Principles of Real Estate 2 Practice Test Aceable Exam Questios with 100% Correct Answers

Principles of Real Estate 2 Practice Test Aceable Exam Questios with 100% Correct Answers REO - answerWhat term describes a property that is owned by a lender because a third- party buyer couldn't be found at a foreclosure auction? Real Estate Mortgage Investment Conduit (REMIC) - answerA type of SPV that holds commercial and residential mortgages in trust, assembles said mortgages into pools based on risk, and issues bonds (securities) on these pools to sell to investors in the secondary mortgage market is a(n): a concession - answerJulio considers leasing an apartment unit from Bruno, the landlord of an apartment complex. Bruno really wants Julio to sign so the complex doesn't have vacancies. To convince Julio, Bruno offers to lower Julio's rent $75 per month for the first six months of Julio's lease. Bruno is offering Julio: ($12,000 x 10%) / 12 X 13 = interest - answerHow would you find the interest for a $12,000 loan with an interest rate of 10% over thirteen months? affidavit as to debts and lients - answerWhat is the name for the sworn statement in which the seller assures the title company (and the buyer) that there are no liens, unpaid bills for repairs or improvements, or undisclosed defects in the title? Interstate Land Sales Full Disclosure Act - answerWhat act requires that applicable contracts have a 7 day "cooling-off" period for buyers during which buyers can cancel their contract for any reason and get their money back? Principle of Conformity - answerWhich appraisal principle states that maximum value is realized when land use is in harmony with surrounding standards? anticipation - answerWhich is NOT one of the three approaches to value? Actual notice is direct or first-hand knowledge; constructive notice is the assumption of knowledge because that knowledge is in the public record. - answerWhat is the difference between actual and constructive notice? 5,280 - answerHow many feet are in a mile? A partnership where all members equally share responsibilities, profits, and losses. - answerIn terms of syndicates, what is a general partnership? FDIC - answerAfter the bank failures in the 1920s and 1930s, Congress created what institution to insure customer deposits, supervise financial institutions for safety and soundness, make large financial institutions resolvable, and manage receiverships? Real Estate Owned - answerWhat does "REO" stand for? Because the buyer has accepted the deed, the only recourse is to sue the seller under any covenants contained in the deed. - answerA buyer purchased property from a seller. Shortly after closing, the buyer discovered that there were serious flaws in the title that made it unlikely that the property could be resold in the future. What is the buyer's best course of action? a codicil - answerWhich of the following would be used to modify a will? credit to the buyer and debit to the seller - answerOn the Closing Disclosure, prorated interest paid before closing on an existing assumed mortgage is a: modifications made at the tenant's expense - answerLandlords MUST allow tenants with disabilities to make reasonable modifications to a property so they can enjoy it. But there are also unreasonable modifications a landlord does NOT have to allow; all of the following are unreasonable modifications EXCEPT: Investors can claim tax-sheltered income through depreciation expenses. - answerWhat is one way investors can get a break on taxes? ALL real estate license holders - answerFor whom is it most important to be aware of and comply with state and federal fair housing laws? A sales comparison approach does NOT utilize the principle of contribution - answerWhich of the following is FALSE about a sales comparison approach? A tenant remains in possession of a landlord's property without either a current lease agreement or the landlord's approval. Which statement is TRUE in this situation? - answerthe landlord can file suit for possession What protects consumers from abusive settlement practices and provides them with information pertinent to all settlement costs? - answerRESPA Brenda and her husband are looking to buy a property in New Orleans. The house they are looking to buy was constructed in 1971, and has all the original paint, windows, and flooring. What is required from the leasing agent in this situation? - answerThe agent needs