Real Estate Study guides, Class notes & Summaries

Which of the following is personal property? A. appurtenances B. fixtures C. trade fixtures D. shrubbery - Answer trade fixtures Which is NOT an example of an attachment? A. a basketball hoop that is moved into the garage in the winter B. a greenhouse that is built off the garage C. the lily pond in the backyard Japanese garden D. uncut roses on a rose bush planted by the back door - Answer a basketball hoop that is moved into the garage in the winter

biweekly mortgage - Answer A mortgage in which you make payments every two weeks instead of once a month. The basic result is that instead of making twelve monthly payments during the year, you make thirteen. The extra payment reduces the principal, substantially reducing the time it takes to pay off a thirty year mortgage. Note: there are independent companies that encourage you to set up bi-weekly payment schedules with them on your thirty year mortgage. They charge a set-up fee and a tra...

Lender's Policy - Answer A title insurance policy issued for the benefit of a lender as well as any future holder of the loan Generally, a lender's policy, unlike an O's policy, cover's mechanic's liens and encroachments Owner's policy - Answer A type of title insurance issued in the name of the property O. Coverage runs from the time of the purchase for as long a s the policyholder owns the property

What does not terminate a listing agreement? - Answer Death of designated broker Net loan proceeds are a - Answer debit broker A broker wanting to include preprinted addenda to a contract that they are not a party to - Answer may use addenda created by the broker's attorney and may use it multiple times

When may a designated broker disclose confidential info to an employing broker? - Answer When the designated broker has written informed consent (when the seller signs the listing contract) but the DB still needs to explain ministerial tasks - Answer in reference to dealing with Customers -show property -prepare offers -provide inf

Bundle of Rights - Answer The rights of ownership associated with real property, including the right to use, enjoy, encumber, exclude and alienate, whether by deed, lease or devise by will. Chattels - Answer Items of tangible personal property. As a personal property interest in real property, a lease is known as a chattel real. Metes and Bounds - Answer One of three major methods of land description. Used most often to describe irregular parcels using azimuth and bearing measurements. Mete...

When is the acceleration clause used in an agreement for sale - Answer The seller may enforse the clause by foreclosing like a mortgage When a property tax lien is sold at auction, what is the Statutory period of redemption before a foreclosure can occur? - Answer 3 yrs What will not terminate a homestead exemption? - Answer Buying another property Which of the following actions would not transfer title to real property ? - Answer New city zoning ordinance

NY real estate express practice exam Actual Exam with Questions and Answers (2024 / 2025) 100% Guarantee Pass

ARKANSAS REAL ESTATE EXAM 2024 WITH COMPLETE SOLUTION GUIDE 100% VERIFIED|

Alabama Real Estate License Exam 2024 Latest Update With Multiple, Correctly Answered Questions Already Graded A+