Exam (elaborations)
Residential Real Estate FINAL TEST GUIDE WITH 100% COMPLETE SOLUTION
- Course
- Institution
Residential Real Estate FINAL TEST GUIDE WITH 100% COMPLETE SOLUTION
[Show more]
Content preview
Residential Real Estate FINAL TESTGUIDE WITH 100% COMPLETE SOLUTION
Ayaz and his family are purchasing a property and require a mortgage from a bank. Ayaz is the:
- AN S Mortgagor
The Real Estate Act indicates that a property inspection must be done on all residential
purchases. - AN S FALSE ... it is up to the client however you should always advise the buyer.
Which one of the following would not be included in the Annual Operating Expenses. - AN S
Income Taxes
Bare Land Condominium boundaries are determined by: - AN S The width and depth of each
unit of land.
According to the Statute of Frauds, which one of the following types of contracts doesn't need to
signed: - AN S Contacts that by agreement can be completed within 1 year.
For which of the following reasons can a landlord can gain entry to tenant's apartment without
consent of the tenant? - AN S If there is no heat in the building
When the lender is considering the 5 C's of credit, which one of the following will be "collateral"?
- AN S the property used as security loan
Alexandra E. Banks, an licensee with Westview Realty, is trying to convince a purchaser to
make an offer on a property. The buyer is concerned about the condition of the carpets.
Alexandra's brother is the owner of Banks Carpets Ltd., and she offers to pay for 30% of the
cost of replacing the main floor carpeting if they are purchased through her brother. She details
this agreement in writing. Prior to possession date, Alexandra leaves the industry and takes a
job as a salesperson for Banks Carpets Ltd. The purchaser approaches the broker about the
inducement but the broker has no record in the file and knows nothing about it. The purchasers
approach Alexandra at Banks Carpet but she refuses to provide them with the 30%. Who is
going to pay for the carpets? - AN S the brokerage because all inducements should be offered
by and through the brokerage
Inducements - AN S can only be offered by and through the brokerage. The broker should
have policies in place detailing what must happen when offering inducements. (ex Alexandra
may have disregarded this policy. Hopefully, the brokerage has not paid out all of Alexandra's
commissions and can withhold the amount required to pay for the inducement.)
,An interior door is typically hollow core. What is used in the interior of the hollow core door. -
AN S cardboard baffles
Which of the following demonstrates the Principal of Highest and Best Use? - AN S Building a
high rise building on land with the applicable zoning
Principal of Highest and Best Use - AN S highest and best use seeks the current use that is
the most likely to produce the greatest return and appraisers may also consider its most
profitable potential uses in the reasonable future.
True or False Real Estate often constitutes the largest single element of individuals personal
wealth. - AN S True
Which principle states " that an informed buyer will pay no more for a property than the the cost
of an equally desirable similar property. - AN S the principal of substitution
When an industry professional breaches the Rules, RECA will do an investigation and then: -
AN S RECA will do the investigation and if there is a violation of the Rules they will send it for a
hearing. The courts system is not used unless the respondent appeals the results of the case.
A real estate professional lists a property and after about a month on the market the seller is
getting anxious to sell and tells the real estate professional to get is sold. The real estate
professional advertises the property for $10,000 under the list price in hopes to get an offer from
a potential buyer. Is this misleading advertising? - AN S Yes, because it was advertising the
property at a different price than the agreed listing price.
_____________ authority involves describing what actions may be taken by an agent on behalf
of a principal. Whenever possible it should be in writing. - AN S Express
A real estate professional has a small warehouse listed for sale. The warehouse is a perfect fit
for their brother's business and writes an offer with him. Before presenting the offer the real
estate professional tells the seller that the buyer is their brother. The seller thinks about it and
tells the real estate professional that they are OK with the situation. This is an example of which
fiduciary duty? - AN S disclose conflicts of interest
6 Fiduciary Duties - AN S Utmost loyalty
Avoid conflicts of interest
Disclose conflicts of interest
Not make secret profits
Handle confidential information properly
To account
True or False: The rights of the real property ownership are subject to the following limitations:
The right of government to tax real property. The right of government to expropriate it for the
, public benefit. The right of government to establish regulations and codes regarding its use. -
AN S true
Which "R" value has a higher insulation value: - AN S higher the number higher the insulation
value
You are doing a competitive market analysis on a property. The property is a 2200 sq. ft. 4
bedroom 2 story. It does have a garage. There is a similar home in the neighborhood that just
sold for $469,000 but it doesn't have a double garage and is only a 3 bedroom. The garage is
worth $20,000 and the extra bedroom would be worth $10,000. What is the adjusted price of the
subject property? - AN S 499,000
A buyer has a conditional purchase contract on a sellers home. The home inspection reveals
that the roof is need of repair. The buyer's representative approaches the seller's representative
indicating that if the seller is will to split the cost of a new roof with the buyer, the buyer will
remove the home inspection condition and the purchase contract will be unconditional. If the
seller accepts this the agreement will be written on a(an): - AN S Addenda
What should a landlord do with the security deposit when a tenant moves out? - AN S Deliver
a statement of account and return the remaing balance within 30 days after the tenancy ends.
True or False: A real estate professional may hold authorization to be a real estate professional
and a real estate appraiser. - AN S TRUE
TIPP is a short form for: - AN S Tax instalment Payment Plans
This definition: this refers to the right inherent in the ownership of a commodity. Is the definition
of: - AN S Property
The Dower Act applies to: - AN S A couple that is legally married and only one name on title.
There are 2 encumbrances that take priority over mortgages on title. Which ones are they and
choose the order that they have priority over mortgages. - AN S Property taxes and
condominium fees.
An owner of a property is wanting to appeal their assessed value of their property. They
approach a real estate professional and ask them to appraise the property for the appeal. The
real estate professional answer will be: - AN S No, I'm not licensed to do appraisals, you will
have to get an appraiser.
Your clients bought their property 3 years ago and today it is worth $155,000 more in market
value. This demonstrates which Principle of Property Valuation. - AN S principal of change
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller excellentrevision964. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79271 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now