Podcast
Questions and Answers
To whom does an agent always owe her fiduciary responsibility?
To whom does an agent always owe her fiduciary responsibility?
- buyer
- principal (correct)
- customer (correct)
- seller
The use of borrowed money to invest in real estate is called
The use of borrowed money to invest in real estate is called
- syndication
- investment trust
- selling shares
- leverage (correct)
Whose signature is required to make a deed valid?
Whose signature is required to make a deed valid?
- grantor only (correct)
- grantee only
- grantor, grantee, and title of the company
- grantor and grantee
The principal difference between tenancy at will and tenancy at sufferance is
The principal difference between tenancy at will and tenancy at sufferance is
Fiduciary responsibilities are always owed to
Fiduciary responsibilities are always owed to
The principle difference between a net lease and a triple net lease is
The principle difference between a net lease and a triple net lease is
In which of the following forms of co-ownership are all owners required to sign a deed of sale?
In which of the following forms of co-ownership are all owners required to sign a deed of sale?
RESPA is monitored by
RESPA is monitored by
A minor change to a real estate contract generally is handled by
A minor change to a real estate contract generally is handled by
In the proration process a credit for an item can be owed
In the proration process a credit for an item can be owed
An easement that benefits a person rather than a property is called an easement
An easement that benefits a person rather than a property is called an easement
Assuming no special exemptions, properties with the same market value should
Assuming no special exemptions, properties with the same market value should
The estate that grants the most complete form of ownership is
The estate that grants the most complete form of ownership is
Forcing someone to sell you their house in accordance with the contract you both signed is called
Forcing someone to sell you their house in accordance with the contract you both signed is called
Vacancy and collection loss is subtracted from
Vacancy and collection loss is subtracted from
Equity is best defined as
Equity is best defined as
Who does what with respect to mortgages?
Who does what with respect to mortgages?
Which of the following is not a typical way that property management fees are set?
Which of the following is not a typical way that property management fees are set?
The difference between a property's value and the debt on the property is a good definition of
The difference between a property's value and the debt on the property is a good definition of
An owner of a rental building is said to have what type of interest?
An owner of a rental building is said to have what type of interest?
A deed often used to clear up a cloud on a title is
A deed often used to clear up a cloud on a title is
A buyer who will buy a house only if it passes inspection has what kind of clause placed in the contract?
A buyer who will buy a house only if it passes inspection has what kind of clause placed in the contract?
The assessment ratio is used to
The assessment ratio is used to
Roof replacement is considered what type of expense in a building's budget?
Roof replacement is considered what type of expense in a building's budget?
The words vendor and vendee are often associated with what type of contract?
The words vendor and vendee are often associated with what type of contract?
A reason people invest in real estate is because real estate is
A reason people invest in real estate is because real estate is
IN which of the following might it be said that no actual tenancy exists?
IN which of the following might it be said that no actual tenancy exists?
The front-end qualifying ratio is a percentage of what to what?
The front-end qualifying ratio is a percentage of what to what?
The one requirement that is not technically necessary for a deed to be valid but, in most cases, is required for recordation is
The one requirement that is not technically necessary for a deed to be valid but, in most cases, is required for recordation is
The type of co-ownership that allows an owner's property to be left to her heirs is
The type of co-ownership that allows an owner's property to be left to her heirs is
Personal property attached to a building
Personal property attached to a building
The Jones vs. Mayer decision basically confirmed
The Jones vs. Mayer decision basically confirmed
The Civil Rights Act of 1866 is enforced by
The Civil Rights Act of 1866 is enforced by
An agency established with a written document is always
An agency established with a written document is always
Disclosure as part of agent's fiduciary duties means
Disclosure as part of agent's fiduciary duties means
Actual title may be granted in an adverse possession situation after a successful suit
Actual title may be granted in an adverse possession situation after a successful suit
What part of fiduciary duties requires the agent to use her skills and abilities in her client's best interests?
What part of fiduciary duties requires the agent to use her skills and abilities in her client's best interests?
The pro forma uses
The pro forma uses
The assignment of costs between the buyer and the seller at the closing is called
The assignment of costs between the buyer and the seller at the closing is called
Making money by selling a property for more than you paid for it is called
Making money by selling a property for more than you paid for it is called
The process by which multiple owners can accumulate the statutory time necessary to claim adverse possession or a prescriptive easement is called
The process by which multiple owners can accumulate the statutory time necessary to claim adverse possession or a prescriptive easement is called
Which of the following would not end an agency relationship?
