If the buyer is assuming an existing loan on the property, which of the following is prorated at closing? correct answers interest only
What law requires the lender to show the APR? correct answers reg. z
In what type of installment agreement does the buyer make payments for the right to poss...
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If the buyer is assuming an existing loan on the property, which of the following is prorated at closing? correct answers interest only
What law requires the lender to show the APR? correct answers reg. z
In what type of installment agreement does the buyer make payments for the right to possession, but does not receive the title until most or all of the terms have been met? correct answers land contract
Quiet enjoyment refers to: correct answers arrangement between landlord and tenant
What is the maximum legal contract rate of interest for individuals to pay on real estate loans in Arizona? correct answers unlimited
A "finder fee" is best described as correct answers credit to residential tenant
An Arizona broker must review and approve every listing taken by his/her personnel within _____ of the date the listing was taken. correct answers 5 calendar days
A broker's listing agreement expired two weeks ago and the seller has re-listed with another agency. However, that broker now has an interested buyer. In showing the property to this prospective buyer, which of the following is true? correct answers The broker cannot discuss any
offers he received on the property while he was the listing agent
At what point does recordation take place? correct answers docket and page number are assigned
Which of the following tenancies avoids probate? correct answers community prop with rights of
survivorship
An easement cannot be extinguished by: correct answers Decision of the property owner (servient tenement)
What deed would place the least liability on the grantor? correct answers quit claim
The seller has paid the full tax bill when received, and then closes escrow on the subject house on March 31 of the following year. The prorations for the seller and buyer would be: correct answers Debit to the seller for 3 months of the current year's taxes and credit the buyer for the same amount based on last year's tax bill
Which of the following could be pursued by the lender for a deficiency? correct answers home on 4 acres You purchase acreage at a total price of $125,500.The land is priced at $18,000 per acre, what percent of a section did you purchase? correct answers A section is 640 acres. 1) 125,500 / 18,000 = 6.97 acres owned 2) 6. = .010 (1% after you move decimal 2 places right)
A rental property has 6 rental units that rent for $700 each per month. Similar property in the area has been selling for $700,000. What would be the gross rent multiplier for this type of property? correct answers $700 *12 * 6 = $50, 400/year divided by $700,000 = 13.8 Gross rent multiplier.
An apartment building has 40 units and an 8% vacancy rate. Units rent for $300 per month and annual expenses are $4,000 repairs; $2,000 legal; $3,000 taxes; $3,600 utilities & 12% of adjusted income for management fee. The investor paid $550,000 for the property what was his rate of return? correct answers He has an 18.9% rate of return.
A salesperson sold 2.5 sections of land for $500 per acre. The salesperson's commission was 50% of the 5% commission. How much did the salesperson receive? correct answers The salesperson received $20,000. Calculation below. 640 acres (1 sq mile) X 2.5 (sections) = 1600 acres 1600 X $500 = $800,000 2.5% (50% of 5%) X $800,000 = $20,000
Buyer purchases property and has a $90,000 title policy. The title company is required to pay a claim, but the payoff is higher than the original policy amount. This is due to: correct answers inflation clause in title policy
What type of legal description is based on a baseline and principal meridian? correct answers rectangular survey system
Tom, Rick, and Harry own a house. When Rick dies, his heirs receive his 1/3 interest. What type of co-ownership did they have? correct answers tenancy in common
An instrument that conveys a grantor's interest is called a correct answers deed
Jones held a life estate. Jones deeded his property to Smith. Jones dies. Who has title? correct answers remainder man
A conveyance of title "upon the condition that the land shall not be used for the sale of intoxicating beverages or liquors", which does not automatically terminate creates: correct answers conditional estate
Your bundle of rights includes all of the following except correct answers right of encroachment
The principle of ________ affirms that value is created by expected benefits to be derived in the future. Which of the following is the correct insertion? correct answers Anticipation
During a phone call, a salesperson discusses showing a property to a prospect. Three days later, the agent shows the property; at that time the customer reveals her financial abilities and motivation. Three days after that, the agent prepares her offer; he asks the buyer to sign an
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