CompuCram Real Estate Questions
What type of land use does NOT comply with the zoning restriction for its location, but is
permitted because it benefits the public? - ✔️✔️conditional use
properties that were in compliance with old codes - ✔️✔️nonconforming use
According to USPAP, what is the definition of market value? - ✔️✔️the most probably
price a property will bring
Reproducing a structure best describes building... - ✔️✔️an exact replica of the
structure
Which term best describes a piece of land that is enhanced and ready for a building or
structure? - ✔️✔️site
what is market price? - ✔️✔️price a property actually sold for
RESPA does NOT... - ✔️✔️allow lenders to charge undisclosed fees
What is NOT true of the Federal Housing Administration? - ✔️✔️Guarantees mortgage
loans
According to Fannie Mae and Freddie Mac standards, how much of a borrower's
income can be dedicated to housing expenses for a conventional loan? - ✔️✔️28%
The amount of money paid in regular intervals to reduce the balance owed on a debt is
called... - ✔️✔️debt service
What type of note calls for interest payments during the term of the loan and principal
due at the end of the loan? - ✔️✔️straight term note
A listing agent listed a property with an expiration date of six months from the beginning
of the listing. Six months have now passed. How did the listing terminate? -
✔️✔️Expiration
a listing terminates by __________________ when the broker or seller becomes
incapacitated or dies, or if the building is destroyed - ✔️✔️operation of law
After listing a property that the agent believes is overpriced, the agent returns to the
office and vents his frustration to a fellow licensee at the brokerage. Which duty has the
agent breached? - ✔️✔️loyalty
,Which would be considered evidence of the agency relationship between broker and
seller? - ✔️✔️listing agreement
Chemicals used in refrigeration, air conditioning, insulation, and aerosol propellants that
drift into the upper atmosphere where their chlorine components destroy ozone are
called - ✔️✔️CFCs
A prospective buyer who has previously always lived in the city is looking at a rural
property with a real estate agent. The buyer admits that she doesn't know anything
about rural properties. The buyer likes the back yard because it is very large but
remarks that a small patch of the yard seems to grow more, and much healthier, grass
than any other part of the yard. The agent should recommend a... - ✔️✔️well and
septic inspection
Carcinogens are known to cause: - ✔️✔️Cancer
If seller Adam simply decides not to go through with the closing on a sale to buyer
William, what can William do about it? - ✔️✔️Sue for specific performance and for
damages
Archie and Bert mutually agree to terminate a contract. The buyer, Bert, asks for the
earnest money back and the seller, Archie, consents. This is an example of -
✔️✔️Recission
a person's right to have the first chance to buy something should it ever become
available for sale. - ✔️✔️right of preemption
Jerry owns a piece of land and worries that his neighbor may sell her vacant parcel of
land to someone who may put a multi-family structure on the site. Jerry has an attorney
prepare a document whereby the neighbor agrees to give Jerry the first chance to buy
the lot should she decide to sell. Which would this agreement be called? - ✔️✔️right of
preemption
Which document would an escrow agent use as escrow instructions? - ✔️✔️purchase
agreement
When a contract is terminated and each party gives back to the other party anything
they have received, what occurs? - ✔️✔️recission
Emily had signed a one-year lease, but after living in the apartment for three months,
she transferred her right of possession for the remainder of the lease to her friend.
Which type of arrangement does Emily have with her friend? - ✔️✔️assignment
, In a __________ the tenant will regain possession before the tenancy ends. -
✔️✔️sublease
a ______________ would require the consent of the landlord and the withdrawing
tenant would be relieved of liability - ✔️✔️novation
in a ____________________ the tenant will not regain possession of the lease before it
ends. - ✔️✔️assignment
What deed is most preferred from the *seller's* point of view? - ✔️✔️quitclaim deed
What document lets a buyer and seller see the costs involved with closing the
transaction? - ✔️✔️HUD-1 settlement statement
to inherit is to receive title through a _______ _______ and ________________ -
✔️✔️last will and testament
Tommy Gee encounters an owner of a property who has no equity in the home because
of a sharp decline in market values. The owner asks Tommy to market the property at
market value but asks Tommy if he could negotiate with the bank and orchestrate a
short sale. Who should Tommy recommend the owner consult with before making a
decision? - ✔️✔️accountant
Constructive fraud is also known as..... - ✔️✔️negligent misrepresentation
What are the two main categories of licensure? - ✔️✔️salesperson or broker
______ __________ ___ ________ is administered by the National Association of
REALTORS(r) and was adopted in 1913. - ✔️✔️the code of ethics
______ __________ ___ ________ is administered by the Ohio Division of Real Estate
and the Ohio Real Estate Commission - ✔️✔️the canon of ethics
The fee for renewing a broker's license is: - ✔️✔️243
What would a licensee NOT be permitted to do? - ✔️✔️extend a listing
Agent Lucy advertised a property as being in the wrong school district in the Multiple
Listing Service. What, if anything, has Lucy violated? - ✔️✔️license law
The Superintendent of the Ohio Division of Real Estate sites a sales agent for an
advertising violation. The Superintendent may.... - ✔️✔️fine the agent $200 per
