RE (Real Estate) Final Exam Questions/Answers (Graded A)

RE (Real Estate) Final Exam Questions/Answers (Graded A) What type of relationship has been formed if two or more parties agree to combine their efforts for a single business transaction? Joint venture A city is in need of additional land for a new school. What right would the city have to acquire the land, even over the objections of the property owner? Eminent Domain Which type of deed would be best to convey property from the standpoint of the grantor? Quitclaim These are all remedies for breach of a real estate contact between a buyer and a seller, EXCEPT: Claim from the Real Estate Recovery Fund Which concept of value pertains to appraisals of profitable business enterprises or opportunities? Going concern Fred, a licensed sales associate, was registered with Broker Harry when he claimed that Harry had failed to pay a sales commission due him. If Fred resigned and was employed under Broker Norman before the dispute was resolved, which statement would be correct? Fred cannot bring a legal action for the claimed commission against anyone other than Harry. FHA housing expense ratio and total obligations ratios, correspondingly, cannot exceed which of the following limits? 31% and 43% What is the price of state documentary stamp tax on the deed for property that is located outside of Dade County? 0.70 cents per hundred dollars of sales price Three sisters buy a home. They each have equal portions of possession, interest, time, and title. They decide that upon death, the survivor will acquire their shares. What type of tenancy exists? Joint Tenancy Which stamp applies to a new mortgage but NOT to an assumed mortgage? Intangible tax Which approach to value would most likely be selected to determine the value of the County Court House? Cost Depreciation (ojo) Which of the following is not a primary lender? Government National Mortgage Association Which document specifies the amount of the mortgage loan, the interest rate, loan term, and repayment schedule? Promissory note a debt instrument that contains a written promise by one party (the note's issuer or maker) to pay another party (the note's payee) a definite sum of money, either ondemand or at a specified future date. Three persons own a parcel of property with equal rights of use and possession. They have equal interest and acquired their interests by the same or different deeds. What type of ownership did they acquire? Tenancy in common What does an over-improved property suffer from? Functional obsolescence, because it will not sell in the market for the amount invested. Which of the following is a possible disadvantage of investing in real estate?