Exam 2 Barney Fletcher questions with verified answers
1 acre + 1 square mile Ans✓✓✓ 640 +1= 641 x price per acre
A buyer buys a property that is landlocked including an easement for
access, the easement is never recorded? Ans✓✓✓ it is
necessary/appurtenant
A buyers agent represents a buyer Ans✓✓✓ true
A clause that gives priority to future mortgages, such as refinance?
Ans✓✓✓ subordination clause
A deed with a race provision is a valid transfer, but the race provision is
illegal and therefore unenforceable under fair housing. Ans✓✓✓
Invalid True
A lien from a lawsuit that covers all of one's real and personal property?
Ans✓✓✓ General lien
A lien is always monetary/mortgage Ans✓✓✓ True
A life estate with a remainderman Ans✓✓✓ goes to life tenant first,
then moves forward to named remainderman.... does not return to
grantor
,A listing agent represents a seller Ans✓✓✓ True
A loan amortized for 30 years but due and payable upon 7 years is
what? Ans✓✓✓ is a partially amortized note (ballon payment)
A partial release clause is found in what kind of mortgage? Ans✓✓✓ A
blanket mortgage for a developer to sell off one lot at a time
A property manager cannot enter an apartment unannounced.
Ans✓✓✓ Must give proper notice under right of quiet enjoyment
A rental with beginning and ending date even if just two weeks it is?
Ans✓✓✓ an estate for years
A security deed is used does what? Ans✓✓✓ transfers title to the
lender as collateral for the debt until debt is paid
A written agreement is an expressed agreement Ans✓✓✓ True
Accrued Interest Ans✓✓✓ sellers interest of his existing loan since last
payment
, Accrued interest is the sellers interest since his last payment Ans✓✓✓
True
Adjustable rate mortgage is calculated at change periods by? Ans✓✓✓
using the index plus a margin
Advertising rules Ans✓✓✓ font sizes
Agents must disclose their license as a principal in a purchase or lease
transactions Ans✓✓✓ true
All advertising and signage must be removed within how many days of
closing? Ans✓✓✓ 10
An allowable vacancy rate is not a standard part of a management
agreement. Ans✓✓✓ True
Appurtenances are to include rights of ownership and improvements
Ans✓✓✓ True
APR comes from Truth in lending act Ans✓✓✓ a federal law
Assumable loans do not have a? Ans✓✓✓ an alienation clause
1 acre + 1 square mile Ans✓✓✓ 640 +1= 641 x price per acre
A buyer buys a property that is landlocked including an easement for
access, the easement is never recorded? Ans✓✓✓ it is
necessary/appurtenant
A buyers agent represents a buyer Ans✓✓✓ true
A clause that gives priority to future mortgages, such as refinance?
Ans✓✓✓ subordination clause
A deed with a race provision is a valid transfer, but the race provision is
illegal and therefore unenforceable under fair housing. Ans✓✓✓
Invalid True
A lien from a lawsuit that covers all of one's real and personal property?
Ans✓✓✓ General lien
A lien is always monetary/mortgage Ans✓✓✓ True
A life estate with a remainderman Ans✓✓✓ goes to life tenant first,
then moves forward to named remainderman.... does not return to
grantor
,A listing agent represents a seller Ans✓✓✓ True
A loan amortized for 30 years but due and payable upon 7 years is
what? Ans✓✓✓ is a partially amortized note (ballon payment)
A partial release clause is found in what kind of mortgage? Ans✓✓✓ A
blanket mortgage for a developer to sell off one lot at a time
A property manager cannot enter an apartment unannounced.
Ans✓✓✓ Must give proper notice under right of quiet enjoyment
A rental with beginning and ending date even if just two weeks it is?
Ans✓✓✓ an estate for years
A security deed is used does what? Ans✓✓✓ transfers title to the
lender as collateral for the debt until debt is paid
A written agreement is an expressed agreement Ans✓✓✓ True
Accrued Interest Ans✓✓✓ sellers interest of his existing loan since last
payment
, Accrued interest is the sellers interest since his last payment Ans✓✓✓
True
Adjustable rate mortgage is calculated at change periods by? Ans✓✓✓
using the index plus a margin
Advertising rules Ans✓✓✓ font sizes
Agents must disclose their license as a principal in a purchase or lease
transactions Ans✓✓✓ true
All advertising and signage must be removed within how many days of
closing? Ans✓✓✓ 10
An allowable vacancy rate is not a standard part of a management
agreement. Ans✓✓✓ True
Appurtenances are to include rights of ownership and improvements
Ans✓✓✓ True
APR comes from Truth in lending act Ans✓✓✓ a federal law
Assumable loans do not have a? Ans✓✓✓ an alienation clause
