REAL ESTATE CompuCram Review Questions || A+ Graded Already.
joint tenancy correct answers The phrase "right of survivorship" is closely associated with which type of co-ownership?
rectangular survey system correct answers also called the Public Land Survey, what type of legal
description is based on a base line and principal meridian?
Sampling and laboratory analysis correct answers All are true except, with a phase 1 environmental inspection?
for which the value is sought correct answers "The subject property" best describes the property
If a property has an assessed value of $87,500, and the level of assessment was 35%, what is the value of the property? correct answers $250,000
$87,500 / .35 = $250,000
Deed of Trust correct answers In the state where Bob lives, someone who receives a loan from a lender must transfer his property to the bank's holding company while the loan is outstanding. The document used to accomplish this is a(n)
Federal Universal Mortgage Association correct answers What is NOT part of the secondary market?
accomplishment of purpose correct answers A buyer is found for a seller/client of a broker. How did the agency relationship terminate?
loyalty correct answers An agent is showing a house to a customer. The agent tells the buyer that
the seller is desperate for an offer. Which duty has the agent breached?
Marc correct answers Marc enters into an agreement to buy Sam's house. Two weeks later, Marc celebrates his 18th birthday. If this agreement can be voided by one of the parties, which party could void it?
anticipatory breach or repudiation correct answers Seller Stuart calls buyer Bruce, stating that he has changed his mind and now has no intention, under any circumstance, of coming to the closing table to complete the transaction set forth in their executed contract. What is this called?
No, there has been no communication or delivery of the accepted offer correct answers Mary makes an offer through a listing agent to buy Beth's house. The listing agent takes the offer to Beth and explains it to her. Beth accepts the offer. Is there a valid contract? administrator correct answers When one dies intestate (without a will), there can be no executor as that person would be appointed in a last will and testament. A grantor is alive and would use a
deed to transfer property. When one dies without a will, the court will appoint an administrator who will distribute the assets according to the law.
money as a gift through a will correct answers A legatee is a person who receives
Roundtable correct answers A closing with all parties present is a(n) ______ closing.
Conversion correct answers When a broker received an unexpected bill, he deposited a client's earnest money check into his personal account to cover the expense. This best describes
Mr. & Mrs. Buyer are approved for a $72,000 loan. Their monthly payments will be $9.35 per $1,000 for 30 years. How much interest will they pay over the life of the loan? correct answers $170,352
First, determine the amount on which the interest rate will be applied by dividing by 1,000: $72,000 / $1,000 = $72. Then, multiply that amount by the interest per 1,000: $72 x $9.35 = $673.20. Multiply that number by the total number of months the loan is for to get the total payment amount: $673.20 x 360 months (30 years) = $242,352 P & I. Finally, subtract the loan amount to determine how much of the total payment is interest: $242,352 - $72,000 = $170,352 in interest.
Dave wishes to sell a piece of land at a 15% net profit. He purchased the land for $95,500. Rounding your answer to the nearest dollar, what will he have to sell the land for to receive a 15% profit after paying the selling broker a 7% commission on the sale price? correct answers $118,091
This is a two-part calculation. First, determine the 15% profit on $95,500 ($95,500 x 0.15 = $14,325; $14,325 + $95,500 = $109,825, or $95,500 x 1.15 = $109,825). Next, factor in the commission fee of 7%: 100% - 7% = 93% net to owner. Now, use the percent formula: Whole (Total/Gross Sale price) = Part (Net amount + Expenses) / Percent (100% minus deductions) and plug in the known variables. $109,.93 = $118,091.39. Rounded, Scott should sell his piece
of land for $118,091 to make a 15% profit.
After deducting $5,100 in closing costs and a 6.5% brokerage fee, the seller netted $175,500. Rounding your answer to the nearest dollar, what was the selling price? correct answers $193,155
There are two steps to this problem. First, add the closing costs to the selling price to get the base
($175,500 + $5,100 = $180,600). Now, factor in the broker's commission fee. The Sale Price = 100% and the Commission = 6.5%; thus, net to owner equals 93.5% (100% - 6.5% = 93.5%). Use the seller pricing/net to owner formula: Whole (Total/Gross Sale price) = Part (Net amount + Expenses) / Percent (100% minus deductions), plug in the known variables. Whole = $180,600
/ 93.5% or 180,.935 = 193,155.08. Rounded, the selling price was $193,155.
