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Real Estate Final

Beschreibung

Real Estate Principles
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Zusammenfassung der Ressource

Frage 1

Frage
The "bundle of rights" does not include the right to:
Antworten
  • Lease the property to a tenant
  • Do nothing with the property
  • Impede air traffic
  • Mortgage the property

Frage 2

Frage
Personal property is
Antworten
  • chattels
  • personality
  • usually movable
  • all of the above

Frage 3

Frage
A freehold estate whose duration is limited to the lifetime of a specified person is called a/an
Antworten
  • fee simple subject to a condition subsequent
  • estate for years
  • estate of inheritance
  • life estate

Frage 4

Frage
A leasehold estate
Antworten
  • gives the tenant the right of exclusive possession
  • has an indefinite duration
  • is a nonpossessory interest
  • is an estate in reversion

Frage 5

Frage
when property is held in joint tenancy, upon the death of one of the joint tenants, his or her interest in the property automatically:
Antworten
  • vests in his or her spouse
  • is transferred to his or her heirs
  • passes to the other joint tenant(s)
  • becomes a term tenancy

Frage 6

Frage
when a fee simple owner transfers title by deed, it is presumed that the new owner (the grantee) receives a/an:
Antworten
  • term tenancy
  • estate in remainder
  • joint tenancy
  • fee simple absolute

Frage 7

Frage
the highest and most complete form of ownership, representing the whole "bundle of rights," is called a/an:
Antworten
  • qualified fee
  • estate for years
  • fee simple absolute
  • estate in reversion

Frage 8

Frage
in addition to requiring a deed to be in writing, the statute of frauds also requires that the deed must be:
Antworten
  • delivered after the grantor's death
  • recorded before it is acknowledged
  • signed by the grantee
  • signed by the grantor

Frage 9

Frage
in all states, a valid deed must contain:
Antworten
  • an adequate description of the property
  • a habendum clause
  • a recital of consideration
  • warranties

Frage 10

Frage
an adverse possessor's use and possession of the land must be:
Antworten
  • registered with the county clerk
  • open and notorious
  • by permission of the true owner
  • by permission of the state government

Frage 11

Frage
before a deed can be recorded, it must be:
Antworten
  • delivered to the grantee
  • acknowledged by the grantor
  • certified by a title company
  • published in a title report

Frage 12

Frage
the government's power to condemn private property is called the power of:
Antworten
  • eminent domain
  • dedication
  • escheat
  • accession

Frage 13

Frage
a valid deed transfers title when
Antworten
  • the grantor delivers it to the grantee, who accepts it
  • it is acknowledged by the grantor
  • the grantee signs it
  • it is recorded

Frage 14

Frage
an easement on a piece of property
Antworten
  • encumbers the property
  • always has a positive impact on value
  • always has a negative impact on value
  • none of these

Frage 15

Frage
the basis for zoning and other land use control laws is:
Antworten
  • the government's police power
  • eminent domain
  • the civil rights act of 1866
  • the government's power to tax property on the basis of value

Frage 16

Frage
unlike general real estate taxes, special assessments are levied:
Antworten
  • to pay for a specific improvement
  • every year
  • against all taxable real property within a taxing district
  • all of the above

Frage 17

Frage
without exception, to have legal capacity to enter into a contract a person must be:
Antworten
  • at least 21 years old
  • able to read and sign his name
  • registered with the superior court
  • mentally competent

Frage 18

Frage
a contract is not formed if the offer is
Antworten
  • revoked before its accepted
  • accepted before its expired
  • revoked after its accepted
  • accepted without any modification of its terms

Frage 19

Frage
consideration is
Antworten
  • not required for contracts that have been put into writing
  • not required if the contract has a lawful objective
  • something of value exchanged by the contracting parties
  • formal execution of the contract in the presence of at least two wintesses

Frage 20

Frage
the statute of frauds applies to
Antworten
  • a purchase agreement for a house
  • a purchase agreement for vacant land
  • a listing agreement for a piece of commercial real estate
  • all of the above

Frage 21

Frage
a contract is voidable if one of the parties:
Antworten
  • signed it under duress
  • under misrepresentation to persuade the other to enter into it
  • has the right to rescind it
  • all of the above

Frage 22

Frage
when an offer makes a counteroffer
Antworten
  • no contract is formed unless the original offeror accepts the counteroffer
  • the original offeror is required to accept the offeree's modified terms
  • if the original offeror does not accept the offerree's modifications, they have a binding contract on the terms originally offered
  • it create a binding contract on the offeree's modified terms, unless the modifications are unreasonable

Frage 23

Frage
a broker's commission is usually a
Antworten
  • percentage of the property's listing price
  • percentage of the property's appraised value
  • percentage of the property's sales price
  • flat fee based on the anticipated difficulty of selling the property

Frage 24

Frage
in most states, in which of the following situations would a seller NOT owe a commission?
Antworten
  • the transaction ends because theres a financing contingency in the purchase agreement and the buyer isn't able to make the necessary loan
  • the seller and buyer agree to walk away from the transaction
  • the seller discovers at the last minute that she does not have a marketable title
  • the seller has a change of heart and decides not to sell

