Bob Hogue 2 EXAM Questions and Answers Already Passed
6 views 0 purchase
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
1
,- ✔✔ 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
2
, - ✔✔ 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
3
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 ExcellentScores. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
