ASREB Exam Practice Questions and Answers types of loans - Correct Answer ✔️✔️-FHA loan, Conventional loan, VA loan FHA loan - Correct Answer ✔️✔️-MIP (Mortgage Insurance Premium) Two types (Upfront and Monthly) Conventional loan - Correct Answer ✔️✔️-PMI (Private Mortgage Insurance) Drops off automatically at 78% loan to value (LTV) Ask for removal at 80% loan to value VA Loan - Correct Answer ✔️✔️-Funding Fee based on value USDA loan - Correct Answer ✔️✔️-loan i s zero down loan for rural homes Gross lease is paid by the - Correct Answer ✔️✔️-landlord Net lease is paid by the - Correct Answer ✔️✔️-tenant how many standard sections are in a township? - Correct Answer ✔️✔️-25 how many fractional sections are in a to wnship? - Correct Answer ✔️✔️-11 how many sections are in a township? - Correct Answer ✔️✔️-36 a landlocked parcel would warrant an easement by - Correct Answer ✔️✔️-necessity easement in gross - Correct Answer ✔️✔️-the PERSONAL RIGHT to use land for a specific, limited purpose unrelated to any adjacent parcel. Servient tenement only. Estate at sufferance - Correct Answer ✔️✔️-Tenant remains on the property, without the landlord's permission, after the lease has expired A hold over tenant has an estate at - Correct Answer ✔️✔️-sufferance CFPB - Correct Answer ✔️✔️-Customer Financial Protection Bureau The CFPB governs - Correct Answer ✔️✔️-Savings and Loans how many townships are in a government check? - Correct Answer ✔️✔️-16 how many miles square is a gover nment check? - Correct Answer ✔️✔️-24 miles square Who limits the liability of an estate? - Correct Answer ✔️✔️-Executor Joint tenancy with Right of Survivorship - Correct Answer ✔️✔️-kills wills (no probate!) T/F a corporation or LLC can be a joint tenant - Correct Answer ✔️✔️-F, they cannot because they do not die Holographic will - Correct Answer ✔️✔️-handwritten will with no witnesses encumberance - Correct Answer ✔️✔️-limitation attached to the property and burdens title satisfaction piece - Correct Answer ✔️✔️-payoff of judgement or loan If a seller wants to net $105,000 after paying a 6% commision AND $4,000 in closing costs, what must the listing price be? - Correct Answer ✔️✔️-105,000 + 4,000 = 109,000 100% - 6%= 94% 109,000/ 94%= 115,957.45 The listing price should be $115,957.45 how many feet are in a mile? - Correct Answer ✔️✔️-5280 how many yards are in a mile? - Correct Answer ✔️✔️-1760 how many feet are in an acre? - Correct Answer ✔️✔️-43,560 Land in AZ is in an AM A because - Correct Answer ✔️✔️-of overdraft of the underground water option - Correct Answer ✔️✔️-unilateral contract, consideration, optionor bound (enforceable on optionor) conversion - Correct Answer ✔️✔️-misappropriation of funds, theft, or broker usi ng trust account to pay company bills Constructive Notice - Correct Answer ✔️✔️-Recordation, public posting, and advertising The right to licence a real estate agent comes from - Correct Answer ✔️✔️-the State Legistlature What is required on the deposit re ceipt of a broker trust account? - Correct Answer ✔️✔️-
deposit breakdown, date, and principal names (does not need name of the brokerage) T/F a listing needs a legal description - Correct Answer ✔️✔️-F, a listing does not need a legal description Lead bas ed paint disclosures are required for - Correct Answer ✔️✔️-All residential properties built before 1978 Who can cancel and Estate at Will? - Correct Answer ✔️✔️-Lessor or Lessee How many days does a trustee have to record the Deed of Reconveyance after a Deed of Trust is paid off? - Correct Answer ✔️✔️-30 Harvested Crops are - Correct Answer ✔️✔️-emblements and personal property
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