Exam (elaborations)
The CE Shop MLO Final Exam 1 Questions And Answers With Verified Solutions (GRADED A+)
- Course
- Institution
The CE Shop MLO Final Exam 1 Questions And Answers With Verified Solutions (GRADED A+)
[Show more]
Content preview
The CE Shop MLO Final Exam 1Questions And Answers With Verified
Solutions (GRADED A+)
Severance - ANSWER✔✔ Which term describes the process of real property
becoming personal property by detaching it from the land?
FNMA, GNMA, FHLMC, and lending institutions that buy loans from other
lenders - ANSWER✔✔ The secondary mortgage market is comprised of
_________________________.
Discrimination through blockbusting, steering, and redlining
The Fair Housing Act in 1968 was the first step in reversing the process of
blockbusting, steering and redlining—all of which are banned as part of the act. -
ANSWER✔✔ What practice did the Fair Housing Act of 1968 attempt to
eliminate?
Option agreements usually don't include a termination date.
Because option agreements leave a seller hanging without the opportunity to sell
the property to anyone else, they usually have a defined ending date. -
ANSWER✔✔ A lease with option to buy is a good home buying solution for some
buyers. Which of these statements about a lease with option to buy is FALSE?
2,000 - ANSWER✔✔ A contract shows that a fee is "$200" in one location and
"two thousand" in another. What should one presume the correct fee to be?
,Suing for specific performance - ANSWER✔✔ Archie signed a contract to buy
Pam's home. The deal eventually closed, but Pam failed to hand over the home's
keys to Archie. A week passed, and Archie filed a lawsuit in an attempt to force
Pam to give him the keys. This is an example of ______.
Independent contractor - ANSWER✔✔ Pam is a new real estate licensee who must
receive a high level of supervision. Even with the supervisory requirement, the
Internal Revenue Service allows Pam to be classified as an ______.
The formula to calculate the annual gross income is as follows: AGI = Property
Value × Annual Cap Rate = $400,000 × 8% = $32,000 net operating income -
ANSWER✔✔ You have a client who has an investment property valued at
$400,000. Annual cap rates are 8%. What can your client expect in net operating
income?
He must remind the sellers to disclose the possible presence of lead-based paint to
a buyer if the home was built prior to 1978. - ANSWER✔✔ Jamal is a real estate
licensee. What's his responsibility regarding household lead hazards?
Implied agency - ANSWER✔✔ What type of agency exists because of the actions
and behavior of the parties?
Avulsion - ANSWER✔✔ A late spring snow melt caused a river to swell past its
bank. The flooding led to many landowners losing portions of their properties.
What is the process called that caused this land loss?
Federal Trade Commission Act (1914) - ANSWER✔✔ Which act encourages fair,
truthful, non-deceptive, and evidence-supported claims in advertising?
, Sadie - ANSWER✔✔ Ellen and Sadie signed an agreement to list Sadie's condo
for sale. After the contract was signed, Sadie's father, Grant, offered to pay Ellen's
commission as a housewarming present. Sadie's Mom and stepdad, Linda and Rick
also chipped in. Who is Ellen's client?
Assessed value - ANSWER✔✔ Which of the following is a percentage of market
value, and is also the amount of property value to which the tax rate is applied?
Investment Value - ANSWER✔✔ Investors are generally interested in a property's
_________________.
To paint a true picture of a property's condition - ANSWER✔✔ What's the purpose
of a home inspection?
Survey
Surveys determine property boundaries and determine whether there are
encroachments on the property. - ANSWER✔✔ What is typically used to prove
there are no encroachments on the property?
FHEO (Fair Housing and Equal Opportunity) - ANSWER✔✔ Which agency
enforces federal fair housing laws?
No commission is earned if the seller locates the buyer with exclusive agency. -
ANSWER✔✔ What's the difference between an exclusive right-to-sell and an
exclusive agency agreement?
"You might consider a 1031 tax-deferred exchange."
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 classhub. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.49. 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