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Mock Exam 4

QuestionAnswer
Of the following, which would have the greatest effect on the supply of real estate in a particular market? (demographic change, employment rates, local amenities, size of labor force). Size of labor force has the greatest influence on supply an demand for real estate. The size of the labor force determines how many people are able to afford to purchase homes within the local market.
A property is listed for $400000. The sellers owe $200,000 to the bank on the mortgage, and have agreed to pay a 6% commission. They will also owe 4000 in closing costs. If the property sells for full price, what will their net proceeds be? 172,000
An example of a freehold inheritable instate is a/an: a) life estate (not pur autre vie) b) leasehold estate c) estate at will d) fee simple defeasible estate D -- The fee simple estate is the highest and most complete form of ownership, and it is inheritable and of potentially infinite duration. Generally, life estates aren't inheritable.
Unless otherwise stated, a buyer should receive: a) air rights and mineral rights b) air rights and surface rights c) mineral rights and subsurface rights d) air, surface, and subsurface rights D -- Unless noted, a property buyer should receive all the normal appurtenances that go along with the land: wire rights, surface rights, and subsurface rights.
ABC Lending Company holds title to Peter's mortgaged land. He lives in a: a) lien-theory state b) title-theory state c) dower state d) dept modification state B -- In some states, known as title-theorty states, the execution of a mortgage or deed of trust is still regarded as a transfer of legal title to the lender or trustee.
Are unrecorded deeds still valid? Yes -- A deed that is unrecorded is still valid. However, it does not provided constructive notice of the grantee's interest, exposing the grantee to the risk that he could lose the property to a subsequent good faith purchaser.
Is an oral agreement for the sale of real property unenforceable or voidable? An oral agreement for the sale of real property fails to fulfill the requirements of the statue of frauds. Such a contract is unenforceable, except in rare instances.
How can homeowners enforce a deed restriction? By filing for an injunction in the appropriate court. An injunction is a legal order that prohibits a person from taking a particular action.
What is the proper method for determining the gross income multiplier? Divide sales price by gross income -- The gross income multiplier method involves dividing a comparable's sales price by its gross income to determine the multiplier.
What is done with real estate license fees? They are placed in the Real Estate Commission account
Who issues rules and regulations that govern the activities of real estate licensees? The Director, with the advice and approval of the Real Estate Commission, issues rules and regulations to govern the activities and practices of real estate licensees.
Any person employed, either directly or indirectly, by a real estate brokerage–or any person who represents the real estate brokerage–in any capacity that requires a real estate license, is a/an: Broker -- this is the definition of the real estate broker.
A 30 hour course must be completed to activate a license that has been inactive for more than how long? 3 Years -- to activate a license that has been in active for more than three years, the licensee must complete a 30 hour course.
The selling agent must not accept a promissory note as an earnest money deposit unless what? Unless the purchase and sale agreement discloses that the deposit is a note. The selling agent must disclose that the deposit is in the form of a promissory note or any other form that is not the equivalent of cash.
If a licensee is a defendant in a civil suit stemming from real estate activities, when must the licensee notify the real estate program manager? Within 20 days of a verdict or judgement.
Does Washington state real estate agency law address penalties for not disclosing agency status? No -- penalties are found in the license law.
How long must a real estate firm maintain records of closed transactions? 3 years
Created by: fwlenard
 

 



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