MASTERING REAL ESTATE - - COMP
EXAM 1 WITH ALL NEEDED TO PASS!!!
Robert cdis cdpurchasing cdan cdapartment cdbuilding cdand cdobtained cda cdloan cdfrom cda
cdlocal cdbank. cdIn cdthis cdtransaction, cdRobert cdis cdthe
A. cdlessee
B. cdgrantor
C. cdvendor
D. cdmortgagor cd- cd cdcorrect cdanswer- cd cdD. cdmortgagor
Frank cdand cdKaren cdenter cdinto cdan cdagreement; cdKaren cdwill cdmow cdFrank's cdlawn
cdevery cdweek cdduring cdthe cdsummer. cdLater, cdKaren cddecides cdto cdgo cdinto cda
cddifferent cdbusiness. cdVic cdwould cdlike cdto cdassume cdKaren's cdobligation cdto cdmow
cdFrank's cdlawn. cdFrank cdagrees cdand cdenters cdinto cda cdnew cdcontract cdwith cdVic.
cdFrank cdand cdKaren cdtear cdup cdtheir cdoriginal cdagreement. cdThis cdis cdknown cdas
A. cdAssignment
B. cdNovation
C. cdSubstitution
D. cdRecission cd- cd cdcorrect cdanswer- cd cdB. cdNovation--A cdnovation cdsubstitutes cda
cdnew cdagreement cdfor cdan cdold cdone
One cdof cdthe cdrequirements cdof cdthe cdConsumer cdFinancial cdProtection cdBureau
cddisclosure cdrules cdis cdthat cdthe cdlender cdprovide cdthe cdpurchaser cdwith cda
A. cdTitle cdReport
B. cdClosing cddisclosure cdform cdof cdclosing cdcosts
C. cdWritten cdexplanation cdif cdthe cdpurchaser's cdloan cdapplication cdis cddenied
D. cdMortgage cdinsurance cdpolicy cd- cd cdcorrect cdanswer- cd cdB. cdClosing cddisclosure
cdform cdof cdclosing cdcosts
Larry cdplaced cdtitle cdto cdhis cdbuilding cdin cda cdtrust, cdwith cdLarry cdas cdthe
cdbeneficiary. cdWhen cdLarry cddied, cdhis cdwill cddirected cdthe cdtrustee cdto cdsell cdthe
,cdbuilding cdand cddistribute cdthe cdproceeds cdof cdthe cdsale cdto cdLarry's cdheirs. cdThe
cdtrustee cdsold cdthe cdbuilding cdin cdaccordance cdwith cdthe cdwill. cdWhat cdtype cdof
cddeed cdwas cddelivered cdat cdclosing?
A. cdTrustee's' cddeed
B. cdTrustors' cddeed
C. cdDeed cdin cdtrust
D. cdReconveyance cddeed cd- cd cdcorrect cdanswer- cd cdA. cdTrustee's' cddeed
Which cdof cdthe cdfollowing cdactivities, cdperformed cdfor cda cdfee, cdusually cdrequires cda
cdreal cdestate cdlicense?
A. cdA cdcity cdemployee cdselling cdcity cdproperty
B. cdAn cdattorney-at-law cdselling cda cdproperty cdhe cdhad cdlisted
C. cdA cdtrustee cdselling cdproperty cdunder cdcourt cdorder
D. cdAn cdattorney-in-fact cdfollowing cdthe cdinstructions cdof cdthe cdprincipal cd- cd cdcorrect
cdanswer- cd cdB. cdAn cdattorney-at-law cdselling cda cdproperty cdhe cdhad cdlisted
Attorney's cdmust cdbe cdlicensed cdif cdacting cdas cdreal cdestate cdbrokers cdand cdnot cdas
cdlegal cdcounsels
A cdHomeowner cdis cdpreparing cdher cdincome cdtax cdreturn. cdWhich cdof cdthe cdfollowing
cdexpenses cdmay cdshe cddeduct cdfrom cdincome cdon cdher cdtax cdreturn?
