CompuCram MA RE Salesperson Practice || All Correc
CompuCram MA RE Salesperson Practice || All Correc
Exam (elaborations)
CompuCram MA RE Salesperson Practice || All Correct.
1 view 0 purchase
Course
CompuCram MA RE Salesperson Practice || All Correc
Institution
CompuCram MA RE Salesperson Practice || All Correc
Tom, Rick, and Harry own a house. When Rick dies, his heirs receive his share of the ownership interest. What type of co-ownership did Tom, Rick, and Harry have? correct answers Tenancy in common
A type of legal description used to describe real estate that includes feet, degrees, and natural ma...
CompuCram MA RE Salesperson Practice || All Correct.
Tom, Rick, and Harry own a house. When Rick dies, his heirs receive his share of the ownership interest. What type of co-ownership did Tom, Rick, and Harry have? correct answers Tenancy in common
A type of legal description used to describe real estate that includes feet, degrees, and natural markers as monuments is called a correct answers Metes and bounds
ABC Remodeling, Inc. buys a new warehouse for its trucks and excess building materials. How will it take title? correct answers Tenancy in severalty
Which is NOT an encumbrance? correct answers License (Since a license is revocable, it cannot burden the property owner's title. A license does not create an interest in another's land.)
What best describes personal property transformed into real property? correct answers Actual annexation (Actual annexation is a physical attachment of personal property to land.)
When waterborne silt is deposited in a lake or river bed, the land gradually increases by the process of correct answers Accretion
Under which system of government are all allowed to hold title to land? correct answers Allodial
What is NOT a governmental restriction on the use of real property? correct answers Adverse possession (Police power, eminent domain, and escheat are all powers of the government. Adverse possession would be a power of law. Adverse possession is acquiring title to someone else's real property by taking possession of it without the owner's consent.)
Which would NOT result from the exercise of police power? correct answers Developer's restrictive covenants (these are imposed by a developer of land.)
Building codes can be enforced by correct answers the issuance of permits
Which best defines a phase II environmental inspection? correct answers Actual testing of underground storage tanks, soil samples, ground water, or wells
The subject property has five bedrooms but only one bathroom. What could this situation be causing? correct answers Functional obsolescence (When something inherent in the subject property causes the loss of value, the property suffers from functional obsolescence.)
The rule that says a buyer will not pay more for a property than a comparable substitute is the rule of correct answers Substitution
An investor buys a single-family rental property with an initial basis of $150,000. Assuming 30-
year straight-line depreciation, what is the basis of the property after 10 years? correct answers $100,000 The annual depreciation would be $5,000 ($150, years), thus 10 years' depreciation would be $50,000 (10 years x $5,000). The basis after 10 years is $150,000 - $50,000 = $100,000.
Net income best describes correct answers Income after expenses
What is assessment value? correct answers Value the property taxes are based on
The subject property is next to a sewage treatment plant. What could this situation be causing? correct answers Economic obsolescence (Economic obsolescence refers to a situation outside of the subject property that may affect the value of the subject property.)
From an investment standpoint, it is usually the best idea, based on the theory of progression and
recession, to buy the ________ house on the block. correct answers Least expensive
Plottage can best be defined as correct answers When the property is joined to increase value
A property generated $135,000 income per year. A vacancy and collection loss of 5% is normal for the area. The building expenses are $8500. What was the gross income? correct answers $135,000 (Gross income is the total amount a property generates in income before expenses are removed.)
According to Fannie Mae and Freddie Mac standards, how much of a borrower's income can be dedicated to housing expenses for a conventional loan? correct answers 28% (The qualifying standard set by the secondary market is 28% for conventional loans.)
The longer the term of the loan, the correct answers Higher the number of monthly payments on the loan
How many points will lower the rate of interest by one percent? correct answers 8
How would a developer/builder typically finance a development? correct answers Blanket (A blanket mortgage covers more than one property, with the development and its parcels released as they are sold.)
Discount points on a mortgage are computed as a percentage of the correct answers Amount financed
A broker is representing buyer/client Dorothy in the search for a home. Dorothy decides to end the relationship after missing several opportunities to purchase due to the broker's unavailability to view properties at times and days convenient to her. How did this agency most likely end? correct answers Revocation
A broker has a policy that agents will not be dual agents in in-company transactions or when the agents sell their own listings. Which would a potential buyer be to the listing agent if the buyer
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller FullyFocus. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.99. You're not tied to anything after your purchase.
