RET Computrainer Master Exam 2--Flash Cards Flashcards

RET Computrainer Master Exam #2--Flash Cards Flashcards A broker presented an offer to a seller which met the terms of the listing from a financially-qualified black person. Later, his salesperson presented the seller an offer at a lower price from white prospects. The seller did not accept either offer, but instead, sold the property to a neighbor through the same salesperson. The neighbor wanted to buy the property so as to prevent a minority person moving into the neighborhood. Which of the following parties has not violated the Civil Rights Act of 1968?White prospects The conscious charging by a private lender of more than the maximum amount of interest allowed by law is known as.Usury When imposing restrictions on a new large subdivision, the

procedure normally used is:

To record them with the county recorder, with adequate reference made thereto in the deed to each parcel.Which of the following is not a characteristic of a fee simple title It is real encumbrances When a real estate licensee advertises properties on the Internet (world wide web), which of the following best describes the licensee's responsibilities The licensee must exercise proper supervision over any non-licensee who responds to inquiries.A dress factory is being built in an area. It will employ mostly women. The owner of a real estate office told his

employees to do the following:[1] direct their advertising to

appeal to women who are married and have no children;[2] charge more rent to certain ethnic and religious groups than to others.Which of these instructions is in violation of

the Fair Housing Laws:

Both [1] and [2] The Federal Truth-in-Lending Law (Regulation Z) gives the borrower a 3-day right of rescission when the loan is A loan secured by a SECOND deed of trust on owner-occupied single-family residence when the money is borrowed subsequent to the purchase.(A first trust deed loan used to purchase owner-occupied residential property generally does not include the 3-day right of rescission.) In order to secure an FHA loan, a new buyer would normally do all of the following, except Apply to the nearest office of the FHA for an appraisal A husband, who owns separate property, dies without a will. Concerning that separate property, it would be distributed in which of the following ways One-third to wife and two-thirds to more than one child(If there is no will, separate property is divided, one-half to the wife and one-half to an only child; or one-third to the wife and two-thirds to more than one child.) When comparing a straight note with an installment note,

the straight note:

Will have no principal payments during the term of the loan except on the last payment If an owner wanted to sell his property, extending credit himself, and retain the legal title, the instrument used would

be A real property installment/conditional sales contract (land contract)(Under a land contract, the seller of the property

retains the title and provides the credit to the buyer, giving the buyer the use and possession of the property and "equitable title.") Broker Sullivan delivered an offer to purchase real property to Owner Mercer at 11 a.m. on Monday. Mercer asked for 24 hours to consider the offer. At 7 p.m. that same day, Broker Sullivan received two additional offers from different buyers through one of the broker's salespersons. Sullivan firmly believes the owner will reject all three offers. In order

to comply with the law, Sullivan must:

Simultaneously present the two additional offers to the owner as soon as the owner is available After Mr. Gardner purchased his home, he discovered, by survey, that his neighbor's garage was three feet over on his newly acquired property. This disturbed him greatly. For remedy, if a friendly settlement cannot be reached, he should bring civil suit against His neighbor A title company could make a title search by searching the records of the

All of the above:--County clerk's office;--County recorder's

office;--Federal land office; If a listing to sell a mobile home expires and is not extended or renewed, how long does the broker have to remove all yard signs and stop all advertising of the mobile home?48 hours from the termination Which of the following would be most advantageous to a seller who sells a parcel of real property by using a conditional sales contract instead of using a grant deed and

carrying back a first trust deed:

The seller retains legal ownership of the property until the buyer makes the final payment Smith sold a home to Jones on a land contract and recorded the contract. Jones made a $25 down payment and after the sale, made a few of the required monthly payments. One night Jones moved out and abandoned the house. Which of the following is true?There is a cloud on the title(If a land contract is recorded and the buyer later defaults on the purchase, then there is a cloud on the title that needs to be cleared off of the records before the next person buys the property.) Under the Federal Truth-in-Lending Law, the cost of credit

on certain loans is expressed as:

APR Which of the following state agencies is empowered to prevent acts of discrimination in housing accommodations in California because of race, color, sex, national origin, or

ancestry:

[California] Department of Fair Employment and Housing Under the provisions of the Federal Fair Housing Law (Title VIII of the Civil Rights Act of 1968), persons complaining of discrimination in housing are permitted an election of which of the following acts? They may file...

Any of the above actions:--A civil action in federal

courts;--A civil action in state or local courts;--A complaint with HUD; When a broker hires a salesperson under a valid independent contractor agreement, which of the following is correct Broker may be held liable for the salesperson's conduct in a real estate transaction A real estate licensee submits a license renewal application, but his name is on a list of obligors who have

not complied with a court-ordered payment of child support.

Which of the following is most nearly correct:

A temporary renewal will be issued, but the licensee must pay the delinquent amount within 150 days