Unit 2 Exam Already Graded A

Unit 2 Exam Already Graded A In a standard exterior inspection, the inspector would not inspect the ️sprinkler system. What is the purpose of FIRPTA? ️To eliminate the problem of collecting delinquent taxes from foreigners Tom sold his home to Joe and is closing on May 17. The insurance for the property is $1,950. What is Joe's share of the insurance? ️$1,207.86 RESPA does NOT apply to ️Land contracts To whom must the owner of a psychologically affected property disclose that fact? ️No one What was the purpose of establishing the FAIR Plan in regard to property insurance? ️To make property insurance available to applicants who have not been able to secure such insurance through the normal insurance market. Under what system are tracts of land subdivided into lots? ️Recorded Plat Which of the following statements is TRUE regarding provisions that govern the actions of a dual agent? ️The broker must not knowingly say anything that would place one party at a disadvantage. The most important document at closing is the ️deed because it conveys the title In an agency relationship, which of the following is prohibited? ️A licensed broker agreeing to compensate a subagent in the real estate transaction A real estate license is required for which of the following? ️A real estate broker listing a property for sale Indiana specifically requires certain documents at closing. Which of the following is one of those specific documents? ️Flood zone statement Which style of house was conceived by architect Frank Lloyd Wright because he believed homes should have low horizontal lines and open interior spaces? ️Prarie Which real estate offices are required to be supervised and managed by one individual broker? ️Every real estate office Which of the following must be included in a real estate listing agreement? ️The amount of commission to be paid The entity that performs administrative duties for the Indiana Real Estate Commission is ️the Professional Licensing Agency. Which of the following statements is FALSE regarding property disclosure forms? ️Property disclosure forms serve as a substitute for agent-initiated information disclosure. When __________ becomes old, starts to disintegrate, and enters the air, it can cause lung cancer. ️asbestos ___________ usually indicates who will provide an owner's title insurance policy for the buyers. ️The purchase and sale agreement _________ can kill a person before he/she is even aware it is present. ️carbon monoxide Which of the following is a requirement for obtaining a real estate license in Indiana? ️Must be free of criminal convictions A broker who is not an agent for either party but instead acts as a neutral party between both sides is called ️a transaction broker. ___________ would exceed standard inspections and would typically be considered an additional inspection service. ️Septic tank inspection A broker representing the seller or landlord in an agency relationship ️must tell the buyer or tenant any adverse facts the broker knows about the property's physical condition. If the amount in the Indiana Real Estate Investigative fund exceeds $650,000 at the end of the fiscal year, what happens to the excess funds? ️There are no excess funds at that dollar amount. Regarding a contaminated site, CERCLA does not hold __________ liable for the contamination and its cleanup. ️future owners of the site When must a broker provide a detailed summary of an escrow account to an authorized representative of the Indiana Real Estate Commission if requested? ️For investigative purposes A person who performs the acts of a real estate broker without a broker's license commits ️A person who performs the acts of a real estate broker without a broker's license commits Which of the following statements is TRUE regarding RESPA/TRID requirements? ️Lenders must provide a Loan Estimate of settlement costs within 3 business days of loan application. The commission investigates complaints against ️real estate licensees. Which style of house is referred to by critics as McMansions? ️Neo-Eclectic The principal purpose of ___________ is to obtain site clean-up by government contract or orders to responsible parties (often referred to as "RPs"), until one or more of the RPs can be found to reimburse the government for their handling of the matter and for damages to natural resources. ️CERCL