CE Shop National Exam Questions And Correct Answers
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CE Shop
Institution
CE Shop
CE Shop National Exam Questions And
Correct Answers
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 li...
CE Shop National Exam Questions And
Correct Answers
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 - answer✔✔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
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 in gross - answer✔✔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
individual expenses himself. What type of lease does Brittany have?
Graduated lease
Gross lease
Net lease
Percentage lease - answer✔✔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
certification. - answer✔✔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.
The height of the air lot is equal to the height of the structure under it. - answer✔✔The city or
other governing authority establishes the air lot's height.
Nathan was painting the siding on his home when he was interrupted by a neighbor who
informed him that he had to have the paint color approved before using it. Nathan lives in a
neighborhood with ________.
Conditions
Environmental regulations
HOA regulations
Police power - answer✔✔HOA regulations
(HOA regulations are often used to enforce a certain visual or aesthetic style in a neighborhood.)
An example of this type of leasehold estate is a month-to-month lease.
(A periodic estate automatically renews at the end of its lease term, such as at the end of a given
month.)
Ashton, an appraiser, is estimating value using the sales comparison approach. He applies more
weight to two comparables over several others he used. What process is he utilizing?
Averaging
Bracketing
Conformity
Correlation - answer✔✔Correlation
(Through a correlation process, the most weight may be given to one or two comparables, or
equal weight may be given to all. The term reconciliation is often synonymous with correlation.)
If the private individual owner doesn't own more than three single-family homes at one time,
which exemption from the Fair Housing Act could apply?
Housing designated for senior use
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