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National Exam Question and answers 2023 verified to pass
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National Exam Question and answers 2023 verified to pass
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National Exam - Practice of Real EstatePractice of Real Estate
Civil Rights act of 1866 - correct answer prohibit racial discrimination in all conveying
of real and personal property
Practice of Real Estate
in regards to convicted drug dealers... - correct answer they are NOT covered under
any condition
under the federal fair housing act of 1968 and the amendment in 1988, authorized
administrative law judges may now... - correct answer admin law judges within HUD
may now hold contested case hearings
Practice of Real Estate
Remedies under the new amendment include: - correct answer 1) a civil penalty, not
exceeding $16,000 for the first offense
2) a penalty not exceeding $37,500, if another offense was committed within the past 5
years
3) a penalty not exceeding $65,000 if two or more discriminatory practices have been
found in the past 7 years
The ADA provides for enforcement by allowing several remedies for a person who is
discriminated against, including - correct answer 1) a temporary or permanent
injunction
2) the court may grant any equitable relief that the court considers appropriate
3) a civil penalty of up to $50K for a first violation and penalty of up to $100K for any
subsequent violation
Practice of Real Estate
Truth-in-Lending Act (TILA)
Disclosure/Coverage Requirements - correct answer -cost in credit transactions
-customer has 3 day right to rescind
-loans to
under a fee simple absolute, if the owner dies what happens to the property? - correct
answer the owner's heirs will gain ownership
, tenancy in common - correct answer -ownership by two or more WITHOUT rights of
survivorship
-upon death, share will go to that person's heirs
Joint tenancy - correct answer -ownership by 2 or more people WITH rights of
survivorship
-four unities required for this ownerhsip: time, title, interest and possession
Tenancy by the Entirety - correct answer joint tenancy where the co-owners are
husband and wife
what does assemblage refer to? - correct answer combining several parcels of land
into one
what does plottage refer to? - correct answer the increased sum of value and usability
from assemblage
condos are owned by what type of mutual ownership - correct answer tenants in
common
what is an abutting owner? - correct answer an owner whose land touches a highway
or other public place
what is an alienation clause do? - correct answer -gives the lender the right to declare
the entire loan balance due immediately if the borrower sells or otherwise transfers the
security deposit
-also known as due-on-sale clause
building codes would dictate - correct answer -materials and/or performance
standards for structural components as well as heights, safety features, sanitation and
health requirements, setback and sideline restrictions
-also rules by local govs to regulate construction standards
what is a purchase money mortgage? - correct answer a mortgage on property given
by a buyer, either to the seller or to a third party in order to secure a portion of the
purchase price
Special warranty deed - correct answer a warranty in which the grantor warrants title
only against defects that may have arisen during his or her period of ownership
Lien vs title theory - correct answer lien: mortgage is viewed as a lien on real property
title: lender is viewed as conditional owner of mortgaged land
with an FHA loan, the borrower will finance an up-front premium worth how much? -
correct answer 1.5%
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