A. cdHomeowner's cdinsurance cdpremium
B. cdDepreciation cdexpense
C. cdmaintenance cdexpenses
D. cdReal cdestate cdtaxes cd- cd cdcorrect cdanswer- cd cdD. cdReal cdestate cdtaxes cd(And
cdmortgage cdinterest)
An cdapartment cdmanager cddecides cdto cdminimize cdthe cdthreat cdof cdcriminal cdactivity
cdon cdthe cdproperty cdby cdadding cdsecurity cdcameras cdand cdnew cdelectronic cdlocks
cdwith cdpasskeys cdon cdall cdthe cdentrance cddoors cdto cdthe cdbuilding. cdThis cdform cdof
cdrisk cdmanagement cdis cdknown cdas
A. cdAvoiding cdthe cdrisk
B. cdControlling cdthe cdrisk
C. cdRetaining cdthe cdrisk
D. cdTransferring cdthe cdrisk cd- cd cdcorrect cdanswer- cd cdB. cdControlling cdthe cdrisk
Land cddescribed cdas cdbeing cdthe cdSW1/4 cdof cdthe cdSE1/4 cdof cdthe cdNW1/4 cdof cdthe
cdS1/2 cdof cda cdsection cdis cdvalued cdat cd$3,000 cdper cdacre. cdThe cdtotal cdvalue cdof
cdthe cdproperty cdis
A. cd$15,000
B. cd$30,000
C. cd$120,000
D. cd$480,000 cd- cd cdcorrect cdanswer- cd cdA. cd$15,000 cd(640/4/4/4/2)
A cdbroker cdreceives cda cdcheck cdfor cdearnest cdmoney cdfrom cda cdbuyer cdon cdFriday
cdand cddeposits cdthe cdmoney cdin cdhis cdpersonal cdchecking cdaccount cdover cdthe
cdweekend. cdThis cdaction cdmay cdexpose cdthe cdbroker cdto cda cdcharge cdof
, A. cdCommingling
B. cdNovation
C. cdSubrogation
D. cdAccretion cd- cd cdcorrect cdanswer- cd cdA. cdCommingling
Henry cdwishes cdto cdmeasure cdthe cdreturn cdfrom cdhis cdreal cdestate cdinvestment. cdTo
cdaccomplish cdthis, cdHenry cdwould cdmost cdlikely cduse cdthe cdproperty's
A. cdCash cdFlow
B. cdCapitalization cdRate
C. cdDepreciation cdSchedule
D. cdDebt cdExpense cd- cd cdcorrect cdanswer- cd cdB. cdCapitalization cdRate cd= cdrate cdof
cdreturn cdfrom cdan cdinvestment
A cdveteran cdwishes cdto cdrefinance cdher cdhome cdwith cda cdVA-guaranteed cdloan. cdThe
cdlender cdis cdwilling, cdbut cdinsists cdon cdcharging cd3.5 cddiscount cdpoints. cdIn cdthis
cdsituation, cdthe cdveteran
A. cdCan cdrefinance cdwith cda cdVA cdloan, cdprovided cdthe cdlender cddoes cdnot cdcharge
cdthe cddiscount cdpoints.
B. cdCan cdrefinance cdwith cda cdVA cdloan, cdprovided cdthe cdlender cdcharges cdno cdmore
cdthan cdtwo cddiscount cdpoints.
C. cdCannot cdrefinance cdbecause cdVA-guaranteed cdloans cdcannot cdbe cdused cdfor
cdrefinancing cdan cdexisting cdloan
D. cdCan cdproceed cdwith cdthe cdloan cdand cdpay cdthe cddiscount cdpoints. cd- cd cdcorrect
cdanswer- cd cdD. cdCan cdproceed cdwith cdthe cdloan cdand cdpay cdthe cddiscount cdpoints.
cd(lenders cdmay cdcharge cdpoints cdon cdVA cdloans)
Thelma cdpurchases cda cdhouse cdand cdobtains cda cdloan cdthat cdonly cdpartially
cdamortizes cdthe cdprincipal. cdThis cdtype cdof cdloan cdmust cdinclude cda
A. cdSubordination cdClause
B. cdBalloon cdPayment
C. cdPrepayment cdPenalty
D. cdUsury cdRate cdClause cd- cd cdcorrect cdanswer- cd cdB. cdBalloon cdPayment
A cdlender cdprobably cdwould cdallow cda cdhigher cdloan-to-value cd(LTV) cdratio cdwhen
cdmaking cda cdloan cdon
A. cdCommercial cdProperty
B. cdUnimproved cdLand
C. cdA cdSingle-Family cdResidence
D. cdAgricultural cdLand cd- cd cdcorrect cdanswer- cd cdC. cdA cdSingle-Family cdResidence
cd(safer cdcollateral)
Who cdbears cdthe cdliability cdfor cdthe cdrent cdpayments cdunder cda cdlease cdagreement
cdif cdthe cdlease cdis cdassigned cdby cdthe cdlessee?
A. cdThe cdassignor cdremains cdthe cdprimarily cdliable
B. cdThe cdassignee cdis cdprimarily cdliable cdand cdthe cdassignor cdhas cdsecondary
cdliability
EXAM 1 WITH ALL NEEDED TO PASS!!!
