Gradespins

A one-story house had original dimensions of 60' by 30'. However, a new addition, measuring 24' by 20', was recently added by the owners. The house's total square footage is now: 1,320 1,800 2,280 5,040 - correct answers 2,280 The original part of the house measures 1,800 square feet (60 × 30 = 1,800). The new addition is 480 square feet (24 × 20 = 480). Add the two together, for a total of 2,280 square feet (1,800 + 480 = 2,280). How many square feet are in a square...

What are the two basic types of easement and what is the difference? - correct answers Easement appurtenant -- attaches to the estate and transfers with it unless specifically stated otherwise in the transaction documents Easement in gross -- a personal right to use that does not attach to the grantor's estate. What is a common example of an easement by necessity? - correct answers The need for access to a property so that it is not landlocked. How are easements created? - correct answ...

Abandonment - correct answers Non-payment of taxes Absolute Auction - correct answers An auction where the property is sold to the highest qualified bidder; there is no minimum bid or reserve or right of confirmation. Also called Without Reserve. Abstract of Title - correct answers A brief, chronological summary of the recorded documents affecting title to a particular parcel of real property. Acceleration Clause - correct answers A contract clause giving the lender the right to declare...

Buyer's Market - correct answers A situation in the housing market when there are many homes available for sale, but few buyers. Cost of Money - correct answers The interest rate that people or businesses must pay to use another's money for their own purposes. Economic Base - correct answers The main business or industry in an area that supports and sustains the community. Inflation - correct answers An increase in the cost of goods or services or too many people wanting too few g...

The Department of State may take any of these actions against a licensee in violation of the license law except? A. Suspension B. Revocation C. Fine D. Imprisonment - correct answers D. Imprisonment If a complaint has been filed against a licensee and the licensee refuses to mediate the complaint, what will happen? A. The licensee will be fired from the firm where he or she is employed. B. The DOS will revoke the licensee's license. C. The DOS will schedule a hearing. D. The co...

What do we call an agent who represents a seller exclusively in a real estate transaction? A. Exclusive agent B. Single agent C. Subagent D. Broker agent - correct answers B. Single agent What is an in-house sales agreement? A. An agreement that the transaction will not involve subagents B. An agreement that no MLS listing will be placed C. An agreement to allow dual agency D. An agreement to allow interior showings of the property - correct answers C. An agreement to allow dual a...

The Knowledge of Property Transfer - - correct answers by deed, will, inheritance or the use of contracts, or trusts. Knowledge of Market Conditions - - correct answers the level of listings on the market, how the property may be financed, how quickly property sells and the value of a property Knowledge of How to Market Real Estate - - correct answers techniques that include proper pricing, disclosure to both the buyer and the seller, service to the buyers and sellers, and maintaining rela...

A buyer would like to start out with a significant amount of equity invested in his house, so that he can reborrow against the equity if necessary. When structuring a loan, what should the buyer's highest priority be? Largest downpayment possible Longest loan term possible Lowest interest rate possible Smallest downpayment possible - correct answers Largest downpayment possible Equity refers to the difference between the property's value and the loans against the property. Therefo...

Contents: Chapter 1: 2 Chapter 2: 145 Chapter 3: 264 Chapter 4: 363 Chapter 5: 470 - correct answers Chapter 1: conditions affecting the property title deposit or down payment procedures riders type of deed to be conveyedWhich is typically an element of a pre-printed purchase contract? Select all correct responses. - correct answers conditions affecting the property title deposit or down payment procedures riders type of deed to be conveyedWhich is typically an element of a pre-p...

What happens with a judicial foreclosure? - correct answers The mortgaged property is sold under the supervision of a court. Broker Dean realizes he has relocation buyers. What is something he should focus on with these buyers? - correct answers On finding a property with good resale value Real estate licensees should know enough about building ordinances to be able to.. - correct answers alert clients of potential problems in a home. If an industrial property is described as "specia...

Alabama law states that a broker who accepts a net listing could face disciplinary charges from the Alabama Real Estate Commission, including having his or her licensed suspended, revoked, and/or - correct answers being required to pay a fee. What type of phone call uses a computerized auto-dialer to deliver a pre-recorded message? - correct answers Robocalls Who has the main responsibility for keeping records in a real estate transaction? - correct answers The qualifying broker If a la...

Fixture - correct answers What term describes a personal property item that has been converted to real property by attachment to real estate? Subsurface Rights - correct answers What rights apply to land beneath the surface of the real estate parcel extending from its surface boundaries downward to the center of the earth? Lateral Support - correct answers What refers to support provided by the adjacent property, such as a landowner having a right to demand that a neighboring property owne...

Which of the following ways of specializing is common in the real estate brokerage business? A. By type of mortgage financing required B. By years of experience in the business C. By type of property D. By background of client - correct answers C. By type of property Which of the following is included in the legal concept of land? A. A corn crop B. A lake C. A felled tree D. An abandoned vehicle - correct answers B. A lake A property abuts a non-navigable stream. What does the prop...

1. All six members of the Georgia Real Estate Commission are appointed by - correct answers The Governor of Georgia How many commission members must be licensed - correct answers Five of the six members of the Georgia Real Estate can have licenses One must be an unlicensed member of the " general public 3. EARLNOTES What must happen with all funds in a sale - correct answers All money that belongs to clients or customers must be deposited in the brokerage trust fund as soon as possible ...

What is the Asset Managers role when managing groups of properties in real estate? - correct answers Their role is to achieve the investment objectives of the clients, as opposed to managing day-to-day operations. What types of professionals are involved in the transfer of rights and interests in real estate? - correct answers Real estate brokers and salespersons, mortgage brokers, mortgage bankers, appraisers, insurance companies, and title companies. Property is classified into what thre...

*Ch. 2: Real Property Fundamentals (p. 17)* - correct answers what is land legally considered to include? what does an owner have rights to? - correct answers - *surface* of the earth, *subsurface* of the center of the earth, & *air* above the land (e.g. mineral rights, water, etc.) ^ owner has rights to all of that within property's boundaries real estate - correct answers actual *physical land* (aka unimproved land or raw land) and its *permanent attachments*, both natural & man-mad...

Broker Jane has been accused of a law violation regarding commissions. Which of the following might result in her being found guilty? A) Jane paid a commission to her licensed personal assistant. B) Jane paid a commission to the wife of one of her licensees who was recently killed in an auto accident. The deceased licensee had earned the commission prior to his death. C) Jane paid a commission plus a bonus to one of her licensees. D) Jane paid a commission to a Florida licensee who is not ...

Which item below can help protect against a home with a listed incorrect street address or legal description in public records? - correct answers Standard coverage title insurance policy and extended coverage title insurance policy Robert owns his property and enjoys the full bundle of rights. Can he use his property as collateral for debt? - correct answers Yes. Robert can encumber his property Which location is an industrial coal plant least likely to be located? - correct answers Adjace...

The discovery step of civil cases is where the parties use a mediator. the complaint is filed. each party presents their case. each party gathers information from each other and third parties. - correct answers each party gathers information from each other and third parties. What phrase could a licensee use in advertising that would not discriminate on the basis of familial status? Couples only Empty nesters No bicycles allowed Senior discount - correct answers Senior discount Who...

When the buyer checks "yes" to dual agency on a Buyer Representation agreement, what does the buyer actually agree to? - correct answers By checking "yes" to this paragraph, the buyer is only acknowledging that the possibility of dual agency exists. Sam paid $500,000 for a five-unit apartment building. The gross income is $1,000 per month per unit, with annual expenses of $15,000 annually. What was the capitalization rate for this investment? - correct answers 9% What is the di...