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ASREB PracTEST Questions With 100- Correct Answers.
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ASREB PracTEST Questions With 100- Correct Answers.
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10/7/24, 1:55 PMASREB PracTEST
Jeremiah
Terms in this set (94)
Who does a salesperson represent? Employing broker
A. Client
B. Customer
C. Employing Broker
D. Co-operating Broker
when must licensee report criminal 10 days
conviction
licensed mortgage loan originators are Nation Wide Mortgage Licensing System
registered through
a clause in real estate transactions allows escalation clause
adjustments of payments up or down
escrow company may disperse escrow agent gets written permissions for each transaction
commissions directly to salesperson if
who can receive referral fee for out of state licensed agents (NO unlicensed people! i.e. ( anyone who makes referral is WRONG)
referrals
If the trust account is interest-bearing, then once annually
the interest must be cleared
property damaged due to fire, tenant can 14 day written notice
terminate lease with
broker is required by law to reconcile trust at least once a month
account
application for variance would most likely spot zoning
show as
Buyer wants to know his cash on cash price paid
return. What is he most interested in?
non- disturbance clause most benefits lesee
"crack in the earth opening from aquifers groundwater overdraft
ASREB PracTEST
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, 10/7/24, 1:55 PM
buyer buys parcel of land, what happens transfer with buyer
with mineral rights
When the county assessor evaluates real assessed value
estate for the purpose of taxation, this is
called:
what is the max amount fixer/ flipper may $1000
make without using a licensed contractor
when people will pay more for a property amenities
but there is no objective reason to do so,
this is most likely due to:
If a HOA has additional expenses, how Each owner will pay pro rata share
would they be handled?
A deed given by the mortgagor to the mortgagee when the mortgagor is in default
Deed in Lieu of Foreclosure under the terms of the mortgage. This is a way for the mortgagor to avoid
foreclosure.can be denied by lender.
$90,000 loan, payable 1500/ month at 6% a. 427.50
per annum what is interest on 4th month ( 1500 * 3 = 4500
a. 427.50 90,000-4500 = 85500
b. 412.50 85500 * .06 = 5130
c. 435.00 = 427.50
D. 420.00
when property has a cap rate, cash value decreases by $80
additional $800 of operating expense has
what effect on property value
you borrow $90,000 at 9% interest for 20 1) 240(# of mo.) x 900 = 216,000 (total payments over 20 years) 2) 216,0000 - 90,000 =
years. monthly payment is $900, principal 126,000 (total interest paid over 20 years)
and interest, what is total amount of
interest paid after 20 years
market rent (economic rent) the rent a property can command in the open market
Contract Rent The amount of rent stated in a lease agreement.
if contract rent exceeds economic rent it is excess rent and lessor has advantage. with lesee at disadvantage and can be
known as considered NEGATIVE LEASEHOLD
When economic rent exceeds contract rent deficit rent, lessee has advantage and lessor has disadvantage. Known as POSITIVE
the difference is called LEASEHOLD
a typical property management agreement an annual budget
does NOT include
Two lots sold for $180,500. One lot sold for 1) 180,.18% = 82,798.16 (lower priced lot) 2) 180,500 - 82,798.16 = 97,701.84
18% more than the other. What was the (higher priced lot)
value of the more expensive lot?
A house rents for $980 a month. The $522.67 Credit the Buyer
property is sold and closes escrow on April
15th. What is the proration of the rent at
closing?
The taxes for the year are $1824. The Close `$526.93 Debit the Seller
of escrow is April 15th. What is the proration
at close of escrow?
ASREB PracTEST
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