Exam (elaborations)
Real Estate National Exam | Questions With Correct Answers
- Course
- Institution
Real Estate National Exam | Questions With Correct Answers
[Show more]
Seller
Follow
Studyhall
Reviews received
Content preview
Real Estate National Exam | QuestionsWith Correct Answers
How does a creditor who has obtained a judgement get satisfaction against a
debtor who will not pay? Correct Ans - Writ of Execution
The economic characteristics of land are? Correct Ans - Scarcity,
location, and durability
What lease would best suit couples needs who are looking for temporary
housing? Correct Ans - Month-to-Month lease
The land description T3N, R4W Principal Meridian refers to what type of
property description? Correct Ans - Rectangular survey
Crops that require annual planting are generally considered to be? Correct
Ans - Personal Property
A distinguishing characteristic of owning property by land trust is that?
Correct Ans - The identity of the legal owner is kept confidential
A lawsuit for reverse condemnation may be brought by the? Correct Ans -
Homeowner
If conditions for purchase are included in a deed and these conditions are
violated, what is the penalty? Correct Ans - Return of the property to
the original owner
When more than one approach to value is applied to a property and different
indications of value are produced, how should the final estimate of value be
determined? Correct Ans - Reconciliation
A borrower has defaulted on the mortgage. The mortgage contains an
acceleration clause. This permits the lender to? Correct Ans - Demand
immediate payment of the entire note
, Too much leverage may result in? Correct Ans - Negative cash flow
A managing broker can be held responsible for? Correct Ans - All real
estate activities of salespersons
Earnest money should be deposited into a trust account when? Correct
Ans - In a timely manner
Why was the Jones vs Mayer decision of 1968 important? Correct Ans -
By upholding the Civil Rights Act of 1866
A landlord may refuse to rent to a tenant who? Correct Ans - Has ever
been convicted of selling illegal drugs
The buyer is assuming a mortgage presently on the property in the amount of
$110,000. What is the adjustment made at the closing? Correct Ans -
Credit buyer $110,000, debit seller $110,000
In most states, foreclosed property is sold through? Correct Ans -
Public auction
Depreciation is calculated based on? Correct Ans - Cost of the building
only
A judgement has been properly recorded. Any subsequent purchasers have
actually examined the record or not, have been given? Correct Ans -
Constructive notice
An agreement to purchase which has not been closed is? Correct Ans -
An executory contract
An agency agreement between a property owner and a property manager is
usually created by? Correct Ans - A management agreement
Homes built before 1978 require? Correct Ans - the buyer to
acknowledge disclosure of the presence of any known lead paint
What is the first step to take when mold actions are found? Correct Ans -
Identify and remedy the cause of the problems
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 or Stuvia-credit 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 Studyhall. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67096 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now