National Real Estate Exam - Guide to Pearson Vue Book Latest Update Graded A+

National Real Estate Exam - Guide to Pearson Vue Book Latest Update Graded A+ The phrase definite duration refers to: An estate for years A lease that automatically renews itself, in the absence of notice, is: A periodic tenancy A man just sold a condo for $80,000. This gave him a 20% profit on what he paid. What did the man pay? $80,000/1.20 $66,666 A requirement of a valid deed is that the deed be: Signed by the grantor To locate buyers for other properties, a broker advertised a property that was not available but which would generate great interest. The broker's action violated: The Truth In Lending Act A federally mandated disclosure deals with: Lead paint If no period is set for a residential tenancy but rent is to be paid monthly, the lease is a: periodic tenancy A builder wanted the listing to reflect $85 per square foot for a 2,500 square foot home plus $75,000 for the lot after the 6% commission was paid. What should the home be listed at to meet the builder's wishes? 2500x85 = 212,500 + 75,000 = 287,500/.94 = 305,851 $305, 851 To alienate property means to Transfer it A deed restriction is BEST described as An encumbrance A minor discrepancy concerning a title is A cloud on the title An example of liquidated damages in a real property purchase contract is the forfeiture of a deposit The annual percentage rate is greater than the nominal rate Collateral for a real estate loan is the: property A clause in a mortgage that provides for the assignment of rents benefits the: mortgagee The secondary mortgage marketplace refers to the resale mortgage marketplace Fannie Mae activities include purchasing mortgages originated by financial institutions A straight 9% loan at 75% of a property's appraised value earned first-year interest of $19,680. What was the property's valuation? 19,680/.09 = 218,666.67/.75 = 291,555 $291,555 One salesperson in a broker's office had single agency with a buyer, while another salesperson in the same office had single agency with the seller on the same transaction. This situation describes designated agency A standard policy of title insurance protects the purchaser from title problems relating to: forgery in the chain of title Which of the following tenancies is a free hold interest? life estate A lender's extended policy of title insurance goes beyond standard coverage by including? defects discovered by property inspection.