CompuCram Real Estate Questions || with 100% Error-free Answers.
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Course
CompuCram Real Estate
Institution
CompuCram Real Estate
conditional use correct answers What type of land use does NOT comply with the zoning restriction for its location, but is permitted because it benefits the public?
nonconforming use correct answers properties that were in compliance with old codes
the most probably price a property will brin...
CompuCram Real Estate Questions || with 100% Error-free Answers.
conditional use correct answers What type of land use does NOT comply with the zoning restriction for its location, but is permitted because it benefits the public?
nonconforming use correct answers properties that were in compliance with old codes
the most probably price a property will bring correct answers According to USPAP, what is the definition of market value?
an exact replica of the structure correct answers Reproducing a structure best describes building...
site correct answers Which term best describes a piece of land that is enhanced and ready for a building or structure?
price a property actually sold for correct answers what is market price?
allow lenders to charge undisclosed fees correct answers RESPA does NOT...
Guarantees mortgage loans correct answers What is NOT true of the Federal Housing Administration?
28% correct answers 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?
debt service correct answers The amount of money paid in regular intervals to reduce the balance
owed on a debt is called...
straight term note correct answers What type of note calls for interest payments during the term of the loan and principal due at the end of the loan?
Expiration correct answers A listing agent listed a property with an expiration date of six months from the beginning of the listing. Six months have now passed. How did the listing terminate?
operation of law correct answers a listing terminates by __________________ when the broker or seller becomes incapacitated or dies, or if the building is destroyed
loyalty correct answers After listing a property that the agent believes is overpriced, the agent returns to the office and vents his frustration to a fellow licensee at the brokerage. Which duty has the agent breached?
listing agreement correct answers Which would be considered evidence of the agency relationship between broker and seller? CFCs correct answers Chemicals used in refrigeration, air conditioning, insulation, and aerosol propellants that drift into the upper atmosphere where their chlorine components destroy ozone are called
well and septic inspection correct answers A prospective buyer who has previously always lived in the city is looking at a rural property with a real estate agent. The buyer admits that she doesn't
know anything about rural properties. The buyer likes the back yard because it is very large but remarks that a small patch of the yard seems to grow more, and much healthier, grass than any other part of the yard. The agent should recommend a...
Cancer correct answers Carcinogens are known to cause:
Sue for specific performance and for damages correct answers If seller Adam simply decides not to go through with the closing on a sale to buyer William, what can William do about it?
Recission correct answers Archie and Bert mutually agree to terminate a contract. The buyer, Bert, asks for the earnest money back and the seller, Archie, consents. This is an example of
right of preemption correct answers a person's right to have the first chance to buy something should it ever become available for sale.
right of preemption correct answers Jerry owns a piece of land and worries that his neighbor may
sell her vacant parcel of land to someone who may put a multi-family structure on the site. Jerry has an attorney prepare a document whereby the neighbor agrees to give Jerry the first chance to buy the lot should she decide to sell. Which would this agreement be called?
purchase agreement correct answers Which document would an escrow agent use as escrow instructions?
recission correct answers When a contract is terminated and each party gives back to the other party anything they have received, what occurs?
assignment correct answers Emily had signed a one-year lease, but after living in the apartment for three months, she transferred her right of possession for the remainder of the lease to her friend. Which type of arrangement does Emily have with her friend?
sublease correct answers In a __________ the tenant will regain possession before the tenancy ends.
novation correct answers a ______________ would require the consent of the landlord and the withdrawing tenant would be relieved of liability
assignment correct answers in a ____________________ the tenant will not regain possession of
the lease before it ends. quitclaim deed correct answers What deed is most preferred from the *seller's* point of view?
HUD-1 settlement statement correct answers What document lets a buyer and seller see the costs
involved with closing the transaction?
last will and testament correct answers to inherit is to receive title through a _______ _______ and ________________
accountant correct answers Tommy Gee encounters an owner of a property who has no equity in the home because of a sharp decline in market values. The owner asks Tommy to market the property at market value but asks Tommy if he could negotiate with the bank and orchestrate a short sale. Who should Tommy recommend the owner consult with before making a decision?
negligent misrepresentation correct answers Constructive fraud is also known as.....
salesperson or broker correct answers What are the two main categories of licensure?
the code of ethics correct answers ______ __________ ___ ________ is administered by the National Association of REALTORS(r) and was adopted in 1913.
the canon of ethics correct answers ______ __________ ___ ________ is administered by the Ohio Division of Real Estate and the Ohio Real Estate Commission
243 correct answers The fee for renewing a broker's license is:
extend a listing correct answers What would a licensee NOT be permitted to do?
license law correct answers Agent Lucy advertised a property as being in the wrong school district in the Multiple Listing Service. What, if anything, has Lucy violated?
fine the agent $200 per violation correct answers The Superintendent of the Ohio Division of Real Estate sites a sales agent for an advertising violation. The Superintendent may....
the canons of ethics correct answers A licensee was asked by the Division to provide documents concerning a transaction that was the subject of an investigation. The licensee failed to provide the documents as requested. What if anything has been violated?
30 correct answers How many hours of Continuing Education are required by an Ohio licensee over a 3-year reporting period?
agency coupled with an interest correct answers A broker supplies the financing for a condominium project under the condition that the broker gets the listings. Which of the following best describes the relationship?
section 2 correct answers Listing agent Cindy received an offer from Greg, a buyer's agent in the same firm. What part of the Agency Disclosure Statement would Cindy and Greg fill out?
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