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real estate study guide ce shop-alabama questions and answers
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real estate study guide ce shop-alabamaquestions and answers
who can obtain a copy of a CLUE report for a given property - Answer -the property
owner
the number of properties available describes this factor that influences value - Answer -
scarcity
An individual who lacks legal capacity enters into a contract to buy a home. Which party
to the contract is permitted to void the contract? - Answer -the buyer
What may be found in paint in homes built before 1978? - Answer -lead
Which term refers to the ordinances/regulations that protect the community and control
property development within subdivisions? - Answer -subdivision regulations
When trust funds are received for the purpose of securing a real estate transaction, the
best practice is always to put those funds in a ______. - Answer -trust account
A borrower has a 30-year, $500,000 loan with an interest rate of 6.25%. His monthly
principal and interest payment is $3,078.59. How many payments will he make over the
course of the loan? - Answer -360
While reviewing her purchase contract, Jeanette's client asked, "What does this
inspection contingency do?" How should Jeanette frame her response? - Answer -The
inspection contingency is designed to protect you in case the home inspector finds
something wrong with the property that can't be fixed or that makes you uncomfortable.
One of your seller clients, Jake, expresses concern about having to complete a property
condition disclosure statement. You ease his fear by correctly advising him that ______.
- Answer -By disclosing known defects, he will protect himself from liability lawsuits
down the road
What's the definition of a land contract? - Answer -Seller financing in which the seller
retains legal title.
, You're obligated to preserve all the confidential information you receive from a seller
client. When does this obligation end? - Answer -Continues even after your fiduciary
relationship with the client ends
What is real estate, plus all of the interests, benefits, and rights included in ownership,
also known as? - Answer -Real property
Which of the following is the best definition of a covenant between a lessor and lessee?
- Answer -An agreement or promise made between the parties
Which of the following is an example of a metes and bounds description? - Answer
-"Beginning at the iron pin 30 paces from the center of the brook that runs across the
road Southwesterly from the dwelling
Which agency enforces federal fair housing laws? - Answer -FHEO
Property ownership for an indeterminable length of time is an example of what form of
estate? - Answer -freehold
Sometimes when a buyer can't qualify for a loan, the property seller drops the price and
accepts a second mortgage without disclosing it to the original lender. What is this form
of mortgage fraud known as? - Answer -silent second
Which of the following activities occurs before the closing meeting? - Answer -The buyer
obtains an insurance binder.
Which of the following best describes what an appraisal is? - Answer -It's an opinion of
value.
What type of agency exists because of the actions and behavior of the parties? -
Answer -Implied agency
Assigning a lower-density use zone to an area that previously allowed higher density
and that may reduce property values is known as ______. - Answer -downzoning
How can a seller correct inaccuracies in a property condition disclosure statement? -
Answer -By drafting an addendum or amendment
Maria's neighbor is building a shed in his backyard that appears to be about a foot over
the property line into her yard. What term describes the placement of the shed on
Maria's property? - Answer -Encroachment
Which of the following statements best describes a mortgage broker? - Answer -A
person who works with multiple lenders to find the product that works best for the client
A timeshare estate involves what type of property ownership? - Answer -Fee simple
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