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Question 1 of 10
1. Question
Business space leases for $700 a month. The occupant shall have a three-year lease. Your commission is 7% of the gross lease, how much is your fee?
Correct
$700 per month × 12 (1 year) = $8,400 × 3 (3-year lease) = $25,200 × 7% = $1,764.
Incorrect
$700 per month × 12 (1 year) = $8,400 × 3 (3-year lease) = $25,200 × 7% = $1,764.
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Question 2 of 10
2. Question
What kind of fee is not to be revealed in Regulation Z?
Correct
A lender-required appraisal fee is not revealed in ads as per Regulation Z. Since it is not a computational component or the annual percentage rate of the loan.
Incorrect
A lender-required appraisal fee is not revealed in ads as per Regulation Z. Since it is not a computational component or the annual percentage rate of the loan.
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Question 3 of 10
3. Question
Which of the following statements is true?
Correct
The one who wills his assets upon the death of the heir is called the testator, or will-maker. The legatee, the currency, and the beneficiary are the parties who acquire the land, real and personal, through a will.
Incorrect
The one who wills his assets upon the death of the heir is called the testator, or will-maker. The legatee, the currency, and the beneficiary are the parties who acquire the land, real and personal, through a will.
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Question 4 of 10
4. Question
An apartment rental unit is $500 per month for the first year and $550 per month for the second year. How much gross rent will this occupant pay for his two-year lease?
Correct
$6,000 for first year (500 × 12); $6,600 for second year (550 × 12); That totals $12,600 for two years.
Incorrect
$6,000 for first year (500 × 12); $6,600 for second year (550 × 12); That totals $12,600 for two years.
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Question 5 of 10
5. Question
Which of the following is a legal remedy in a variety of selling contracts which helps the non-default party to force sale?
Correct
Forcing others to enter into a deal is a legal injunction to making it mandatory to do so by the defaulting party that he had agreed to do. Unless he doesn’t do so, he is in contempt of the order of the court.
Incorrect
Forcing others to enter into a deal is a legal injunction to making it mandatory to do so by the defaulting party that he had agreed to do. Unless he doesn’t do so, he is in contempt of the order of the court.
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Question 6 of 10
6. Question
Appertaining to Regulation Z, which of the following does not apply to the right of withdrawal?
I. Home-equity loans.
II. First mortgages of an owner-occupied residence
III. Refinancing a home.
IV. Both home-equity loans and refinancing a home.Correct
The right to rescission shall not extend to the owner-occupied first mortgage residence loans, but they do extend to refinancing home mortgage and home equity loan.
Incorrect
The right to rescission shall not extend to the owner-occupied first mortgage residence loans, but they do extend to refinancing home mortgage and home equity loan.
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Question 7 of 10
7. Question
Comparing a competitive market analysis to comparative market analysis, what is the difference?
Correct
The competitive market analysis includes Both the sold comparables and the sales price of present properties on the market for setting the value. A Comparative market analysis measures only the sold comparables in the valuation of property, which results in a more competitive analysis of the market is more knowledgeable for evaluating the object property
Incorrect
The competitive market analysis includes Both the sold comparables and the sales price of present properties on the market for setting the value. A Comparative market analysis measures only the sold comparables in the valuation of property, which results in a more competitive analysis of the market is more knowledgeable for evaluating the object property
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Question 8 of 10
8. Question
Which of the following statements about Regulation Z is true?
Correct
Regulation Z, which is part of the Truth-in-Lending Act, is subject to the oversight of the Federal Reserve, which it will enforce penalties for non-compliance.
Incorrect
Regulation Z, which is part of the Truth-in-Lending Act, is subject to the oversight of the Federal Reserve, which it will enforce penalties for non-compliance.
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Question 9 of 10
9. Question
Simon Hersch, a salesperson with broker Bob King, lists a house for sale for $620,000, with a 5 percent fee set to close. Three weeks later, the owner accepted a bid for $595,000, brought by Simon. Bob’s standard is that forty-five percent of commissions will go to the brokerage, and the remainder goes to the salesperson. How much will Simon earn on the sale?
Correct
The computed commission will be $29,750.00 (5% of sale price $595,000). Simon receives $16,362.50 (55% of $29,750.00)
Incorrect
The computed commission will be $29,750.00 (5% of sale price $595,000). Simon receives $16,362.50 (55% of $29,750.00)
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Question 10 of 10
10. Question
The following choices are true statements about the physical features characteristic of the soil except one. Which is it?
I. Immobility is not a physical feature.
II. Situs is not a physical feature.
III. Non-homogeneity is not a physical feature.
IV. Indestructibility is not a physical feature.Correct
The situs is an economic feature of the property, not a physical characteristic.
Incorrect
The situs is an economic feature of the property, not a physical characteristic.