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Real Estate
| Question | Answer |
|---|---|
| The Consumer Financial Protection Bureau (CFPB) states all of the following for residential loans EXCEPT: | the borrower may cancel the first home purchase loan transaction within three days after settlement. |
| A quitclaim deed to a parcel of real property conveys only the present interest, right and title of the | grantor. |
| The principle of appraising, which states that the maximum value is achieved when the property is in harmony with its surroundings, is the principle of | conformity |
| Bill owns an easement in Joe's property/land. Bill is not a property owner. What kind of easement does Bill have? | Easement in gross. |
| Easement in gross. | an easement in gross is the limited right of one person (or party) to use another's land (servient estate) when such right is not created for the benefit of any land owned by the owner of the easement |
| A vacant lot that measures 125 feet wide by 200 feet deep is listed at $325 per front foot. What is the listing price of the property? (multiply feet by the cost per front foot) | $40,625 (multiply 125 feet by the cost per front foot) |
| Stephen leased a residence for a six-month term and, upon expiration of the lease, retained possession of the property without the consent of the landlord. Stephen now holds an: | estate at sufferance. |
| The right of borrowers who have defaulted on a loan to redeem their property after the sale of a foreclosure for a certain period of time established by law is called a(n): | statutory right of redemption. |
| With certain restrictions, the federal tax laws permit deductions for mortgage interest on which of the following property types? | Primary residences, second homes, residential rental property |
| A typical subordination clause in a deed of trust: | places the trust deed in an inferior position to other liens on the property. |
| The party most likely to sue for specific performance in the purchase of real estate is the: | Buyer. |
| Several brokerage firms were accused of violating antitrust laws. Of the following, they were MOST likely accused of: | price-fixing. |
| When would an appraiser be least concerned about the state's economy? | When appraising a medical building |
| A real estate salesman shows a house constructed in 1912 to a prospective buyer. The buyer has two toddlers and is worried about potential health hazards. Which of the following is TRUE? | Because of the age of the house, there is a good likelihood of the presence of lead-based paint. |
| The income approach to value would be MOST important in the appraisal of a: | shopping center. |
| When an eligible veteran is negotiating to purchase a home with a VA-guaranteed loan, as part of the loan process the VA will issue a | certificate of reasonable value (CRV). |
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