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NH RE Exam 6

QuestionAnswer
A situation in which an individual or organization is involved in several potentially competing interests, creating a risk that one interest might unduly influence another interest, is known as: A conflict of interest
The statement “present worth to typical users or investors of all rights to future benefits, arising out of property ownership” is best describing: The value of a property
A mortgage and trust deed are the same in which they allow: The property to be sold in the event the borrower defaults
When a real estate agent is determining the market value of a property by looking at the recent sales of similar properties in nearby areas, the agent is using: Comps
In regards to the borrower in a mortgage agreement, they would NOT be called the: The mortgagor in a mortgage agreement refers to the borrower. In this case, any of the given choices would be incorrect.
If Reginald, a buyer, asks Bernard, a seller, to finance part of the mortgage himself, Reginald is asking for: Owner financing
If a homeowner obtains a home equity line of credit, they have obtained: A mortgage loan
When a lender uses another party to either completely or partially originate, process, underwrite, close, fund, or package the mortgage it plans to deliver to the secondary mortgage market, this process is called: Third-party origination
The noting in the registrar’s office of the details of a properly executed legal document, such as deed, mortgage note, satisfaction of mortgage, or extension of mortgage, thereby making it a part of the public record is called a: Recording
Which of these would have the most percentage of their funds invested in real estate mortgages? Savings and loan associations
If buyer obtains a land contract from a seller, the seller retains: Title to the property
A section in real estate is: One square mile
When Jeff, a real estate agent, is given power of attorney to act on behalf of the principal for an unlimited range of legal matters, Jeff has become what is known as a: Universal agent
If Bethany is an appraiser, she is a(n): Individual qualified by education, training, and experience to estimate the value of real property and personal property
When a building and the land are appraised separately, this is which type of approach to appraisal? Cost
Chattel real can be interest of a lessee and is NOT: Real property
Amanda is a real estate agent performing a title search on a property. After performing her due diligence, she finds that the title is a clear title. What does this mean? A clear title means that it is free of any liens or legal questions as to ownership of the property
What is the largest and most important function of the FHA? Insurance
If a person owes money to another person, the person who is owed the money is referred to as the: Creditor
Condemnation is the due process proceeding for: Eminent domain
A remainder is when: There is a residue of the estate
In real estate, the simplest form of property ownership is called: Severalty
If the government is building a highway that is planned to pass directly through an individual’s private property, the government can enact eminent domain. However, the government must: Make a payment to the property owner equal to the fair market value of the property
An income based community lending model in which mortgage insurers and Fannie Mae offer flexible underwriting guidelines to increase a low or moderate income family’s buying power and to decrease the total amount of cash needed to borrow a home Fannie Mae Community Home Buyer’s Program
Even if a person has a low credit worthiness, the Fair Housing Law requires: The Fair Housing Law does not require that a lender perform any of these actions if the individual does not meet the required creditworthiness.
A contract that has been fully performed is known as being: Executed
What is the main justification for zoning ordinances? They promote the general health, safety, and welfare of the community
Which of these is considered to be an encumbrance? A lease, mortgage, easement, or restriction is considered an encumbrance of a fee simple title.
When title is given to a person, it is showing that the person has a: Right to or ownership of a property
This person solicits loans, represents the lending institution, and represents the borrower to the lending institution. Loan officer
In an area neighborhood that has a home in a dilapidated state that would require extensive remodeling to be compared to other homes in the area, what would this be an example of: Incurable depreciation
The type of listing that is the most risky and open to fraudulent activity is called: Net listings are when the agent keeps the sales price above a certain amount and can subject the broker and agent to have their licenses suspended or revoked.
Under what type of lease does the tenant pay a fixed rental amount and the landlord pays all of the operating expenses for the premises? Under a gross lease, the tenant pays a fixed rental amount and the landlord pays all of the operating expenses for the premises.
A broker gives a written step by step manual to new agents & instructs them to follow it exactly in order to produce sales for the brokerage. The broker threatens to discipline any agent that doesn't follow the steps, up to and including termination. Do what they feel is best for obtaining results for the brokerage. An agent is an independent contractor and liable for results only, not the means they are achieved.
In order to have a legal and valid agency relationship, which of these is required? Mutual consent
If there is an easement appurtenant, there must also be: A dominant tenement
A condition on a title to a property that is revealed by a title search that adversely affects the title is called a: Cloud
If a buyer decides to pay for a property in cash, which form is required to be filed according to the IRS? Form 8300
When a lender makes a “firm commitment”, the lender has: Made an agreement to loan a specific borrower an amount on a specific property
The most basic definition of “credit” is: An agreement in which a borrower receives something of value in exchange for a promise to repay a lender at a later date
In New Hampshire, a real estate license is valid for: 2 years
This is a loosely used term generally taken to mean a borrower has completed a loan application and provided debt, income, and savings documentation which an underwriter has reviewed and approved: Pre-Approved
When referring to an ARM, this is a term that: Stands for adjustable-rate mortgage and one in which the interest rate adjusts periodically based on an index
A written justification of the price paid for a property, primarily based on an analysis of comparable sales of similar homes nearby is called: An appraisal
In the event that parties do not comply with the bulk sales law as outlined in the Uniform Commercial Code, the buyer is likely to be: The most injured
Instead of refinancing a mortgage, sometimes a lender will agree to do this instead: Modification
If a loan is in a subordinate lien position to the first loan on a property, this is called: A second mortgage
Which party is most likely to sue for specific performance in regards to the purchase of real estate? The buyer
A lease that allows a landlord to collect money based on the amount of sales the tenant store produces is: Called a percentage lease
The entire stock of a retail store was sold for $9,400 to Bill Smith. Mr. Smith then sold the stock for 20% more than he paid for it, but due to some debts he lost 10% of the selling price. The net profit on Mr. Smith's' investment was: $9,400 x 20% = $1,880 (profit). $9,400 + $1,880 = $11,280 x 10% (loss) = $1,128 loss. $11,280 - $1,128 = $10,152 (sales price less 10% loss). $10,152 - $9,400 (purchase price) = $752 (net profit).
Created by: vele