Real Estate Practice Exam 2 AceableAgent Questions & Answers
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Real Estate Practice stuvia
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Real Estate Practice Stuvia
Which of these is a red flag for predatory lending? - ANSWER There are unexpected, undisclosed lender fees that appear at closing.
AnswerPercy is a broker who oversees three agents. If one of the agents violates the law, which of the following is TRUE of Percy? - ANSWER Because of his vicarious ...
Real Estate Practice Exam 2
AceableAgent Questions & Answers
Which of these is a red flag for predatory lending? - ANSWER There are unexpected,
undisclosed lender fees that appear at closing.
AnswerPercy is a broker who oversees three agents. If one of the agents violates the
law, which of the following is TRUE of Percy? - ANSWER Because of his vicarious
liability Percy may be held liable for the agents actions.
AnswerThe government seizes Farsch's property to expand a highway. What is this an
example of? - ANSWER Eminent domain and involuntary alienation
AnswerWhat do the statute of limitations and the doctrine of laches have in common? -
ANSWER Both are concerned with making sure legal claims are made within a
reasonable time frame.
AnswerWhat is the maximum amount the Pennsylvania recovery fund will pay for a
single transaction? - ANSWER $20,000
AnswerWhat is a lien that applies to a certain property only? - ANSWER Specific Lien
AnswerCameron lives exactly 12 miles away from his friend Jeremy. How many feet
does that equal? - ANSWER $63,360
AnswerA 10-foot river runs along the border of Royce's property. What rights govern his
use of this water? - ANSWER Riparian Rights
AnswerAll of the following are examples of material facts requiring disclosure in a real
estate transaction EXCEPT: - ANSWER Familial status of the previous occupants
AnswerWhat is panic peddling? - ANSWER The illegal practice of causing owners to
sell their homes by creating fear that members of a protected class are moving into the
area.
AnswerCollege Town, USA has a uniform percentage of 50%. A property in College
Town has a market value of $150,000. What is the assessed value of the property? -
ANSWER $75,000
AnswerThe interest in an estate wherein, upon the death of the life estate owner, full
ownership reverts back to the original owner (grantor) is known as: - ANSWER
Revisionary interest
, AnswerDuring the option period, Kat, the buyer, decides that she wants to change the
closing date so that the seller has enough time to make repairs. She should request: -
ANSWER An amendment to the contract
AnswerA listing agreement and buyer representation agreement are the best tools for
creating: - ANSWER Express agency
AnswerA certificate of occupancy is issued by a governmental authority to indicate that
a building is: - ANSWER Ready and fit for inhabitants
AnswerIn Pennsylvania, who does a closing agent typically represent? - ANSWER The
title company or an attorney
AnswerThe harsh winter months are coming up, so property manager Katie arranges for
an inspection of the pipes and the roof for potential leaks. This is an example of: -
ANSWER Preventative Maintenance
AnswerWhat, if known, could cause a buyer or seller of real estate to take a different
course of action or make a different decision regarding the property purchase? -
ANSWER Material facts
AnswerEmily signed a document that created the debt she was assuming on a home
loan and spelled out the terms of the loan. It was one of two documents that make up a
mortgage loan agreement. What document did she sign? - ANSWER Promissory note
AnswerWhat is a group of investors that get together and combine resources to make
investments they wouldn't be able to make on their own? - ANSWER Syndicate
AnswerWhat kinds of loans are eligible for a three-day right of rescission under
Regulation Z? - ANSWER Loans where already owned homes are used as collateral
AnswerEmory is a Pennsylvania broker. He knows he must maintain trust account
records for 3 years if a transaction is consummated, but how long must he maintain
records if the transaction is NOT consummated? - ANSWER 6 months
AnswerAccording to the "I" in MARIA (intent), something that was intended to be
permanent, like a built-in bookcase: - ANSWER Is probably a fixture
AnswerEli, a broker in Pennsylvania, is nearing the end of a transaction. What does he
need to give his client before the parties sign the contract? - ANSWER Estimated
closing costs
AnswerWhich of these describes a situation where a subordination agreement would be
used? - ANSWER A homeowner with a home equity loan wants to refinance their
primary loan but the lender wants priority over the home equity loan
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