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Aceable Final Exam Questions And Answers With Verified Solutions Already Passed!!!
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Aceable Final Exam Questions And Answers With Verified Solutions Already Passed!!!
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Aceable Final Exam Questions AndAnswers With Verified Solutions Already
Passed!!!
What, if known, could cause a buyer or seller of real estate to take a different
course of action or make a different decision regarding the property purchase? -
ANSWER✔✔ Material facts
The Fair Housing Act is enforced by: - ANSWER✔✔ RESPA
What two types of agency have to do with when a third party is led to mistakenly
believe that agency exists between a principal and an agent? - ANSWER✔✔
Ostensible agency and agnecy by estoppel
Which of the groups of descriptors below BEST describes an exclusive right-to-
sell listing agreement? - ANSWER✔✔ Broker guaranteed compenstaion no matter
how property is sold
Three origination points and 2 discount points on a $250,000 mortgage would cost
a borrower: - ANSWER✔✔ 12,500
What type of contract is a real estate sales contract? - ANSWER✔✔ biilateral
contract
Which of the following is an important aspect of transaction coordinators? -
ANSWER✔✔ Transaction coordinators DO NOT owe any fiduciary duties to
anyone
,What is a formal or witnessed will? - ANSWER✔✔ A will typically created by
and attorney as well as witnessed and signed by at least two witnesses
A condo owner owns the: - ANSWER✔✔ interior of thier unit
What is a building permit? - ANSWER✔✔ legal documetn from a local authority
that authorizes a contruction or remodeling project
A property manager collected a security deposit from a tenant. He then placed it in
the owner's personal account. Is this action legal? - ANSWER✔✔ No, this is
commingling, and is illegal
A building sold for $500,000 and has a net operating income of $25,000. What was
the cap rate of the sale?
Hint: "Ask IRV." - ANSWER✔✔ 5%
When lenders want to measure whether or not a property can adequately cover the
debt, they find its debt service coverage ratio (DSCR). How is debt service
coverage ratio calculated? - ANSWER✔✔ By dividing the net operating income
by total debt service
Which of these is FALSE regarding license reciprocity in Virginia? -
ANSWER✔✔ The applicant must pass both the state and national portions of the
exam
Which of these parties can legally act as closing agent in Virginia? - ANSWER✔✔
Buyer, Lender's Attorney, and Buyer's Broker
, The Truth-in-Lending Act, the Equal Credit Opportunity Act, the Community
Reinvestment Act, and the Real Estate Settlement Procedures Act all serve the
purpose of regulating the: - ANSWER✔✔ Lending practices of mortgage lenders
On the advice of a real estate broker, Harold calls up Lender Lisa to get a ballpark
figure as to how big of a mortgage loan he could afford. Lender Lisa asks Harold
about his income and, based on what Harold tells her, states a general range for
which Harold could probably get financing. What step of the loan approval process
is Harold in at this point? - ANSWER✔✔ pre-qualification
How many hours of pre-license education are salesperson applicants required to
successfully complete? - ANSWER✔✔ 60
Which of these transaction would require a public offering statement (POS)? -
ANSWER✔✔ The initial sale of a condominium
Which of these situations demonstrates the principle of anticipation? -
ANSWER✔✔ An investor buys above market because they know an area is
rapidly increasing in value
Which of these is a naturally occurring mineral that is commonly used in insulation
but if airborne or inhaled, can cause severe respiratory health issues? -
ANSWER✔✔ asbestos
What is a counteroffer? - ANSWER✔✔ A contract proposal submitted in repsonse
to a previous offer, modifying the terms of the original offer
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