Which of the following would not end an agency relationship?
Investment value is
Investment value is
Property inherited by one spouse under community property law
Property inherited by one spouse under community property law
In general, which of the following is not an agent's duty to a customer?
In general, which of the following is not an agent's duty to a customer?
Accounting requires
Accounting requires
Tenant A moves out of an apartment six months before the end of the lease. Tenant B moves in and pays rent to Tenant A for the remainder of the lease. Tenant B is
Tenant A moves out of an apartment six months before the end of the lease. Tenant B moves in and pays rent to Tenant A for the remainder of the lease. Tenant B is
In the sales comparison approach, if a comparable is better than the subject, what do you do?
In the sales comparison approach, if a comparable is better than the subject, what do you do?
Littoral rights for properties abutting the ocean give ownership
Littoral rights for properties abutting the ocean give ownership
What document do you check to determine the amount of insulation needed in a new house?
What document do you check to determine the amount of insulation needed in a new house?
Which of the following is not considered an estate with limitations?
Which of the following is not considered an estate with limitations?
Which one of the following does not affect the interest rate adjustment in an adjustable-rate mortgage loan?
Which one of the following does not affect the interest rate adjustment in an adjustable-rate mortgage loan?
Which of the following is not considered a public land use restriction?
Which of the following is not considered a public land use restriction?
Curable deterioration
Curable deterioration
Title to a park created as part of a new development might be given the local town by
Title to a park created as part of a new development might be given the local town by
Which of the following would not be considered a liquid investment?
Which of the following would not be considered a liquid investment?
The cash or other property owed to someone in an uneven property exchange is called
The cash or other property owed to someone in an uneven property exchange is called
A developer wants to give the new streets in the subdivision she just built to the city. She does this by
A developer wants to give the new streets in the subdivision she just built to the city. She does this by
What do surveyors use to measure - elevations?
What do surveyors use to measure - elevations?
Which of the following does not fit in a group?
Which of the following does not fit in a group?
The value usually associated with real estate taxes is
The value usually associated with real estate taxes is
Innocent landowner status was established by
Innocent landowner status was established by
Title to property is actually conveyed
Title to property is actually conveyed
A contingency in a real estate sales contract
A contingency in a real estate sales contract
What is the rule regarding a housing exemption for religious organizations?
What is the rule regarding a housing exemption for religious organizations?
The plan showing the individual lots in a subdivision is called
The plan showing the individual lots in a subdivision is called
On what date does a deed becomes valid?
On what date does a deed becomes valid?
A building contractor taking over the contract of another builder is called
A building contractor taking over the contract of another builder is called
The law governing how heirs inherit property when the deceased has no will is called the law of
The law governing how heirs inherit property when the deceased has no will is called the law of
What type of insurance would usually pay a financial claim for injury by a person who falls on the icy sidewalk in front of a building?
What type of insurance would usually pay a financial claim for injury by a person who falls on the icy sidewalk in front of a building?
Effective gross income is potential gross income minus
Effective gross income is potential gross income minus
Which of the following is not a typical obligation of the mortgagor?
Which of the following is not a typical obligation of the mortgagor?
Under CERCLA, liability is considered to be
Under CERCLA, liability is considered to be
A gas station near a house is a form of
A gas station near a house is a form of
A real estate sales contract is usually
A real estate sales contract is usually
What are the water rights called for oceanfront property owners?
What are the water rights called for oceanfront property owners?
What form of ownership has no right of survivorship?
What form of ownership has no right of survivorship?
An unenforceable contract where the parties choose to honor the agreement is said to be
An unenforceable contract where the parties choose to honor the agreement is said to be
Who sets the commission rate in a real estate brokerage office?
Who sets the commission rate in a real estate brokerage office?
Jewelry cases in a jewelry store are an example of
Jewelry cases in a jewelry store are an example of
Real estate is considered
Real estate is considered
A legal description of property is any description
A legal description of property is any description
I give my sister permission to live in a house I own until the death of her son. I have created
I give my sister permission to live in a house I own until the death of her son. I have created
A typical commercial lease is
A typical commercial lease is
The process by which a will is processed is
The process by which a will is processed is
You sign a contract to buy a house that the seller now refuse to sell to you. You still want the house. What do you do?
