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Question 1 of 10
1. Question
A $300,000 price is the average purchase price for your subject property, which after three months on the market goes 10% below the asking price. After only two weeks on the market, the property you are planning to use as a comparison for your market analysis competition was sold at its full asking price. In your CMA, is this property a successful comparable sale for you to use?
Correct
Properties that are sold in slightly less time than the average house and is below the asking price of different ratio than the average house, while not 100 percent valid all the time, have always been lesser in price in the first place and are thus not indicative of market value.
Incorrect
Properties that are sold in slightly less time than the average house and is below the asking price of different ratio than the average house, while not 100 percent valid all the time, have always been lesser in price in the first place and are thus not indicative of market value.
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Question 2 of 10
2. Question
Which of the following statements about the surplus of condominiums is true?
I. A surplus of condominiums constructed in the area for retirement is often the product of not paying attention to the concept of competition.
II. An excess supply of condominiums constructed in a retirement area is often the product of not paying enough attention.
III. Due to excess budget, an excess supply of condominiums constructed in a retirement area is often produced.
IV. Since the contribution of investors is needed, a surplus of condominiums constructed in the area for retirement is often produced.Correct
Since builders will also imitate other builders’ performance in an area, the room or dwelling units are oversupplied. Not paying attention to the concept of competition will produce a surplus of condominiums constructed in the area.
Incorrect
Since builders will also imitate other builders’ performance in an area, the room or dwelling units are oversupplied. Not paying attention to the concept of competition will produce a surplus of condominiums constructed in the area.
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Question 3 of 10
3. Question
Which of the following statement(s) is true about value?
I. It is better to define value as the value in usage.
II. Value can be better represented as the value measured.
III. Value can best be described as the value in the market.
IV. In exchange, value can best be represented as value.Correct
Though not all of the time, market value is what appraisers estimate most of the time, that’s why this problem is confusing. A more simple concept of value is the value of something in exchange for something else and, thus, right all the time.
Incorrect
Though not all of the time, market value is what appraisers estimate most of the time, that’s why this problem is confusing. A more simple concept of value is the value of something in exchange for something else and, thus, right all the time.
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Question 4 of 10
4. Question
Which of the following statements characterize the effects of natural phenomena such as earthquakes and market forces?
Correct
You were automatically able to remove options A and C. Often, anticipation requires more predictable activities. The shift is a great match for natural and business phenomena that are unpredictable.
Incorrect
You were automatically able to remove options A and C. Often, anticipation requires more predictable activities. The shift is a great match for natural and business phenomena that are unpredictable.
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Question 5 of 10
5. Question
In a mortgage loan or trust deed, an acceleration clause imply which of the following?
Correct
In such conditions, such as the buyer defaulting on the loan, an acceleration clause enables the lender to declare the entire loan due immediately.
Incorrect
In such conditions, such as the buyer defaulting on the loan, an acceleration clause enables the lender to declare the entire loan due immediately.
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Question 6 of 10
6. Question
Which of the following practices would the Federal Reserve System do to monitor the availability of money available for loans, among other things?
Correct
FRS sets the discount rates for loans. There is no power over the other options in the Federal Reserve System.
Incorrect
FRS sets the discount rates for loans. There is no power over the other options in the Federal Reserve System.
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Question 7 of 10
7. Question
What does a mortgage do in a loan situation?
Correct
For a real estate loan, a mortgage is a protection tool that does not pass ownership.
Incorrect
For a real estate loan, a mortgage is a protection tool that does not pass ownership.
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Question 8 of 10
8. Question
Which of the following explains the meaning when a note requiring joint and multiple obligations is cosigned by two individuals?
Correct
Joint and multiple liabilities mean that, irrespective of the shares held or the type of title they have, each owner may be forced to pay the entire debt.
Incorrect
Joint and multiple liabilities mean that, irrespective of the shares held or the type of title they have, each owner may be forced to pay the entire debt.
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Question 9 of 10
9. Question
A borrower refinances his house for a sum greater than the initial mortgage because of an increase in his home’s value. His financial condition will change in a few years, and he will no longer make his mortgage payments. The foreclosure selling of a house would not cover the amount of the mortgage because of a decline in the marketplace. What does the situation imply?
Correct
The only option here is to understand the anti-deficiency statute, which in this case would permit a judgment of deficiency.
Incorrect
The only option here is to understand the anti-deficiency statute, which in this case would permit a judgment of deficiency.
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Question 10 of 10
10. Question
Which of the following statements is correct?
Correct
For the lender’s gain, the trustee retains title to the secured land. If the debt is not paid, title will be transferred at the sale of the trustee to the beneficiary or to the highest bidder.
Incorrect
For the lender’s gain, the trustee retains title to the secured land. If the debt is not paid, title will be transferred at the sale of the trustee to the beneficiary or to the highest bidder.