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The CE Shop Review Assessment Answers
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The CE Shop Review Assessment Answers
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The CE Shop Review AssessmentAnswers
With this type of loan, personal property is included with the real property in the sale. It's
commonly seen in commercial real estate, but you may also see this in the sale of
furnished condominiums. - Answer -Package mortgage
Which product's fibers are dangerous when inhaled because they can lodge in the lungs
and intestines, causing cancer? - Answer -Absestos
Sally and Pete are city dwellers who have always dreamed of living in a rural setting.
When Pete inherits a 600-acre cattle ranch from his uncle, they don't waste a moment
packing up and moving to the ranch. What category of real estate is their new home
considered? - Answer -Agricultural
Shannon's rural property in San Diego County has a small stream that runs across one
corner where her horses are pastured, and her horses use it as a water source. What's
true about this situation? - Answer -Shannon has a riparian right to use the water
flowing across her property as a water source for her animals, though she may not
divert the water.
Which type of subdivision is defined as parcels of land that purchasers own individually,
with no commonly owned areas? - Answer -Standard subdivision
*Any subdivision that is sold with no common areas and is smaller than 160 acres is
considered to be a standard subdivision. Lots can be fully or only partially improved, but
must at least have utilities installed.
What's the first step an appraiser will perform when conducting an appraisal? - Answer -
State the problem
Which of the following professional certifications for property managers applies to an
individual? - Answer -Certified Property Manager
A real estate licensee and his client fulfill the listing agreement, and the agency
relationship is terminated. At what point did the agent's fiduciary duty of confidentiality to
this client terminate? - Answer -Never
, A buyer is purchasing a property for $500,000. His lender's loan-to-value ratio is 90%.
How much is the buyer financing? - Answer -$450k
What does the Real Estate Commissioner do? - Answer -Determines real estate policy
and issues regulations to enforce law
Which of the following is a true statement about U.S. Department of Veterans Affairs
loans? - Answer -The loan that's guaranteed will be based on either 100% of the sales
price or 100% of the CRV, whichever is less.
Rachel loves convenience. As you can imagine, she was thrilled when she was able to
finance her mortgage through the same institution where she deposits her payroll
checks. Which of these most likely financed Rachel's mortgage? - Answer -Savings and
loan
Your clients have made an offer to purchase on a beautiful home that is in a perfect
location for their family. The offer is accepted. A week later, the seller's agent finally
provides the TDS and other required disclosures. To everyone's dismay, the disclosures
show that there are some serious issues that were not apparent in your visual
inspection. What can your buyers do? - Answer -Buyers have 3 days after the delivery
of the TDS to rescind the purchase agreement.
What can brokerages do to ensure licensees use technology properly? - Answer -Have
a solid policies and procedures manual in place.
If Acme Bank, a primary lender, wants to sell its loans on the secondary market, it would
be easier for it to do so if its loans meet ______. - Answer -Fannie Mae and Freddie
Mac Guidelines
*If Acme Bank meets Fannie Mae and Freddie Mac guidelines, its loans are conforming
and are easier to sell on the secondary market.
Which of these might bring a charge of illegal steering against a licensee? - Answer -
When working with single female clients, Cassandra is careful to promote properties in
neighborhoods she considers safe.
Lenny is the listing agent for a property built in 1901. Old homes are very desirable in
this area, and Lenny is expecting a fair amount of interest and multiple offers at the
planned open house. Which action best demonstrates good faith to his seller client in
this scenario? - Answer -Lenny presents all formal written offers as they come in,
discussing the merits and drawbacks of each, but ultimately lets the owner decide what
action to take.
Which of the following statements regarding buyer and seller agency is true? - Answer -
A seller's agent represents the seller, while the buyer's agent represents the buyer.
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