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Texas Principles Of Real Estate II (CE Shop 30 Hour TX Principles II Course) - Q&A
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Texas Principles Of Real Estate II (CE Shop 30 Hour TX Principles II Course) - Q&A
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Texas Principles Of Real Estate II (CE Shop 30 Hour TXPrinciples II Course) - Q&A
Lenders require a borrower to establish and maintain a reserve fund to ______.
Right Ans - Pay any property taxes in case the borrower misses a payment
Brandon recently purchased an old warehouse building. This building will
serve as a hub for local deliveries of fruits and vegetables within the state.
During its first week in operation, one of the delivery drivers was involved in
an accident that spilled coconuts all over the road and shut down the
interstate for hours. What type of risk is this? Right Ans - Static
Which entity enforces subdivision covenants? Right Ans - The civil court
system
What does the right of first refusal clause do when included in a lease
agreement in Texas? Right Ans - Gives a tenant the option to buy the
property they are leasing before the property is sold to someone else
What does a CMA determine? Right Ans - Market price range
Where do live auctions typically take place? Right Ans - On the steps of the
local courthouse
Which term refers to the person receiving title, often called the "party of the
second part," in a deed? Right Ans - Grantee
What's an affidavit as to debts and liens? Right Ans - A sworn statement by
the seller that no unpaid bills remain for repairs or improvements to the
property.
Which amendment to CERCLA says that "innocent landowners" aren't
responsible for clean-up of hazardous contamination? Right Ans -
Superfunds Amendments and Reauthorization Act
The economic principle that tells us that when supply goes up, price goes
down is commonly referred to as what? Right Ans - Supply and demand
,Which of the following is most susceptible to a predatory lender? Right Ans
- A borrower with poor credit
Who conducts the closing? Right Ans - Closing agent
What could be a consequence if there were no secondary mortgage market?
Right Ans - Lenders might not have funds available to make new loans to the
public.
For residential property managers dealing with prospective tenants, their
responsibilities include checking ______. Right Ans - References
What's the term for a charge that a transactional party must pay at closing?
Right Ans - Debit
Who usually pays the broker commission? Right Ans - The seller
Which of the following statements is true about using utilities interruption as
a means of collecting rent? Right Ans - It is illegal.
Which of the following is one benefit to business owners for leasing instead of
buying real estate for their business? Right Ans - Monthly rent is a tax
deduction as a business expense.
Jerry's home has been in his family for nearly 75 years and sits smack dab in
the middle of where a public university wants to expand. A government
authority has made a fair offer for seizing Jerry's home as part of the process
of taking someone's property called ______. Right Ans - Condemnation
What might Trina's mother have bequeathed to Trina? Right Ans - Her
jewelry and fine china
A vacant lot that was purchased for $18,000 three years ago has appreciated
15%. What would its value be today? Right Ans - $20,700
Which of the following options describes principal as it relates to loans?
Right Ans - Amount of payment that will be applied to the loan balance
, With the cost approach to value, what is the reproduction cost? Right Ans -
Cost to build an exact replica of the subject, with the same materials and
deficiencies
A steel plant is an example of which commercial property category? Right
Ans - Manufacturing
What does a balloon payment represent at the end of a loan term? Right
Ans - It means that some principal remains at the end of the loan term.
When a real estate professional goes beyond a broad brushstroke approach to
a CMA and takes the time to research not only recent sales, but competition
and expired listings, what trait are they exhibiting? Right Ans - Diligence
Voluntary alienation includes which of the following? Right Ans - Kali
intentionally transfers her property to Sandy.
What section of the property management agreement states that the owner
actually owns the property, and it's not facing foreclosure? Right Ans -
Owner's covenants
Why are residential properties popular with investors? Right Ans - They're
always in demand.
Appraiser Jerry is looking past how a property is being used to determine a
more optimal function. What is he determining? Right Ans - Highest and
best use
When a mortgage is used as a security instrument, who holds the mortgage
and the promissory note? Right Ans - The lender holds the mortgage and
the note.
To whom would a 1031 tax exchange usually appeal? Right Ans - Investors
Which of the following statements about zoning ordinances is true? Right
Ans - Before zoning ordinances are changed, they must be examined for
fairness and reasonableness.
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