Rockwell WA Real Estate Fundamentals | | | | |
Exam with Precise detailed solutions
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1.A life estate will last until:: The Death of the recipient
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2.A deed that states there is a conveyance of interest, if any, is the::
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Quitclaim deed |
3.A judgement lien:: When paid off, requires a satisfaction of
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judgement to be recorded to clear the record
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4.The police powers of the government include:: Building codes and
| | | | | | | | | |
zoning regulations
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5.The term "meeting of the minds" is associated with:: Offer and
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acceptance
6.Exaggeration about a property's positive characteristics would be
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consid- ered:: Puffing
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1 | / | 80
,7.The seller listed the property for $95k. Assuming that their listing
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agreement is typical, the broker would not be entitled to a commission
| | | | | | | | | | | |
if the seller:: Re- jected a $90k offer from a financially qualified buyer
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8.A contract specifies that "time is of the essence." That means that::
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All contractual duties must be fulfilled on or before the date set forth
| | | | | | | | | | | | |
in the contract.
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9. Usury laws fix which of the following:: Maximum interest rates:
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state usury laws set max interest rates for certain types of loans
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10.For which of the following people would an adjustable rate loan
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not be a good idea?: A person about to retire (fixed income)
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11.An appraiser needs to be state certified to perform which of the
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following appraisals:: Appraisal related to an FHA loan | | | | | | |
12.On a settlement statement, an earnest money deposit that will be
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2 | / | 80
,held by the brokerage firm until closing is a:: Credit to the buyer
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13.A licensee hears that a religious group will be opening a
| | | | | | | | | | |
commune in a neighborhood. He begins contacting neighbors and
| | | | | | | | |
telling them about this, encouraging them to list their properties with
| | | | | | | | | | |
him before property values decline. This is:: Blockbusting
| | | | | | |
14.An investor is interested in purchasing a multi-family dwelling. He
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would most likely want to look for a:: Property where the rents are similar
| | | | | | | | | | | | | |
to comparable properties in the same area (key inquiry for investor
| | | | | | | | | | |
market analysis is comps) | | |
15.Zoning requirements state that a lot must be at least four times the
| | | | | | | | | | | | |
size of the building located on the lot. An architect draws up a plan for a
| | | | | | | | | | | | | | | |
building that is 20k sq. ft. At least how many acres does the lot need to be?:
| | | | | | | | | | | | | | | | |
2! 20k x 4 = 80k sq ft. - devide by 43,560 (sq ft per acre) to find size.
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3 | / | 80
, 16.Tests to distinguish a fixture from personal property include all of
| | | | | | | | | | |
the following except:: Cost of the item (method of attachment, intent of
| | | | | | | | | | | |
annexor and adaptability are tests)
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17.A primary advantage of owning a property in severalty is:: Flexibility
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18.All of the following are requirements for a valid deed except::
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Acknowledge- ment |
19.A homeowner has been sharing with a friendly neighbor the use of
| | | | | | | | | | | |
a driveway that crosses both of their properties. However, the owner is
| | | | | | | | | | | |
about to move out and the remaining neighbor would like to make sure
| | | | | | | | | | | | |
that she can continue to use the driveway even if the new owner is not
| | | | | | | | | | | | | | |
amenable to that. The homeowner should request an:: Easement
| | | | | | | |
20.A local ordinance states that no sign can extend more than two feet
| | | | | | | | | | | | |
above the roofline. The Morgans want to put a sign on their roof, but the
| | | | | | | | | | | | | |
4 | / | 80
Exam with Precise detailed solutions
| | | |
1.A life estate will last until:: The Death of the recipient
| | | | | | | | | |
2.A deed that states there is a conveyance of interest, if any, is the::
| | | | | | | | | | | | | |
Quitclaim deed |
3.A judgement lien:: When paid off, requires a satisfaction of
| | | | | | | | | |
judgement to be recorded to clear the record
| | | | | | |
4.The police powers of the government include:: Building codes and
| | | | | | | | | |
zoning regulations
|
5.The term "meeting of the minds" is associated with:: Offer and
| | | | | | | | | | |
acceptance
6.Exaggeration about a property's positive characteristics would be
| | | | | | | |
consid- ered:: Puffing
| |
1 | / | 80
,7.The seller listed the property for $95k. Assuming that their listing
| | | | | | | | | | |
agreement is typical, the broker would not be entitled to a commission
| | | | | | | | | | | |
if the seller:: Re- jected a $90k offer from a financially qualified buyer
| | | | | | | | | | | |
8.A contract specifies that "time is of the essence." That means that::
| | | | | | | | | | | |
All contractual duties must be fulfilled on or before the date set forth
| | | | | | | | | | | | |
in the contract.
| |
9. Usury laws fix which of the following:: Maximum interest rates:
| | | | | | | | | |
state usury laws set max interest rates for certain types of loans
| | | | | | | | | | |
10.For which of the following people would an adjustable rate loan
| | | | | | | | | | |
not be a good idea?: A person about to retire (fixed income)
| | | | | | | | | | |
11.An appraiser needs to be state certified to perform which of the
| | | | | | | | | | | |
following appraisals:: Appraisal related to an FHA loan | | | | | | |
12.On a settlement statement, an earnest money deposit that will be
| | | | | | | | | | |
2 | / | 80
,held by the brokerage firm until closing is a:: Credit to the buyer
| | | | | | | | | | | |
13.A licensee hears that a religious group will be opening a
| | | | | | | | | | |
commune in a neighborhood. He begins contacting neighbors and
| | | | | | | | |
telling them about this, encouraging them to list their properties with
| | | | | | | | | | |
him before property values decline. This is:: Blockbusting
| | | | | | |
14.An investor is interested in purchasing a multi-family dwelling. He
| | | | | | | | | |
would most likely want to look for a:: Property where the rents are similar
| | | | | | | | | | | | | |
to comparable properties in the same area (key inquiry for investor
| | | | | | | | | | |
market analysis is comps) | | |
15.Zoning requirements state that a lot must be at least four times the
| | | | | | | | | | | | |
size of the building located on the lot. An architect draws up a plan for a
| | | | | | | | | | | | | | | |
building that is 20k sq. ft. At least how many acres does the lot need to be?:
| | | | | | | | | | | | | | | | |
2! 20k x 4 = 80k sq ft. - devide by 43,560 (sq ft per acre) to find size.
| | | | | | | | | | | | | | | | | |
3 | / | 80
, 16.Tests to distinguish a fixture from personal property include all of
| | | | | | | | | | |
the following except:: Cost of the item (method of attachment, intent of
| | | | | | | | | | | |
annexor and adaptability are tests)
| | | |
17.A primary advantage of owning a property in severalty is:: Flexibility
| | | | | | | | | |
18.All of the following are requirements for a valid deed except::
| | | | | | | | | | |
Acknowledge- ment |
19.A homeowner has been sharing with a friendly neighbor the use of
| | | | | | | | | | | |
a driveway that crosses both of their properties. However, the owner is
| | | | | | | | | | | |
about to move out and the remaining neighbor would like to make sure
| | | | | | | | | | | | |
that she can continue to use the driveway even if the new owner is not
| | | | | | | | | | | | | | |
amenable to that. The homeowner should request an:: Easement
| | | | | | | |
20.A local ordinance states that no sign can extend more than two feet
| | | | | | | | | | | | |
above the roofline. The Morgans want to put a sign on their roof, but the
| | | | | | | | | | | | | |
4 | / | 80
