The CE Shop 2024 Real Estate Exam With Correct Answers
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The CE shop real estate
Institution
The CE Shop Real Estate
The CE Shop 2024 Real Estate Exam With Correct Answers
4 characteristics of value - Answer -D U S T
Demand
Utility
Scarcity
Transferability
.5 elements of a valid contract - Answer -offer, acceptance, consideration, capacity, lawful purpose.
Capacity - competent and of age
.5 tests ...
CE Shop 2024 Real Estate Exam With
Correct Answers
4 characteristics of value - Answer -D U S T
Demand
Utility
Scarcity
Transferability
.5 elements of a valid contract - Answer -offer, acceptance, consideration, capacity,
lawful purpose.
Capacity - competent and of age
.5 tests of real vs personal property - Answer -M A R I A
Method of Annexation - attached or not and how.
Adaptability of use - if removal would eliminate use.
Relationship of the parties- tenant over landlord, buyer over seller
Intention of placing - was it intended to be temporary
Agreement of parties
.Acceleration clause - Answer -Security Instrument Clause that makes whole loan due
upon default
.Acceptance vs Binding Acceptance - Answer -Acceptance --signed
Binding acceptance - Signed and delivered (physically or electronically)
Must happen within the dates on contract. If no dates then a "reasonable time"
.Adendum - Answer -"Ad"dition
.Aesthetic zoning - Answer -visual
.Agency agreement types - Answer -Express agency -agreed by both (written or verbal)
Implied agency - by action (should be avoided)
[Agency is created through agreement, not payment]
.Agency coupled with interest - Answer -agent has some ownership interest in the
subject property.
,.Agent - Answer -acts on the behalf of another
.Alienation Clause - Answer -Mortgage due on sale
due upon "alienation" from the property
.Amendment - Answer -Modification
.Americans with Disabilities Act (ADA) - Answer -Enforced by HUD
Prohibits protected class-based discrimination in the delivery of commercial and public
programs, services, and activities.
.Amortized loan - Answer -principal is paid down over the life of the loan
Fully amortized -- at end, is paid off
Partially amortized -- at end is balloon payment
.Annexation - Answer -Converting personal property to real property. (opposite of
severance)
.Antitrust violations - Answer -Price Fixing
Market Allocation -- divide market up
Tie-in Arrangement -- providing service but requiring another service from specific
vendor
Group Boycotting--
Per Se violation -- "by word" they agreed to violate law, so no need to actually prove the
violation.
.Assignment - Answer -original person is still liable
.Backup contract - Answer -a contract to buy real estate that becomes effective if a prior
contract fails to be consummated. Should recommend that client gets legal advice
before doing this
.Bulk zoning - Answer -regulates the density
.Bundle of rights - Answer -Possession, control, enjoyment, exclusion, disposition
.Buydown - Answer -interest prepayment at closing to temporarily reduce interest rate
(usually for 1-3 years). EG 3-2-1 buydown
, .Buyer interest owed on new mortgage at closing - Answer -Mortgage payments start
1st of the 2nd month after closing. Buyer owes prepayment of the interest till then at the
closing. So if closing is June 15th, 1st mortgage payment will be Aug 1st
.Buyers who discover undisclosed defects prior to close - Answer -can terminate and try
to get their earnest money back.
.Cap Rate - Answer -annual rate of return on income-prod property
Net operating income / value(or sales price)
value = net op inc / cap rate
.CCRs - Answer -placed by developers or HOA
Recorded on deed
.CERCLA (Comprehensive Environmental Response, Compensation, and Liability Act) -
Answer -clean up hazardous waste
.Characteristics of land - Answer -Physical --
Immobility
Indestructibility
Uniqueness
Economic --
Scarcity
Improvements
Permanence of investment
Situs (location)
.Chattel - Answer -Personal property (everything owned that is not real property)
.Choice of Law clause - Answer -any dispute will be handled in accordance with the law
in a particular jursidiction
.Civil Rights Act of 1964 - Answer -Race or Color (no exceptions)
.Client - Answer -someone who is represented by an agent
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