Frage 25

Frage
a dual agent must
Antworten
  • disclose all confidential information to both the buyer and the seller
  • keep each party's negotiating position confidential
  • avoid giving advice to either party
  • submit conflicts between the buyer and the seller to arbitration

Frage 26

Frage
a real estate license is required for anyone who
Antworten
  • sells or leases their own property
  • sells or leases property for other people for compensation
  • all of the above
  • none of the above

Frage 27

Frage
when the parties agree to terms on a specific property, a contract spelling out the agreement is drawn up and signed by
Antworten
  • the broker and the seller
  • the broker and the buyer
  • the sales associate and the seller
  • the buyer and the seller

Frage 28

Frage
the listing agreement will NOT usually contain the
Antworten
  • asking price
  • selling price
  • location of the property
  • authority granted to the broker

Frage 29

Frage
Essential elements of any valid contract consists of (1) an offer (2) an acceptance (3) consideration (4) parties with capacity (5) a lawful purpose (6) in writing
Antworten
  • True
  • False

Frage 30

Frage
the commission paid in the real estate brokerage industry is normally
Antworten
  • a percentage of the mortgage
  • a fixed dollar amount per transaction
  • percentage of the gross sales price
  • included as discount points paid at the closing

Frage 31

Frage
an example of a restricted covenant is a requirement that a house be a minimum size
Antworten
  • True
  • False

Frage 32

Frage
____is defined as the possibility of loss resulting from not being able to convert an asset into cash quickly should the need arise
Antworten
  • business risk
  • financial risk
  • purchasing power risk
  • liquidity risk

Frage 33

Frage
a _____ is a legal document used to transfer ownership rights to real estate from one party to another
Antworten
  • plat
  • lease
  • sales contract
  • deed

Frage 34

Frage
a deed that transfers any interest which a grantor may or may not have in a property without promising that the grantor actually has such an interest is called a(n) ______ deed.
Antworten
  • bargain and sale
  • quitclaim
  • unencumbered
  • special warantee

Frage 35

Frage
before a deed can be recorded, most states require that
Antworten
  • the deed be signed by the grantee
  • the deed be acknowledged by the grantor
  • the grantor must sign in the presence of a witness who also signs
  • the grantor must be a witness

Frage 36

Frage
in addition to the standard requirements for a contract to be valid, the statute of frauds requires contracts involving real estate
Antworten
  • to be for a lawful purpose
  • to provide adequate consideration from the buyer
  • to identify parties with capacity
  • to be in writing

Frage 37

Frage
if the terms in the purported acceptance differ from those of the offer, then
Antworten
  • a temporary contract is formed
  • a contract is still formed
  • no counteroffer is made
  • a counteroffer is made

Frage 38

Frage
a compilation of all recorded documents that affect a given piece of real estate is known as a title
Antworten
  • opinion
  • insurance
  • abstract
  • deed

Frage 39

Frage
the commission paid in the real estate brokerage industry is normally
Antworten
  • a percentage of the mortgage
  • a fixed dollar amount per transaction
  • a percentage of the sales price
  • included as discount points paid at the closing

Frage 40

Frage
in a real estate transaction, the debt obligation secured by a ____ is generally acknowledged by a _____
Antworten
  • lease, defeasance
  • covenant, acceleration
  • mortgage, promissory note
  • mortgagor, deed of trust

Frage 41

Frage
in periods of rising interest rates, the borrower may be able to sell his property for a higher price if the new owner can assume the existing loan. Because this is not advantageous to the lender, a ____ may be included in the promissory note to preclude assumption
Antworten
  • due-on-sale clause
  • defeasance clause
  • prepayement clause
  • acceleration clause

Frage 42

Frage
which of the following categories account of the largest portion of all mortgage credit in the US?
Antworten
  • 1-4 family residential
  • multi-family residential
  • commercial
  • farm

Frage 43

Frage
if the mortgagor fails to make payments or defaults on other terms of the mortgage agreement, the mortgagee can begin _____ proceedings.
Antworten
  • equity of redemption
  • due-on-sale
  • foreclosure
  • hypothecation

Frage 44

Frage
Credit history is part of a mortgage loan application
Antworten
  • True
  • False

Frage 45

Frage
down payment on a purchase can only come from your personal savings
Antworten
  • True
  • False

Frage 46

Frage
loan origination occurs in the secondary mortgage market within the US housing finance system
Antworten
  • True
  • False

Frage 47

Frage
a key to minimizing risk in home loans is for the lender to have extensive local market knowledge
Antworten
  • True
  • False

Frage 48

Frage
after a commercial loan is made, a lender may annually ask for
Antworten
  • financial statements
  • rent rolls
  • proof of insurance
  • all of the above

Frage 49

Frage
the debt coverage ratio
Antworten
  • should be greater than one
  • is meaningless
  • should be less than one
  • doesn't apply to commercial loans

Frage 50

Frage
the primary function of the real estate brokerage industry is to
Antworten
  • match properties and customers
  • guide buyers and sellers through the complexities of real estate transaction
  • provide legal representation to clients
  • a and b only

