_+_

Question 1

In HUD can you have a zero lot line?

Answer 1

Yes

Question 2

Which survey system is primarily used in residential?

Answer 2

Lot & Block

Question 3

What type of depreciation is considered an over improvement?

Answer 3

building a $80,000 pool @ &100,000 home

Question 4

What is it called when a deed only has one person ?

Question 5

_______________ is a written instrument that transfers some estate or interest in land from one party to another (e.g., a deed, mortgage, or will).

Answer 5

Conveyance

Question 6

_______________________ is unintentional and careless (or negligent) acts that are censurable, or the failure to do something that a reasonable, prudent, and honest person would have done.

Answer 6

culpable negligence

Question 7

Where meets & bonds starts & ends is called _________________

Answer 7

The Point of Beginning

Question 8

At what point are property taxes considered delinquent?

Answer 8

After April 1st of the following year

Question 9

what does the cost deprecation approach use?

Answer 9

Effective Age (not what it appears to be)

Question 10

A real estate brokerage must have what?

Answer 10

A Broker

Question 11

when one party represents another on one transaction is called a ___________________.

Answer 11

special agent

Question 12

Which deed is the best is the best to use to clear a cloud or defect in the deed?

Answer 12

Quit Claim Deed

Question 13

Under the Americans with Disabilities are owners required to modify to accommodate no matter the cost. (T/F)

Answer 13

False, must be within reasonable to matter to the cost?

Question 14

an _________________ is when i “think” we have a contract.

Answer 14

implied contract

Question 15

For a contract to be considered _________ you must have the offer & acceptance & it must’ve been communicated to all parties

Answer 15

vaild

Question 16

If the property is sold at auction for more that what is owed to the bank for foreclosure; the money is given back to the ________________.

Answer 16

borrower

Question 17

If the property is sold at auction for less that what is owed to the bank for foreclosure; the left over amount is then owed from the ________________.

Answer 17

borrower

Question 18

if the Broker has fiduciary duties with the seller, the agent ___________.

Answer 18

does too

Question 19

the unique identifier number given to a property by an appraiser is called a(n) ______________________.

Answer 19

APN aka. Assessors Parcel Number

Question 20

Another term for the seller is _________.

Answer 20

Grantor

Question 21

Term for open & profitable business is called “___________________”.

Answer 21

going concern

Question 22

Which listing contract states that the listing broker gets paid no matter who brings the buyer?

Answer 22

Exclusive Right of Sale

Question 23

Can the Government take your property to build a movie theater?

Answer 23

No, they can only take your property for public uses, not privately owned

Question 24

If the sales associate doesn’t get paid, who can they sue?

Answer 24

Their employing Broker

Question 25

Which transaction tax docs do NOT apply to an assumable mortgage?

Answer 25

Intangible Tax

Question 26

If an appraiser is apprising a court house, what method would they use?

Answer 26

Cost Depreciation

Question 27

The Government National Mortgage Association are NOT primary lenders, they are secondary lenders. (T/F)

Answer 27

True

Question 28

To form a Real Estate Brokerage Partnership they ALL must be _________.

Answer 28

Brokers

Question 29

If the seller has homesteaded the property for years, their property taxes will be significantly _____________.

Answer 29

lower

Question 30

Which federal law states that you cannot be discriminated against for your age?

Answer 30

Equal Credit Opportunity Act

Question 31

VA loans are not insured, they are _______________ by the VA.

Answer 31

guaranteed

Question 32

When can landlords commingle money?

Answer 32

When they post a bond

Question 33

Can a limited partnership be a Real Estate Brokerage?

Answer 33

Yes

Question 34

Every discount point is _______.

Answer 34

1/8

Question 35

When you are given the right to buy the property within a certain amount of time; _____________.

Answer 35

Option Contract

Question 36

A lease on a property for a specific amount of time (even if its a week, as long as it has a start & end date) is called ______________.

Answer 36

tenancy of years

Question 37

Most common residential lease is a __________.

Answer 37

Gross Lease

Question 38

Who determines the relationship between agent and seller?

Answer 38

Employing Broker

Question 39

Must you disclose the referral fee?

Answer 39

No

Question 40

______________ is illegal, you cannot 100% represent both sides.

Answer 40

Duel Agency

Question 41

Who is responsible for any advertising you do?

Answer 41

Employing Broker

Question 42

You, as a Sales Associate, do not need to have your __________ name. Can use nicknames.

Answer 42

first

Question 43

On your own personal transaction you ________________________ prior to signing a contract.

Answer 43

disclose that you are licensed

Question 44

Are Brokers required to hold escrow?

Answer 44

No

Question 45

Immediately means ____________________.

Answer 45

Next Business Day

Question 46

If something happens to the broker, they are required to be replaiced within ____________________.

Answer 46

14 Business Days

Question 47

When Broker hands over the money to the court its called _________________.

Answer 47

Intopleader

Question 48

Can a sales associate be a limited partner?

Answer 48

Yes