Kansas Real Estate Exam Pack (GRADED A)

acceleration clause - ANSWER-a clause in your mortgage which allows the lender to demand payment of the outstanding loan balance for various reasons. the most common reason for accelerating a loan are if the borrower defaults on the loan or transfers title to another individual without informing the...

In deciding on whether to make a residential home loan, a lender would normally consider the borrower's - ANSWER-debt to income ratio A property sold for $200,000 with an 80% loan to value ratio. The lender charged 1 discount point in connection with the loan. What was the amount for the discoun...

KS Real Question: Rights to minerals beneath the land: - ANSWER-Answer: Pass to a grantee unless specified otherwise. Question: Which document would be used to transfer ownership of a free standing appliance? - ANSWER-Answer: Bill of Sale. Question: A real estate transaction closed with person...

Activities requiring a license - ANSWER-Compensation to do 1) Sell 2) Purchase 3) Lease COMMERCIAL property 4) Auction OR assist by procuring bids Activity NOT requiring a license in Kansas - ANSWER-Residential leasing OR 1) FSBO 2) Attorney performing attorney's duties for hourly fee, NOT...

Kansas Association of Realtors KAR - ANSWER-professional trade association that provides a wide variety of programs and services Kansas Real Estate Commission (KREC) - ANSWER--governs real estate licenses and how they are earned and maintained -approval of schools -insures the public is treated...

When is an item considered Real Estate? - ANSWER-When it is permanetly attached to land What are the 2 charicteristics of land - ANSWER-Physical - immovable, indestructable, non homeogeneous Economic - situs/location, scarcity, improvable The 3 Physical Characteristic of Land - ANSWER-immovab...

Who is required to have a license? - ANSWER-anyone who receives compensation for direct involvement in the process of buying, selling, or exchanging real estate (other than their own) NOTE: Kansas does not require a license to do residential rental Real estate includes... - ANSWER--freehold es...

Accretion - ANSWER-Increase of land by deposit of sand or soil washed up naturally from a river, lake or sea ADA Tenant - ANSWER-Tenant with disability. Must accommodate for tenants/residents with disabilities. Priority is to get party to the door. Can make changes, must be giving parking if avai...

Yes, because the city is using its power of eminent domain for public good. - ANSWER-A city acquires a 10-foot strip of a property owner's land for a public walking trail. The owner's home is not affected and she is able to use the land. Is the homeowner eligible for compensation? 60 hour post ...