Real estate class final exam questions and answers latest top score.

Real estate class final exam questions and answers latest top score. Which of the following cannot be a trustee? - correct answers.CPA The discount points are 3%, which represents $2,700. The buyer down payment is 20%. What is the purchase price of the property - correct answers.100%-20%= 80% $2,700/3%= $90,000 90,000/80%= $112,500 A method of legal description that uses definite property lines and starting points is called? - correct answers.Formal metes and bounds The seller wants to net $175, 000 after paying a 6% commission to the listing broker and the $500 appraisal fee. What is the minimum selling price of the home? - correct answers.$175,000/0.94= $186,170 $186,170 +500= $186,670 Which of the following is NOT true regarding a sale lease back transaction? - correct answers.Lessee retains legal title An appraisal is required to obtain a VA loan, this document is called: - correct answers.Certificate of reasonable value Which of the following below could sign a property management agreement? - correct sed salespeople with a broker In this listing contract, the real estate broker must: - correct answers.Exercise diligence in finding a purchaser In Arizona, a broker must be able to prove employment by a seller in order to be assured of collecting a commission. Proof of employment is: - correct answers.A listing agreement A salesperson works for Broker A and has contracts is escrow. The salesperson decides to leave Broker A and work for Broker B. Which of the following is true regarding the salesperson's commission - correct answers.Broker A would pay the salesperson directly Rank the following liens in the order of their priority from highest to lowest: IRS lien, Property Taxes, Special Assessments - correct answers.Property Taxes, Special Assessments, IRS lien If a property is not bid at a tax lien sale - correct answers.Anyone can later buy the tax lien from the Treasurer How a building is situated on a lot to take advantage of climate and views is - correct answers.Orientation After a mortgage foreclosure any excess monies would go to the: - correct answers.Mortgagor The supply and cost of money can be most effectively controlled by: - correct answers.Federal Reserve System The Consumer Financial Protection Bureau is the governing body for: - correct answers.Savings and loan association At a mortgage foreclosure sale, the buyer gets a deed from: - correct answers.No one Real estate loan usury rates are set by: - correct laws The lender may consider his mortgage or trust deed to be: - correct answers.Personal property A property is in the process of being foreclosed. Who is responsible for the property taxes? - correct answers.Trustor Who gives the right for a party to act in behalf of another in negotiations? - correct answers.Principal What type of loan would change in payment, rate, and amount owed? - correct -end mortgage Which of the following clauses in a conventional mortgage instrument entities the lender to accelerate the loan is assumed? - correct answers.Due on sale Which type of mortgage loan has provisions for periodic changes in the amount of the payment, the interest rate, maturity date,, and the remaining balance owed? - correct answers.Adjustable loan When the rent paid the the lessee, per their lease agreement, is less than the economic rent, this is called: - correct answers.Possessive leasehold In a lease situation, A leases to B and B leases to C. Who is responsible for the rent?A) B to C B) B to A C ) C to A D) A to B - correct answers.b. B to A Which of the items listed below best describes a partition action - correct answers.Divided co-ownership