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Real Estate final SG
| Question | Answer |
|---|---|
| The valuation method that uses the monthly rent as the primary comparison to calculate market value is called? | the GRM method |
| An appraiser uses the cost approach in appraising a home. The appraiser should NOT use which of the following types of information? | Depreciation on the land |
| Regulation Z of the Truth in Lending Act requires that if any of the terms of a loan (trigger terms) are advertised, then the ad must include details of all the terms. These required terms include: | the cash price, required down payment, payment amount(s), Apr, total of all payments |
| Lenders help protect themselves from loss by using: | impound accounts |
| Agent Stanley has a client that plans on staying in the same home for at least 20 years and the current interest rates are at relatively low levels. What type of loan would probably be recommended? | A fully amortized 30 term loan |
| A broker that does not represent the seller or the buyer but simply is paid a fee to bring the two together is called a: | Transactional Broker |
| A special assessment is confirmed after the agent got the listing. The assessment is to be paid in 5 equal installments including interest as researched by the agent. The agent is: | required to inform the buyer that there will be a special assessment lien at the transfer |
| Any knowledge the agent has pertaining to coming changes in school district boundaries would: | be considered a material fact that must be disclosed |
| A broker listed a property for 90 days . Soon after the listing expired, the owner sold the property to someone who had been shown the property by the broker during the listing period. The owner was obligated to pay the broker a commission on this. This o | protected |
| What is the purpose of the deposit in a real estate transaction? | To provide evidence of the buyer's intention to buy the property |
| A buyer and a seller enter into a binding agreement to sell a house. the sellers then refuse to sell the house to the buyer because they decide they want to continue living there. Which of the following principals of law will be used to sue the seller? | specific performance |
| Which of the following is true about an Exclusive right to sell? | if someone else sells the property the Listing Brooker still gets a commission |
| You list your property for sale with a broker. The listing contract stipulates that the seller will receive $110,000 "net" with all proceeds over "$110,000 being the broker's commission. This type of listing is: | a net listing |
| A grantor wishes to convey title to a grantee in a deed that creates the least protection for the grantee. The grantor should give the grantee a: | Quitclaim deem |
| When new land is acquired as water recedes it is called: | reliction |
| Familial status and handicap were added as protection classes in Fair Housing by: | the Fair Housing Amendments Act. |
| If a prospective tenant is handicapped, the landlord must | allow the tenant to pay for improvements |
| To be considered an independent contractor by the IRS: | a written salesperson agreement is required |
| injunctive relief: | is to prevent future discrimination |
| Which of the following must be proved in Fair housing Complaint | That discrimination occured |
| A property is valued at $85,000 assessed at 50% of its value. The tax rate is $3.50 per hundred. How much are the taxes? | $1,487.50 |
| A driveway is 10 feet wide and 150 feet 6 inches long. The cost to build it is $25 per square yard. What is the total cost of the driveway? | $4,180,56 |
| In the practice of property management, which federal law specifically defines the amenities and other necessities which must be made available to handicapped persons for covered properties? | The Americans with Disabilities Act (ADA) |
| A licensee is found guilty at a Real Estate commission hearing and has license suspended. The licensee appeals the decision in court. Which of the following is true? | The licensee can list and sell during the appeal, but only if a stay of enforcement is granted. |
| The commission has the full power and authority by law to do which of the following? | Fine violators up to $5,000 |
| Which of the following is true about commission member terms? | Each term is for 6 years, and a member cannot be reappointed |
| Which of the following would be required to have areal estate license? | A person referring real estate business to licensees for a fee |
| Upon death of your sponsoring broker, which of the following best describes your rights and responsibilities as a salesperson? | You are provided 180 days to close pending business, no new business may be started |
Created by:
Smithhannah236
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