448612
Descripción
Test por merrellsamantha, actualizado hace más de 1 año
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Creado por merrellsamantha
hace casi 11 años
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Pregunta 1
Pregunta
The "bundle of rights" does not include the right to:
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Lease the property to a tenant
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Do nothing with the property
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Impede air traffic
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Mortgage the property
Pregunta 2
Pregunta
Personal property is
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chattels
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personality
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usually movable
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all of the above
Pregunta 3
Pregunta
A freehold estate whose duration is limited to the lifetime of a specified person is called a/an
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fee simple subject to a condition subsequent
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estate for years
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estate of inheritance
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life estate
Pregunta 4
Pregunta
A leasehold estate
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gives the tenant the right of exclusive possession
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has an indefinite duration
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is a nonpossessory interest
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is an estate in reversion
Pregunta 5
Pregunta
when property is held in joint tenancy, upon the death of one of the joint tenants, his or her interest in the property automatically:
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vests in his or her spouse
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is transferred to his or her heirs
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passes to the other joint tenant(s)
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becomes a term tenancy
Pregunta 6
Pregunta
when a fee simple owner transfers title by deed, it is presumed that the new owner (the grantee) receives a/an:
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term tenancy
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estate in remainder
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joint tenancy
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fee simple absolute
Pregunta 7
Pregunta
the highest and most complete form of ownership, representing the whole "bundle of rights," is called a/an:
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qualified fee
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estate for years
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fee simple absolute
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estate in reversion
Pregunta 8
Pregunta
in addition to requiring a deed to be in writing, the statute of frauds also requires that the deed must be:
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delivered after the grantor's death
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recorded before it is acknowledged
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signed by the grantee
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signed by the grantor
Pregunta 9
Pregunta
in all states, a valid deed must contain:
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an adequate description of the property
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a habendum clause
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a recital of consideration
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warranties
Pregunta 10
Pregunta
an adverse possessor's use and possession of the land must be:
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registered with the county clerk
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open and notorious
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by permission of the true owner
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by permission of the state government
Pregunta 11
Pregunta
before a deed can be recorded, it must be:
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delivered to the grantee
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acknowledged by the grantor
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certified by a title company
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published in a title report
Pregunta 12
Pregunta
the government's power to condemn private property is called the power of:
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eminent domain
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dedication
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escheat
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accession
Pregunta 13
Pregunta
a valid deed transfers title when
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the grantor delivers it to the grantee, who accepts it
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it is acknowledged by the grantor
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the grantee signs it
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it is recorded
Pregunta 14
Pregunta
an easement on a piece of property
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encumbers the property
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always has a positive impact on value
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always has a negative impact on value
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none of these
Pregunta 15
Pregunta
the basis for zoning and other land use control laws is:
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the government's police power
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eminent domain
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the civil rights act of 1866
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the government's power to tax property on the basis of value
Pregunta 16
Pregunta
unlike general real estate taxes, special assessments are levied:
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to pay for a specific improvement
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every year
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against all taxable real property within a taxing district
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all of the above
Pregunta 17
Pregunta
without exception, to have legal capacity to enter into a contract a person must be:
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at least 21 years old
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able to read and sign his name
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registered with the superior court
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mentally competent
Pregunta 18
Pregunta
a contract is not formed if the offer is
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revoked before its accepted
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accepted before its expired
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revoked after its accepted
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accepted without any modification of its terms
Pregunta 19
Pregunta
consideration is
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not required for contracts that have been put into writing
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not required if the contract has a lawful objective
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something of value exchanged by the contracting parties
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formal execution of the contract in the presence of at least two wintesses
Pregunta 20
Pregunta
the statute of frauds applies to
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a purchase agreement for a house
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a purchase agreement for vacant land
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a listing agreement for a piece of commercial real estate
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all of the above
Pregunta 21
Pregunta
a contract is voidable if one of the parties:
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signed it under duress
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under misrepresentation to persuade the other to enter into it
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has the right to rescind it
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all of the above
Pregunta 22
Pregunta
when an offer makes a counteroffer
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no contract is formed unless the original offeror accepts the counteroffer
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the original offeror is required to accept the offeree's modified terms
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if the original offeror does not accept the offerree's modifications, they have a binding contract on the terms originally offered
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it create a binding contract on the offeree's modified terms, unless the modifications are unreasonable
Pregunta 23
Pregunta
a broker's commission is usually a
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percentage of the property's listing price
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percentage of the property's appraised value
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percentage of the property's sales price
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flat fee based on the anticipated difficulty of selling the property
Pregunta 24
Pregunta
in most states, in which of the following situations would a seller NOT owe a commission?
