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CE Shop Final Exam|110 Answered Questions A+ Rated!!!
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CE Shop Final Exam|110 AnsweredQuestions A+ Rated!!!
Depreciation - -Real property ownership has significant tax advantages.
Which of the following is an advantage?
-The building department - -Which entity ensures that contractors perform
their work according to code by inspecting their job sites?
-Salesperson - -Which type of real estate license requires a 60-hour
licensing course as a condition of taking the licensing exam?
-Negligence - -Uh-oh. You failed to present an offer on behalf of your client
in a timely manner. As a result, the seller accepted a lower offer from
another buyer. You could be sued for ______.
-The sale of a property at an amount less than is owed, not including closing
costs - -Edgar's in the process of selling his home as a short sale. What's a
short sale?
-Yes, Mary can use the standard forms that her brokerage uses (assuming
these forms were originally created or approved by an attorney). - -Mary is
preparing a purchase offer for her buyer client. It's a pretty standard offer: a
little less than list price, with the seller paying a little toward the buyer's
closing costs. Mary fills in the blanks on a standard form used in her
brokerage firm based on the current situation. Is this okay?
-Asbestos - -Soundproofing and decorative material, shingles, and siding
may contain what hazardous material?
-That tenants may peaceably and quietly enter the leased premises at the
beginning of the lease - -Which of the following are landlords required by
law to ensure?
-Honesty and fair dealing - -Not wanting to cause the sellers or mortgage
lenders unnecessary concern, Gwen, the buyer's agent, wasn't exactly
forthcoming about a slight change in her client's financial status that her
client had shared with her in confidence. Which fiduciary duty to the
customer is Gwen violating?
-Primary market - -Robert purchased a new home and obtained financing
through First Lending Bank, a regional bank located in his city. First Lending
originated the loan, but before Robert's first mortgage payment was due, it
, sold the loan to CitiMortgage. As a loan originator, what market is First
Lending operating in?
-Permission without possession, interest, or ownership - -In terms of
encumbrances, what's a license?
-Reserve fund - -Lenders will require which type of fund for taxes and
insurance?
-Severalty - -If Mega Corporation owns real property, chances are it owns it
in ______.
-Gross income - -What's income received before any operating expenses
are deducted?
-Movie theater - -Sam the appraiser is most likely to use the cost approach
for which of the following properties?
-Chemical compounds used in cooling and insulating, mainly in electrical
transformers - -What are PCBs?
-A person who drafts a valid will - -What is the definition of a testator?
-Land - -James creates a trust to hold a piece of real estate he owns. He
directs a corporate fiduciary to hold title to the real estate and provides
instructions for the management, control, and disposition of the real estate
upon his death. Given that the trust only holds real estate, James likely set
up a ________ trust.
-It can attract the attention of thieves. - -It's not a good idea to post photos
of your clients' expensive belongings. Why is that?
-Townhome - -Which of the following is a residential dwelling with attached
walls, where the owner also typically owns the land on which the home sits?
-Suspicious - -Ways to minimize computer risks include avoiding public
networks, unsecure sites, and ______ sites.
-Comprehensive Environmental Response Compensation and Liability Act - -
What regulation or regulatory authority identifies sites that have hazardous
substances, and requires the responsible parties to clean them up?
-The seller transfers title with the lien in place. - -Which of the following
describes a sale subject to a mortgage?
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