violation
What type of land use does NOT comply with the zoning restriction for its location, but is
permitted because it benefits the public? - ✔️✔️conditional use
properties that were in compliance with old codes - ✔️✔️nonconforming use
According to USPAP, what is the definition of market value? - ✔️✔️the most probably
price a property will bring
Reproducing a structure best describes building... - ✔️✔️an exact replica of the
structure
Which term best describes a piece of land that is enhanced and ready for a building or
structure? - ✔️✔️site
what is market price? - ✔️✔️price a property actually sold for
RESPA does NOT... - ✔️✔️allow lenders to charge undisclosed fees
What is NOT true of the Federal Housing Administration? - ✔️✔️Guarantees mortgage
loans
According to Fannie Mae and Freddie Mac standards, how much of a borrower's
income can be dedicated to housing expenses for a conventional loan? - ✔️✔️28%
The amount of money paid in regular intervals to reduce the balance owed on a debt is
called... - ✔️✔️debt service
What type of note calls for interest payments during the term of the loan and principal
due at the end of the loan? - ✔️✔️straight term note
A listing agent listed a property with an expiration date of six months from the beginning
of the listing. Six months have now passed. How did the listing terminate? -
✔️✔️Expiration
a listing terminates by __________________ when the broker or seller becomes
incapacitated or dies, or if the building is destroyed - ✔️✔️operation of law
After listing a property that the agent believes is overpriced, the agent returns to the
office and vents his frustration to a fellow licensee at the brokerage. Which duty has the
agent breached? - ✔️✔️loyalty
,Which would be considered evidence of the agency relationship between broker and
seller? - ✔️✔️listing agreement
Chemicals used in refrigeration, air conditioning, insulation, and aerosol propellants that
drift into the upper atmosphere where their chlorine components destroy ozone are
called - ✔️✔️CFCs
A prospective buyer who has previously always lived in the city is looking at a rural
property with a real estate agent. The buyer admits that she doesn't know anything
about rural properties. The buyer likes the back yard because it is very large but
remarks that a small patch of the yard seems to grow more, and much healthier, grass
than any other part of the yard. The agent should recommend a... - ✔️✔️well and
septic inspection
Carcinogens are known to cause: - ✔️✔️Cancer
If seller Adam simply decides not to go through with the closing on a sale to buyer
William, what can William do about it? - ✔️✔️Sue for specific performance and for
damages
Archie and Bert mutually agree to terminate a contract. The buyer, Bert, asks for the
earnest money back and the seller, Archie, consents. This is an example of -
✔️✔️Recission
a person's right to have the first chance to buy something should it ever become
available for sale. - ✔️✔️right of preemption
Jerry owns a piece of land and worries that his neighbor may sell her vacant parcel of
land to someone who may put a multi-family structure on the site. Jerry has an attorney
prepare a document whereby the neighbor agrees to give Jerry the first chance to buy
the lot should she decide to sell. Which would this agreement be called? - ✔️✔️right of
preemption
Which document would an escrow agent use as escrow instructions? - ✔️✔️purchase
agreement
When a contract is terminated and each party gives back to the other party anything
they have received, what occurs? - ✔️✔️recission
Emily had signed a one-year lease, but after living in the apartment for three months,
she transferred her right of possession for the remainder of the lease to her friend.
Which type of arrangement does Emily have with her friend? - ✔️✔️assignment
, In a __________ the tenant will regain possession before the tenancy ends. -
✔️✔️sublease
a ______________ would require the consent of the landlord and the withdrawing
tenant would be relieved of liability - ✔️✔️novation
in a ____________________ the tenant will not regain possession of the lease before it
ends. - ✔️✔️assignment
What deed is most preferred from the *seller's* point of view? - ✔️✔️quitclaim deed
What document lets a buyer and seller see the costs involved with closing the
transaction? - ✔️✔️HUD-1 settlement statement
to inherit is to receive title through a _______ _______ and ________________ -
✔️✔️last will and testament
Tommy Gee encounters an owner of a property who has no equity in the home because
of a sharp decline in market values. The owner asks Tommy to market the property at
market value but asks Tommy if he could negotiate with the bank and orchestrate a
short sale. Who should Tommy recommend the owner consult with before making a
decision? - ✔️✔️accountant
Constructive fraud is also known as..... - ✔️✔️negligent misrepresentation
What are the two main categories of licensure? - ✔️✔️salesperson or broker
______ __________ ___ ________ is administered by the National Association of
REALTORS(r) and was adopted in 1913. - ✔️✔️the code of ethics
______ __________ ___ ________ is administered by the Ohio Division of Real Estate
and the Ohio Real Estate Commission - ✔️✔️the canon of ethics
The fee for renewing a broker's license is: - ✔️✔️243
What would a licensee NOT be permitted to do? - ✔️✔️extend a listing
Agent Lucy advertised a property as being in the wrong school district in the Multiple
Listing Service. What, if anything, has Lucy violated? - ✔️✔️license law
The Superintendent of the Ohio Division of Real Estate sites a sales agent for an
advertising violation. The Superintendent may.... - ✔️✔️fine the agent $200 per
violation
