Exam (elaborations)
BOB HOGUE REAL ESTATE QUESTIONS AND ANSWERS
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BOB HOGUE REAL ESTATE QUESTIONS AND ANSWERS
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BOB HOGUE REAL ESTATE QUESTIONSAND ANSWERS
Requirement that the infrastructure for sanitary sewers, potable water, and waste
treatment facilities be in place before new development is allowed is the - Answer-
Concurrency Provision
The only active general partner in a real estate brokerage partnership has his license
suspended. All of the licenses of the sales associates in that brokerage are - Answer-
placed in inactive status
Legal Title always passes from the seller to the buyer - Answer-When the deed is
voluntarily delivered and voluntarily accepted
Which property is neither exempt not immune from ad valorem property tax? - Answer-
Undeveloped Farmland
Description of A Check - Answer-A square 24 Miles on each side created by
intersecting guide meridians and correction lines containing 16 townships
A listing to sell property and obtain a specified amount for the owner-principle is called -
Answer-Net Listing
The key difference between police powers and eminent domain is whether - Answer-
Any compensation was paid to an affected owner
For real property to be depreciated it must - Answer-Have improvements
Special Assessments are - Answer-used to help pay for some public improvement that
benefits the property.
Mortgage loan payments made in regular installments of interest only with the full
principal amount plus accrued interest paid at one time at the end of the loan period
describes - Answer-A term mortgage
A type of deed that contains the words "remise and release" or similar words is the -
Answer-Quitclaim Deed
One mortgage clause NOT normally found in a VA or FHA mortgage is the - Answer-
Prepayment Penalty clause
Who is required to obtain a Florida Mortgage Loan originators License? - Answer-An
agent of a state-regulated mortgage lender who takes loan application from consumers
, Legal Description used only in developed subdivisions - Answer-Lot and Block
When measuring the square footage of a house an appraiser uses - Answer-Exterior
dimensions
Recorded legal document that gives constructive notice that an action affects title to a
parcel of real property - Answer-Lis Pendens
Lan value is obtained separately when using which approached to estimating value? -
Answer-Cost Approach
Statement that is TRUE regarding PMI - Answer-PMI is required on conventional
mortgage loans with a 90% LTV
The purpose of a TRIM notice is to - Answer-Inform property owners of the tax bill they
can expect in November
A borrower pledges real property as collateral for repayment of a loan without
surrendering possession of the property this process is called - Answer-hypothecation
A Recorded legal document that gives constructive notice that an action affects title to a
parcel of real property is called - Answer-Lis Pendens
When mortgage interest paid in arrears on a loan assumptions prorated the amount up
to the day of closing is - Answer-Debited to the seller; Credited to the buyer
Fannie Mae DOES NOT - Answer-Originate Federal Loans
The four Characteristics of real estate value - Answer-DUST (Demand, Utility, Scarcity,
Transferability)
Economic Characteristics of real estate include - Answer-SITUS
Mortgage ownership is transferred from one individual to another by executing -
Answer-An Assignment of Mortgage
Financing arrangement that grants a buyer "equitable" title without a deed conveying at
closing from grantor to grantee is called - Answer-A land contract
The going concern value of a business - Answer-Is the worth of an established business
property
Which information is the best indicator of a loan applicants willingness to repay debt -
Answer-Credit Score
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