A property description that uses angles and degrees is referred to as - Metes and bounds
A loan is amortized as though for 25 years, but is due sooner and paid off in a balloon payment. This is
known as a(n) - Partially amortized loan
When the Federal Reserve increases the supply of money, it - Lowers interest rates and gives more
purchasing power to people.
A broker found a ready, willing, and able buyer to purchase seller Bond's house at the listing terms.
Before agreeing to the sale, seller Bond introduced a new restriction stating that the sale could only be
completed if the buyer agreed not to build a tennis court on the property. The buyer refused and
withdrew from the negotiations. Is the broker entitled to a commission? - Yes, because the broker had
fulfilled the listing contract and must be paid.
Which of the following is the best definition of the term "redlining?" - Refusing loans in certain areas
because of its ethnic makeup
Which broker action is an example of blockbusting? - Soliciting listings based on a fear of racial change in
an area
Certain defaults, unfortunately, happen quite often and so they are planned for and consequences
outlined in the contract. An example is the earnest money deposit. This is - Liquidated damages
Which of the following falls into the category of appurtenances? - Improvement
A deed of trust differs from a mortgage instrument in that a deed of trust allows the lender a more
streamlined process to foreclose on a property and bypass the judicial process. True or False - True
, You present an offer from a qualified, willing and able minority buyer. The seller refuses to sell because
the individual is a minority. You can legally do all the following EXCEPT - Do not show this house to any
other minorities.
Using the sales comparison method, if a subject property had an extra full bathroom ($6,000) that the
comparable property did not, but was on a less desirable lot ($5,000), the proper adjustment would be -
Add $1,000 to the comparable property.
The best way to describe an appraisal is - It is an independent, objective opinion of market value at the
time of the appraisal.
At the beginning of each month the lessee gives, and the lessor takes the rent. This best describes -
Periodic tenancy
If the loan to value ratio is too high, the lender will want mortgage insurance to protect its interest in
case of default and foreclosure sale. In almost all cases, what is the number that triggers mortgage
insurance being paid? - 81%
The owner of a commercial property wants to sell. The seller wishes to allow many brokerages the
opportunity to sell the property. The seller should - Execute an Open Listing with the brokerages he/she
wishes to hire.
A lender, as security for a loan, has the right to force the sale of the property to recover the amount
owed. But if more than the loan and costs amount is recovered, the excess goes back to the borrower.
This is - Lien theory
Which of these situations does NOT cause a contract to become voidable?; (a) One of the parties is a
minor (b) Contract is not in writing (c) Duress (d) Menace - B. Contract is not in writing
Truth in Lending or Reg. Z includes all the following requirements EXCEPT; (a) Use of APR (b) Disclosure
of costs (c) Settlement Costs & You (d) Advertising restrictions - C. Settlement Costs & You
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