Vermont Real Estate CE Shop Course Final Exam Questions with Correct Answers
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Course
The CE shop real estate
Institution
The CE Shop Real Estate
Property ownership for an indeterminable length of time is an example of what form of estate? - Answer-Freehold
Vermont seller Sami lives in a city where the municipal tax period is from February 1 to January 30. What municipal taxes must she pay under Vermont law? - Answer-The municipal taxes b...
Vermont Real Estate CE Shop Course
Final Exam Questions with Correct
Answers
Property ownership for an indeterminable length of time is an example of what form of
estate? - Answer-Freehold
Vermont seller Sami lives in a city where the municipal tax period is from February 1 to
January 30. What municipal taxes must she pay under Vermont law? - Answer-The
municipal taxes beginning on the first day of that municipality's fiscal year and ending on
the day before closing
what happens to a joint tenant's share of property when the joint tenant dies? - Answer-
The joint tenant's interest goes to the remaining joint tenants, if only one joint tenant is
left, that joint tenant owns the property in severalty.
With which approach to value does the appraiser analyze a property's ability to earn
future income? - Answer-Income approach
The zoning ordinances changed 10 years after Stan built his home, and it was
grandfathered into the current zoning through nonconforming use. Now Stan is selling
the home. Which of the following is true regarding the new owners' responsibilities to
comply with zoning regulations? - Answer-They'll have to comply with the current zoning
Mario doesn't want to include a religious preference in his listing ad, so which of the
following phrases should he use? - Answer-Apartment available for members of
attached temple
All Vermont candidates for a real estate license must ________. - Answer-Be fully
competent to transact business in a way that protects consumers' interests
Mary is preparing a purchase offer for her buyer client. It's a pretty standard offer: a little
less than list price, with the seller paying a little toward the buyer's closing costs. Mary
fills in the blanks on a standard form used in her brokerage firm based on the current
situation. Is this okay? - Answer-Yes, Mary can use the standard forms that her
brokerage uses (assuming these forms were originally created or approved by an
attorney.)
How many hours of pre-licensing education does Ayers need to complete in order to be
eligible for a Vermont salesperson's license? - Answer-40
The tax associated with property taxes is relatively stable and a high revenue generator
because ______. - Answer-Property values tend to remain stable over time
, If Mega Corporation owns real property, chances are it owns it in ______. - Answer-
Severalty
Danica is purchasing a $1,000,000 property. She made an earnest money deposit of
$100,000, is financing $750,000, and making a $250,000 down payment. She has
$40,000 in closing costs. How much does Danica need to bring to closing? - Answer-
250,000+40,000= 290,000
290,000-100,000= 190,000
So, it will be 190,000
The power of the state to claim property when the owner dies without a will and without
locatable heirs or creditors is also known as ______. - Answer-Escheat
Benji is a buyer's agent, and he'll receive a split of the commission paid from the sale of
Harriet's listing. The property sold for $425,000. The total commission paid from the sale
is 6%, split evenly between the buyer and seller brokerages. Benji has an agreement
with his broker that he earns 80% of the commission received. How much will Benji be
paid from this sale? - Answer-425,000*.06=25,500
25,500*0.80=20,400
20,400/2= 10,200
So, Benji will be paid 10,200.
A seller you're working with still owes $50,000 on his mortgage but wants to net $20,000
after the mortgage and 7% commission are paid. What is the minimum for which the
house must sell? - Answer-75,269
Which one of these scenarios depicts redlining? - Answer-Mortgage broker Barry
refused to underwrite mortgage applications from applicants who want to buy in specific
neighborhoods.
Seller Randy signed a listing agreement with Barbara, who worked very hard to find him
a buyer. Randy's cousin decided to purchase the house during the listing period. Is
Barbara owed a commission according to Vermont regulations? - Answer-Yes, if she
has an exclusive right-to-market agreement
When a lender charges a borrower more than the highest allowable interest rate, it is
called ______. - Answer-Usury
Mixing escrow funds with personal funds is illegal and called ______. - Answer-
Commingling
Homeowners can take several actions related to pest infestations, but which of the
following actions should be left to licensed pest management professionals? - Answer-
Applying pesticides
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