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Barney Fletcher Real Estate Tests Compilation Bundle
Barney Fletcher Real Estate Tests Compilation Bundle
[Show more]Barney Fletcher Real Estate Tests Compilation Bundle
[Show more]A seller wants to list the property with a broker, but wants to avoid paying any commission should the seller be fortunate enough to sell the property. himself. Which of the following should the seller avoid signing? 
 
A. an exclusive agency listing 
B. an exclusive right to sell listing 
C. an ope...
Preview 4 out of 50 pages
Add to cartA seller wants to list the property with a broker, but wants to avoid paying any commission should the seller be fortunate enough to sell the property. himself. Which of the following should the seller avoid signing? 
 
A. an exclusive agency listing 
B. an exclusive right to sell listing 
C. an ope...
Leasehold Estate- Estate for Years correct answer: A lease for a specific perios of time, with no renewal option. No notice required. Death will not terminate. 
 
Leasehold Estate- Periodic Tenancy 
(Estate from year to year) correct answer: Month to Month, usually one rental period notice. Proper...
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Add to cartLeasehold Estate- Estate for Years correct answer: A lease for a specific perios of time, with no renewal option. No notice required. Death will not terminate. 
 
Leasehold Estate- Periodic Tenancy 
(Estate from year to year) correct answer: Month to Month, usually one rental period notice. Proper...
which BEST describes the principle that a home maintains its highest value in a neighborhood with similar homes and similar type housing? 
 
A. substitution 
B. conformity 
C. highest and best use 
D. competition correct answer: B. conformity 
 
If you took projected future costs from projected fut...
Preview 3 out of 17 pages
Add to cartwhich BEST describes the principle that a home maintains its highest value in a neighborhood with similar homes and similar type housing? 
 
A. substitution 
B. conformity 
C. highest and best use 
D. competition correct answer: B. conformity 
 
If you took projected future costs from projected fut...
Surface rights consist of only the right to control, occupy, and use the surface area of a parcel of real estate. T/F? correct answer: False 
 
Mineral rights are: 
A. Always considered to be personal property 
B. Always pass with the land 
C. Cannot be sold separately from the land 
D. Pass with t...
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Add to cartSurface rights consist of only the right to control, occupy, and use the surface area of a parcel of real estate. T/F? correct answer: False 
 
Mineral rights are: 
A. Always considered to be personal property 
B. Always pass with the land 
C. Cannot be sold separately from the land 
D. Pass with t...
Bob and Carol are buying a home for $180,000 and putting up a down payment of 20%. They have to pay 2 discount points. What will be the amount paid for the discount points? 
Select one: 
a. $3,600. 
b. $3,250. 
c. $3,000. 
d. $2,880. correct answer: $180,000 price X 20% = $36,000 down payment. $180...
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Add to cartBob and Carol are buying a home for $180,000 and putting up a down payment of 20%. They have to pay 2 discount points. What will be the amount paid for the discount points? 
Select one: 
a. $3,600. 
b. $3,250. 
c. $3,000. 
d. $2,880. correct answer: $180,000 price X 20% = $36,000 down payment. $180...
What is the formula for Tax Prorations? correct answer: (Annual Tax / 365)x number of days of prorations 
 
If a closing is before July 1 who pays the prorated tax? correct answer: Seller 
 
If closing is on or after July 1 who pays the prorated tax? correct answer: Buyer 
 
What is the formula f...
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Add to cartWhat is the formula for Tax Prorations? correct answer: (Annual Tax / 365)x number of days of prorations 
 
If a closing is before July 1 who pays the prorated tax? correct answer: Seller 
 
If closing is on or after July 1 who pays the prorated tax? correct answer: Buyer 
 
What is the formula f...
Bundle of Rights correct answer: The rights of an owner to possess, control, enjoy, sell, lease, mortgage, and dispose of the property. 
 
Right to possess property correct answer: Right that states the title holder is the legal owner of the property 
 
RIght of Control correct answer: The title ...
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Add to cartBundle of Rights correct answer: The rights of an owner to possess, control, enjoy, sell, lease, mortgage, and dispose of the property. 
 
