National Real Estate Exam - Guide to Pearson Vue Book Questions and Answers

National Real Estate Exam - Guide to Pearson Vue Book Questions and Answers An estate for years - Answer- The phrase definite duration refers to: A periodic tenancy - Answer- A lease that automatically renews itself, in the absence of notice, is: $66,666 - Answer- A man just sold a condo for $80,000. This gave him a 20% profit on what he paid. What did the man pay? $80,000/1.20 Signed by the grantor - Answer- A requirement of a valid deed is that the deed be: The Truth In Lending Act - Answer- To locate buyers for other properties, a broker advertised a property that was not available but which would generate great interest. The broker's action violated: Lead paint - Answer- A federally mandated disclosure deals with: periodic tenancy - Answer- If no period is set for a residential tenancy but rent is to be paid monthly, the lease is a: $305, 851 - Answer- A builder wanted the listing to reflect $85 per square foot for a 2,500 square foot home plus $75,000 for the lot after the 6% commission was paid. What should the home be listed at to meet the builder's wishes? 2500x85 = 212,500 + 75,000 = 287,500/.94 = 305,851 Transfer it - Answer- To alienate property means to An encumbrance - Answer- A deed restriction is BEST described as A cloud on the title - Answer- A minor discrepancy concerning a title is the forfeiture of a deposit - Answer- An example of liquidated damages in a real property purchase contract is greater than the nominal rate - Answer- The annual percentage rate is property - Answer- Collateral for a real estate loan is the: mortgagee - Answer- A clause in a mortgage that provides for the assignment of rents benefits the: the resale mortgage marketplace - Answer- The secondary mortgage marketplace refers to purchasing mortgages originated by financial institutions - Answer- Fannie Mae activities include $291,555 - Answer- A straight 9% loan at 75% of a property's appraised value earned first-year interest of $19,680. What was the property's valuation? 19,680/.09 = 218,666.67/.75 = 291,555 designated agency - Answer- One salesperson in a broker's office had single agency with a buyer, while another salesperson in the same office had single agency with the seller on the same transaction. This situation describes