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CE SHOP FINAL EXAM QUESTIONS AND ANSWERS
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CE SHOP FINAL EXAM QUESTIONS AND ANSWERS
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CE SHOP FINAL EXAM QUESTIONS AND ANSWERSThe Housing and Community Development Act of 1974 added which protected class to
federal fair housing law? - Answers- Sex
When is a cease and desist order effective? - Answers- Immediately upon issuance
What's another name for an escrow account? - Answers- trust account
Which act was the first to prohibit any exceptions for discrimination based on race or
color? - Answers- Civil Rights Act of 1866
What's the best definition of real property? - Answers- Real estate, plus all of the
interests, benefits, and rights included in ownership
What is considered special land types? - Answers-
Who must approve a short sale? - Answers- the seller and the sellers lender
Whose role is it to develop the comprehensive master plan? - Answers- 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? - Answers- 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? - Answers- It's allowed if the seller
consented to it in the listing contract
In what way is a townhome similar to a condominium? - Answers- They both typically
have HOA dues
What does a balloon payment represent at the end of a loan term? - Answers- 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? - Answers- Seller
What factors does the underwriter consider in reviewing a mortgage loan application? -
Answers- 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? - Answers- A pre- approved
, letter comes with lender verification of buyer- provided data and provides more
assurance to the seller
What is a defeasance clause? - Answers- 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? - Answers- Highest and best use
What is true about contingencies? - Answers- 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 ______. - Answers- signed
electronically
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 - Answers-
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? - Answers- Conform to the deed
restriction
What is the overarching theme addressed by statutory duties in most states? -
Answers- 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? - Answers- Loyalty
Why is it important for a buyer to know if any easements or encroachments exist on a
property? - Answers- 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? - Answers- The properties went through the foreclosure process
and didn't sell at auction
Why is it important to publicly record a deed? - Answers- 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? - Answers- Maintain the property in a good, clean and safe
condition
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