You sign a contract to buy a house that the seller now refuse to sell to you. You still want the house. What do you do?
Which statement is true?
Which statement is true?
Elevations are measured from
Elevations are measured from
Real estate investors expect to make money all the following ways except through
Real estate investors expect to make money all the following ways except through
The Annual Percentage Rate could not be described as
The Annual Percentage Rate could not be described as
Why is the person lending the money called the mortgagee and not the mortgagor?
Why is the person lending the money called the mortgagee and not the mortgagor?
In general, in a real estate investment, the higher the risk,
In general, in a real estate investment, the higher the risk,
The rate that is used to adjust taxes among several towns in the same country is called
The rate that is used to adjust taxes among several towns in the same country is called
A partial release provision is characteristic of what kind of mortgage?
A partial release provision is characteristic of what kind of mortgage?
If you multiply the market value by the assessment ratio you get
If you multiply the market value by the assessment ratio you get
If you die intestate, the law distributes your assets according to the laws of
If you die intestate, the law distributes your assets according to the laws of
A title free from any defects is a good definition of
A title free from any defects is a good definition of
The best word to describe a situation in which someone takes over the contractual-obligations of another in a contract is
The best word to describe a situation in which someone takes over the contractual-obligations of another in a contract is
Other than the borrower's ability to repay the loan, what is the most important thing in consideration of how much the lender will lend?
Other than the borrower's ability to repay the loan, what is the most important thing in consideration of how much the lender will lend?
You want to build your house ten feet closer to the road than the zoning ordinance permits. You will likely try to get
You want to build your house ten feet closer to the road than the zoning ordinance permits. You will likely try to get
Flashcards
Fiduciary responsibility
Fiduciary responsibility
Duty of an agent to act in the best interest of the client/principal.
Leverage (in real estate)
Leverage (in real estate)
Using borrowed money to invest in real estate.
Valid deed requirement
Valid deed requirement
A deed needs the grantor's signature to be valid.
Tenancy at will vs. sufferance
Tenancy at will vs. sufferance
Signup and view all the flashcards
Client
Client
Signup and view all the flashcards
Net lease vs. triple net lease
Net lease vs. triple net lease
Signup and view all the flashcards
Co-ownership - deed signature
Co-ownership - deed signature
Signup and view all the flashcards
RESPA monitoring
RESPA monitoring
Signup and view all the flashcards
Real estate contract changes
Real estate contract changes
Signup and view all the flashcards
Proration credit
Proration credit
Signup and view all the flashcards
Easement in gross
Easement in gross
Signup and view all the flashcards
Equal market value
Equal market value
Signup and view all the flashcards
Fee simple ownership
Fee simple ownership
Signup and view all the flashcards
Specific performance
Specific performance
Signup and view all the flashcards
Vacancy & collection loss
Vacancy & collection loss
Signup and view all the flashcards
Equity definition
Equity definition
Signup and view all the flashcards
Mortgage roles
Mortgage roles
Signup and view all the flashcards
Property management fees
Property management fees
Signup and view all the flashcards
Leasing fee interest
Leasing fee interest
Signup and view all the flashcards
Quitclaim deed
Quitclaim deed
Signup and view all the flashcards
Contract contingency clause
Contract contingency clause
Signup and view all the flashcards
Assessment ratio
Assessment ratio
Signup and view all the flashcards
Capital expense (building)
Capital expense (building)
Signup and view all the flashcards
Vendor/vendee
Vendor/vendee
Signup and view all the flashcards
Real estate investment reasoning
Real estate investment reasoning
Signup and view all the flashcards
Tenancy at sufferance
Tenancy at sufferance
Signup and view all the flashcards
Front-end qualifying ratio
Front-end qualifying ratio
Signup and view all the flashcards
Deed Acknowledgment
Deed Acknowledgment
Signup and view all the flashcards
Tenancy in common
Tenancy in common
Signup and view all the flashcards
Fixture
Fixture
Signup and view all the flashcards
Fair Housing and race
Fair Housing and race
Signup and view all the flashcards
Civil Rights Act of 1866 enforcement
Civil Rights Act of 1866 enforcement
Signup and view all the flashcards
Express agency
Express agency
Signup and view all the flashcards
Disclosure in Agency
Disclosure in Agency
Signup and view all the flashcards
Adverse possession
Adverse possession
Signup and view all the flashcards