Robert cdis cdpurchasing cdan cdapartment cdbuilding cdand cdobtained cda cdloan cdfrom cda
cdlocal cdbank. cdIn cdthis cdtransaction, cdRobert cdis cdthe
A. cdlessee
B. cdgrantor
C. cdvendor
D. cdmortgagor cd- cd cdcorrect cdanswer- cd cdD. cdmortgagor
Frank cdand cdKaren cdenter cdinto cdan cdagreement; cdKaren cdwill cdmow cdFrank's cdlawn
cdevery cdweek cdduring cdthe cdsummer. cdLater, cdKaren cddecides cdto cdgo cdinto cda
cddifferent cdbusiness. cdVic cdwould cdlike cdto cdassume cdKaren's cdobligation cdto cdmow
cdFrank's cdlawn. cdFrank cdagrees cdand cdenters cdinto cda cdnew cdcontract cdwith cdVic.
cdFrank cdand cdKaren cdtear cdup cdtheir cdoriginal cdagreement. cdThis cdis cdknown cdas
A. cdAssignment
B. cdNovation
C. cdSubstitution
D. cdRecission cd- cd cdcorrect cdanswer- cd cdB. cdNovation--A cdnovation cdsubstitutes cda
cdnew cdagreement cdfor cdan cdold cdone
One cdof cdthe cdrequirements cdof cdthe cdConsumer cdFinancial cdProtection cdBureau
cddisclosure cdrules cdis cdthat cdthe cdlender cdprovide cdthe cdpurchaser cdwith cda
A. cdTitle cdReport
B. cdClosing cddisclosure cdform cdof cdclosing cdcosts
C. cdWritten cdexplanation cdif cdthe cdpurchaser's cdloan cdapplication cdis cddenied
D. cdMortgage cdinsurance cdpolicy cd- cd cdcorrect cdanswer- cd cdB. cdClosing cddisclosure
cdform cdof cdclosing cdcosts
Larry cdplaced cdtitle cdto cdhis cdbuilding cdin cda cdtrust, cdwith cdLarry cdas cdthe
cdbeneficiary. cdWhen cdLarry cddied, cdhis cdwill cddirected cdthe cdtrustee cdto cdsell cdthe
,cdbuilding cdand cddistribute cdthe cdproceeds cdof cdthe cdsale cdto cdLarry's cdheirs. cdThe
cdtrustee cdsold cdthe cdbuilding cdin cdaccordance cdwith cdthe cdwill. cdWhat cdtype cdof
cddeed cdwas cddelivered cdat cdclosing?
A. cdTrustee's' cddeed
B. cdTrustors' cddeed
C. cdDeed cdin cdtrust
D. cdReconveyance cddeed cd- cd cdcorrect cdanswer- cd cdA. cdTrustee's' cddeed
Which cdof cdthe cdfollowing cdactivities, cdperformed cdfor cda cdfee, cdusually cdrequires cda
cdreal cdestate cdlicense?
A. cdA cdcity cdemployee cdselling cdcity cdproperty
B. cdAn cdattorney-at-law cdselling cda cdproperty cdhe cdhad cdlisted
C. cdA cdtrustee cdselling cdproperty cdunder cdcourt cdorder
D. cdAn cdattorney-in-fact cdfollowing cdthe cdinstructions cdof cdthe cdprincipal cd- cd cdcorrect
cdanswer- cd cdB. cdAn cdattorney-at-law cdselling cda cdproperty cdhe cdhad cdlisted
Attorney's cdmust cdbe cdlicensed cdif cdacting cdas cdreal cdestate cdbrokers cdand cdnot cdas
cdlegal cdcounsels
A cdHomeowner cdis cdpreparing cdher cdincome cdtax cdreturn. cdWhich cdof cdthe cdfollowing
cdexpenses cdmay cdshe cddeduct cdfrom cdincome cdon cdher cdtax cdreturn?
