ASREB PracTEST 100% Correct Solved

ASREB PracTEST 100% Correct Solved Who does a salesperson represent? A. Client B. Customer C. Employing Broker D. Co-operating Broker - Correct Answer ️️ -Employing broker when must licensee report criminal conviction - Correct Answer ️️ -10 days licensed mortgage loan originators are registered through - Correct Answer ️️ -Nation Wide Mortgage Licensing System a clause in real estate transactions allows adjustments of payments up or down - Correct Answer ️️ -escalation clause escrow company may disperse commissions directly to salesperson if - Correct Answer ️️ -escrow agent gets written permissions for each transaction who can receive referral fee for out of state referrals - Correct Answer ️️ -licensed agents (NO unlicensed people! i.e. ( anyone who makes referral is WRONG) If the trust account is interest-bearing, then the interest must be cleared - Correct Answer ️️ -once annually property damaged due to fire, tenant can terminate lease with - Correct Answer ️️ -14 day written notice broker is required by law to reconcile trust account - Correct Answer ️️ -at least once a month application for variance would most likely show as - Correct Answer ️️ -spot zoning Buyer wants to know his cash on cash return. What is he most interested in? - Correct Answer ️️ -price paid non- disturbance clause most benefits - Correct Answer ️️ -lesee "crack in the earth opening from aquifers - Correct Answer ️️ -groundwater overdraft buyer buys parcel of land, what happens with mineral rights - Correct Answer ️️ - transfer with buyer When the county assessor evaluates real estate for the purpose of taxation, this is called: - Correct Answer ️️ -assessed value what is the max amount fixer/ flipper may make without using a licensed contractor - Correct Answer ️️ -$1000 when people will pay more for a property but there is no objective reason to do so, this is most likely due to: - Correct Answer ️️ -amenities If a HOA has additional expenses, how would they be handled? - Correct Answer ️️ - Each owner will pay pro rata share Deed in Lieu of Foreclosure - Correct Answer ️️ -A deed given by the mortgagor to the mortgagee when the mortgagor is in default under the terms of the mortgage. This is a way for the mortgagor to avoid be denied by lender. $90,000 loan, payable 1500/ month at 6% per annum what is interest on 4th month a. 427.50 b. 412.50 c. 435.00 D. 420.00 - Correct Answer ️️ -a. 427.50 ( 1500 * 3 = 4500 90,000-4500 = 85500 85500 * .06 = 5130 5130 / 12 = 427.50 when property has a cap rate, cash additional $800 of operating expense has what effect on property value - Correct Answer ️️ -value decreases by $80 you borrow $90,000 at 9% interest for 20 years. monthly payment is $900, principal and interest, what is total amount of interest paid after 20 years - Correct Answer ️️ -1) 240(# of mo.) x 900 = 216,000 (total payments over 20 years) 2) 216,0000 - 90,000 = 126,000 (total interest paid over 20 years) market rent (economic rent) - Correct Answer ️️ -the rent a property can command in the open market Contract Rent - Correct Answer ️️ -The amount of rent stated in a lease agreement. if contract rent exceeds economic rent it is known as - Correct Answer ️️ -excess rent and lessor has advantage. with lesee at disadvantage and can be considered NEGATIVE LEASEHOLD When economic rent exceeds contract rent the difference is called - Correct Answer ️️ -deficit rent, lessee has advantage and lessor has disadvantag