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CMIT 382 FINAL EXAM
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Exam study book Microbicides for the Protection of Materials of W. Paulus - ISBN: 9780412534508 (CMIT 382 FINAL EXAM)
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CMIT 382 FINAL EXAM LATEST 2023 REAL EXAM 2LATEST VERSIONS QUESTIONS AND CORRECT
ANSWERS|AGRADE
The current market interest rate is 17 percent. Mr. and Mrs. Homeowner want to
transfer their property to their daughter. The loan balance is $75,000. The property
can be transferred if the loan does NOT contain a(n)
-alienation clause.
-accelerating clause.
-defeasance clause.
-nondisturbance clause. - ANSWER: alienation clause
An offer has been accepted on a property. After the title search, who gives an
opinion of title?
a. An attorney
b. The seller
c. The buyer
d. The broker - ANSWER: an attorney
Mr. and Mrs.. Buyer just purchased their first house, which sits on five acres. They
intend to keep goats on the property. Which of the following would allow or disallow
them to keep goats?
a. Federal ordinances
b. State ordinances
c. Zoning
d. Neighbors - ANSWER: zoning
A buyer made an offer of $250,000 on a property with no contingencies and the offer
was accepted. The buyer planned to build a shopping center, but never mentioned it
to the agent. Just before the closing, the buyer discovered that he could not build
the shopping center. What is the status of the sales concert?
a. Valid
b. Void
c. Voidable
d. Unenforceable - ANSWER: valid
A handicapped person moved into an apartment and at his own expense lowered
the light switches, lowered the kitchen cabinets, installed handrails, and widened the
doorways. At the expiration of the lease, which of the following would the tenant
LEAST LIKELY have to return to its original condition?
a. Light switches
b. Kitchen cabinets
c. Handrails
d. Doorways - ANSWER: doorways
Which of the following must be disclosed when an agent is showing a house?
,a. Mortgage balance
b. The asking price of other homes in the
neighborhood
c. That the property is in a flood plain zone
d. Original cost of the property - ANSWER: That the property is in a flood plain zone
Which of the following is an example of an emblement?
a. A stand of walnut trees
b. A field of corn
c. An apple orchard
d. A vineyard - ANSWER: a field of corn
A buyer's agent is usually considered to be in what relationship to the seller?
a. Client
b. Customer
c. Agency
d. Subagency - ANSWER: customer
Which of the following is a physical characteristic of real estate?
a. Mobility
b. Scarcity
c. Uniqueness
d. Transferability - ANSWER: Uniqueness
Which of the following normally purchases mortgages in the secondary mortgage
market?
a. Mortgage banking companies, savings, and
loans, commercial banks, and mutual savings
banks.
b. Fannie Mae, Ginnie Mae, and Freddie Mac
c. Federal Housing Administration
d. Department of V eterans Affairs - ANSWER: Fannie Mae, Ginnie Mae, and Freddie
Mac
Broker Alma had a listing agreement to sell Noah's house. Noah found a buyer for
the house and Alma collected the brokerage fee. The type of listing agreement Alma
had is a(n)
a. exclusive-right -to-sell listing.
b. exclusive agency listing
c. open listing
d. net listing - ANSWER: exclusive-right -to-sell listing
The federal Truth-in-Lending Act
a. requires a lender to estimate a borrower's loan
closing charges on all mortgages.
b. regulates advertising that contains information regarding mortgage terms
c. prevents brokers from using phrases
,like"FHA-VA financing available" in classified
ads
d. dictates that all mortgage loan applications be
made on specially prepared government forms. - ANSWER: regulates advertising that
contains information regarding mortgage terms
Recording a deed provides the greatest benefit for the
a. grantor
b. public
c. attorney
d. grantee - ANSWER: grantee
The most important test in determining whether something is a fixture is
a. The weight and /or size
b. its amount of utilization
c. its method of attachment
d. the intention of the party who attached it - ANSWER: the intention of the party
who attached it
A section of real estate
a. contains 460 acres.
b. is 1 mile square.
c. contains 43,560 acres.
d. is numbered to indicate either north or south - ANSWER: is 1 mile square
Which of the following is NOT necessary in a listing contract?
a. The signature of all parties on the deed
b. The signature of the sellers
c. The signature of the broker
d. The signature of the buyer - ANSWER: The signature of the buyer
Andrew leases the 12 apartments in the Overton Arms for a total monthly rental of
$3,000. If this figure represents an 8 percent annual return on Andrew's investment,
what was the original cost of the property?
a. $450,000
b. $360,000
c. $45,000
d. $36,000 - ANSWER: $450,000
By paying the debt after a foreclosure sale, the mortgagor has the right to regain the
property. What is this right called?
a. Acceleration
b. Redemption
c. Reversion
d. Recovery - ANSWER: Redemption
, Helen grants a life estate to her grandson and stipulates that, upon death, the title
will pass to her son-in-law. What is the second estate?
a. Estate in reversion
b. Estate in remainder
c. Estate for years
d. Estate in recapture - ANSWER: Estate in remainder
The borrower's offer of $190,000 was accepted. She has a 10 percent down payment
and would like to avoid paying for private mortgage insurance. Is there a loan that
would allow her to accomplish her goal?
a. Yes, she can borrow $19,000 from a private
source, tell the lender she has a 20 percent down payment instead of a 10 percent
down payment, and avoid private mortgage insurance.
b. Yes, if the seller will negotiate a purchase money mortgage for $19,000 and agree
to be in a second lien position on the property, she can avoid private mortgage
insurance.
c. No, because all borrowers must pay private mortgage insurance when negotiating
any type of loan.
d. No, because private mortgage insurance is always paid when a borrower has less
than a 20 percent down payment. - ANSWER: No, because private mortgage
insurance is always paid when a borrower has less than a 20 percent down payment.
Which of the following is NOT an example of a subdivision rule and regulation?
a. The agreement that the property cannot be sold and used as a waste disposal site
b. The agreement that a tree house cannot be built
on the property
c. The agreement that walls and fences shall not
exceed four feet in height
d. The agreement that no structure of a temporary
character shall be constructed on any lot - ANSWER: The agreement that the
property cannot be sold and used as a waste disposal site
A couple wants to list a home they have lived in for 38 years because they have
decided to move to Florida before the winter storms arrive. The listing agent is
aware that zoning may change in the area, which would greatly increase the value of
their property. The agent should say?
a. say nothing incase the zoning does not change
b. inform the sellers of all the facts she has regarding the zoning change, and let
them make the decision about listing the property
c. List the property because she has a buyer that
has already shown interest, and if it sells, then the sellers will be in Florida before the
winter storms
d. list the property and say nothing because if the zoning does change, the listing
contract will be void anyway - ANSWER: inform the sellers of all the facts she has
regarding the zoning change, and let them make the decision about listing the
property
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