Which would NOT result from the exercise of police power? - ANSWER
Developer's restrictive covenants
Replacement of a building best describes building - ANSWER a functional
equivalent of the original structure
What is assessment value? - ANSWER value the property taxes are based off
of
The rule that says a property maintains its value best when the surrounding
properties are similar in size, style, and function is the rule of - ANSWER
conformity
What financing method does NOT use an income ratio and a debt ratio for
qualification? - ANSWER all financing methods use two ratios
What is NOT a feature of an FHA-insured loan? - ANSWER no MIP insurance
What is the body of law that governs negotiable instruments? - ANSWER
docterine of emblements
John has an open listing on his home with Company X. Paul has an exclusive
right to sell listing with the same company. Their contracts have a 30-day
protection period. Both listings expire on March 31st. On April 15th, Paul and
John view each other's properties for the first time, and decide to swap homes.
How much commission is Company X due? - ANSWER None. They viewed
each other's property AFTER the listing had expired.
, A lead-based paint disclosure form is required for all residential dwellings built
before January 1, 1978. When applicable, who must sign the form? - ANSWER
all parties must sign. Buyer , seller and both agents.
A counteroffer constitutes a - ANSWER change
A man and woman sign a purchase contract, which is subsequently approved
and signed by the seller. The couple now has what kind of title? - ANSWER
equitable title
What would cause termination of a real estate contract? - ANSWER
Completion
The non-breaching party to a contract has a duty by law to - ANSWER mitigate
damages
Cassie is a real estate agent who lists a property for an asset management
company representing a bank. Cassie prepares a market analysis for the bank
and the bank lists the property at the recommended price. Four agents from the
MLS prepare offers for the listing and deliver them to Cassie. A fifth agent calls
and asks the Cassie if there are any other offers. What can Cassie tell MLS
agent number five? - ANSWER disclose only at the direction of the seller that
there are other offers
Prorated taxes are shown on the settlement statement as a - ANSWER Debit to
the buyer, credit to the seller
What document serves as escrow instructions? - ANSWER The purchase
agreement
A salesperson goes on a listing appointment where the owner informs the agent
that he has missed a couple of mortgage payments. The property values have
declined and now the owner owes more for the property than it's worth. In order
for the owner to sell without needing to bring money to the closing table, the
agent should suggest that the seller - ANSWER Negotiate a short sale with his
bank
Developer's restrictive covenants
Replacement of a building best describes building - ANSWER a functional
equivalent of the original structure
What is assessment value? - ANSWER value the property taxes are based off
of
The rule that says a property maintains its value best when the surrounding
properties are similar in size, style, and function is the rule of - ANSWER
conformity
What financing method does NOT use an income ratio and a debt ratio for
qualification? - ANSWER all financing methods use two ratios
What is NOT a feature of an FHA-insured loan? - ANSWER no MIP insurance
What is the body of law that governs negotiable instruments? - ANSWER
docterine of emblements
John has an open listing on his home with Company X. Paul has an exclusive
right to sell listing with the same company. Their contracts have a 30-day
protection period. Both listings expire on March 31st. On April 15th, Paul and
John view each other's properties for the first time, and decide to swap homes.
How much commission is Company X due? - ANSWER None. They viewed
each other's property AFTER the listing had expired.
, A lead-based paint disclosure form is required for all residential dwellings built
before January 1, 1978. When applicable, who must sign the form? - ANSWER
all parties must sign. Buyer , seller and both agents.
A counteroffer constitutes a - ANSWER change
A man and woman sign a purchase contract, which is subsequently approved
and signed by the seller. The couple now has what kind of title? - ANSWER
equitable title
What would cause termination of a real estate contract? - ANSWER
Completion
The non-breaching party to a contract has a duty by law to - ANSWER mitigate
damages
Cassie is a real estate agent who lists a property for an asset management
company representing a bank. Cassie prepares a market analysis for the bank
and the bank lists the property at the recommended price. Four agents from the
MLS prepare offers for the listing and deliver them to Cassie. A fifth agent calls
and asks the Cassie if there are any other offers. What can Cassie tell MLS
agent number five? - ANSWER disclose only at the direction of the seller that
there are other offers
Prorated taxes are shown on the settlement statement as a - ANSWER Debit to
the buyer, credit to the seller
What document serves as escrow instructions? - ANSWER The purchase
agreement
A salesperson goes on a listing appointment where the owner informs the agent
that he has missed a couple of mortgage payments. The property values have
declined and now the owner owes more for the property than it's worth. In order
for the owner to sell without needing to bring money to the closing table, the
agent should suggest that the seller - ANSWER Negotiate a short sale with his
bank
