Missed Test Questions

Question 1

Leaking underground storage tanks

Answer 1

LUST

Question 2

One example of police power by acuity is

Answer 2

Environmental protection laws

Question 3

Zoning laws that include tree cutting rules, dredging regulations and waste disposal exemplify

Answer 3

Shore line regulations

Question 4

A recorded restriction is best described as

Answer 4

A limitation on use

Question 5

Oversees federal environmental issues

Answer 5

EPA

Question 6

Combining all three appraisal approaches to determine an indicated value

Answer 6

Reconciliation

Question 7

Results from building in excess of the value of the neighborhood

Answer 7

Diminishing returns

Question 8

Essential to creating value

Answer 8

Scarcity

Question 9

Reporting tool to help agents determine a price range for a property

Answer 9

CMA

Question 10

The universal appraisal report

Answer 10

URAR

Question 11

Sales not influenced by unusual circumstances used to determine the market value of a property

Answer 11

Arms length or most

Question 12

In the cost approach this is added back after subtracting depreciation from replacement cost new

Answer 12

Land

Question 13

A name for sold homes used in a CMA

Answer 13

Comparables

Question 14

Sold price divided by annual income

Answer 14

GIM

Question 15

Dollar value of any housing component measured probable sales price by its worth using “paired sales” in an open market

Answer 15

Contribution

Question 16

Sold price divided by monthly rents

Answer 16

GRM

Question 17

Due on sale clause

Answer 17

Alienation clause

Question 18

Clause that calls the balance owed because of the borrowers default

Answer 18

Acceleration clause

Question 19

Loan that allows for periodic payments of interest only, with principle due as a lump some payment at maturity

Answer 19

Straight

Question 20

Is a DVA loan insured or guaranteed?

Answer 20

Guaranteed

Question 21

What must a borrower provide a lender who is granting a conventional loan?

Answer 21

Mortgage and promissory note

Question 22

The tandem plan involves..

Answer 22

Fannie Mae and Ginnie Mae

Question 23

The difference between interest rates in financing arrangements such as wraparound mortgages is called

Answer 23

Arbitrage