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CE shop - National Exam Questions and Answers
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CE shop - National Exam Questions and Answers
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CE shop - National Exam Questions andAnswers
Tie in arrangement - Answer -A business requires its clients to also purchases service
from another business
Who's role is it to develop the comprehensive master plan? - Answer -The planning
board members
Ad Valorem Taxes - Answer -are based on the value of the real estate. General
property taxes may pay for items such as schools, police, fire, etc.
Condemnation Action - Answer -The process of taking title and physical possession of
private property using the government's power of eminent domain; the property owner is
paid just compensation for the value of the property.
Inverse Condemnation - Answer -The government takes private property but fails to
compensate the owner; property owners are forced to file suit to obtain compensation.
The taking may be physical through occupation, or regulatory, where government
regulations cause the property to lose economic value
Downzoning - Answer -is the process of assigning a lower-density use zone to an area
previously allowing a higher density. Density zoning refers to a number of things per
unit, such as houses per acre.
Who does a property manager owe fiduciary duties to? - Answer -Landlord and
apartment community
Open listing agreement - Answer -A signed agreement with multiple licenses but only
will pay a commission to who finds a buyer
Which type of antitrust violation occurs when the providing of one service is made
dependent on the customer or client obtaining another recommended service - Answer -
Tie in arrangement
Which body of law contains the rules governing the relationship between a real estate
professional and the person being represented? - Answer -Law of agency
According to the Department of Justice, an agreement between competitors to establish
or adhere to uniform price discounts is a type of which antitrust violation? - Answer -
Price fixing
, Morris needs to pay for some repairs made to one of the units in his apartment complex.
Which bank account should he use? - Answer -The firms operating account
The Town of Petersville has just decided to restrict density in one area of town that
previously allowed a higher density. This is known as ______. - Answer -Downzoning
The Simpsons are buying a five-acre lot that was part of a much larger tract of acreage.
When the owners of the large acreage decided to subdivide it, they needed to have a
legal description created for the five-acre lot. What is it called? - Answer -A survey
What is TRID? - Answer -TILA-RESPA Integrated Disclosures
In which form of co-ownership is a person's ownership inheritable? - Answer -Tenancy
in common
adjustable-rate mortgage (ARM) - Answer -A mortgage with a rate that adjusts based on
changes in a market index
Administrative Procedure Act - Answer -Helps to ensure that no governmental entity
acts without an opportunity for public input by requiring public disclosure and discourse
before rulemaking
Abestos - Answer -A fibrous mineral found in rocks and soil, previously used in
construction materials for its insulating and fire-retardant strength and currently
classified by the EPA as a hazardous material.
To make valid computations of adjustments for the sales comparison approach to value,
elements of comparison must be applied in a specific order. Which element is applied
first? - Answer -Financing terms and cash equivalency
Which economic principle says that a property's value is determined by what it would
cost to purchase a similar property? - Answer -Substitution
Inverse condemnation - Answer -Occurs when a property's value is negatively affected
by government regulation, but the owner is not offered just compensation according to
the requirements of the Takings Clause.
When considering loan risk, which two items will lenders consider in equal measure? -
Answer -Borrower and property
Surveyor created a lot and block survey for a new residential development. The first
thing she did when she surveyed the new neighborhood was to reference a metes and
bounds land description. From there, she divided the land into numbered lots and
blocks. This output is known as a ______. - Answer -Plat map
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