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REAL ESTATE PRINCIPLES MIDTERM AND FINAL EXAM 250+ (GRADED A+) QUESTONS AND ANSWERS BY EXPERT

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REAL ESTATE PRINCIPLES MIDTERM AND FINAL EXAM 250+ (GRADED A+) QUESTONS AND ANSWERS BY EXPERT

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Información del documento

  • 2 de mayo de 2024
  • 40
  • 2023/2024
  • Examen
  • Preguntas y respuestas

Temas

  • real estate principles
  • real estate principles midterm and final exam
  • real estate principles midterm
  • real estate principles midterm and

Escuela, estudio y materia

  • REAL ESTATE PRINCIPLES
  • REAL ESTATE PRINCIPLES

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REAL EST ATE PRINCIPLES MIDTERM AND FINAL EXAM 2 50+ (GRADED A+ ) QUESTONS AND ANSWERS BY EXPERT The gross multiplier method of appraisal would be of little value when appraising: - ANSWER -Public buildings Blank, special, restrictive, and qualified are all terms used to specify types of: - ANSWER -Endorsements The phrase in a loan contract that specifies "all due and payable upon the happening of a certain event" would be classifi ed as: - ANSWER -An acceleration clause When a property is sold during a tight money market and the existing loan contains an alienation clause, which of the following is most likely to occur? - ANSWER -Buyer will secure new financing Which of the followin g would be considered a quiet title action? - ANSWER -Court action to remove a cloud on the title The government's control over land use, planning and zoning are an important example of: - ANSWER -Police power Under the law of Agency, a fiduciary relations hip is created between the broker and the seller upon execution of the listing agreement. As far as the broker's responsibility to third parties, the broker: - ANSWER -Must be fair and honest In a business partnership, if one of the partners dies, the surviving partner: - ANSWER -Becomes exclusive manager of the partnership business and retains title to the partnership property until he winds up the partnership business Enforcement of the State Housing Law is accomplished through the: - ANSWER -Local building inspectors The stated policy of the Real Estate Commissioner is to create a "color -blind" industry which can help society obtain voluntary, equal opportunity in fair housing. What does this mean? - ANSWER -Maintain an attitude that is actually free from bias and color -blind to appearance, that race, creed or color is not a material fact in real estate transactions, and do unto others as you would have them do unto you State law requires that every city or county create a planning commission: - ANSWER -Without exception If there is a conflict between the signed escrow instructions and the signed deposit receipt, which of the following would be binding? - ANSWER -The escrow instructions A perso n that is employed by another to act on his or her behalf may be considered: - ANSWER -An employee, an agent, and an independent contractor To hold real property as tenants in common, individuals must: - ANSWER -Hold undivided interests The least contract is considered: - ANSWER -Personal property An estate of inheritance or a perpetual estate would be: - ANSWER -A fee simple estate The end result of most profit and loss statements is to ascertain: - ANSWER -Net income When a listing is signed by a seller a nd broker, a fiduciary relationship is created between the broker and the: - ANSWER -
Seller Which of the following would not be classified as an institutional lender? - ANSWER -Mortgage company Which of the following represents a gross misrepresentation by the agent? - ANSWER -The representation is an obvious falsehood, the representation is made with the knowledge of it being a falsehood, and the representation caused the aggrieved party to enter into the contract Most real estate contracts are in writing on reprinted forms. Some of the terms of these contracts must be written in and other parts are reprinted. In the interpretation of such contracts: - ANSWER -The written parts take precedence over the printed parts A lease of real property for a fixed period of time at a set rate of rent creates: - ANSWER -An estate for years All of the following are personal property except: - ANSWER -
Easements A valid deed vests title in the grantee when the deed is: - ANSWER -Deliv ered A valid recorded homestead will not protect the homeowner against the foreclosure of: - ANSWER -A mortgage, a trust deed, or a mechanic's lien Which of the following acts of a real estate l icensee would not be a violation of the real estate law? - ANSWER -Taking a net listing

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