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CompuCram Exam 2024 Questions With Completed Answers To Score A+!!
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CompuCram Exam 2024 Questions With Completed Answers To Score A+!!
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Name: Score:52 Multiple choice questions
Term 1 of 52
What law creates an automatic lien on a commercial property, subject to the listing agreement?
The movement of money out of a savings account into a higher-yield investment, such as a
corporate or government instrument
An agreement that is not put into words, either written or verbal
why?An example of an implied contract would be when one goes to a restaurant. It is
understood that payment of the bill is expected even if the
matter is not discussed before the meal is consumed.
Buyer broker contract
why?The buyer broker agreement entitles a broker to be paid by the buyer when the seller
is not offering compensation.
Broker lien law
Commercial Broker Lien Laws. ... These laws allow for a commercial real estate broker to
obtain and foreclose upon a lien as a legal remedy against a property if the buyer/seller or
lessee/lessor fails to pay the broker the agreed upon commission, as their interests in the
real property may apply.
Term 2 of 52
Unenforceable Contract
has all legal elements but it may be cancelled or voided
assignment
a contract that cannot be enforced in court
lacks one or more legal elements & has no legal force or effect
,Term 3 of 52
Void Contract
Building the functional equivalent of the original structure
lacks one or more legal elements & has no legal force or effect
a contract that cannot be enforced in court
hypothecation clause
why?
a hypothecation clause in a mortgage literally states that the real property is being
pledged as security for repayment of a promissory note/loan.
the habendum clause literally transfers real estate in a deed, not a mortgage; it is often
referred to as the to have and to hold clause. the
defeasance clause in a mortgage says that, once the promissory note is paid, the mortgage
is void. there is no collateral clause.
,Term 4 of 52
Syndicate Banking is:
Buyer broker contract
why?The buyer broker agreement entitles a broker to be paid by the buyer when the seller
is not offering compensation.
REIT
why? Corporations, partnerships, and LLC ownership interest are not required to have a
specified number of individuals. The REIT must have at least
100 investors.
A REIT is a company that owns, operates or finances income-producing real estate.
Modeled after mutual funds, REITs provide all investors the chance to own valuable real
estate, present the opportunity to access dividend-based income and total returns, and
help communities grow, thrive and revitalize.
A group of investment banks acting together when lending large amounts of money to a
specific
company
Investment banks join to lend large amounts of money to a specific borrower.
Broker lien law
Commercial Broker Lien Laws. ... These laws allow for a commercial real estate broker to
obtain and foreclose upon a lien as a legal remedy against a property if the buyer/seller or
lessee/lessor fails to pay the broker the agreed upon commission, as their interests in the
real property may apply.
, Term 5 of 52
A two-unit building rents for $800/unit/month. The capitalization rate is 10%. The monthly multiplier
is 125. What is the
market value via the Income Approach to Value?
As soon as the buyer signs it
$122,340
The seller wants to net $100,000, but needs to make an additional $15,000 for closing costs.
Therefore, $100,000 + $15,000 = $115,000. First
add all dollar amounts to be paid, then add percentages. So, 5% + 1% = 6%. $115,000/(100% -
6%) = $115,000/.94 = $122,340.
Contract for deed (another name for land contract)
$200,000
$800 x 2 = $1,600/month x 125 = $200,000.
Term 6 of 52
An installment agreement where the buyer makes payments for the right to possession but no
title transfers until most or
all of the terms have been met is a/an:
Purchase money mortgage
Land contract
Novation
Bilateral contract
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