Real Estate National Exam Question with accurate answers, 100% Accurate, rated A+

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Real Estate National Exam Question with accurate answers, 100% Accurate, rated A+ How does a creditor who has obtained a judgement get satisfaction against a debtor who will not pay? - ✔✔-Wr... it of Execution The economic characteristics of land are? - ✔✔-Scarcity, location, and durability What lease would best suit couples needs who are looking for temporary housing? - ✔✔-Month-toMonth lease The land description T3N, R4W Principal Meridian refers to what type of property description? - ✔✔- Rectangular survey Crops that require annual planting are generally considered to be? - ✔✔-Personal Property A distinguishing characteristic of owning property by land trust is that? - ✔✔-The identity of the legal owner is kept confidential A lawsuit for reverse condemnation may be brought by the? - ✔✔-Homeowner If conditions for purchase are included in a deed and these conditions are violated, what is the penalty? - ✔✔-Return of the property to the original owner When more than one approach to value is applied to a property and different indications of value are produced, how should the final estimate of value be determined? - ✔✔-Reconciliation A borrower has defaulted on the mortgage. The mortgage contains an acceleration clause. This permits the lender to? - ✔✔-Demand immediate payment of the entire note Too much leverage may result in? - ✔✔-Negative cash flow A managing broker can be held responsible for? - ✔✔-All real estate activities of salespersons Earnest money should be deposited into a trust account when? - ✔✔-In a timely manner Why was the Jones vs Mayer decision of 1968 important? - ✔✔-By upholding the Civil Rights Act of 1866 A landlord may refuse to rent to a tenant who? - ✔✔-Has ever been convicted of selling illegal drugs The buyer is assuming a mortgage presently on the property in the amount of $110,000. What is the adjustment made at the closing? - ✔✔-Credit buyer $110,000, debit seller $110,000 In most states, foreclosed property is sold through? - ✔✔-Public auction Depreciation is calculated based on? - ✔✔-Cost of the building only A judgement has been properly recorded. Any subsequent purchasers have actually examined the record or not, have been given? - ✔✔-Constructive notice An agreement to purchase which has not been closed is? - ✔✔-An executory contract An agency agreement between a property owner and a property manager is usually created by? - ✔✔-A management agreement Homes built before 1978 require? - ✔✔-the buyer to acknowledge disclosure of the presence of any known lead paint What is the first step to take when mold actions are found? - ✔✔-Identify and remedy the cause of the problems When a principal authorizes an agent to perform to a particular act or transaction, it is an example of? - ✔✔-Specific agency A broker earns his commission when? - ✔✔-The seller accepts the offer A benefit of a deed of trust is? - ✔✔-Foreclosure is usually simpler and faster The purpose of usary laws is to regulate? - ✔✔-Interest rates charged by lenders The FHA functions most like an? - ✔✔-Insurance company A loan that requires a borrower to pay interest only until the due date and then to pay the entire principal of the maturity date is called the? - ✔✔-Term loan A deed restriction is applicable to the activities of? - ✔✔-Present and future owners New sidewalks installed only on one side of the street will probably be paid for by? - ✔✔-Special assesement What would be needed to be obtained for permission to build a grocery store in an area zoned residential? - ✔✔-Conditional use permit or zoning ordinance. What is used to increase the lenders yield on a real estate loan? - ✔✔-Origination fee A competitive market analysis is performed when? - ✔✔-Pricing property Contracts made by a minor are? - ✔✔-Void What is usary? - ✔✔-Collecting more interest than is allowed by law All liens are? - ✔✔-Encumbrances Abandoned private property redeemed by local government is an example of ? - ✔✔-Escheat According to the law of agency as it relates to a [Show More]

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