Exam Prep #4

How many hrs for salesperson to become broker?

Government agencies in secondary market

If a broker dies how many days can operate under his license to complete unfinished transactions?

In closing statement, items that are incurred but not yet payable are?

Right of election is available to

Projection of properties likely future performance

A clause where lease will automatically renew

Meeting of the minds

Sherman Act & Clayton Act are

When something is built on your property and goes into a neighbors property (violate neighbors boundaries)

Are salesperson and broker allowed to form real estate office partnership?

In an adjustable rate mortgage, the limitation on the size of any adjustment during life loan is?

Net spendable income generated by investment

Commingling

Mortgage that exceeds maximum limits set by Fannie Mae and Freddie Mac

How much experience have required for sales person to become broker?

Who is required to fully disclose nature and extent of agency relationship

Not enforceable lease

In closing statement, if line item is going to be paid at closing or reimbursed at and agreed upon time it’s called?

When life estate is created, the right to real property secedes to who when estate holder dies?

When purchasing property, Caveat emptor is also known as

Type of insurance needed when someone gets hurt in your property

Deed that provides the most protection for grantees

Ground lease

When co-owners of property can’t come to agreement. What is legal term to remedy the problem?

Contracts that are contingent upon completion of specific contract term

Party who receives property by will

To calculate ___ the net profit of an investment is divided by the amount of money invested, results are in percentage or ratio

Lease given by one corporation to another in the habitation of a property (used in coops)

Amount added to an adjustable rate mortgage’s interest rate to cover lenders cost is called

Wall and roof panels are pre-assembled in a factory and transported to building site. What is this type of construction?

Minimum time frame to lead mobile home

Transfer of property of a person who died without heirs to the state

Disclosures to purchasers of residential property about settlement costs are required by

Party who makes a will is known as

Owner who feels that their property taxes are too high may..

Compensation in the form of agreed upon percentage of seeking price of property

When a seller is free to employ as many brokers as they want and obligated to pay commission to the one that finds a buyer

Standard residential electrical circuit composed of one hot wire, one neutral wire, and a separate ground wire is..

What kind of agent is a property manager under most management agreements?

Certificate of title and a Torrens certificate are both

A person injured by a violation of a deed restriction can go to court and seek an...

Legislative process that divides privately owned urban areas based on approved use (residential, commercial, industrial)

Rent controlled regulations apply to how many units if built before 1947 & occupied by current tenant since July 1st 1971?

Federal law prohibits discrimination against credit applicants on basis of race, color, religion, etc.

Real estate broker who’s office engages in restraints of trade violation the...

Document used to convey title legally to real property

Where must security deposits be held?

Exchange of promises in which the terms by which the parties agree to be bound are declared either orally or in writing, or both, at the time is made

Act of either replacing an obligation to perform with new obligation or adding an obligation to perform or replacing a party to an agreement with a new party

RESPA prohibits payment of?

Borrower in a mortgage

Insures loans are protect lenders against financial loss

Charging more than legal interest rate

Electrical system is routed through