Real Estate - AYPO practice final exam Questions And Answers
Course
AYPO Real Estate Law Of Agency
Institution
AYPO Real Estate Law Of Agency
Real Estate - AYPO practice final exam Questions And Answers
*A real estate agent walked through a client's house. He noted 4 things: side yard is not maintained, the lock on the back door doesn't effectively latch, support beams in the basement are discolored and have some cracks, and some of ...
Real
Estate
-
AYPO
practice
final
exam
*A
real
estate
agent
walked
through
a
client's
house.
He
noted
4
things:
side
yard
is
not
maintained,
the
lock
on
the
back
door
doesn't
effectively
latch,
support
beams
in
the
basement
are
discolored
and
have
some
cracks,
and
some
of
the
linoleum
tiles
in
the
kitchen
are
loose.
Which
of
these
items
should
he
suggest
to
be
professionally
inspected?
-
ANS
the
support
beams
in
the
basement
*if
the
total
cost
of
the
loan
is
paid
off
in
a
set
of
scheduled
payments
across
the
term,
the
loan
is...
-
ANS
fully
amortized
in
order
for
a
deed
to
be
legal,
it
must:
-
ANS
be
recorded
with
the
county
clerk
*does
the
real
estate
settlement
procedures
act
allow
the
receiving
of
unearned
fees
for
services
not
actually
performed?
-
ANS
no
what
is
the
purpose
of
mortgage
insurance
-
ANS
to
reimburse
a
lender
should
a
borrower
default
on
a
mortgage
loan
what
is
the
primary
purpose
of
regular
reconciliation
on
clients'
trust
accounts?
-
ANS
to
catch
problems
when
they
are
small
what
kind
of
contract
is
an
option?
-
ANS
a
unilateral
contract
discount
points
-
ANS
a
fee
that
reduces
the
interest
rate
on
a
mortgage
loan
*carol
takes
out
a
second
mortgage
on
her
house.
What
should
the
bank
issuing
the
second
mortgage
do
if
they
want
to
give
their
lien
preferential
weight
over
any
other
liens
that
may
be
imposed
on
carol's
property?
-
ANS
perfect
the
lien
from
the
second
mortgage
what
is
the
official
legal
term
in
Michigan
for
listing
or
buyer
agency
agreements
that
est.
an
agency
relationship
between
a
real
estate
broker
and
a
client?
-
ANS
service
provision
agreement
equitable
remedy
-
ANS
reformation
CC&Rs
in
real
estate
stands
for:
-
ANS
covenants,
conditions,
and
restrictions
*if
the
demand
for
a
product
remains
relatively
the
same,
what
is
the
best
way
to
increase
the
value
of
that
product?
-
ANS
decrease
the
supply
of
that
product comprehensive
long-range
plan
intended
to
guide
growth
and
development
of
a
community
or
region?
-
ANS
a
master
plan
who
reviews
the
form
and
content
of
the
real
estate
exam?
-
ANS
both
the
department
of
licensing
and
regulations
and
the
board
of
real
estate
brokers
and
salespersons
what
type
of
agency
is
likely
in
a
power
of
attorney
arrangement?
-
ANS
universal
*a
property
owner
is
considering
"buying"
discount
points
for
a
$65,000
second
mortgage
with
a
30
year
term.
This
will
lower
annual
interest
rates
from
10.5%
to
9.5%.
Is
the
total
cost
of
the
second
mortgage
greater
with
the
10.5%
annual
interest
rate
or
with
the
9.5%
rate
and
the
added
cost
of
the
points?
-
ANS
greater
total
cost
at
10.5%
interest
($214,110)
*if
a
real
estate
professional
intentionally
fails
to
disclose
a
conflict
of
interest
to
a
party
they
are
representing
in
a
real
estate
transaction,
the
real
estate
professional
could
be
accused
of...
-
ANS
committing
fraud
according
to
the
regulations
est.
by
the
Michigan
department
of
insurance
and
financial
services
in
response
to
the
passage
of
the
Dodd-Frank
and
the
SAFE
act,
in
order
to
use
a
land
contract
to
finance
the
purchase
of
a
property,
the
person
must
be
able
to...
-
ANS
qualify
for
a
traditional
mortgage
loan
the
current
transfer
tax
rate
in
Michigan
is...
-
ANS
$3.75
per
$500
of
the
total
property
value
how
can
a
short
sale
be
advantageous
for
a
lender?
-
ANS
the
short
sale
pays
off
some
of
the
debt
and
avoids
the
extra
costs
associated
with
foreclosure
processdings
*a
property
was
purchased
for
$350,000.
Since
then,
the
property
has
appreciated
a
total
of
$75,000
in
value.
the
owner
also
built
a
$26,000
structure
on
the
property.
now
the
property
is
being
sold
and
the
seller
owes
transfer
taxes.
if
the
transfer
tax
rate
is
$10
for
every
$5,000
of
the
adjusted
tax
basis,
how
much
does
the
seller
owe
in
transfer
taxes?
(purchase
price
+
improvement
value
+
total
accumulated
appreciation
adjusted
tax
basis)(adjusted
tax
basis
x
tax
rate
=
transfer
taxes)
-
ANS
$902
property
taxes
are
considered
which
type
of
taxes?
-
ANS
ad-valorem
taxes
which
of
the
following
is
NOT
true
about
acceptance
of
a
contract?
-
ANS
rejection
of
a
counteroffer
reinstates
the
previous
offer
a
breach
of
contract
that
substantially
lowers
the
value
of
the
contract
for
the
non-breaching
party
is
considered
to
be...
-
ANS
a
material
breach
*which
of
the
following
is
NOT
a
material
fact
related
to
the
property's
condition?
-
ANS
the
existence
of
easements
on
the
property
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