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59 Cards in this Set
- Front
- Back
Should you process a check that can’t be covered as earnest money? |
No! Get a promissory note |
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What happens when an offer to purchase is signed after the “good-till” date? |
Extend the time and have all sign it |
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What do you do when a preliminary title commitment is received? |
Inform your clients |
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What is Lis Pendens? |
Pending litigation involving the property |
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What is necessary when a client wants to change the closing date? |
An addendum |
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On a HUD-1, Buyers loan is shown as a: |
Credit to the buyer |
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Earnest money may reside where? |
In a trust account until closing |
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What is signed at the first substantial business opportunity? |
An Agency Disclosure Brochure |
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When computing the sq. Footage of a home, an unfinished basement is: |
Excluded |
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What is a seller’s net? |
What a seller receives in cash at closing |
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An exclusive seller representation agreement establishes: |
A sales associate working for the sellers |
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What must have a start and an exact expiration date? |
Agency agreements & Estate for the years |
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Who completes the property disclosure statement? |
Only the seller! |
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A buyer refusing to sign a representation agreement: |
Is represented by a Nonagent (you) |
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If a buyer is a customer, any motivation might be: |
Not confidential |
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One reason for terminating a listing agreement would be: |
Broker didn’t try to find a buyer |
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Prepaid insurance is shown on HUD-1 as: |
Credit seller Debit buyer |
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When does a counter-offer expire? |
As stated in the counter offer |
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If a commission is deposited in a trust account, it is being: |
Commingled |
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A grantor is the ____________ in a deed. |
Borrower |
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The Cap Rate = |
Net Annual Income divided by Purchase Price |
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An Acceleration Clause: |
Declares entire loan is due upon default |
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A Federal Government Agency providing secondary money to primary lenders |
Ginnie Mae |
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Deferred maintenance causes: |
Physical depreciation |
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Comparables are used in: |
Market data approach |
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Interest on an assumed mortgage will always be: |
Pro-rated |
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What prohibits kickbacks? |
Real Estate Settlement Procedures Act (RESPA) |
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Evidence of a debt is usually called a: |
Promissory note |
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A taken-back mortgage by the seller as part payment is: |
Purchase Money Mortgage |
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An owner regains his house within a set period after a tax sale using his: |
Right of Redemption |
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Adding a $55k wing to a $210k home in an area of $160-$175k homes would be an example of: |
Over-improvement |
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Capitalization is used in what appraisal approach? |
Income |
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Federal Flood Insurance is required for: |
Federal related financing |
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Truth-in-lending (TILA) applies to: |
Residential Real Estate Credit regardless of amount |
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A property sold for $300k and is 100’ by 300’. What is the price per sq. Ft? |
$10 per sq. Ft |
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What defines the present worth of future rights? |
Income to value |
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Combining lots to increase value of a new lot is called: |
Plottage |
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If a licensee terminates with a broker, what is required? |
Licensee must notify broker in writing no later than 3 business days of effective date |
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If a licensee terminates with a broker, what is required? |
Licensee must notify broker in writing no later than 3 business days of effective date |
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If a broker terminates an agent for cause, the broker must notify IREC within: |
10 business days |
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If a licensee terminates with a broker, what is required? |
Licensee must notify broker in writing no later than 3 business days of effective date |
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If a broker terminates an agent for cause, the broker must notify IREC within: |
10 business days |
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Company records must be retained by the broker for what period of time? |
3 calendar years after the year a transaction closes. |
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Where can information be obtained to become a real estate appraiser? |
Bureau of Occupational Licensing |
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Loans are not made by the FHA, but instead by an: |
FHA-approved lender |
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What is the difference between a mortgage and a deed of trust? |
The form of foreclosure. A deed is a non-judicial foreclosure |
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An earnest money check has non sufficient funds: |
Notify listing agent in writing ASAP |
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Who can do a Brokers Price Opinion in Idaho? |
Broker or associate Broker |
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How much/what is a discount point? |
1% of the loan amount |
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What happens if the buyer rescinds their offer? |
They forfeit their earnest money |
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An outside environmental factor causing decreased value of a subject property is: |
Economic obsolescence |
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What method must one use to collect a delinquent mortgage? |
Judicial foreclosure |
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Depreciation is defined as: |
A loss in value for any reason |
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Pledging property as collateral is called: |
Hypothecation |
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When interest rates exceed a legal rate: |
Usury |
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What law assures customers will know exact charges? |
(TILA) truth in lending act |
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Lender “owns” a mortgaged property in a: |
Title Theory State |
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What type of loan includes personal property? |
Package loan |
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Most profitable single use is referred to as: |
(HABU) Highest and Best Use |