CE Shop National Exam; Questions and Answer
(A+)
Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of
1989 states that
its purpose, in part, is to require that real estate appraisals used in connection
with federally
related transactions be performed ______.
By l...
CE Shop National Exam; Questions and Answer
(A+)
Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of
1989 states that
its purpose, in part, is to require that real estate appraisals used in connection
with federally
related transactions be performed ______.
By licensed real estate professionals
By members of the Appraisal Foundation
In the most expeditious and inexpensive way possible
In writing, and in accordance with uniform standards ✔✔In writing, and in
accordance with
uniform standards
Kurt bought a vacant lot in a development that was 85% completed. When he
started working
with the builder to lay out where the house and driveway would lie, it was
determined that he
,CE Shop National Exam; Questions and Answer
(A+)
would need an easement because his driveway would spill over onto the
adjacent lot by a few
feet. What type of easement is this?
Easement appurtenant
Easement by necessity
Easement by prescription
Easement in gross ✔✔Easement appurtenant
Brittany has a small office in a professional building. She has a set monthly lease
payment that
has been calculated to include maintenance of the common areas in the
building, such as the
restroom and small kitchen, and all nets, utilities, and janitorial charges for her
space. The
payment also includes taxes and insurance. The landlord takes these payments
and pays the
,CE Shop National Exam; Questions and Answer
(A+)
individual expenses himself. What type of lease does Brittany have?
Graduated lease
Gross lease
Net lease
Percentage lease ✔✔Gross lease
(In a gross lease, all expenses related to the property, such as taxes, insurance,
and maintenance,
are part of the lease payment.)
Which of these is a violation of the RRP Rule?
A homeowner performs DIY work in a home built prior to 1978.
A seller of a home built in 1952 doesn't make the appropriate lead disclosures.
Contractors from a home improvement store install windows or doors.
Contractors perform renovations that disturb lead-based paint without holding
proper
, CE Shop National Exam; Questions and Answer
(A+)
certification. ✔✔Contractors perform renovations that disturb lead-based paint
without holding
proper certification.
(The federal Lead Renovation, Repair, and Painting (RRP) Rule requires firms that
do
renovation or repair work in homes built prior to 1978 to be properly certified in
using lead-safe
work practices, but it doesn't prohibit DIY work.)
Marketo Building Designs is selling the air rights above its office building. The lot
is 450 feet by
350 feet. How would you determine the air lot height in order to calculate the
area?
The area of an air lot can't be calculated because the height is unlimited.
The city or other governing authority establishes the air lot's height.
The height of all air lots is 500 feet above the existing structure.
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