NH Real Estate Exam
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| A "jumbo loan" is also known as: | show 🗑
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| show | Equity
Equity is the difference between the market value and the debt on the property
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| show | Mutual Mortgage Insurance
The FHA insures loans with Mutual Mortgage Insurance
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| The amount of the outstanding balance on a mortgage not including any interest or other charges is called: | show 🗑
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| show | Has committed fraud
Both agents and sellers have the commitment to disclose any and all pertinent facts about a property
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| show | Severance
severance is when an item that was once attached to real property becomes detached from that real property and is now considered personal property. It changed from real property to personal through severance.
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| show | 1 business day
In New Hampshire, as part of receiving funds for a transaction the broker must open a designated trust account within one business day.
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| show | A sheriff's deed
A sheriff's deed is issued to the holder of a certificate of sale after the one year redemption period has passed under the terms of the mortgage foreclosure proceeding
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| show | Adjusted
in the sales or market data approach to appraisal, the sales prices of comparable properties are adjusted to match the specifications of a subject property
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| The relationship between economic life of a house and physical life of a house is: | show 🗑
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| A fiduciary who holds or controls property for the benefit of another is called: | show 🗑
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| Any encumbrance placed on a property without the owner’s consent is considered: | show 🗑
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| In New Hampshire, the institution that is to protect the public from incompetence or dishonesty by real estate licensees and creates a fair and functioning regulatory environment for the real estate industry is called the: | show 🗑
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| The surface of the earth and the material beneath the surface of the earth is part of the: | show 🗑
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| A written decision of the court, that when recorded creates a lien is known as: | show 🗑
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| show | Increased property value
Proper and careful zoning can increase property values by means of the Principle of Conformity.
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| show | Blanket
A blanket encumbrance is placed when more than one property is used as security for a not and trust deed.
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| If personal property is affixed in a permanent manner to real property, it becomes what is called a(n): | show 🗑
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| If Jonathan, a realtor, slanders the business practices of another realtor, Janice, saying that she deals unfairly with clients and steers people to neighborhoods she thinks they can afford, this would be: | show 🗑
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| In the exercise of police power, which of these is NOT related: | show 🗑
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| Loan-to-value is best described as: | show 🗑
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| What is the largest and most important function of the FHA? | show 🗑
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| If a person who works for a private corporation wants to participate in an employer-sponsored investment plan that allows them to set aside tax-deferred income for retirement or emergency purposes, they would enroll in a: | show 🗑
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| show | A homestead
In order to file a valid homestead, the person must reside on the property at the time of recording the homestead and also sign a statement that claims the property as a homestead.
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| According to the EPA, real property, the expansion, redevelopment, or reuse of which may be complicated by the presence or potential presence of a hazardous substance, pollutant, or contaminant is called: | show 🗑
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| If a lender is issuing an FHA or VA loan, where does the funding originate? | show 🗑
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| In New Hampshire, which law governs the agency relationships between buyers, sellers, landlords and tenants, and licensees? | show 🗑
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| The best description of an individual’s credit history is: | show 🗑
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| show | Personal property is transferred by will
Historically the term bequest is for personal property and devise is for real property. In modern times, the two terms are used interchangeably on most occasions.
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| show | Increase the amount of money available in the economy
If the Federal Reserve Board lowers the reserves required of member banks this increases the amount of money available in the national economy.
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| show | Both a state and local tax that is payable when title passes from one owner to another
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| show | The New Hampshire Real Estate Commission
the New Hampshire Real Estate Commission must be notified within one month and be provided with the bank name and the account name or number for each trust account they control.
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| show | Servicer
A servicer is a company or organization that collects principal and interest payments from borrowers and manages borrowers’ escrow accounts
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| When Larry, a homeowner of his personal residence, is preparing his taxes at the end of the year and he decides to deduct the tax paid on his personal residence, this would be: | show 🗑
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| If a lender determines that there is a high loan-to-value ratio, this means that the loan is: | show 🗑
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| Government loans are insured by: | show 🗑
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| show | Interest rates vary over the term of the loan
When interest rates vary over the term of the loan this is called an adjustable rate loan.
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| In order to legally deprive a borrower who is in default of his or her interest in the mortgaged property, the legal process that would be initiated is called a(n): | show 🗑
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| A violation of the Sherman Anti-Trust Act could be: | show 🗑
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| Federal Savings and Loan Associations are what funding source for residential mortgages? | show 🗑
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| Of the following, which line items are not tax deductible for homeowners? | show 🗑
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| If a minority person is looking to purchase a home and the lender refuses to lend to them based on their creditworthiness, this is: | show 🗑
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| show | A lien
A lien is an official charge against property as security for the payment of a debt or an obligation owed for services rendered.
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| show | Deposit the money in an escrow account
All earnest money must be placed in an escrow account. Earnest money cannot be mixed with personal accounts, business operating accounts, or other locations
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| When all the papers are drawn up correctly and everything is ready for the final steps to close the escrow, which typically includes recording the deed, the escrow is called: | show 🗑
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| A property report that contains pertinent information about the subdivision and discloses to the prospective buyer that he or she has a minimum of 7 days in which to rescind the purchase agreement is required under: | show 🗑
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| The statement “present worth to typical users or investors of all rights to future benefits, arising out of property ownership” is best describing: | show 🗑
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| show | Combines personal liability insurance and hazard insurance coverage for a dwelling and its contents
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| show | The payment is not paid when due
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| In New Hampshire, the real estate commissioner is: | show 🗑
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