor units in buildings containing four or more units, without an elevator.Which of the following is among the typical responsibilities of a residential property manager?1. requesting the tenant's employer withhold the past due rent from wages2.making decisions about structural changes that wilt enhance the property value3. selecting tenants to provide a diverse environment4. negotiating leases between the property owner and potential tenants

• selecting tenants to provide a diverse environment

Buying an "as-is" home doesn't mean you give up your right to disclosures.Each state has its own disclosure laws on what a seller has to tell the buyer about known problems. Some state disclosure regulations include water damage, mold infestations, termites and even whether someone died on the property. If a seller doesn't disclose a known problem that's within your state's list of required disclosures, you may be able to sue for damages or repair costs.The only current federal disclosure statute is for lead paint. If you're buying a home built before 1978, the seller needs to tell you if the home has ever had lead paint.You may be able to use disclosure laws to your advantage as a buyer. As soon as a seller knows about an issue in the home, they have to tell every future buyer about it.For example, let's say you live in a state that requires sellers to

disclose mold damage. Your home inspection finds mold that the seller didn't know was there. Alerting the seller to the mold might make them more willing to negotiate with you; after all, they'll have to disclose the mold to other buyers if you back out of the sale.Buying an "as-is" home doesn't mean you give up your right to disclosures. As soon as a seller knows about an issue in the home, they have to tell every future buyer about it.______ method divides the subdivision into and block and lot (individual parcel) numbers and references all data in a subdivision plat map, noting lot sizes, street names, and other required information that is approved by the governing body, and filed in public records of the county where the land is located lot and block (recorded plat) when a mortgage loan is paid in full, a _____ clause requires the lender to execute a satisfaction (release or discharge) that is recorded to clear title defeasance Sellers list their homes for sale as-is when they don't want to do any repairs before closing. It means there are no

guarantees from the seller that everything's in working condition. If you buy an "as-is" home and later find major problems, you're responsible for the repairs. "As-is" sellers still need to meet federal and state minimum disclosure standards, which include telling you about things like lead paint.As Is. If you buy an "as-is" home and later find major problems, you're responsible for the repairs.

• mile is ______ feet5,280 feet

an _____ may be required to create a reserve fund to ensure that future tax, property insurance, and other payments are made impound (escrow) account rows of townships are called_____ and columns of townships are called ______ tiers;ranges A small broker committee in the local county has set up a new marketing idea. They will give every seller the same commission rate and it will not be negotiable. This will allow the customers to know exactly what it will cost to list a

property. This marketing plan is:1. apostille2. price-fixing3.

market allocation4. consumer protection

• price-fixing

Which of the following property valuation estimates or reports would have to be prepared by a licensed or certified appraiser?1. a broker's price opinion2. a competitive market analysis3. a reconciliation report for an FHA loan4.a value analyze for a non-residential property valued below

$250,000

• a reconciliation report for an FHA loan

a seller must disclose any latent defects they are aware ofseller Which of the following statements in an advertisement would be an example of a non-discriminatory language under HUD's Fair Housing Advertising Guidelines?1."female seeking female roommate"2. "nice home ideal for any family with children3. "apartment available, No pets of children allowed"4. "located within walking distance to a great Catholic school"

• "female seeking female roommate"

The lead paint addendum that must be presented with the

purchase and sales contract for certain older homes will:1.

require the removal of all lead paint prior to the closing.2.provide the buyer with the opportunity to wave the right to a lead paint inspection.3. mandate the sellers remove any lead paint only on interior walls.4. make the sellers liable of the buyer's lead related medical problems

• provide the buyer with the opportunity to wave the right

to a lead paint inspection.What is a right or privilege associated with real property in some way, such as a parking space in a multi unit building, an easement, or water rights, and is normally conveyed to the new owner when the property is sold Appurtenance Why was asbestos often used as a construction material?1.waterproof2. fireproof3. indestructible4. cheap

• fireproof

The broker has noticed that a great number of people who are buying in the neighborhood where his listing is located speak Russian. He also noticed a Russian grocery store right by the neighborhood that was attractive. He decides to stop the advertising the property and started adverting the

property on two different Russian internet sites. This is:1.