Barney Fletcher Real Estate Study Guide questions with
verified answers
1 Acre Ans✓✓✓ 208.708 feet x 208.708 feet or 43,560 square feet
1 Mile Ans✓✓✓ 5,280 feet
1 Section Ans✓✓✓ 640 acres
1. The basic zoning categories, characterized according to use, are:
2. Zoning authorities take many types of actions within the parameters
of zoning laws and ordinances: Ans✓✓✓ 1. Residential
Commercial
Industrial
Agricultural
Public
2. Granting variances.
Issuing Permits of Nonconforming Use.
Spot Zoning.
Downzoning.
Bulk Zoning.
Buffer Zoning.
,Conditional Use Zoning
10% Tolerance Ans✓✓✓ These charges include recording costs and
charges for services for which the consumer can shop and where the
borrower selects a vendor recommended by the lender. This could
include title insurance, title search, and survey fees, among others. We
should note that this 10% tolerance applies to this entire category, not
to each individual estimated cost.
A Listing Contract with a Seller Ans✓✓✓ Broker's employment contract
as an agent to handle a real estate matter for a seller/client. A listing
contract is a personal service contract and therefore may not be
assigned. It is an agreement between a client(s) and his agent and
should not be shown to customers. Parties to a listing contract are the
property owner(s) and the principal broker (not the salesperson). All
persons having an interest in the property must be identified and
should sign the listing. The brokerage firm and the licensee taking the
listing should all be identified. The licensee taking the listing must give a
copy of the listing to all parties who have signed it at the time of
signing. Listing agents are obligated to present all offers received for
the property to the seller as soon as possible.
A public offering statement usually must contain the following
notifications: Ans✓✓✓ Condo will be governed by a unit owners'
association in which each unit owner will have a vote.
Certain decisions will be made by the executive body (board of
directors).
,Operating expenses will be paid by unit owners.
Owners will be periodically assessed on the basis of an operating
budget.
Unit owners' association may impose fines and may file a lien against
any owner's unit if assessments are not paid.
Declarants must pay assessments on unsold units.
Provisions regarding resale of units, termination of the condominium,
and amendments to condominium documents.
Matters concerning the managing agent's performance of the routine
operations of the unit owners' association.
Abstract of Title Ans✓✓✓ Title search completed by a licensed
abstractor, he will prepare an abstract of title which is a detailed report
and historical summary of all grants, conveyances, wills, and judicial
proceedings affecting title to a property found in public records,
together with a statement of all recorded liens and encumbrances.
Abstractors don't give opinions on the condition of the title, and don't
guarantee the marketability of the title.
Acceleration Clause Ans✓✓✓ If the borrower fails to keep the
covenants of the mortgage or trust deed, the entire loan balance is due
and payable upon demand. The mortgagee may accelerate the note if
this clause is expressly included in the mortgage document. The
mortgagee must give the debtor adequate notice prescribed by law,
and must specify a time period to allow the debtor to cure the default.
, Accounting Ans✓✓✓ All money and property held by the licensee for
the client must be protected and accounted for by the licensee. This
would include any documents such as deeds, title policies, abstracts, or
mortgages given to the licensee by the client. All money held by the
licensee must be held in accordance with applicable rules relating to
escrow or trust accounts. This would include deposits when a licensee
is purchasing property for his own account.
Accretion Ans✓✓✓ Action of water causing land to build up on a
parcel and subtract from another.
Acknowledgment Ans✓✓✓ Formal declaration made by a person who
has signed a document before a notary public who confirms that the
person signing is known, or has supplied identification.
Acknowledgment Ans✓✓✓ In states that use the Torrens System, title
passes when the deed is registered, not when it is delivered to the new
owner. Declaration made before an authorized officer, usually a notary,
by a person who is voluntarily signing a formal, written document. The
officer ascertains that the signature is voluntary and legitimate. An
acknowledgment is designed to prevent forgeries and fraudulent
documents. All documents that are recorded on the local (city or
county) public record must be acknowledged before they can be
recorded. However, an unrecorded document does not need to be
acknowledged in order to be valid. For instance, in most states a deed
does not have to be acknowledged and recorded to be valid. Title
passes with delivery and acceptance regardless of whether or not a
deed has been recorded. Nonetheless, it is always good practice to
verified answers
1 Acre Ans✓✓✓ 208.708 feet x 208.708 feet or 43,560 square feet
1 Mile Ans✓✓✓ 5,280 feet
1 Section Ans✓✓✓ 640 acres
1. The basic zoning categories, characterized according to use, are:
2. Zoning authorities take many types of actions within the parameters
of zoning laws and ordinances: Ans✓✓✓ 1. Residential
Commercial
Industrial
Agricultural
Public
2. Granting variances.
Issuing Permits of Nonconforming Use.
