Bob Hogue 2 EXAM Questions and Answers Already Passed
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Course
Bob Hogue 2
Institution
Bob Hogue 2
Bob Hogue 2 EXAM Questions and
Answers Already Passed
What is the primary purpose of a real estate appraisal?
- To estimate the fair market value of a property
- To assess the structural integrity of a property
- To provide a value estimate for a property based on market conditions and co...
Bob Hogue 2 EXAM Questions and
Answers Already Passed
What is the primary purpose of a real estate appraisal?
- To estimate the fair market value of a property
- To assess the structural integrity of a property
- ✔✔ To provide a value estimate for a property based on market conditions and comparable
sales
- To determine the cost of repairs needed on a property
What is a “short sale” in real estate?
- A sale where the property is sold quickly at a lower price
- A sale where the seller receives less than the property’s market value
- ✔✔ A sale where the lender agrees to accept less than the amount owed on the mortgage
- A sale where the buyer closes the transaction in a short amount of time
What does “dual agency” mean?
- An agent represents only the seller in a transaction
- An agent represents only the buyer in a transaction
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,- ✔✔ An agent represents both the buyer and the seller in the same transaction
- An agent acts as a mediator between two different agents
Which type of deed provides the highest level of protection to the buyer?
- Quitclaim deed
- Bargain and sale deed
- ✔✔ General warranty deed
- Special warranty deed
What is a “contingency” in a real estate contract?
- A provision that guarantees the sale of the property
- ✔✔ A condition that must be met for the contract to become legally binding
- A clause that allows for a price reduction
- A requirement for additional inspections
What is the main function of an escrow account in a real estate transaction?
- To hold funds until the closing is completed
- To pay the broker’s commission
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, - ✔✔ To ensure that funds are available and conditions are met before finalizing the transaction
- To store the buyer’s personal documents
Which of the following best describes “real property”?
- Personal belongings that are movable
- The physical structure of a building only
- ✔✔ Land and anything permanently attached to it, such as buildings
- A lease or rental agreement for a property
What is “title insurance” used for?
- To protect the buyer against defects in the title that were not discovered during the title search
- To insure the property against fire or natural disasters
- ✔✔ To safeguard against financial loss from title defects or claims
- To cover the cost of any repairs needed after closing
How long does a homeowner have to contest a property tax assessment in Florida?
- 30 days
- 60 days
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