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Real Estate Montana final exam Questions With Complete Solutions
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Real Estate Montana final exam Questions With Complete Solutions
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Real Estate Montana final exam Questions With CompleteSolutions
_____________ is NOT part of the property manager's
responsibilities. Correct Answer Telling the owner the market
value of the building
a contract is _________ when it can be reasonably interpreted in
more than one way Correct Answer ambiguous
a contract that is missing one of the required elements such as
consideration is a Correct Answer void contract
A covenant that assures tenants that they will have peaceful
possession of the property, free of interference from the acts or
claims of the owner or certain third parties claiming rights
through the owner is the Correct Answer covenant of quiet
enjoyment
A covenant that becomes part of the property rights and binds
successive property owners is a covenant that Correct Answer
runs with the land
A deed becomes valid when it is delivered and accepted. When
does the title transfer if there is financing involved in the
transaction? Correct Answer when the trust deed is recorded
A deed in which the grantor fully warranties good clear title is a
_____________ deed. Correct Answer general warranty
,A deed in which the grantor warrants title only against defects
arising during the time he or she owned the property, and not
against defects arising before that time of ownership. Correct
Answer special warranty
A deed of conveyance that has neither express nor implied
warranties associated with it and operates to release whatever
interest the grantor has in the property is called a _____ deed.
Correct Answer quit-claim
A deed of trust arrangement consists of three roles: the trustor,
the trustee and the beneficiary. It is the beneficiary who instructs
the signing of the _____________, and it is the trustee or
trustee's representative who actually signs it. Correct Answer
deed of reconveyance
a deed of trust lien secured by real property is a ________ lien
Correct Answer specific, voluntary, equitable
a disclaimer disavows title. does it convey title in doing so
Correct Answer no, a disclaimer does not convey title
A federal law that controls land use for the protection of certain
fish, animal and plant life is the Correct Answer Endangered
Species Act
A flight pattern to a nearby airport was changed so that planes
pass over a single -family residential neighborhood. Any loss in
value to these properties would be attributed to Correct Answer
economic obsolescence
,A gross rent multiplier (GRM) at the asking price is Correct
Answer asking price divided by the gross scheduled income
A home is burning, with smoke billowing from the windows.
The fire department arrives to manage the fire and put it out, and
the property owner stands in the driveway and prohibits the fire
fighters from entering the property. Is the property owner within
his rights? Correct Answer No, because the right of exclusion
is subject to the health and safety of the community
A homeowner borrows money and secures the loan with his
primary residence. No repayment of the loan (principal or
interest) is required until the borrower dies or the home is sold.
What is this type of loan called? Correct Answer reverse
annuity loan
A lease includes a provision that a portion of the rental proceeds
will be set aside in an escrow account. The monies will be used
at a later specified time to serve as a tenant's down payment for
the purchase of a property under a certain set of agreed -upon
terms. This provision in a lease is called a Correct Answer
lease purchase provision
A lease that provides for periodic increases of rent at regular
intervals is called a Correct Answer graduated lease
A lender is required under the Truth-in-Lending Act (Regulation
Z) to furnish an applicant for a real estate loan with a copy of a
_____________. This document must be given to the borrower
before the borrower can be obligated to repay the loan. Correct
Answer disclosure statement
, A listing agreement can include _____________ clause. This
clause requires the seller to pay the broker's commission, if,
within a specified number of days after the listing contract
expires, the seller transfers his/her property to a buyer who
originally made contact with the seller as a result of the broker's
efforts. Correct Answer an after expiration
A lot with a depth of 60 feet and an area of 5400 square feet was
solve for $350 per front foot, what was the total sales price
Correct Answer $31,500
A metes-and-bounds legal description Correct Answer must
commerce and finish at the same identifiable point
A party who possesses the legal capacity to enter into a contract
is referred to in legal terms as a Correct Answer competent
party
A person that fraudulently makes a misrepresentation of fact,
opinion, intention, or law for the purpose of inducing another to
act or to refrain from action, is subject to liability to the other in
deceit for pecuniary loss caused to him by his justifiable
_____________ upon the misrepresentation. Correct Answer
reliance
A property developer has subdivide and sold all of the
subdivided lots. To avoid future liability, he wants to dedicate
the roads within the subdivision to the local city. What type of
deed will he use? Correct Answer cession deed
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