Spot Zoning.
Downzoning.
Bulk Zoning.
Buffer Zoning.
,Conditional Use Zoning
10% Tolerance Ans✓✓✓ These charges include recording costs and
charges for services for which the consumer can shop and where the
borrower selects a vendor recommended by the lender. This could
include title insurance, title search, and survey fees, among others. We
should note that this 10% tolerance applies to this entire category, not
to each individual estimated cost.
A Listing Contract with a Seller Ans✓✓✓ Broker's employment contract
as an agent to handle a real estate matter for a seller/client. A listing
contract is a personal service contract and therefore may not be
assigned. It is an agreement between a client(s) and his agent and
should not be shown to customers. Parties to a listing contract are the
property owner(s) and the principal broker (not the salesperson). All
persons having an interest in the property must be identified and
should sign the listing. The brokerage firm and the licensee taking the
listing should all be identified. The licensee taking the listing must give a
copy of the listing to all parties who have signed it at the time of
signing. Listing agents are obligated to present all offers received for
the property to the seller as soon as possible.
A public offering statement usually must contain the following
notifications: Ans✓✓✓ Condo will be governed by a unit owners'
association in which each unit owner will have a vote.
Certain decisions will be made by the executive body (board of
directors).
,Operating expenses will be paid by unit owners.
Owners will be periodically assessed on the basis of an operating
budget.
Unit owners' association may impose fines and may file a lien against
any owner's unit if assessments are not paid.
Declarants must pay assessments on unsold units.
Provisions regarding resale of units, termination of the condominium,
and amendments to condominium documents.
Matters concerning the managing agent's performance of the routine
operations of the unit owners' association.
Abstract of Title Ans✓✓✓ Title search completed by a licensed
abstractor, he will prepare an abstract of title which is a detailed report
and historical summary of all grants, conveyances, wills, and judicial
proceedings affecting title to a property found in public records,
together with a statement of all recorded liens and encumbrances.
Abstractors don't give opinions on the condition of the title, and don't
guarantee the marketability of the title.
Acceleration Clause Ans✓✓✓ If the borrower fails to keep the
covenants of the mortgage or trust deed, the entire loan balance is due
and payable upon demand. The mortgagee may accelerate the note if
this clause is expressly included in the mortgage document. The
mortgagee must give the debtor adequate notice prescribed by law,
and must specify a time period to allow the debtor to cure the default.
, Accounting Ans✓✓✓ All money and property held by the licensee for
the client must be protected and accounted for by the licensee. This
would include any documents such as deeds, title policies, abstracts, or
mortgages given to the licensee by the client. All money held by the
licensee must be held in accordance with applicable rules relating to
escrow or trust accounts. This would include deposits when a licensee
is purchasing property for his own account.
Accretion Ans✓✓✓ Action of water causing land to build up on a
parcel and subtract from another.
Acknowledgment Ans✓✓✓ Formal declaration made by a person who
has signed a document before a notary public who confirms that the
person signing is known, or has supplied identification.
Acknowledgment Ans✓✓✓ In states that use the Torrens System, title
passes when the deed is registered, not when it is delivered to the new
owner. Declaration made before an authorized officer, usually a notary,
by a person who is voluntarily signing a formal, written document. The
officer ascertains that the signature is voluntary and legitimate. An
acknowledgment is designed to prevent forgeries and fraudulent
documents. All documents that are recorded on the local (city or
county) public record must be acknowledged before they can be
recorded. However, an unrecorded document does not need to be
acknowledged in order to be valid. For instance, in most states a deed
does not have to be acknowledged and recorded to be valid. Title
passes with delivery and acceptance regardless of whether or not a
deed has been recorded. Nonetheless, it is always good practice to
