Real Estate Principles 2 Questions and Answers 100% Pass
4 views 0 purchase
Module
Real Estate Principles 2
Institution
Real Estate Principles 2
Real Estate Principles 2 Questions and
Answers 100% Pass
What is the primary purpose of an appraisal in real estate?
To determine the market value of a property.
What is a key factor that affects property value?
Location of the property.
What is the difference between a lien and a m...
Real Estate Principles 2 Questions and
Answers 100% Pass
What is the primary purpose of an appraisal in real estate?
✔✔ To determine the market value of a property.
What is a key factor that affects property value?
✔✔ Location of the property.
What is the difference between a lien and a mortgage?
✔✔ A lien is a legal claim on a property for the payment of a debt, while a mortgage is a specific
type of lien used to secure a loan for purchasing property.
What is an easement in real estate?
✔✔ A right to use another person’s property for a specific purpose.
What is the purpose of a title search during a real estate transaction?
✔✔ To ensure that the seller has a clear legal right to transfer ownership of the property.
1
,What does a real estate disclosure statement typically include?
✔✔ Information about the condition of the property and any known issues or defects.
What is a common reason for a property to be listed as "under contract"?
✔✔ An agreement has been reached between the buyer and seller, and the transaction is pending
completion.
What is the significance of a property’s zoning classification?
✔✔ It determines how the property can be used and what types of buildings or activities are
permitted.
What does the term "escrow" refer to in a real estate transaction?
✔✔ The process of holding funds or documents by a neutral third party until all conditions of the
transaction are met.
What is the purpose of a property inspection?
✔✔ To assess the condition of the property and identify any potential issues or needed repairs.
2
, What is a comparative market analysis (CMA)?
✔✔ An evaluation of similar properties in the area to determine a property’s value.
What is the role of a real estate agent in a transaction?
✔✔ To assist clients in buying, selling, or renting properties, and to facilitate the transaction
process.
What is the function of a deed in real estate?
✔✔ To legally transfer ownership of property from one party to another.
What is the difference between a fixed-rate mortgage and an adjustable-rate mortgage?
✔✔ A fixed-rate mortgage has a constant interest rate throughout the loan term, while an
adjustable-rate mortgage has an interest rate that can change periodically.
What is a contingency in a real estate contract?
✔✔ A condition that must be met for the contract to be binding.
3
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller BrilliantScores. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £8.16. You're not tied to anything after your purchase.
