Exam (elaborations)
Modern Real Estate Quiz 100 Verified and 100% Correct Q & A, Complete Document for Exam
- Course
- Institution
Modern Real Estate Quiz 100 Verified and 100% Correct Q & A, Complete Document for Exam
[Show more]
Content preview
Modern Real Estate QuizCircle the letter of the Answer that corresponds to the displayed Question.
1. 3 physical characteristics of real property
A. the clause in a mortgage or deed of trust that can be enforced to make the entire debt due immediately if the
borrower defaults on an installment payment or another covenant.
B. Immobility, indestructibility, uniqueness
C. Loss of a right through undue delay or failure to assert it.
D. One who acts as an intermediary on behalf of others for a fee or commission; licensed to list, lease, buy, exchange,
auction, negotiate or sell interest in real estate for others for a fee
2. Declaration of Restrictive Covenants
A. A declaration of limitations established by a developer.
B. the form of foreclosure used in lien theory states; court process
C. Areas outside incorporated limits that are subject to the zoning restrictions of a municipality
D. the insulation value of materials
3. Highest and best use
A. The possible use of a property that would produce the greatest net income and thereby develop the highest value
B. The power of a good or service to command other goods or services in exchange. Also, the present worth of future
benefits arising from the ownership of real property.
C. An owner's rights in land that borders on or includes a steam, river, or lake. These rights include access to and use of
the water.
D. In an insurance policy, coverage added to general policy; a rider.
4. top plate
A. The need or desire for possession or ownership backed by the financial means to satisfy that need.
B. the top part of the wall framing that connects the stud to the ceiling framing
C. Loss not covered by the insurer.
D. Passed in 1980, established Superfund to clean up uncontrolled hazardous waste site and to respond to spills
5. principal
A. The amount of goods available in the market to be sold at a given price. The term is often coupled with demand'
B. In real estate, generally a listing agreement, a buyer agency agreement or a management agreement (a document
evidencing formal employment between principal and agent).
C. This type of lien affects all the property of a debtor, both real and personal, rather than a specific parcel of real
property
D. money borrowed
6. partially amortized fixed-rate mortgage
A. Growing crops, such as grapes and corn, that are produced annually through labor and industry; also called fructus
industriales. Usually considered to be personal property,
B. It limits coverage of a specified property in an insurance policy.
, C. a loan in which the monthly principal and interest payments are a constant amount, but that payment amount is not
sufficient to completely pay off the loan within the loan term; balloon payment due at maturity
D. takes place when agents do not have actual knowledge of a material fact but should reasonably have known of such
a fact.
7. walk-through
A. one who is employed by a person already acting as an agent (and agent of the agent).
B. A deed of conveyance executed by a trustee and generally used to transfer title after a foreclosure action.
C. the final inspection of the property by the buyer prior to closing to assure that the seller has vacated, made required
repairs, and delivered the property in the condition it was in at contact.
D. Deed used when a grantor conveys property as a gift; must be recorded within two years or it becomes void.
8. General lien
A. A type of zoning that is superimposed over another type of zoning.
B. a lease that allows rent to be increased or decreased periodically, based on changes in a stipulated index, such as
the government cost-of living index or some other named index.
C. takes place when agents have actual knowledge of a material fact and a duty to disclose such fact to a buyer, seller,
tenant, or landlord, but deliberately fail to disclose such fact.
D. This type of lien affects all the property of a debtor, both real and personal, rather than a specific parcel of real
property
9. Quantity survey method
A. Estimate based on the quantities of raw materials needed to replace the subject structure as well as of the current
price of such materials & their installation costs.
B. Required for each brokerage firm and branch office, the full broker responsible for displaying all licenses properly,
ensuring advertising is done properly, maintaining the trust account
C. Permission obtained from zoning authorities to build a structure or conduct a use that is expressly prohibited by the
current zoning laws.
D. the return or profit on a loan
10. Tenancy by Entireties
A. An estate in land in which ownership is for an indeterminate length of time, in contrast to a leasehold estate.
B. 1) Owned by Husband and Wife ONLY 2)each own 100% 3) Both must sign when sold 4)a) Divorce changes to
tenants in common automatically but legal separation does not b)if not stated, the law presumes, tenants by entire 5)
right of survivorship (automatic)
C. The process by which the power of eminent domain is exercised.
D. the doctrine that gives the tenant the right to cancel the remainder of the lease and vacate the premises w/o penalty if
the landlord fails to keep the premises fit.
11. Erosion
A. Words of conveyance
B. This type of lien affects all the property of a debtor, both real and personal, rather than a specific parcel of real
property
C. Race, Color, Religion, National Origin, Sex, Handicapped, Familial Status
D. The gradual wearing away of land by water, wind, or other natural forces; the diminishing of property by the elements
may cause loss of ownership.
12. tax-deferred exchange
, A. a deed used to release a parcel of property from a mortgage or deed of trust lien when the real estate loan has been
paid in full.
B. states that if the dwelling has four or less units and the owner lives in one of the units, it is exempt from the Fair
Housing Act.
C. an IRS sanctioned method for real estate investors to defer taxation of capital gains by making a property exchange
rather than by selling the investment property
D. Issued upon the satisfactory inspection of a structure; building is fit for occupancy and there are no building code
violations
13. balloon payment loan
A. the process of estimating the value of a property by adding the appraiser's estimate of the reproduction or
replacement cost of the building, less depreciation to the estimated land value.
B. Areas outside incorporated limits that are subject to the zoning restrictions of a municipality
C. Cost per square foot of a recently built comparable structure multiplied by the number of square feet in the subject
property.
D. a mortgage loan that includes a final payment that is larger than the required periodic payments because the loan
amount was not fully amortized.
14. Willful misrepresentation
A. Caused by factors outside the subject property & is not curable. ex: proximity to a polluting plant
B. A charge against property that provides security for a debt or an obligation of the property owner.
C. a statement that tells the borrower whether the lender intends to service the loan or to transfer it to another lender.
D. when agents who have actual knowledge of a material fact deliberately misinform a buyer, seller, tenant, or landlord
concerning such fact.
15. Plat Map
A. The rental of rooms or units is exempt in an owner-occupied one-family to four-family dwelling.
B. A map of a subdivision indicating the location and boundaries of individual properties. Generally shows lots, blocks,
easements, streets, floodplains, etc. Usually requires official approval before recordation.
C. That received by the grantor in exchange for a deed. Something of value that induces a person to enter into a legally
enforceable contract.
D. A contract that seems to be valid on the surface but may be rejected or disaffirmed by one or both of the parties.
16. private mortgage insurance (PMI)
A. insurance provided by a private carrier that protects a lender against a loss in the event of a foreclosure and
deficiency
B. A listing agreement under which the broker's commission is contingent on the broker personally producing a ready,
willing, and able buyer before the property is sold by the seller or another broker.
C. Areas outside incorporated limits that are subject to the zoning restrictions of a municipality
D. A type of contract in which one party makes a promise to induce a second party to do something. "I will give you a
reward if you find my dog"
17. liquidated damages
A. regulates the amount of money that be required as a security deposit and what the landlord can do with that deposit
B. The amount of money that will compensate the injured party for breach, which the parties agree to at the time they
enter into the contract.
C. an offer submitted to the property owner with knowledge that the owner is already under contract; a secondary offer.
D. A clause in a listing contract that says the listing broker is entitled to commission for a time period after the listing
expires if the property is sold to a prospect that the broker initially introduced to the client during the listing term.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ACTUALSTUDY. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75323 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now