Utah Real Estate Final Exam Study Guide
Questions With Correct Answers
The |imposition |of |a |tax, |charge, |or |levy |usually |according |to |established |rates |is |known |as |an:
|- |CORRECT |ANSWER✔✔-assessment
How |can |the |Federal |reserve |fight |inflation? |- |CORRECT |ANSWER✔✔-by |raising |the |discount |
rate
Law |that |implements |the |TILA |and |protects |consumer |credit. |Allows |consumers |to |rescind |
transactions, |and |makes |lending |more |transparent. |- |CORRECT |ANSWER✔✔-Regulation |Z
The |statute |of |frauds |applies |to: |- |CORRECT |ANSWER✔✔-instruments |of |conveyance
A |provision |in |a |mortgage |that |says |that |the |title |will |be |given |to |the |borrow |once |all |the |
mortgage |terms |are |met. |Not |every |state |requires |it. |- |CORRECT |ANSWER✔✔-defeasance |
clause
The |property |is |sold |on |the |condition |that |the |new |owner |leases |back |to |the |seller |- |CORRECT |
ANSWER✔✔-sale-and |leaseback |transaction
A |body |of |laws |governing |commerical |transactions |in |the |U.S. |- |CORRECT |ANSWER✔✔-
Uniform |Commercial |Code
A |loan |characterized |by |a |fluctuating |interest |rate, |usually |tied |to |a |cost |of |funds |index |is |best |
described |as |an: |- |CORRECT |ANSWER✔✔-Adjustable |rate |mortgage
, Legal |cancellation |of |a |contract |between |buyer |and |seller. |A |contract |can |be |rescinded |at |
varying |points |during |the |transaction. |- |CORRECT |ANSWER✔✔-Recission
Type |of |loan |that |allows |the |buyer |to |purchase |more |than |one |property |at |once. |one |loan |
covers |all |the |properties |conveyed |in |the |transaction. |Common |with |developers |and |builders |- |
CORRECT |ANSWER✔✔-blanket |mortgage
Acquiring |title |to |additions |or |improvements |to |real |property |as |a |result |of |the |annexation |of |
fixtures |or |the |accretion |of |alluvial |deposits |along |the |banks |of |streams |- |CORRECT |
ANSWER✔✔-accession
changing |one |type |of |zone |to |another; |i.e. |commercial |zone |gets |changed |to |residential |zone |-
|CORRECT |ANSWER✔✔-down-zoning
who |must |sign |the |mortgage |and |note? |- |CORRECT |ANSWER✔✔-mortgagor
the |buyer |has |the |opportunity |to |purchase |the |property |at |the |end |of |the |lease. |- |CORRECT |
ANSWER✔✔-lease-option |transactions
lease |where |the |renter |is |obligated |to |pay |for |most |expenses, |including |utilities, |insurance, |
taxes, |but |usually |not |improvements |to |the |property |- |CORRECT |ANSWER✔✔-net |lease
- CORRECT |ANSWER✔✔-The |owner's |title |policy |is:
| |
A |hospital |receives |a |gift |of |real |property |from |an |elderly |couple |who |reserve |themselves |a |
life |estate. |The |hospital |is |now |a: |- |CORRECT |ANSWER✔✔-remainderman
possession
control
Questions With Correct Answers
The |imposition |of |a |tax, |charge, |or |levy |usually |according |to |established |rates |is |known |as |an:
|- |CORRECT |ANSWER✔✔-assessment
How |can |the |Federal |reserve |fight |inflation? |- |CORRECT |ANSWER✔✔-by |raising |the |discount |
rate
Law |that |implements |the |TILA |and |protects |consumer |credit. |Allows |consumers |to |rescind |
transactions, |and |makes |lending |more |transparent. |- |CORRECT |ANSWER✔✔-Regulation |Z
The |statute |of |frauds |applies |to: |- |CORRECT |ANSWER✔✔-instruments |of |conveyance
A |provision |in |a |mortgage |that |says |that |the |title |will |be |given |to |the |borrow |once |all |the |
mortgage |terms |are |met. |Not |every |state |requires |it. |- |CORRECT |ANSWER✔✔-defeasance |
clause
The |property |is |sold |on |the |condition |that |the |new |owner |leases |back |to |the |seller |- |CORRECT |
ANSWER✔✔-sale-and |leaseback |transaction
A |body |of |laws |governing |commerical |transactions |in |the |U.S. |- |CORRECT |ANSWER✔✔-
Uniform |Commercial |Code
A |loan |characterized |by |a |fluctuating |interest |rate, |usually |tied |to |a |cost |of |funds |index |is |best |
described |as |an: |- |CORRECT |ANSWER✔✔-Adjustable |rate |mortgage
, Legal |cancellation |of |a |contract |between |buyer |and |seller. |A |contract |can |be |rescinded |at |
varying |points |during |the |transaction. |- |CORRECT |ANSWER✔✔-Recission
Type |of |loan |that |allows |the |buyer |to |purchase |more |than |one |property |at |once. |one |loan |
covers |all |the |properties |conveyed |in |the |transaction. |Common |with |developers |and |builders |- |
CORRECT |ANSWER✔✔-blanket |mortgage
Acquiring |title |to |additions |or |improvements |to |real |property |as |a |result |of |the |annexation |of |
fixtures |or |the |accretion |of |alluvial |deposits |along |the |banks |of |streams |- |CORRECT |
ANSWER✔✔-accession
changing |one |type |of |zone |to |another; |i.e. |commercial |zone |gets |changed |to |residential |zone |-
|CORRECT |ANSWER✔✔-down-zoning
who |must |sign |the |mortgage |and |note? |- |CORRECT |ANSWER✔✔-mortgagor
the |buyer |has |the |opportunity |to |purchase |the |property |at |the |end |of |the |lease. |- |CORRECT |
ANSWER✔✔-lease-option |transactions
lease |where |the |renter |is |obligated |to |pay |for |most |expenses, |including |utilities, |insurance, |
taxes, |but |usually |not |improvements |to |the |property |- |CORRECT |ANSWER✔✔-net |lease
- CORRECT |ANSWER✔✔-The |owner's |title |policy |is:
| |
A |hospital |receives |a |gift |of |real |property |from |an |elderly |couple |who |reserve |themselves |a |
life |estate. |The |hospital |is |now |a: |- |CORRECT |ANSWER✔✔-remainderman
possession
control