Right to possess property correct answer: Right that states the title holder is the legal owner of the property 
 
RIght of Control correct answer: The title ...
1. Open Listing (Non-Exclusive) correct answer: May be given to many brokers. Only the broker who is the "procuring cause" gets paid. 
 
2. Truth in Lending Act (Regulation Z) correct answer: Requires meaningful disclosure of cost of credit including APR (Annual Percentage Rate). 
 
3. Trust Acc...
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Add to cart1. Open Listing (Non-Exclusive) correct answer: May be given to many brokers. Only the broker who is the "procuring cause" gets paid. 
 
2. Truth in Lending Act (Regulation Z) correct answer: Requires meaningful disclosure of cost of credit including APR (Annual Percentage Rate). 
 
3. Trust Acc...
hypothecate correct answer: to use property as security for debt without giving up possession of it 
 
promissory note correct answer: a contract for a maker to repay a loan to the bearer, that is evidence of the debt. Bearer holds note, & it states the loan amount, interest rate, time & method of...
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Add to carthypothecate correct answer: to use property as security for debt without giving up possession of it 
 
promissory note correct answer: a contract for a maker to repay a loan to the bearer, that is evidence of the debt. Bearer holds note, & it states the loan amount, interest rate, time & method of...
Ad Valorem correct answer: latin for "according to value" 
 
Ad Valorem Tax correct answer: state or local tax based on the value of the property being taxed; finances general operation of the govt 
 
Special Assessment Tax correct answer: affect local properties benefiting from an improvement;...
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Add to cartAd Valorem correct answer: latin for "according to value" 
 
Ad Valorem Tax correct answer: state or local tax based on the value of the property being taxed; finances general operation of the govt 
 
Special Assessment Tax correct answer: affect local properties benefiting from an improvement;...
deed correct answer: the instrument used to transfer real property 
 
Title correct answer: Ownership and the owner's rights 
 
Real Estate correct answer: Land + improvements (appertenances) 
 
Physical Characteristics of Land correct answer: 1. Immovable 
2. Indestructable 
3. Non-Homogenous ...
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Add to cartdeed correct answer: the instrument used to transfer real property 
 
Title correct answer: Ownership and the owner's rights 
 
Real Estate correct answer: Land + improvements (appertenances) 
 
Physical Characteristics of Land correct answer: 1. Immovable 
2. Indestructable 
3. Non-Homogenous ...
"Real Estate" correct answer: Physica land and improvements (permanent manmade improvements (such as sidewalks , building, and ponds)) 
 
"Real Property" correct answer: Includes Land, improvements, as well as The Bundle of rights from the sky to ground 
 
"Bundle of Rights" correct answer: ...
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Add to cart"Real Estate" correct answer: Physica land and improvements (permanent manmade improvements (such as sidewalks , building, and ponds)) 
 
"Real Property" correct answer: Includes Land, improvements, as well as The Bundle of rights from the sky to ground 
 
"Bundle of Rights" correct answer: ...
Consists of: 
the land itself, airspace above the land, mineral rights, improvements of and to the land, fixtures, fructose naturals, water rights, appurtenances, easements, and interests, benefits and ownership rights correct answer: What is the nature of real property? 
 
All property that is not...
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Add to cartConsists of: 
the land itself, airspace above the land, mineral rights, improvements of and to the land, fixtures, fructose naturals, water rights, appurtenances, easements, and interests, benefits and ownership rights correct answer: What is the nature of real property? 
 
All property that is not...
An appraiser recommended tearing down a $28,000 house. There was a shopping center across the street. Which of the following appraisal principles BEST describes this situation? 
 
A. deterioration 
B. highest and best use 
C. capitalization 
D. substitution correct answer: B. highest and best use 
...
Preview 3 out of 19 pages
Add to cartAn appraiser recommended tearing down a $28,000 house. There was a shopping center across the street. Which of the following appraisal principles BEST describes this situation? 
 
A. deterioration 
B. highest and best use 
C. capitalization 
D. substitution correct answer: B. highest and best use 
...
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