A new Truth-in-Lending (TIL) disclosure must be provided:
(a) Within 3 business days of discovering the annual percentage rate changed by more than 1/8%.
(b) At least 3 days prior to closing whether there has been a change in annual percentage rate or not.
(c) Within 7 business days of discovering the annual percentage rate changed by more than 1/4%.
(d) Within 3 business days of discovering the annual percentage rate changed by more than 1/4% - a
Broker L lists a home and offers subagency through the MLS. Broker S takes a buyer to the house and
then writes an offer to purchase. Broker L has never met the buyer. Broker S has never met the seller.
Broker S does not have a written contract with the buyer. Which is true?
(a) Broker S is the agent for the buyer and seller.
(b) Both Broker L and Broker S are agents of the seller.
(c) Broker L is the agent of the buyer.
(d) Broker L is the subagent of the buyer. - b
When a lender confirms a specific loan amount and agrees to the interest rate, this process is referred
to as a(n):
(a) Origination fee
(b) Disclosure
(c) Lock
(d) Interest insurance - C
A lot was purchased as an investment for $10,500. It was sold a year later at a loss of 20%. What was the
loss on the sale?
(a) $3,150
(b) $8,400
(c) $2,100
(d) $1,260 - C
,The sales comparison approach to property valuation:
(a) Is based on the concept that a buyer is willing to pay only as much money as he/she would have to
pay for another similar property.
(b) Has nothing to do with the buyer or seller, it is determined statistically by the appraiser.
(c) Is based on how much more a buyer would pay to upgrade from his/her present home.
(d) Is viewed to be the least accurate because it is based on buyer/seller emotion. - A
Broker L listed a home that sold for the full price of $325,000. The contract called for a 6.5%
commission. How much did Broker L make?
(a) $21,125
(b) $18,500
(c) $23,500
(d) $20,250 - a
The phrase "the primary evidence of a loan" best describes:
(a) The mortgage document
(b) The defeasance clause
(c) The trust deed
(d) The promissory note - d
D wanted to buy a home from K, but wouldn't buy it unless the pool table came with it. D and K decide
that the pool table is personal property. What contract would be the best tool for the pool table
purchase?
(a) Handshake and one hug
(b) Bill of Sale
(c) REPC
(d) Pinky swear - B
When a remainder estate is involved, what owner interest is involved?
(a) Community property
,(b) Ownership in severalty
(c) Joint tenancy
(d) Life Estate - d
Which of the following do not have the ability to enter a contract?
(a) A deceased person
(b) An Alien
(c) An illiterate person
(d) An insane person - d
A loan is obtained for $30,000. The loan calls for the principal to be paid in equal installments each
month for 25 years. The interest on the loan is 0.75% per month. How much is the first payment?
(a) $1,425
(b) $355
(c) $325
(d) $2,350 - c (divide loan by 300 monthly payments ($100) and add first month's interest ($30,000 x
0.0075=$225)
When a person dies leaving no will and no heirs, the government will get the property by the process of:
(a) Eminent domain
(b) Police power
(c) Quiet Title Action
(d) Escheat - d
When someone makes a statement to a qualified official that they freely and voluntarily executed a
deed or document:
(a) Habendum
(b) Acknowledge
(c) Certification
(d) Recording - a
, A uniform land contract could best be described as a:
(a) Installment Contract
(b) Real Estate Purchase Contract
(c) Listing
(d) Trust Deed and Note - d ( Its four names are: Uniform Land Sales Contract, Installment Sales
Contract, Land
Contract, and Contract for Deed. It is used in seller financing)
Rent control laws have what effect?
(a) They benefit lessors and lessees equally.
(b) Tenants like them because it means the lease has no termination date.
(c) Landlords don't like them as they must carry the burden of inflation.
(d) They raise the general economy and everyone likes them. - c
A sporting goods store had a lease agreement to pay 1.75% on all income over $56,000 a month gross in
addition to the base rent they paid of $2,000. Last year they paid $56,500 in rent. What was their total
gross income?
(a) $1,857,143
(b) $1,368,321
(c) $1,954,330
(d) $2,529,143 - d (This is a percentage rent problem. Before doing the FRL, there's a preliminary step:
Paid rent
minus base rent. So, $56,500 paid minus $24,000 base = $32,500 extra rent. FIRST = extra income; RATE
=
1.75%; LAST = extra rent ($32,500). Divide the one below the line by the one above and you get the
extra
income. Add that to the $56,000 base income to get gross income.)
A deed filed in the public records provides which of the following:
(a) Statute of limitations
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