Final Exam prep (The CE Shop)
Questions & Answers
buyer reagan wants to know what her closing costs cover. You explain that the money
covers ______ - ANSWERSCounty recording fees
which party's closing costs might include mortgage insurance? - ANSWERSbuyer
Uh-oh. You failed to present an offer on behalf of your client in a timely manner. As a
result, the seller accepted a lower offer from another buyer. For which of the following
could your buyer sue you? - ANSWERSnegligence
a 47 yr. old veteran owns a home in east chicago (tax rate 3.46%) that has an assessed
value of $125,000. Calculate his tax bill based on this information. - ANSWERS1,779.20
According to national standards, how should square footage be reported in residential
buildings? - ANSWERSsquare footage should be reported to the nearest square foot.
what is it called when a person who has possession of a property through a life estate
abuses the property or allows it to deteriorate? - ANSWERSact of waste
why is it common for lenders to sell mortgages on the secondary market -
ANSWERSSo they can obtain additional funds to continue making loans available to the
community
when does recaptured depreciation apply? - ANSWERSupon the sale of an investment
property
at the time of closing, jessica grants her property to theo, who pays for and recieves a
clear title to the property after alyssa has ensured that the title is free of defects. Which
one of the following options describes jessicas role in the transaction? - ANSWERSThe
seller
, real estate appraisals conducted by real estate licensees in indiana or by state-licensed
or certified appraisers must follow_____. - ANSWERSThe standards set forth in USPAP
whose responsibility is it to complete the sellers residential real estate sales disclosure
form in indiana? - ANSWERSThe seller
Regardless of the aggregate value, the maximum filing fee for a securities registration
statement in indiana is _____. - ANSWERS$1000
Under standard lease provisions, a demising clase would contain ____. - ANSWERSthe
date the tenant will take posession of the property
whats the area of a rectangular building thats 40 feet by 20 feet? - ANSWERS800 sq ft
which of the following are limits to the increase in supply in the housing market? -
ANSWERSfixed availability of land and time required to manufacture new units
Frieda offers Gus $15,000 for a vacant lot. Gus is hesitant to accept because the lot is
worth considerably more than that if he finds the right buyer. Gus's agent keeps urging
him to accept the offer, becoming quite angry when he still hesitates. Gus eventually
agrees to the offer. What essential contract element does this transaction likely violate?
- ANSWERSconsent
what type of lien is voluntary? - ANSWERSmortgage
lenders will require which type of fund for taxes and insurance? - ANSWERSReserve
fund
when a member-managed indiana limited liability company is licensed as a real estate
broker, how many employees must be licensed and designated as a managing broker?
- ANSWERSat least one member must be a managing broker.
______ are items that go in the sellers credit column and the buyers debit column when
you are determining prorations. - ANSWERSprepaids
a home sells for $225,000. per the listing agreement, the total commission is 7% of the
sales price. the listing brokerage will split the full commission with the buyers broker
50/50. Kiko the sellers liting agent has a 70/30 split arrangement with her brokerage,
with kiko recieving the "70". after sharing the commission with the buyers broker and
her commission split with her brokerage, how much will kilo recieve? -
ANSWERS$5,512.50
rebel is an affiliated broker with quality homes realty, which is owned by sole proprietor
gemma. which of the following is true? - ANSWERSAs the sole proprietor, gemma must
be the managing broker at quality homes realty.
Questions & Answers
buyer reagan wants to know what her closing costs cover. You explain that the money
covers ______ - ANSWERSCounty recording fees
which party's closing costs might include mortgage insurance? - ANSWERSbuyer
Uh-oh. You failed to present an offer on behalf of your client in a timely manner. As a
result, the seller accepted a lower offer from another buyer. For which of the following
could your buyer sue you? - ANSWERSnegligence
a 47 yr. old veteran owns a home in east chicago (tax rate 3.46%) that has an assessed
value of $125,000. Calculate his tax bill based on this information. - ANSWERS1,779.20
According to national standards, how should square footage be reported in residential
buildings? - ANSWERSsquare footage should be reported to the nearest square foot.
what is it called when a person who has possession of a property through a life estate
abuses the property or allows it to deteriorate? - ANSWERSact of waste
why is it common for lenders to sell mortgages on the secondary market -
ANSWERSSo they can obtain additional funds to continue making loans available to the
community
when does recaptured depreciation apply? - ANSWERSupon the sale of an investment
property
at the time of closing, jessica grants her property to theo, who pays for and recieves a
clear title to the property after alyssa has ensured that the title is free of defects. Which
one of the following options describes jessicas role in the transaction? - ANSWERSThe
seller
, real estate appraisals conducted by real estate licensees in indiana or by state-licensed
or certified appraisers must follow_____. - ANSWERSThe standards set forth in USPAP
whose responsibility is it to complete the sellers residential real estate sales disclosure
form in indiana? - ANSWERSThe seller
Regardless of the aggregate value, the maximum filing fee for a securities registration
statement in indiana is _____. - ANSWERS$1000
Under standard lease provisions, a demising clase would contain ____. - ANSWERSthe
date the tenant will take posession of the property
whats the area of a rectangular building thats 40 feet by 20 feet? - ANSWERS800 sq ft
which of the following are limits to the increase in supply in the housing market? -
ANSWERSfixed availability of land and time required to manufacture new units
Frieda offers Gus $15,000 for a vacant lot. Gus is hesitant to accept because the lot is
worth considerably more than that if he finds the right buyer. Gus's agent keeps urging
him to accept the offer, becoming quite angry when he still hesitates. Gus eventually
agrees to the offer. What essential contract element does this transaction likely violate?
- ANSWERSconsent
what type of lien is voluntary? - ANSWERSmortgage
lenders will require which type of fund for taxes and insurance? - ANSWERSReserve
fund
when a member-managed indiana limited liability company is licensed as a real estate
broker, how many employees must be licensed and designated as a managing broker?
- ANSWERSat least one member must be a managing broker.
______ are items that go in the sellers credit column and the buyers debit column when
you are determining prorations. - ANSWERSprepaids
a home sells for $225,000. per the listing agreement, the total commission is 7% of the
sales price. the listing brokerage will split the full commission with the buyers broker
50/50. Kiko the sellers liting agent has a 70/30 split arrangement with her brokerage,
with kiko recieving the "70". after sharing the commission with the buyers broker and
her commission split with her brokerage, how much will kilo recieve? -
ANSWERS$5,512.50
rebel is an affiliated broker with quality homes realty, which is owned by sole proprietor
gemma. which of the following is true? - ANSWERSAs the sole proprietor, gemma must
be the managing broker at quality homes realty.
