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CE Shop Final Exam Study Exam with Complete Solutions
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CE Shop Final Exam Study Exam withComplete Solutions
The Housing and Community Development Act of 1974 added which
protected class to federal fair housing law? - -Sex
-When is a cease and desist order effective? - -Immediately upon issuance
-What's another name for an escrow account? - -trust account
-Which act was the first to prohibit any exceptions for discrimination based
on race or color? - -Civil Rights Act of 1866
-What's the best definition of real property? - -Real estate, plus all of the
interests, benefits, and rights included in ownership
-What is considered special land types? - -
-Who must approve a short sale? - -the seller and the sellers lender
-The two real estate firms in one small town, Vineyard Realty and
Homestead Homes, agree to charge the same commission rate to avoid the
possibility of clients selecting a firm based simply on price. What specific
federal legislation prohibits this - -The Sherman Anitrust Act of 1890
-Alice owned a double lot on the waterfront. She sold the lot to Ronesha and
included a deed restriction prohibiting construction of any building taller than
one story. Ronesha wants a three-story house. What should she do? - -
Conform to the deed restriction
-What is the overarching theme addressed by statutory duties in most
states? - -Licensees may not take ay action that might be detrimental to the
client's legal interest
-What's one of the most fundamental of all fiduciary duties, and is the one
that underlies all other duties? - -Loyalty
-Whose role is it to develop the comprehensive master plan? - -Planning
board members
-Which economic principle states that the value of property today is
impacted by the current value of the total expected future benefits? - -
Anticipation
, -You've just signed a listing with a new seller client. What's true about
electronic delivery of written notice or contract forms to your seller? - -It's
allowed if the seller consented to it in the listing contract
-In what way is a townhome similar to a condominium? - -They both
typically have HOA dues
-What does a balloon payment represent at the end of a loan term? - -It
means that some principal remains at the end of the loan term
-In states where full disclosure isn't required, whose responsibility is it to
disclose any items required by law and respond honestly to any questions
about the property's condition? - -Seller
-What factors does the underwriter consider in reviewing a mortgage loan
application? - -Credit, capacity, and collateral
-Your seller clients have received an offer, and the buyer has included a pre-
approval letter. Your clients are a little confused and think a pre-qualification
letter is necessary. What's true regarding pre-approval and pre-qualification?
- -A pre- approved letter comes with lender verification of buyer- provided
data and provides more assurance to the seller
-What is a defeasance clause? - -The clause that states that when the debt
is paid, the lien must be removed.
-When appraisers look past how a property is being used to determine a
more optimal function, what are they determining? - -Highest and best use
-What is true about contingencies? - -The inclusion of numerous
contingencies makes it less likely that the buyer's offer will be accepted
-The UETA makes it legal and binding for contracts to be ______. - -signed
electronically
-Why is it important for a buyer to know if any easements or encroachments
exist on a property? - -Both easements and encroachments affect the
property's lot size, enjoyment, and use which can affect a property's value
-Quad City National Bank has several REO properties on its books. Why does
the bank own these properties? - -The properties went through the
foreclosure process and didn't sell at auction
-Why is it important to publicly record a deed? - -Title representatives and
attorneys who perform title searches look for documents that are publicly
recorded
, -According to the Virginia Residential Landlord and Tenant Act, which of
these is a tenant's basic duty? - -Maintain the property in a good, clean and
safe condition
-Condominium _______ set forth the rules and regulations for the
condominium owners associations. They govern how the associations
manage and spend cash reserves, for example. - -Bylaws
-Which of the following statements regarding POA responsibilities and duties
is true? - -POAs can place liens on properties if owners don't pay their dues
-Molly is going over her disclosure responsibilities with her agent, Tim. "You
know, I think I might be in a military aircraft noise zone," she tells him. "But I
don't know. How can I find out?" What should Tim say? - -"We can find this
information in this area's official zoning map"
-Which of these is NOT one of the steps of the fair housing complaint
process in Virginia? - -A complaint is submitted via email
-Which of these is a quality that differentiates escrow accounts from other
accounts? - -Escrow accounts can't be touched if the brokerage goes
bankrupt
-Yolanda is selling her property in Virginia. Several buyers showed interest in
the property at a recent open house. When does Yolanda need to provide a
buyer with the disclosure statement? - -Before contract ratification
-Wayne and Sandy are moving to a cabin they own in the country. They
decide to sell their home in the city to their son, Robbie, for an amount equal
to what they currently owe on the mortgage. Does this transaction require
property disclosures? - -No, transfers to a person who has a direct line
relationship with one or more of the transferors are exempt
-Virginia licensee Grant is sitting down with his buyer client Zoe and the
person who's selling the condo she wants: Brandon. Grant thought he did a
good job explaining why Brandon needs to sign an agency disclosure form,
but Brandon asks, "Well, what if I don't want to sign it? What will you do
about it?" What should Grant say? - -" I understand, but I won't be able to
present an offer unless you sign it. it just says that you understand that I'm
Zoe's Agent"
-Which of the following is NOT a protected class under federal or Virginia fair
housing laws? - -Those with assistance animals
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