NATIONAL REAL ESTATE EXAM PRACTICE TEST Answered 100% Correctly 2024

NATIONAL REAL ESTATE EXAM PRACTICE TEST Answered 100% Correctly 2024 In most cases, broker compensation, as a percentage of home price, falls somewhere between: 5-7% A Christian organization owns a fourplex. It wants to rent to only Christian tenants. Under the federal Fair Housing Act, is this legal? Yes. Religious organizations which rent to tenants for residential purposes are exempt from the Fair Housing Act What happens to trade fixtures after a business moves out of a leased property? The tenant removes their trade fixtures and takes them upon moving out. Suppose that a borrower has a gross monthly income of $3,000 and wants to qualify for a conforming loan (total debt service ratio of 36%) with a monthly PITI payment of $800. What is the maximum amount of additional long-term obligations this borrower may have after PITI? $280 A square bedroom measures 10 feet by 10 feet. What is the area of the room? 100 square feet Which of these is an economic characteristic that makes land a distinctive commodity?* situs In a fixed-rate mortgage that is fully amortized, the total amount of interest to be paid is: predetermined Which is exempt from the federal Fair Housing Act? renting a room in a house occupied by the owner The Americans with Disabilities Act applies to: privately owned or government-owned public accommodations Condemnation is the act of seizing private property from citizens. What gives the government the right to do this? eminent domain The PHYSICAL characteristics of land are that land is indestructible, nonhomogenous, and: immobile Which statement BEST defines the term contingency? stipulation that must be satisfied before the contract can be performed If a borrower is behind on payments, the acceleration clause gives the lender the ability to