Principles of Real Estate 2 Practice Test Aceable Questions With 100%Verified AnswersA+GRADED
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Course
Aceable Agent: Real Estate Principles
Institution
Aceable Agent: Real Estate Principles
Principles of Real Estate 2 Practice Test Aceable Questions With 100%Verified AnswersA+GRADED
REO - correct answer...What term describes a property that is owned by a lender because a third-party buyer couldn't be found at a foreclosure auction?
Real Estate Mortgage Investment Conduit (REMIC)...
Principles of Real Estate 2 Practice Test
Aceable Questions With 100%Verified
AnswersA+GRADED
REO - correct answer...✔✔What term describes a property that is owned by a lender
because a third-party buyer couldn't be found at a foreclosure auction?
Real Estate Mortgage Investment Conduit (REMIC) - correct answer...✔✔A type of
SPV that holds commercial and residential mortgages in trust, assembles said
mortgages into pools based on risk, and issues bonds (securities) on these pools to sell
to investors in the secondary mortgage market is a(n):
a concession - correct answer...✔✔Julio considers leasing an apartment unit from
Bruno, the landlord of an apartment complex. Bruno really wants Julio to sign so the
complex doesn't have vacancies. To convince Julio, Bruno offers to lower Julio's rent
$75 per month for the first six months of Julio's lease. Bruno is offering Julio:
($12,000 x 10%) / 12 X 13 = interest - correct answer...✔✔How would you find the
interest for a $12,000 loan with an interest rate of 10% over thirteen months?
affidavit as to debts and lients - correct answer...✔✔What is the name for the sworn
statement in which the seller assures the title company (and the buyer) that there are no
liens, unpaid bills for repairs or improvements, or undisclosed defects in the title?
Interstate Land Sales Full Disclosure Act - correct answer...✔✔What act requires that
applicable contracts have a 7 day "cooling-off" period for buyers during which buyers
can cancel their contract for any reason and get their money back?
Principle of Conformity - correct answer...✔✔Which appraisal principle states that
maximum value is realized when land use is in harmony with surrounding standards?
anticipation - correct answer...✔✔Which is NOT one of the three approaches to value?
Actual notice is direct or first-hand knowledge; constructive notice is the assumption of
knowledge because that knowledge is in the public record. - correct answer...✔✔What
is the difference between actual and constructive notice?
5,280 - correct answer...✔✔How many feet are in a mile?
A partnership where all members equally share responsibilities, profits, and losses. -
correct answer...✔✔In terms of syndicates, what is a general partnership?
AGRADESOLUTIONS
, FDIC - correct answer...✔✔After the bank failures in the 1920s and 1930s, Congress
created what institution to insure customer deposits, supervise financial institutions for
safety and soundness, make large financial institutions resolvable, and manage
receiverships?
Real Estate Owned - correct answer...✔✔What does "REO" stand for?
Because the buyer has accepted the deed, the only recourse is to sue the seller under
any covenants contained in the deed. - correct answer...✔✔A buyer purchased
property from a seller. Shortly after closing, the buyer discovered that there were
serious flaws in the title that made it unlikely that the property could be resold in the
future. What is the buyer's best course of action?
a codicil - correct answer...✔✔Which of the following would be used to modify a will?
credit to the buyer and debit to the seller - correct answer...✔✔On the Closing
Disclosure, prorated interest paid before closing on an existing assumed mortgage is a:
modifications made at the tenant's expense - correct answer...✔✔Landlords MUST
allow tenants with disabilities to make reasonable modifications to a property so they
can enjoy it. But there are also unreasonable modifications a landlord does NOT have
to allow; all of the following are unreasonable modifications EXCEPT:
Investors can claim tax-sheltered income through depreciation expenses. - correct
answer...✔✔What is one way investors can get a break on taxes?
ALL real estate license holders - correct answer...✔✔For whom is it most important to
be aware of and comply with state and federal fair housing laws?
A sales comparison approach does NOT utilize the principle of contribution - correct
answer...✔✔Which of the following is FALSE about a sales comparison approach?
A tenant remains in possession of a landlord's property without either a current lease
agreement or the landlord's approval. Which statement is TRUE in this situation? -
correct answer...✔✔the landlord can file suit for possession
What protects consumers from abusive settlement practices and provides them with
information pertinent to all settlement costs? - correct answer...✔✔RESPA
Brenda and her husband are looking to buy a property in New Orleans. The house they
are looking to buy was constructed in 1971, and has all the original paint, windows, and
flooring. What is required from the leasing agent in this situation? - correct answer...✔
✔The agent needs to furnish the buyers with a pamphlet approved by the EPA
concerning lead based paint prior to closing
AGRADESOLUTIONS
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