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Question 1 of 10
1. Question
The appraiser expects an annual rental collection of $99,000 for an investment house. The turnover rate is 5% and the running costs are 30% of the total sales. A comparable investment is projected to produce a 15 percent return on investment. Using an income approach to value, what is the market value of this property?
Correct
Condominium owners are permitted to borrow money by pledging their independent unit, they have the potential to structure the financing to meet their individual needs. They can still buy their unit excluding any debt whatsoever.
Incorrect
Condominium owners are permitted to borrow money by pledging their independent unit, they have the potential to structure the financing to meet their individual needs. They can still buy their unit excluding any debt whatsoever.
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Question 2 of 10
2. Question
Which of the following statements is true?
Correct
Earnest money is used to partly meet the selling price of the deal on behalf of the seller; thus, it will be a credit to the purchaser on the closing document.
Incorrect
Earnest money is used to partly meet the selling price of the deal on behalf of the seller; thus, it will be a credit to the purchaser on the closing document.
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Question 3 of 10
3. Question
Which of the following statement best describes laches?
I. Failure to act in a timely manner in order for a court to impose deed restrictions which may result in infringements being permitted on the because of the legal concept.
II. Successful adherence to act in a timely manner in order for a court to impose deed restrictions which may result in infringements being permitted on because of the legal concept.
III. Constructive notice to act in a timely manner in order for a court to impose deed restrictions which may result in infringements being permitted on because of the legal concept.
IV. Non-conforming uses to act in a timely manner in order for a court to impose deed restrictions which may result in infringements being permitted because of the legal concept.Correct
Laches is the legal concept to lay down a statute of limitations on the termination of a judicial order for infringement of deed limitations. A property failure by the owner to act in a timely manner can result in a loss of court-ordered action to fix a violation of deed limitations.
Incorrect
Laches is the legal concept to lay down a statute of limitations on the termination of a judicial order for infringement of deed limitations. A property failure by the owner to act in a timely manner can result in a loss of court-ordered action to fix a violation of deed limitations.
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Question 4 of 10
4. Question
Which of the following statements best describes the favorable treatment of a landlord?
Correct
Not giving as many options as possible to the future of children will be less favorable treatment depending on familial status.
Incorrect
Not giving as many options as possible to the future of children will be less favorable treatment depending on familial status.
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Question 5 of 10
5. Question
Which of the following statements is not discriminatory in rental advertising to lease a non-exempt one-hundred-unit apartment complex as per the current Federal Fair Housing Act?
I. There will be no handicapped alterations.
II. No adults, children only.
III. No smoking on the premises.
IV. Females only.Correct
The rights to smoke are not covered under laws on fair housing. Landlords could enforce no smoking as a contractual agreement.
Incorrect
The rights to smoke are not covered under laws on fair housing. Landlords could enforce no smoking as a contractual agreement.
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Question 6 of 10
6. Question
In which the closure of real estate would be a HUD Uniform Settlement Statement be used?
Correct
The Real Estate Rules and Procedures Act mandates the use of the HUD closing Statement on all federal related one to four-family home loans.
Incorrect
The Real Estate Rules and Procedures Act mandates the use of the HUD closing Statement on all federal related one to four-family home loans.
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Question 7 of 10
7. Question
Which of the following claims regarding the easement is true?
Correct
Easement appurtenant has a land that goes with it. In other words, if the property is transferred, the easement goes with its new owner.
Incorrect
Easement appurtenant has a land that goes with it. In other words, if the property is transferred, the easement goes with its new owner.
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Question 8 of 10
8. Question
Which of the following situations best explains the counteroffer?
Correct
If the bid is changed at all, it becomes a denial combined with a new deal. The offeree is not obliged to consider this new offer.
Incorrect
If the bid is changed at all, it becomes a denial combined with a new deal. The offeree is not obliged to consider this new offer.
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Question 9 of 10
9. Question
Which of the statements in the lender’s commercial for securing loans would violate the Equal Credit Opportunity Act?
Correct
Discrimination against age is covered by the Equal Credit Opportunity Act. A creditor must offer loan services in its portfolio and must be given to any prospective legitimate borrower who is on legal age that applies for a loan.
Incorrect
Discrimination against age is covered by the Equal Credit Opportunity Act. A creditor must offer loan services in its portfolio and must be given to any prospective legitimate borrower who is on legal age that applies for a loan.
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Question 10 of 10
10. Question
Ad valorem real estate taxation is a form of which lien?
Correct
The ad valorem tax lien is established by the statutory property tax law and is levied against a particular legal address. Property Tax liens are compulsory since non-payment by the owner of the land would result in non-payment on the auction of tax foreclosure.
Incorrect
The ad valorem tax lien is established by the statutory property tax law and is levied against a particular legal address. Property Tax liens are compulsory since non-payment by the owner of the land would result in non-payment on the auction of tax foreclosure.