Real Estate Salesperson NATIONAL Prep Exam 1, 2, 3, 4 Flashcards

Real Estate Salesperson NATIONAL Prep Exam 1, 2, 3, 4 Flashcards Study this one!Which clause in a mortgage requires that the loan balance be repaid if the property is sold, or changes owners?alienation clause John, Maria and Mark are joint tenants. Mark dies. Maria

sells her share to Jane. John and Jane are:

Tenants in common Mary, an unlicensed individual, owns a three-family property. She lives in one unit and rents out the other two.She chooses to discriminate when selecting her tenants. If the services of a broker are not involved and she does not discriminate in her advertising, she can discriminate for any

reason except:

Color/Race Study this one!A physically handicapped tenant has modified an apartment to meet his needs at his own expense. His lease is about to expire, and he plans to move. The landlord wants the apartment restored to its original condition. What is true?The tenant must restore the apartment at his own expense

• Which of the following would not terminate an

easement?(a) Merger(b) Acquiring the adjacent property(c) Prescription(d) Abandonment C Study this one!In an amortized loan, which of the following describes the loan payment during the life of the loan?with every payment made, interest decreases and principal increases Buyers have made an offer to purchase a house for $250,000 including the dining room furniture. The offer will

expire at 5:00 p.m. on Sunday. On Thursday, the sellers

reply in writing that they will accept the offer of $250,000 but they will not include the dining room furniture. While the buyers are considering the counteroffer on Friday, the sellers change their minds and decide to accept the original offer, dining room furniture to be included, and they state so in writing. What is the current obligation of the buyers?the buyers are not legally obligated to purchase the house.When a lease expires what right reverts to the landlord?right of possession Which of the following transactions would not qualify for VA financing?Senior apartment complex Study this one!An individual feels he has been a victim of discrimination in housing. He has several choices for remedies and resolution of this situation. Which remedy should he choose if his goal is a quick end to the discriminatory treatment and the full restoration of his rights?go to HUD with a complaint because HUD will try mediation A senior apartment complex has more than 80% of the units occupied by someone 55 years old or older. There is

a vacant apartment. Can they refuse to lease it to a single mother with a child?Yes.

A listing agent will always:treat both parties with honesty and fairness

A builder has a blanket loan on a parcel of land and sells a lot from the parcel. How can he deliver a deed to the buyer at closing?He pays off the cost of the lot What is the main disadvantage to a lender who chooses to accept deed in lieu of foreclosure?The lender must accept responsibility for subordinate liens on the property A buyer has a signed sales contract and has not yet gone

to closing. His interest in the property is called:

equitable title A property is advertised for sale on the radio. What part of the advertisement involves a trigger term?the seller offers an interest rate of only 5% on purchase mortgages Joe received payment from his title insurance company to compensate him for a defect in his title. Subsequently he was awarded a judgment against the seller, and collected the funds from the seller, to compensate him for the same defect. The title company has claimed the right to a refund from Joe. What clause in the title policy allows the title company to make this claim?Subrogation A landlord and tenant sign a lease agreement and the tenant pays for the first and last month's rent. The landlord learns that the tenant is only 17 years old. Which of the following statements describes this lease?It is voidable at the option of the tenant because he is a minor.

• A residential single-family home neighborhood was

never fully built out. The developer has sold a tract of land in the middle of the subdivision to a group of investors who plan to build an industrial park on the land. The result of this will be many new jobs for the area. Based on appraisal principles what will happen to the value of the homes in the immediate vicinity of the industrial park?(a) The industrial park will not affect the value of the homes(b) The value of the homes will increase(c) The value of the homes will decrease(d) Appraisal principles do not address this type of situation or construction C A property is listed for $186,000. It sells for $182,000. The appraised value is $188,000. Based on this information what is the market value of the property?

$188,000

A license holder who advertises a listed property as having

"the most beautiful view of the city" is probably:

puffing Study this one!A landlord and tenant negotiate a verbal lease agreement on the phone for an 8-month term. The tenant later decides not to move in. What term best describes the lease agreement these two parties had?valid and enforceable Who would inspect an oil and gas lease for compliance with the law?the EPS

• What is the main disadvantage to a lender who

chooses to accept deed in lieu of foreclosure?(a) It takes

longer than foreclosure(b) The lender must accept responsibility for subordinate liens on the property(c) It is more expensive for the lender than foreclosure(d) It is more complicated than foreclosure which results in loss of time and money for the lender B