A. cdHomeowner's cdinsurance cdpremium
B. cdDepreciation cdexpense
C. cdmaintenance cdexpenses
D. cdReal cdestate cdtaxes cd- cd cdcorrect cdanswer- cd cdD. cdReal cdestate cdtaxes cd(And
cdmortgage cdinterest)
An cdapartment cdmanager cddecides cdto cdminimize cdthe cdthreat cdof cdcriminal cdactivity
cdon cdthe cdproperty cdby cdadding cdsecurity cdcameras cdand cdnew cdelectronic cdlocks
cdwith cdpasskeys cdon cdall cdthe cdentrance cddoors cdto cdthe cdbuilding. cdThis cdform cdof
cdrisk cdmanagement cdis cdknown cdas
A. cdAvoiding cdthe cdrisk
B. cdControlling cdthe cdrisk
C. cdRetaining cdthe cdrisk
D. cdTransferring cdthe cdrisk cd- cd cdcorrect cdanswer- cd cdB. cdControlling cdthe cdrisk
Land cddescribed cdas cdbeing cdthe cdSW1/4 cdof cdthe cdSE1/4 cdof cdthe cdNW1/4 cdof cdthe
cdS1/2 cdof cda cdsection cdis cdvalued cdat cd$3,000 cdper cdacre. cdThe cdtotal cdvalue cdof
cdthe cdproperty cdis
A. cd$15,000
B. cd$30,000
C. cd$120,000
D. cd$480,000 cd- cd cdcorrect cdanswer- cd cdA. cd$15,000 cd(640/4/4/4/2)
A cdbroker cdreceives cda cdcheck cdfor cdearnest cdmoney cdfrom cda cdbuyer cdon cdFriday
cdand cddeposits cdthe cdmoney cdin cdhis cdpersonal cdchecking cdaccount cdover cdthe
cdweekend. cdThis cdaction cdmay cdexpose cdthe cdbroker cdto cda cdcharge cdof
, A. cdCommingling
B. cdNovation
C. cdSubrogation
D. cdAccretion cd- cd cdcorrect cdanswer- cd cdA. cdCommingling
Henry cdwishes cdto cdmeasure cdthe cdreturn cdfrom cdhis cdreal cdestate cdinvestment. cdTo
cdaccomplish cdthis, cdHenry cdwould cdmost cdlikely cduse cdthe cdproperty's
A. cdCash cdFlow
B. cdCapitalization cdRate
C. cdDepreciation cdSchedule
D. cdDebt cdExpense cd- cd cdcorrect cdanswer- cd cdB. cdCapitalization cdRate cd= cdrate cdof
cdreturn cdfrom cdan cdinvestment
A cdveteran cdwishes cdto cdrefinance cdher cdhome cdwith cda cdVA-guaranteed cdloan. cdThe
cdlender cdis cdwilling, cdbut cdinsists cdon cdcharging cd3.5 cddiscount cdpoints. cdIn cdthis
cdsituation, cdthe cdveteran
A. cdCan cdrefinance cdwith cda cdVA cdloan, cdprovided cdthe cdlender cddoes cdnot cdcharge
cdthe cddiscount cdpoints.
B. cdCan cdrefinance cdwith cda cdVA cdloan, cdprovided cdthe cdlender cdcharges cdno cdmore
cdthan cdtwo cddiscount cdpoints.
C. cdCannot cdrefinance cdbecause cdVA-guaranteed cdloans cdcannot cdbe cdused cdfor
cdrefinancing cdan cdexisting cdloan
D. cdCan cdproceed cdwith cdthe cdloan cdand cdpay cdthe cddiscount cdpoints. cd- cd cdcorrect
cdanswer- cd cdD. cdCan cdproceed cdwith cdthe cdloan cdand cdpay cdthe cddiscount cdpoints.
cd(lenders cdmay cdcharge cdpoints cdon cdVA cdloans)
Thelma cdpurchases cda cdhouse cdand cdobtains cda cdloan cdthat cdonly cdpartially
cdamortizes cdthe cdprincipal. cdThis cdtype cdof cdloan cdmust cdinclude cda
A. cdSubordination cdClause
B. cdBalloon cdPayment
C. cdPrepayment cdPenalty
D. cdUsury cdRate cdClause cd- cd cdcorrect cdanswer- cd cdB. cdBalloon cdPayment
A cdlender cdprobably cdwould cdallow cda cdhigher cdloan-to-value cd(LTV) cdratio cdwhen
cdmaking cda cdloan cdon
A. cdCommercial cdProperty
B. cdUnimproved cdLand
C. cdA cdSingle-Family cdResidence
D. cdAgricultural cdLand cd- cd cdcorrect cdanswer- cd cdC. cdA cdSingle-Family cdResidence
cd(safer cdcollateral)
Who cdbears cdthe cdliability cdfor cdthe cdrent cdpayments cdunder cda cdlease cdagreement
cdif cdthe cdlease cdis cdassigned cdby cdthe cdlessee?
A. cdThe cdassignor cdremains cdthe cdprimarily cdliable
B. cdThe cdassignee cdis cdprimarily cdliable cdand cdthe cdassignor cdhas cdsecondary
cdliability
