A fee simple estate is - Study guides, Class notes & Summaries

South Carolina Real Estate Exam (State Portion Only) Questions and Answers The creditor should ascertain the preference of the _____ as to legal counsel relating to closing the loan and insurance agent. A) lender B) seller C) real estate agent D) borrower - Correct Answer ️️ -D) borrower The assumption fee when assuming a loan in SC may not exceed _____. A) 1% of the loan or $400, whichever is greater B) 1/2% of the loan C) $500 D) 1% of the loan or $400, whichever is less - Corr...

FREC Practice Test Questions & Answers 2023/2024 1. Which of the following statements is true regarding a mortgage loan originator (MLO)? a. A mortgage loan originator is the same as a mortgage broker. b. A mortgage loan originator must have a separate license. c. A mortgage loan originator makes loans. d. A mortgage loan originator must have a real estate license. - ANSWER-B 2. A real estate appraiser's fee for professional service is based on which of the following? a. A percentage...

Valuation process A systematic procedure used in the valuation of real property. Steps: 1: Define the problem 2:Determine scope of work 3:Gather, record, and verify the data 4:Determine the highest and best use 5:Estimate the land value 6:Estimate value by each of the three approaches (if applicable) 7:Reconcile the estimated values into the final opinion of value 8:Report the final opinion of value Client The party or parties who engage, by employment or contra...

Champions Powerhouse Training SAE 146 Questions with Verified Answers An area of neighborhoods or sub divisons that is serviced by your firm. - CORRECT ANSWER Geographic Farm A plan by which you develop to gain name recognition - CORRECT ANSWER Marketing Plan Becoming different in your approach through growth and development - CORRECT ANSWER differentiate All the properties in a particular price range, in the area your firm services - CORRECT ANSWER economic farm Words or cont...

A deed recorded in Maryland conveys Greenacre to Frank for life and at his death to Jane, her personal representative and assigns the interest vested in Frank and Jane by this deed are commonly referred to as A. Fee simple B. Life estate remainder C. Free hold and non-freehold D. Vested life estate and contingent remainder - CORRECT ANSWER-B. Life estate remainder What is MAHT? A. Maryland Administration Household Training B. Maryland Agricultural Homestead Trust C. Maryland Afford...

Legal Aspects of Real Estate Final Exam 2023/2024 With Complete Solutions Because the United States started as an English colony, our legal system is a mix of common law and civil law Which of the following is not one of the four main sources of law? Contract law Based on the two broad categories of law, which one covers typical cases involving contracts and property ownership? Civil law The California _________ is the highest court level and all courts in California are bound by it...

Courses for the renewal of an active real estate broker or sales agent license are called (Ans- continuing education (CE) What is the maximum amount that the Commission will pay from the real estate recovery trust account for claims against any one license holder, until the account has been repaid in full by the license holder? (Ans- $100,000 Which is owned by the tenant? (Ans- a trade fixture Which of the following terms refers not only to the surface of the earth but also below ...

CHAPTER 3 Mortgage Loan Foundations: The Time Value of Money TRUE/FALSE 1. In order to solve a compounding problem, you must know all four of the variables in order to solve for the fifth variable. (T) 2. One way to calculate the present value of a single payment is with the following formula: PV = FV * (1+i)n. (F) 3. At 6%, the present value of a $1 payment in 12 months is .. At 7%, the present value of a $1 payment in 12 months is .. (F) 4. The future value of $800 deposited ...

Well-structured PVL3702 Assignment 2 (ANSWERS) Semester 1 2024 - DISTINCTION GUARANTEED. (DETAILED ANSWERS - DISTINCTION GUARANTEED!). .... Question 1 Answer saved Marked out of 1.00 Flag question Question text Gary points a loaded gun at Pete, and orders him to sign a written contract. Gary explains that the document is for the sale of Pete’s car to him (Gary), at a price of R50 000 which is far below the market value of the car. Pete, fearing for his life, signs the document. Which cause of ...

Ky Board of Auctioneer Test with 100% verified questions and answers Absolute Auction -ANS After the auctioneer calls for bids on an article or lot, that article or lot cannot be withdrawn unless no bid is made within a reasonable time Auction with reserve -ANS when auctioneer may withdraw the property at any time until he or she announces the completion of the sale. The potential bidders are the offerors Auction with reserve and the sellers reserving the right to bid -ANS The auction...