Comprehensive Study 1 Up to Date Content
National real estate exam (2024)
Latest Questions and Graded
Answers
conversion vs commingling
Ans: Commingling is the act of mixing funds
together, and conversion refers to the act of using
funds for a purpose other than what they were
originally intended for
Escheat
Ans: the right of a government to take ownership of
estate assets or unclaimed property.
Arbitration
Ans: procedure in which a dispute is submitted, by
agreement of the parties, to one or more arbitrators
who make a binding decision on the dispute
litigation
Ans: the process of taking legal action
Amortization
Ans: paying off a debt over time in equal
installments. the amount going toward principal
starts out small, and gradually grows larger month by
month.
Sales Comparison Approach
Up to Date Content
,Comprehensive Study 2 Up to Date Content
Ans: Step 1 - Identify all elements of comparison
affecting the market value of the subject property.
Step 2 - Compare the amenities of each comparable
with those of the subject. Step 3 measure (quantify)
the difference between the comps and the subject
property.
How to calculate interest-only loan payments
Ans: multiply the loan balance by the annual interest
rate, and divide it by the number of payments in a
year.
Covenant of Seisin
Ans: The covenant states that the grantor solely
owns the property being purchased, and no other
parties have a property interest or claim to
ownership of the land.
4 Value characteristics
Ans: Demand, Utility (beneficial to consumer) ,
Scarcity(short supply) , Transferability
Title VIII of Civil Rights Act of 1968 (Federal Fair Housing
Act)
Ans: Prohibits discrimination in housing based on
race, color, religion, or national origin.
Title VIII in 1974
Ans: was amended to ban discrimination on the basis
of sex in sales of property
Up to Date Content
, Comprehensive Study 3 Up to Date Content
fair housing act of 1988
Ans: further prohibited discrimination based on
familial status and disabilities.
Examples of foundation problems
Ans: Exterior/interior Wall Cracks, Bouncing Floors.
...
Cabinets or Counters Separated From Walls,
Mildew Smell, Warped or Cracked Siding, Sinking
Ground, or Sticking Doors.
Examples of drainage problems
Ans: Water in the Basement, Dead Plants, Soil
Erosion, Ice Building Up, Gushing Gutters, Stains &
Peeling Paint, Mold & Mildew.
What disclosure is required for HELOCs?
Ans: the Home Equity Line of Credit Early Program
Disclosure and truth in lending disclosure. (Its not a
real estate insured loan)
What is the Schedule of Exceptions?
Ans: A list of items title insurance won't cover, such
as verbal agreements, or anything thats not recorded
for public record
Sherman Antitrust Act (1890)
Ans: allows the government to break up companies
with control of a market; prevents monopolies
Up to Date Content
National real estate exam (2024)
Latest Questions and Graded
Answers
conversion vs commingling
Ans: Commingling is the act of mixing funds
together, and conversion refers to the act of using
funds for a purpose other than what they were
originally intended for
Escheat
Ans: the right of a government to take ownership of
estate assets or unclaimed property.
Arbitration
Ans: procedure in which a dispute is submitted, by
agreement of the parties, to one or more arbitrators
who make a binding decision on the dispute
litigation
Ans: the process of taking legal action
Amortization
Ans: paying off a debt over time in equal
installments. the amount going toward principal
starts out small, and gradually grows larger month by
month.
Sales Comparison Approach
Up to Date Content
,Comprehensive Study 2 Up to Date Content
Ans: Step 1 - Identify all elements of comparison
affecting the market value of the subject property.
Step 2 - Compare the amenities of each comparable
with those of the subject. Step 3 measure (quantify)
the difference between the comps and the subject
property.
How to calculate interest-only loan payments
Ans: multiply the loan balance by the annual interest
rate, and divide it by the number of payments in a
year.
Covenant of Seisin
Ans: The covenant states that the grantor solely
owns the property being purchased, and no other
parties have a property interest or claim to
ownership of the land.
4 Value characteristics
Ans: Demand, Utility (beneficial to consumer) ,
Scarcity(short supply) , Transferability
Title VIII of Civil Rights Act of 1968 (Federal Fair Housing
Act)
Ans: Prohibits discrimination in housing based on
race, color, religion, or national origin.
Title VIII in 1974
Ans: was amended to ban discrimination on the basis
of sex in sales of property
Up to Date Content
, Comprehensive Study 3 Up to Date Content
fair housing act of 1988
Ans: further prohibited discrimination based on
familial status and disabilities.
Examples of foundation problems
Ans: Exterior/interior Wall Cracks, Bouncing Floors.
...
Cabinets or Counters Separated From Walls,
Mildew Smell, Warped or Cracked Siding, Sinking
Ground, or Sticking Doors.
Examples of drainage problems
Ans: Water in the Basement, Dead Plants, Soil
Erosion, Ice Building Up, Gushing Gutters, Stains &
Peeling Paint, Mold & Mildew.
What disclosure is required for HELOCs?
Ans: the Home Equity Line of Credit Early Program
Disclosure and truth in lending disclosure. (Its not a
real estate insured loan)
What is the Schedule of Exceptions?
Ans: A list of items title insurance won't cover, such
as verbal agreements, or anything thats not recorded
for public record
Sherman Antitrust Act (1890)
Ans: allows the government to break up companies
with control of a market; prevents monopolies
Up to Date Content
