CE Shop Study guides, Class notes & Summaries

What do riparian rights give landowners the ability to do? Use a river running through the property. A cabin has 120 feet of lake frontage. The cabin owner's ability to access the lake is based on ______. Littoral rights What are improvements with regard to property? Artificial attachments to land that include items such as fencing, buildings, and walkways Along with property ownership, rights are granted to use the land's physical components. Which right allows a prope...

What do riparian rights give landowners the ability to do? Use a river running through the property. A cabin has 120 feet of lake frontage. The cabin owner's ability to access the lake is based on ______. Littoral rights What are improvements with regard to property? Artificial attachments to land that include items such as fencing, buildings, and walkways Along with property ownership, rights are granted to use the land's physical components. Which right allows a prope...

How many hours of basic principles are required before applying for license? 60 Do you have to take both required courses before applying for an affiliates brokers license? No. In the state of TN, a person only has to take the 60 hour course before they are eligible to test for license Who keeps track of all records of students? Commission A real estate agent must complete how many hours of continual education in TN? 16 Designated agency agent chosen by broker to...

The cost approach to finding an appraised value measures _______. The cost to acquire a property only The cost to acquire land and construct a reproduction The cost to construct a reproduction only The expenses the property is expected to produce for the owner The cost to acquire land and construct a reproduction How should a licensee respond to a client who asks to be shown property based on the racial makeup of neighborhoods? "I'll do my best, but just to make sure it ...

What is a general lien? A claim against a person and all of that person's property A claim against a specific piece of property A type of mortgage lien A type of tax lien A claim against a person and all of that person's property Which of the following discriminatory practice does the Home Mortgage Disclosure Act (HMDA) seek to address? Blockbusting Credit reporting Mortgage applications Redlining Redlining What is a real estate mortgage investment condu...

Stacey, a buyer, is working with licensee Rebecca in a state that doesn't recognize or permit implied agency. Rebecca doesn't represent Stacey, however, and is performing only ministerial tasks for her. Which of these statements about this situation is correct? A. Stacey is Rebecca's client. B. Rebecca is acting in an agency capacity for Stacey. C. Stacey is Rebecca's customer. D. Rebecca can't work with Stacey without an agency agreement. C. Stacey is Rebecca's customer. Without...

When performing a market analysis, given the adjusted sales prices of three comparables, which comparable would you weigh most heavily? -The one that had more upward adjustments than the others -The one that required less adjustment -The one with an adjusted sales price higher than the actual sales price -The one with the adjusted sales price lower than the actual sales price The one that required less adjustment **The comparable that required less adjustment overall (including both upward...

Depreciation Real property ownersip has significant tax advantages. Which of the following is an advantage? The building department Which entity ensures that contractors perform their work according to code by inspecting their job sites? Salesperson Which type of real estate license requires a 60-hour licensing course as a condition of taking the licensing exam? Negligence Uh-oh. You failed to present an offer on behalf of your client in a timely manner. As a result, the...

The components that make up a borrower's mortgage payment can best be remembered using which acronym? PITI (principal, interest, taxes, and insurance) From a real estate professional's point of view, what's the purpose of qualifying buyers? To determine the buyer's readiness to buy Activities that restrain trade and reduce competition and choices for consumers are considered to be what kind of violations? Antitrust Which of the following best describes market price? ...

which of the following is the price a lender believes the property will bring at a foreclosure sale? mortgage value Burt terminated his exclusive right-to-sell listing agreement with Scott, his listing broker. Burt may legally do this as long as he's ________ willing to pay Scott's commission anyway what must a homeowner in DC disclose about a property built before 1978 if they have never tested it for lead paint? that the home is presumed to have lead-based paint Fred ...