Principles of Real Estate 2 Exam 2 Questions
With Correct Answers
A /Habendum /Clause /- /verified /answer(s)-✔✔"To /have /and /to /hold /for /the /life /of /the
/guarantee"
The /disposition /stage /- /verified /answer(s)-✔✔The /stage /of /land /development /when /utilities
/are /installed, /parks /are /constructed, /marketing /programs /are /initiated, /and /title /to /individual
/parcels /is /transferred /as /lots /are /sold /for /construction
What /purpose /does /a /REIT /use /funds /from /investors? /- /verified /answer(s)-✔✔To /purchase
/both /real /estate /and /mortgages
The /effective /term /of /a /deed /restriction /may /be /extended /with /the /consent /of /- /verified
answer(s)-✔✔a /majority /of /the /owners /in /a /subdivision
/
Through /a /restrictive /covenant /in /a /deed, /a /developer /may /establish /restrictions /on /the /right
to /- /verified /answer(s)-✔✔use /of /land
/
In /order /to /allow /uses /of /property /deemed /desirable /for /public /convenience /but /only
/marginally /acceptable /in /a /specific /zone, /a /planning /and /zoning /commission /can /grant /a /-
verified /answer(s)-✔✔Conditional-use /permit
/
True /or /False /- /verified /answer(s)-✔✔A /property /managers /collection /policy /should /be /firm
/and /consistent
, The /hiring /and /supervising /of /employees /who /perform /maintenance /and /other /services
generally /is /the /responsibility /of /- /verified /answer(s)-✔✔The /property /manager
/
The /budget /should /take /into /consideration /the /owners /long /range /plans /for /the /property /and
must /contain /an /estimate /of /- /verified /answer(s)-✔✔income /and /expenses
/
A /ground /lease /is /usually /- /verified /answer(s)-✔✔long /term /lease
True /or /False /- /verified /answer(s)-✔✔In /an /actual /eviction, /the /landlord /files /a /suit /for
/possession /to /have /the /tenant /removed /from /the /premises
If /there /are /no /smoke /alarms /in /a /leased /residence, /the /tenant /may /- /verified /answer(s)-
✔✔Request /one /from /the /landlord
Estate /for /years /- /verified /answer(s)-✔✔Definite /fixed /period /of /time
Debit /- /verified /answer(s)-✔✔Something /that /is /owed
The /fees /to /the /county /clerk /to /record /the /deed /are /paid /by /- /verified /answer(s)-✔✔The
/buyer
The /borrower /must /be /provided /the /closing /disclosure /at /least /how /many /business /days
before /closing /- /verified /answer(s)-✔✔three
/
If /a /sale /closing /in /escrow /cannot /be /consummated /because /the /seller's /title /cannot /be
/cleared /the /escrow /agent /- /verified /answer(s)-✔✔Reinstate /parties /back /to /their /former
/status /as /if /no /sale /occured
With Correct Answers
A /Habendum /Clause /- /verified /answer(s)-✔✔"To /have /and /to /hold /for /the /life /of /the
/guarantee"
The /disposition /stage /- /verified /answer(s)-✔✔The /stage /of /land /development /when /utilities
/are /installed, /parks /are /constructed, /marketing /programs /are /initiated, /and /title /to /individual
/parcels /is /transferred /as /lots /are /sold /for /construction
What /purpose /does /a /REIT /use /funds /from /investors? /- /verified /answer(s)-✔✔To /purchase
/both /real /estate /and /mortgages
The /effective /term /of /a /deed /restriction /may /be /extended /with /the /consent /of /- /verified
answer(s)-✔✔a /majority /of /the /owners /in /a /subdivision
/
Through /a /restrictive /covenant /in /a /deed, /a /developer /may /establish /restrictions /on /the /right
to /- /verified /answer(s)-✔✔use /of /land
/
In /order /to /allow /uses /of /property /deemed /desirable /for /public /convenience /but /only
/marginally /acceptable /in /a /specific /zone, /a /planning /and /zoning /commission /can /grant /a /-
verified /answer(s)-✔✔Conditional-use /permit
/
True /or /False /- /verified /answer(s)-✔✔A /property /managers /collection /policy /should /be /firm
/and /consistent
, The /hiring /and /supervising /of /employees /who /perform /maintenance /and /other /services
generally /is /the /responsibility /of /- /verified /answer(s)-✔✔The /property /manager
/
The /budget /should /take /into /consideration /the /owners /long /range /plans /for /the /property /and
must /contain /an /estimate /of /- /verified /answer(s)-✔✔income /and /expenses
/
A /ground /lease /is /usually /- /verified /answer(s)-✔✔long /term /lease
True /or /False /- /verified /answer(s)-✔✔In /an /actual /eviction, /the /landlord /files /a /suit /for
/possession /to /have /the /tenant /removed /from /the /premises
If /there /are /no /smoke /alarms /in /a /leased /residence, /the /tenant /may /- /verified /answer(s)-
✔✔Request /one /from /the /landlord
Estate /for /years /- /verified /answer(s)-✔✔Definite /fixed /period /of /time
Debit /- /verified /answer(s)-✔✔Something /that /is /owed
The /fees /to /the /county /clerk /to /record /the /deed /are /paid /by /- /verified /answer(s)-✔✔The
/buyer
The /borrower /must /be /provided /the /closing /disclosure /at /least /how /many /business /days
before /closing /- /verified /answer(s)-✔✔three
/
If /a /sale /closing /in /escrow /cannot /be /consummated /because /the /seller's /title /cannot /be
/cleared /the /escrow /agent /- /verified /answer(s)-✔✔Reinstate /parties /back /to /their /former
/status /as /if /no /sale /occured