Frage 51

Frage
an amortization schedule that is for 25 years:
Antworten
  • will have a smaller payment than one for 20 years other factors being equal
  • will have a larger payment than one for 20 years other factors being equal
  • is illegal
  • none of the above

Frage 52

Frage
a listin is a written agreement between a property owner and a real estate broker authorizing the broker to sell or lease a particular property
Antworten
  • True
  • False

Frage 53

Frage
if you sell your house and intentionally fail to disclose that you have covered all signs of a leaky basement by painting over the walls, you are probably guilty of misrepresentation
Antworten
  • True
  • False

Frage 54

Frage
after a commercial loan is made, a lender may annually ask for
Antworten
  • financial statements
  • rent rolls
  • proof of insurance
  • all of the above

Frage 55

Frage
the debt coverage ratio
Antworten
  • should be greater than one
  • is meaningless
  • should be less than one
  • doesn't apply to commercial loans

Frage 56

Frage
the primary function of the real estate brokerage industry is to
Antworten
  • match properties and customers
  • guide buyers and sellers through the complexities of real estate transactions
  • provide legal representation to clients
  • a and b only

Frage 57

Frage
which of the following statements is not true about brokers?
Antworten
  • brokers serve as an intermediary in a transaction
  • brokers receive compensation in the form of commission for their services
  • brokers often specialize in certain property types
  • brokers take ownership of the item being transferred for at least a brief moment in time

Frage 58

Frage
in the legal relationship known as "agency," the ____ is authorized by the ____ to transact business on his or her behalf.
Antworten
  • principal, agent
  • agent, principal
  • seller, broker
  • broker, agent

Frage 59

Frage
when a single broker represents both parties in a real estate transaction, a ____ agency may exist
Antworten
  • fiduciary
  • buyer/seller
  • dual

Frage 60

Frage
which of the following is a true statement?
Antworten
  • mortgages are originated in the primary market
  • mortgages are sold in the primary market
  • mortgages are originated in the secondary market
  • mortgages are originated in the underground market

Frage 61

Frage
which of the following is true?
Antworten
  • bad credit lasts forever
  • home mortgages account for the majority of mortgages in the US
  • spouses have no rights to property ownership
  • employment history doesn't matter in mortgage financing

Frage 62

Frage
personal property is
Antworten
  • movable
  • also called chattels
  • must be left with the property
  • a and b

Frage 63

Frage
although most promissory notes require a series of future periodic payments to service the debt, most notes contain a provision that make the full amount (plus interest owed to date) immediately due and payable should a borrower default on the note. This provision is known as:
Antworten
  • deficiency judgement
  • hypothecation
  • prepayment clause
  • acceleration clause

Frage 64

Frage
______ refers to physical land and buildings, while ______ consists of the benefits gained from owning land and buildings
Antworten
  • personal property, real property
  • real property, personal property
  • real property, real estate
  • real estate, real property

Frage 65

Frage
the primary difference between freehold and leasehold estates is
Antworten
  • the number of rights is greater with leasehold estates
  • leasehold estates involve property that have no liens
  • a freehold interest is an ownership interest
  • a freehold estate can only possessory

Frage 66

Frage
a claim on property as security for a debt or other obligation is known as a(n)
Antworten
  • enroachment
  • lien
  • easement
  • profit

Frage 67

Frage
governmental powers over private property rights include
Antworten
  • power of taxation
  • power of escheat
  • police power
  • all of the above

Frage 68

Frage
the primary difference between a special warranty deed and a general warranty deed is that
Antworten
  • in a general warranty deed, the promises made the grantor only apply to events that occurred during the grantor's ownership of the property
  • in a general warranty deed, the promises made by the grantee only apply to events that occurred during the grantee's ownership of the property
  • in a special warranty deed, the promises made by the grantor only apply to events that occurred during the grantor's ownership of the property.
  • in a special warranty deed, the promises made by the grantee only apply to events that occurred during the grantee's ownership of the property

Frage 69

Frage
an offer becomes an enforceable contract when it is accepted by the party who
Antworten
  • makes it
  • receives it
  • tenders it
  • delivers it

Frage 70

Frage
a compilation of all recorded documents that affect a given piece of real estate is known as title
Antworten
  • opinion
  • insurance
  • abstract
  • deed

Frage 71

Frage
the legal right to ownership of land is demonstrated in the
Antworten
  • lease
  • deed
  • listing agreement
  • sales contract

Frage 72

Frage
amortization is the
Antworten
  • practice of charging interest on a loan
  • process of gradually retiring a debt by periodic payments
  • compounding of interest
  • use of debt to enhance the rate of return

Frage 73

Frage
in order to establish good credit you should
Antworten
  • have at least 3 lines of credit (credit cards, student loans, etc)
  • have all payments in a timely manner
  • review your credit history annually
  • all of the above

Frage 74

Frage
eminent domain is defined as "the use of land that produces the greatest long term economic return to the owner"
Antworten
  • True
  • False

Frage 75

Frage
the debt coverage ratio must be greater than 1 or you're losing money
Antworten
  • True
  • False

Frage 76

Frage
co-signing a note for someone else is not only a nice thing but a smart business move
Antworten
  • True
  • False
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