Exam (elaborations)
CompuCram Exam 2024 Questions With Completed Answers To Score A+!!
- Course
- Institution
CompuCram Exam 2024 Questions With Completed Answers To Score A+!!
[Show more]
Content preview
Name: Score:52 Multiple choice questions
Term 1 of 52
What law creates an automatic lien on a commercial property, subject to the listing agreement?
The movement of money out of a savings account into a higher-yield investment, such as a
corporate or government instrument
An agreement that is not put into words, either written or verbal
why?An example of an implied contract would be when one goes to a restaurant. It is
understood that payment of the bill is expected even if the
matter is not discussed before the meal is consumed.
Buyer broker contract
why?The buyer broker agreement entitles a broker to be paid by the buyer when the seller
is not offering compensation.
Broker lien law
Commercial Broker Lien Laws. ... These laws allow for a commercial real estate broker to
obtain and foreclose upon a lien as a legal remedy against a property if the buyer/seller or
lessee/lessor fails to pay the broker the agreed upon commission, as their interests in the
real property may apply.
Term 2 of 52
Unenforceable Contract
has all legal elements but it may be cancelled or voided
assignment
a contract that cannot be enforced in court
lacks one or more legal elements & has no legal force or effect
,Term 3 of 52
Void Contract
Building the functional equivalent of the original structure
lacks one or more legal elements & has no legal force or effect
a contract that cannot be enforced in court
hypothecation clause
why?
a hypothecation clause in a mortgage literally states that the real property is being
pledged as security for repayment of a promissory note/loan.
the habendum clause literally transfers real estate in a deed, not a mortgage; it is often
referred to as the to have and to hold clause. the
defeasance clause in a mortgage says that, once the promissory note is paid, the mortgage
is void. there is no collateral clause.
,Term 4 of 52
Syndicate Banking is:
Buyer broker contract
why?The buyer broker agreement entitles a broker to be paid by the buyer when the seller
is not offering compensation.
REIT
why? Corporations, partnerships, and LLC ownership interest are not required to have a
specified number of individuals. The REIT must have at least
100 investors.
A REIT is a company that owns, operates or finances income-producing real estate.
Modeled after mutual funds, REITs provide all investors the chance to own valuable real
estate, present the opportunity to access dividend-based income and total returns, and
help communities grow, thrive and revitalize.
A group of investment banks acting together when lending large amounts of money to a
specific
company
Investment banks join to lend large amounts of money to a specific borrower.
Broker lien law
Commercial Broker Lien Laws. ... These laws allow for a commercial real estate broker to
obtain and foreclose upon a lien as a legal remedy against a property if the buyer/seller or
lessee/lessor fails to pay the broker the agreed upon commission, as their interests in the
real property may apply.
, Term 5 of 52
A two-unit building rents for $800/unit/month. The capitalization rate is 10%. The monthly multiplier
is 125. What is the
market value via the Income Approach to Value?
As soon as the buyer signs it
$122,340
The seller wants to net $100,000, but needs to make an additional $15,000 for closing costs.
Therefore, $100,000 + $15,000 = $115,000. First
add all dollar amounts to be paid, then add percentages. So, 5% + 1% = 6%. $115,000/(100% -
6%) = $115,000/.94 = $122,340.
Contract for deed (another name for land contract)
$200,000
$800 x 2 = $1,600/month x 125 = $200,000.
Term 6 of 52
An installment agreement where the buyer makes payments for the right to possession but no
title transfers until most or
all of the terms have been met is a/an:
Purchase money mortgage
Land contract
Novation
Bilateral contract
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 Aplusplus. 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