Principles Real Estate II- Practice Exam 2 Questions & Answers: Latest Updated

Principles Real Estate II- Practice Exam 2 Questions & Answers: Latest Updated a use of property that is not in agreement with present zoning laws nonconforming use A method of valuing a property based on the monetary returns it can be expected to produce is the income approach land exempt from real property tax includes government office buildings, parks, schools karl signed a one-year lease on an apartment with a rental agency. He sublet the apartment to Kurt, who defaulted on the sublease. Any action entered by the landlord would be against Karl RESPA prohibits, among other things kickbacks and/or fees for services not actually performed during the closing process when an agent's authority arises form custom in the industry, it is identified as implied authority before a newly constructed building may be utilized by tenants, the owner must secure a certificate of occupancy which of the following leases would be unenforceable in court, unless it was in writing? a three-year commercial lease a broker can indemnify herself against legal actions by those with whom she deals by purchasing errors and omissions insurance which of the following results from factors outside the property ecconomic obsolescence a point is ___% 1 the use of a property that will give it its greats current value is its highest and best use the right of rescission in credit transactions for home refinancing is ___ business 3 the governing body of a cooperative is called a board of directos adjustments for differences between the subject property and the comparable property are made to the comparable proeprty the amount of commission to be paid the broker for selling a property is stated in the listing contract Texas tax rates are expressed as dollars of tax per hundred dollars of caluation chen bought a home for $100,000. Paying $20,000 cash and taking an $80,000 mortgage loan. NOw several years later, the loan balance is $75,000 and the home is worth $120,000. Which of the following is true? chen's equity is 45,000