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the transaction ends because theres a financing contingency in the purchase agreement and the buyer isn't able to make the necessary loan
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the seller and buyer agree to walk away from the transaction
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the seller discovers at the last minute that she does not have a marketable title
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the seller has a change of heart and decides not to sell
Pregunta 25
Pregunta
a dual agent must
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disclose all confidential information to both the buyer and the seller
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keep each party's negotiating position confidential
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avoid giving advice to either party
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submit conflicts between the buyer and the seller to arbitration
Pregunta 26
Pregunta
a real estate license is required for anyone who
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sells or leases their own property
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sells or leases property for other people for compensation
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all of the above
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none of the above
Pregunta 27
Pregunta
when the parties agree to terms on a specific property, a contract spelling out the agreement is drawn up and signed by
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the broker and the seller
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the broker and the buyer
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the sales associate and the seller
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the buyer and the seller
Pregunta 28
Pregunta
the listing agreement will NOT usually contain the
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asking price
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selling price
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location of the property
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authority granted to the broker
Pregunta 29
Pregunta
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
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- True
- False
Pregunta 30
Pregunta
the commission paid in the real estate brokerage industry is normally
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a percentage of the mortgage
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a fixed dollar amount per transaction
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percentage of the gross sales price
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included as discount points paid at the closing
Pregunta 31
Pregunta
an example of a restricted covenant is a requirement that a house be a minimum size
Respuesta
- True
- False
Pregunta 32
Pregunta
____is defined as the possibility of loss resulting from not being able to convert an asset into cash quickly should the need arise
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business risk
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financial risk
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purchasing power risk
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liquidity risk
Pregunta 33
Pregunta
a _____ is a legal document used to transfer ownership rights to real estate from one party to another
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plat
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lease
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sales contract
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deed
Pregunta 34
Pregunta
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.
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bargain and sale
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quitclaim
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unencumbered
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special warantee
Pregunta 35
Pregunta
before a deed can be recorded, most states require that
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the deed be signed by the grantee
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the deed be acknowledged by the grantor
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the grantor must sign in the presence of a witness who also signs
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the grantor must be a witness
Pregunta 36
Pregunta
in addition to the standard requirements for a contract to be valid, the statute of frauds requires contracts involving real estate
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to be for a lawful purpose
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to provide adequate consideration from the buyer
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to identify parties with capacity
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to be in writing
Pregunta 37
Pregunta
if the terms in the purported acceptance differ from those of the offer, then
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a temporary contract is formed
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a contract is still formed
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no counteroffer is made
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a counteroffer is made
Pregunta 38
Pregunta
a compilation of all recorded documents that affect a given piece of real estate is known as a title
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opinion
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insurance
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abstract
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deed
Pregunta 39
Pregunta
the commission paid in the real estate brokerage industry is normally
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a percentage of the mortgage
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a fixed dollar amount per transaction
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a percentage of the sales price
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included as discount points paid at the closing
Pregunta 40
Pregunta
in a real estate transaction, the debt obligation secured by a ____ is generally acknowledged by a _____
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lease, defeasance
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covenant, acceleration
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mortgage, promissory note
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mortgagor, deed of trust
Pregunta 41
Pregunta
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
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due-on-sale clause
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defeasance clause
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prepayement clause
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acceleration clause
Pregunta 42
Pregunta
which of the following categories account of the largest portion of all mortgage credit in the US?
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1-4 family residential
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multi-family residential
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commercial
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farm
Pregunta 43
Pregunta
if the mortgagor fails to make payments or defaults on other terms of the mortgage agreement, the mortgagee can begin _____ proceedings.
