ASREB Exam Practice Questions and Answers

ASREB Exam Practice Questions and Answers types of loans - Correct Answer ️️ -FHA loan, Conventional loan, VA loan FHA loan - Correct Answer ️️ -MIP (Mortgage Insurance Premium) Two types (Upfront and Monthly) Conventional loan - Correct Answer ️️ -PMI (Private Mortgage Insurance) Drops off automatically at 78% loan to value (LTV) Ask for removal at 80% loan to value VA Loan - Correct Answer ️️ -Funding Fee based on value USDA loan - Correct Answer ️️ -loan is zero down loan for rural homes Gross lease is paid by the - Correct Answer ️️ -landlord Net lease is paid by the - Correct Answer ️️ -tenant how many standard sections are in a township? - Correct Answer ️️ -25 how many fractional sections are in a township? - Correct Answer ️️ -11 how many sections are in a township? - Correct Answer ️️ -36 a landlocked parcel would warrant an easement by - Correct Answer ️️ -necessity easement in gross - Correct Answer ️️ -the PERSONAL RIGHT to use land for a specific, limited purpose unrelated to any adjacent parcel. Servient tenement only. Estate at sufferance - Correct Answer ️️ -Tenant remains on the property, without the landlord's permission, after the lease has expired A hold over tenant has an estate at - Correct Answer ️️ -sufferance CFPB - Correct Answer ️️ -Customer Financial Protection Bureau The CFPB governs - Correct Answer ️️ -Savings and Loans how many townships are in a government check? - Correct Answer ️️ -16 how many miles square is a government check? - Correct Answer ️️ -24 miles square Who limits the liability of an estate? - Correct Answer ️️ -Executor Joint tenancy with Right of Survivorship - Correct Answer ️️ -kills wills (no probate!) T/F a corporation or LLC can be a joint tenant - Correct Answer ️️ -F, they cannot because they do not die Holographic will - Correct Answer ️️ -handwritten will with no witnesses encumberance - Correct Answer ️️ -limitation attached to the property and burdens title satisfaction piece - Correct Answer ️️ -payoff of judgement or loan If a seller wants to net $105,000 after paying a 6% commision AND $4,000 in closing costs, what must the listing price be? - Correct Answer ️️ -105,000+ 4,000= 109,000 100%- 6%= 94% 109,000/ 94%= 115,957.45 The listing price should be $115,957.45 how many feet are in a mile? - Correct Answer ️️ -5280 how many yards are in a mile? - Correct Answer ️️ -1760 how many feet are in an acre? - Correct Answer ️️ -43,560 Land in AZ is in an AMA because - Correct Answer ️️ -of overdraft of the underground water option - Correct Answer ️️ -unilateral contract, consideration, optionor bound (enforceable on optionor) conversion - Correct Answer ️️ -misappropriation of funds, theft, or broker using trust account to pay company bills Constructive Notice - Correct Answer ️️ -Recordation, public posting, and advertising The right to licence a real estate agent comes from - Correct Answer ️️ -the State Legistlature What is required on the deposit receipt of a broker trust account? - Correct Answer ️️ - deposit breakdown, date, and principal names (does not need name of the brokerage) T/F a listing needs a legal description - Correct Answer ️️ -F, a listing does not need a legal description Lead based paint disclosures are required for - Correct Answer ️️ -All residential properties built before 1978 Who can cancel and Estate at Will? - Correct Answer ️️ -Lessor or Lessee How many days does a trustee have to record the Deed of Reconveyance after a Deed of Trust is paid off? - Correct Answer ️️ -30 Harvested Crops are - Correct Answer ️️ -emblements and personal property T/F A disclaimer deed cannot convey title - Correct Answer ️️ -T; a disclaimer deed can NEVER convey title. An option has been exercised. What kind of contract are you now in? - Correct Answer ️️ -Bilateral executory When does a contract become executed? - Correct Answer ️️ -At closing What kind of relationship does an agent h