Principles

Question 0

When property is being foreclosed and entire balance is due

Answer 0

acceleration clause

Question 1

What triggers alienation clause

Answer 1

Sale of property

Question 2

How can buyer be assured of getting earnest money back if loan isn’t approved

Answer 2

Place a contingency clause in contract

Question 3

What happens to property if person dies without will and has no heirs

Answer 3

Property will escheat to state

Question 4

What is very first transfer of real property from government to private party called?

Answer 4

Patent deed

Question 5

Property owner erected a block wall on the property.

By what means did the block wall become real property?

Answer 5

Annexation

Question 6

When cost approach is used to determine value, which apply

Answer 6

Replacement minus depreciation

Question 7

What does an application for variance most likely show

Answer 7

Hardship on property

Question 8

An office building has been damaged by flood, which appraisal approach is used to establish replacement cost

Answer 8

Cost

Question 9

The right of a mortgagor to obtain legal title after payment in full is in

Answer 9

Title theory state

Question 10

What is the example of a unilateral contract

Answer 10

Reward poster

Question 11

Which of the following is true regarding an s corp.

Answer 11

Limited number of investors.

Question 12

Property has cap rate of 10%

What affect does property value does each additional 8 dollars of operating expense have

Answer 12

Value decreases $80

Question 13

When a person decided to dramatically improve her existing home, she first needs to evaluate the principle of

Answer 13

Contribution

Question 14

Who regulates the limit of fees slender can charge in escrow for impound accounts

Answer 14

RESPA

Question 15

What is the purpose of a bring down search (fee)

Answer 15

To update the title prior to the close of escrow

Question 16

A purchase contract was signed under duress. The status of the contract is

Answer 16

Voidable

Question 17

An agent writes an offer on another brokers listing.

What should she do

Answer 17

Contact listing broker

Question 18

When is an estoppel certificate used

Answer 18

When a lender sells loans

Question 19

A person wants to buy a property in the future, but also wants the right to reject the offer.

What is this called

Answer 19

First right of refusal

Question 20

A non recourse loan does not provide for

Answer 20

Deficiency judgement

Question 21

Wetlands come under what control

Answer 21

Police power

Question 22

Before a mortgage foreclosure is held the mortgagor can redeem the property.

This is called

Answer 22

Equitable period of redemption

Question 23

What happens to a property if a person does without a will and has no heirs.

Answer 23

The property will escheat to the state

Question 24

What does the gross rent multiplier indicate

Answer 24

A factor of rents to price

Question 25

What happens if a person does intestate? The estate is...

Answer 25

Handled by the administrator

Question 26

In order to qualify for tax deferred exchange, properties must be

Answer 26

Like for like

Question 27

If a sales person represents a seller in all real estate matters. What type of agency is this

Answer 27

General

Question 28

In an escrow in closing, the signed deed is delivered to

Answer 28

The escrow agent

Question 29

What is it called when legal action is being used to enforce a contract.

Answer 29

Specific performance.

Question 30

The right of a mortgagor to regain title is called

Answer 30

Redemption

Question 31

Who pays the loan doc. Prep fees on a BA guaranteed loan

Answer 31

Seller

Question 32

What is a covenant in a deed

Answer 32

Quiet enjoyment

Question 33

A deed is delivered to an escrow agent and before the sale is consummated the escrow agent dies. The deed is

Answer 33

Not affected

Question 34

True or false A deed of trust conveys legal title to trust or

Answer 34

False

Question 35

All of the following are specific liens except

Answer 35

Income taxes

Question 36

What is not covered in a standard owners TIP that would be covered in an extended title policy

Answer 36

Encroachments

Question 37

John made an offer on bills property. Bill accepts offer with condition that john moves in 4 days after COE what is status of bills offer

Answer 37

Counter offer

Question 38

Owner of 50 acres lakefront property divides it and keeps the lots closest to the lake. How would potential buyers prefer an easement to the lake

Answer 38

Easement appurtenant

Question 39

What is a brokers duty to a third party

Answer 39

Honesty

Question 40

What connects studs at top and bottom

Answer 40

Top and sole plate

Question 41

When an appraiser uses subjective value, it refers to

Answer 41

Market price

Question 42

In a property management contract, what relationship does the manager hAve with the owner

Answer 42

Fiduciary

Question 43

What is a term loan

Answer 43

Interest only

Question 44

The market data approach in appraising refers to

Answer 44

Substitution.

Question 45

Who does salesperson represent

Answer 45

Employing broker

Question 46

Which type of deed may be assigned

Answer 46

Trust deed