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equity of redemption
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due-on-sale
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foreclosure
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hypothecation
Pregunta 44
Pregunta
Credit history is part of a mortgage loan application
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- True
- False
Pregunta 45
Pregunta
down payment on a purchase can only come from your personal savings
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- True
- False
Pregunta 46
Pregunta
loan origination occurs in the secondary mortgage market within the US housing finance system
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- True
- False
Pregunta 47
Pregunta
a key to minimizing risk in home loans is for the lender to have extensive local market knowledge
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- True
- False
Pregunta 48
Pregunta
after a commercial loan is made, a lender may annually ask for
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financial statements
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rent rolls
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proof of insurance
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all of the above
Pregunta 49
Pregunta
the debt coverage ratio
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should be greater than one
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is meaningless
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should be less than one
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doesn't apply to commercial loans
Pregunta 50
Pregunta
the primary function of the real estate brokerage industry is to
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match properties and customers
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guide buyers and sellers through the complexities of real estate transaction
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provide legal representation to clients
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a and b only
Pregunta 51
Pregunta
an amortization schedule that is for 25 years:
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will have a smaller payment than one for 20 years other factors being equal
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will have a larger payment than one for 20 years other factors being equal
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is illegal
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none of the above
Pregunta 52
Pregunta
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
Respuesta
- True
- False
Pregunta 53
Pregunta
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
Respuesta
- True
- False
Pregunta 54
Pregunta
after a commercial loan is made, a lender may annually ask for
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financial statements
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rent rolls
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proof of insurance
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all of the above
Pregunta 55
Pregunta
the debt coverage ratio
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should be greater than one
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is meaningless
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should be less than one
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doesn't apply to commercial loans
Pregunta 56
Pregunta
the primary function of the real estate brokerage industry is to
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match properties and customers
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guide buyers and sellers through the complexities of real estate transactions
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provide legal representation to clients
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a and b only
Pregunta 57
Pregunta
which of the following statements is not true about brokers?
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brokers serve as an intermediary in a transaction
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brokers receive compensation in the form of commission for their services
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brokers often specialize in certain property types
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brokers take ownership of the item being transferred for at least a brief moment in time
Pregunta 58
Pregunta
in the legal relationship known as "agency," the ____ is authorized by the ____ to transact business on his or her behalf.
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principal, agent
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agent, principal
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seller, broker
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broker, agent
Pregunta 59
Pregunta
when a single broker represents both parties in a real estate transaction, a ____ agency may exist
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fiduciary
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buyer/seller
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dual
Pregunta 60
Pregunta
which of the following is a true statement?
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mortgages are originated in the primary market
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mortgages are sold in the primary market
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mortgages are originated in the secondary market
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mortgages are originated in the underground market
Pregunta 61
Pregunta
which of the following is true?
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bad credit lasts forever
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home mortgages account for the majority of mortgages in the US
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spouses have no rights to property ownership
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employment history doesn't matter in mortgage financing
Pregunta 62
Pregunta
personal property is
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movable
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also called chattels
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must be left with the property
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a and b
Pregunta 63
Pregunta
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:
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deficiency judgement
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hypothecation
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prepayment clause
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acceleration clause
Pregunta 64
Pregunta
______ refers to physical land and buildings, while ______ consists of the benefits gained from owning land and buildings
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personal property, real property
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real property, personal property
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real property, real estate
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real estate, real property
Pregunta 65
Pregunta
the primary difference between freehold and leasehold estates is
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the number of rights is greater with leasehold estates
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leasehold estates involve property that have no liens
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a freehold interest is an ownership interest
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a freehold estate can only possessory
Pregunta 66
Pregunta
a claim on property as security for a debt or other obligation is known as a(n)
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enroachment
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lien
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easement
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profit
Pregunta 67
Pregunta
governmental powers over private property rights include
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power of taxation
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power of escheat
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police power
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all of the above
Pregunta 68
Pregunta
the primary difference between a special warranty deed and a general warranty deed is that
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in a general warranty deed, the promises made the grantor only apply to events that occurred during the grantor's ownership of the property
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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
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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.
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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
Pregunta 69
Pregunta
an offer becomes an enforceable contract when it is accepted by the party who
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makes it
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receives it
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tenders it
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delivers it
Pregunta 70
Pregunta
a compilation of all recorded documents that affect a given piece of real estate is known as title
Respuesta
-
opinion
-
insurance
-
abstract
-
deed
Pregunta 71
Pregunta
the legal right to ownership of land is demonstrated in the
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lease
-
deed
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listing agreement
-
sales contract
Pregunta 72
Pregunta
amortization is the
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practice of charging interest on a loan
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process of gradually retiring a debt by periodic payments
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compounding of interest
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use of debt to enhance the rate of return
Pregunta 73
Pregunta
in order to establish good credit you should
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have at least 3 lines of credit (credit cards, student loans, etc)
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have all payments in a timely manner
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review your credit history annually
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all of the above
Pregunta 74
Pregunta
eminent domain is defined as "the use of land that produces the greatest long term economic return to the owner"
Respuesta
- True
- False
Pregunta 75
Pregunta
the debt coverage ratio must be greater than 1 or you're losing money
Respuesta
- True
- False
Pregunta 76
Pregunta
co-signing a note for someone else is not only a nice thing but a smart business move
Respuesta
- True
- False
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