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WELDING FINAL EXAM MULTIPLE CHOICE QUESTIONS
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WELDING FINAL EXAM MULTIPLE CHOICE QUESTIONS
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WELDING FINAL EXAM MULTIPLE CHOICE QUESTIONSThree brokers intending to work together in real estate brokerage ask their attorney to draw up partnership agreement. They are forming a/an:
a. limited partnership
b. general partnership
c. ostensible parntership
d. syndicate - answer- b. general partnership
A tax shelter is:
a. a deductible expense
b. the excess of cash flow over taxable income
c. The amount by which mortgage principal payments exceed depreciation.
d. a tax deductionfor residential property. - answer- b. the excess of cash flow over taxable income
Pooling funds of several lenders to make a single loan is:
a. a package mortgage
b. mortgage participation
c. an open end note
d. a participation mortgage. - answer- b. mortgage participation
In a tax deferred exchange "boot" is the:
a. taxable unlike property
b. non-taxable unlike property
c. taxable like property
d. non-taxable like property - answer- a. taxable unlike property
The ability of a company to meet its short term obligations is expressed by the:
a. debt to worth ratio
b. quick ratio
c. equity ratio
d. inventory turnover ratio - answer- b. quick ratio
Which is a site residual concept?
a. gross income multiplier
b. cost depreciation approach
c. highest and best use d. land appraisal - answer- c. highest and best use
In calculating taxable income an investor may not deduct:
a. depreciation
b. capital improvements
c. operating expenses
d. interest - answer- b. capital improvements
An investor is going to restore an old Victorian home. The lender wants to know what its
value will be after the restoration. The appraiser should use:
a. restoration cost
b. replacement cost
c. physical cost
d. reproduction cost - answer- d. reproduction cost
The sequence of dollar adjustments in the comparable sales approach:
a. is financing terms, location, and physical
b. is financing terms, physical and location
c. is location, financing terms, and physical
d. makes not difference - answer- a. is financing terms, location, and physical
In the appraisal process which is a basic step in the cost approach?
a. adjust comparable to subject
b. compute value of site as if vacant
c. estimate a capitalization rate
d. divide rate by income - answer- b. compute value of site as if vacant
An income property financial analysis would not normally analyze the: a. NOI
b. cash throwoff
c. equity build-up
d. equity dividend rate. - answer- c. equity build-up
The adjusted balance sheet includes:
a. intangible assets
b. goodwill
c. goodwill and intangible assets
d. tangible assets - answer- d. tangible assets The financial statements that restates the owner's equity in terms of tangible assets at market values is the:
a. market balance sheet
b. actual balance sheet
c. adjusted balance sheet
d. income statement - answer- a. market balance sheet
In using comparables it is a good idea to verify the sale. A good source of verification would not be: a. selling broker
b. appraiser
c. one of the parties involved
d. neighbors - answer- d. neighbors
The cost depreciation approach would not consider:
a. functional depreciation
b. economic depreciation
c. accelerated cost recovery system (ACRS)
d. physical deterioraton - answer- c. accelerated cost recovery system (ACRS)
To be defendable, an estimate of highest and best use is not required to:
a. be legally permissible
b. be physically possible
c. be financially feasible d. produce the highest residual income to the building - answer- d. produce the highest residual income to the building
An example of functional obsolescence would be: a. a change in zoning
b. needs painting
c. structural damage
d. not enough electrical outlets - answer- d. not enough electrical outlets
Economic obsolescence may not be:
a. unpleasant odors
b. changes in zoning
c. changes in traffic patterns
d. physical deterioration - answer- d. physical deterioration
An investor has the right to expect: a. a return on an investment
b. a return of loss of value of the asset
c. a return of the investment
d. all of the above - answer- d. all of the above
A business appraiser, when valuing assets of a going concern should use
a. liquidation value
b. book value
c. historical costs
d. market value - answer- d. market value
Which type of ownership allows property to be inherited?
a. Tenancy in severalty and tenancy in common
b. Tenancy at will and joint tenancy
c. Tenancy by the entireties and tenancy in common
d. Tenancy by the entireties and joint tenancy - answer- a. Tenancy in severalty and tenancy in common
The Federal Housing Administration (FHA) program that insures condominium mortgage loan is a Section
a. 203(b)
b. 234(c)
c. 235
d. 245 - answer- b. 234(c)
An owner agreed to sell his restaurant property. The buyer gave the broker an earnest money deposit of $4,000. One day before closing, the buyer told the broker she had found another property and would not be closing the transaction. The owner lost more than $12,000 because of the default. What remedy would BEST compensate the owner?
a. Suit for rescission on breach
b. Suit for compensatory damages
c. Suit for liquidated damages
d. Suit for interpleader - answer- b. Suit for compensatory damages
If the closing is on July 6, the prepaid interest on a new institutional mortgage covers a period of how many days and is charged to whom?
a. 6 days; seller
b. 6 days; buyer
c. 26 days, buyer
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