CompuCram pre-exam Questions And Answers 100% Guaranteed Pass
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CompuCram
CompuCram pre-exam Questions And Answers 100% Guaranteed Pass
Who uses the term REALTIST? - ANS-members of the National Association of Real Estate Brokers
A REALTIST is a member of the National Association of Real Estate Brokers, a group comprised primarily
of minority brokers as a response to ...
CompuCram pre-exam Questions And Answers 100% Guaranteed Pass
Who uses the term REALTIST? - ANS-✔✔members of the National Association of Real Estate Brokers
A REALTIST is a member of the National Association of Real Estate Brokers, a group comprised primarily
of minority brokers as a response to discrimination from membership to the NAR(R). The Women's
council of REALTORS(R) was created as a response to discrimination against woman.
The offeror is the person who - ANS-✔✔makes the offer
The person who creates and extends the offer is the offeror. The person who accepts the offer is the
offeree. Remember, the "ors" always give (as in donor).
How many square feet are in an acre? - ANS-✔✔43,560
There are 43,560 square feet in an acre and 640 acres in a square mile.
In some states, the common law legal rights that a wife has in property owned by her husband during
their marriage are best known as - ANS-✔✔dower
The wife would get dower. If the wife died first, the husband gets her share of property, known as
curtesy.
What type of land use does NOT comply with the zoning restriction for its location, but is permitted
because it benefits the public? - ANS-✔✔conditional use
Conditional uses (hospitals, schools, etc.) usually do not comply with zoning limitations. Nonconforming
uses are properties that were in compliance with an old zone. Inverse condemnation is a court action by
a private landowner against the government, seeking compensation for damage to property that
resulted from government action. Spot zoning refers to an illegal rezone that favors a particular property
owner without justification.
What is an appraisal? - ANS-✔✔an opinion of value for the day of the appraisal only
Because market conditions can change (as can the property itself) the appraisal is an opinion of value as
of the day of appraisal only.
, What is market value? - ANS-✔✔price a property is likely to bring in an arm's length transaction
Market value is a theoretical price a property can bring in an arm's length transaction. Market price is
what a property sold for. The market price of the comparables gives us a market value for the subject.
Insurance value deals with the cost of replacement. The amount the lender is risking is the loan amount,
which is: Purchase Price - Down Payment = Loan Amount.
What is NOT part of the secondary market? - ANS-✔✔Federal Universal Mortgage Association
The Federal Universal Mortgage Association is not a real association.
In title theory states, what clause is unique to the mortgage? - ANS-✔✔defeasance
In title theory states, a defeasance clause is found in the mortgage. There must be language that cancels
the mortgagee's right to the land title on the payment of the debt.
What is NOT a feature of an FHA-insured loan? - ANS-✔✔no MIP insurance
FHA loans use a mutual mortgage insurance plan.
According to the law of agency, a real estate broker does NOT owe the principal the duty of - ANS-✔✔
offering legal advice
Offering legal advice goes beyond the scope of authority in an agency relationship involving broker and
client.
As an agent is showing a house to a customer, the agent notices a large vertical crack in the basement
wall. What is the agent's duty? - ANS-✔✔nothing
The crack on the wall is obvious and falls into the category of patent defects. The agent has no duty to
disclose patent defects. The buyer operates under the doctrine of caveat emptor.
In most states, the listing broker has a fiduciary duty to the - ANS-✔✔client
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