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Question 1 of 10
1. Question
Which of the following is the best and accurate way of finding a specific and bound parcel of real property?
Correct
The metes and bounds survey is the most precise way to identify and find uniquely bound a piece of real land.
Incorrect
The metes and bounds survey is the most precise way to identify and find uniquely bound a piece of real land.
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Question 2 of 10
2. Question
Which one of the following deeds is bestowed to the purchaser with the least protection in regards to covenants and/or warranties offered by the seller?
Correct
The Quitclaim Deed does not grant any covenants or guarantees from the seller to the purchaser. If The seller would not have any rights to the ownership, so no title will be obtained by the customer, also the customer would not have any claims against the seller.
Incorrect
The Quitclaim Deed does not grant any covenants or guarantees from the seller to the purchaser. If The seller would not have any rights to the ownership, so no title will be obtained by the customer, also the customer would not have any claims against the seller.
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Question 3 of 10
3. Question
Which of the following statements best describes the owner’s equity?
Correct
Budget Mortgage is a mortgage under which the creditor will pay money out of the borrower’s monthly budget for annual taxation and insurance charges.
Incorrect
Budget Mortgage is a mortgage under which the creditor will pay money out of the borrower’s monthly budget for annual taxation and insurance charges.
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Question 4 of 10
4. Question
Which of the following statement best describes the loan-to-value ratio?
Correct
The lender will split the amount of the loan by the appraised value (or the sales price). Whichever is smaller than that). This one is called the Loan-value ratio. If there is a house appraised at an appraisal value of $100,000 and the lender will lend $90,000, this would be a 90% loan to value.
Incorrect
The lender will split the amount of the loan by the appraised value (or the sales price). Whichever is smaller than that). This one is called the Loan-value ratio. If there is a house appraised at an appraisal value of $100,000 and the lender will lend $90,000, this would be a 90% loan to value.
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Question 5 of 10
5. Question
Jill Adams, the owner of the house, has just got a bill from her local tax authority, amounting to $2,040. Land taxation on this Jurisdiction is based on 80% of the measured value and the rate is $1.50 per hundred. What value was put on Jill’s by the assessor?
Correct
The formula and solution is: $2,040 ÷ 1.5 × 100 ÷ 0.8 = $170,000
Incorrect
The formula and solution is: $2,040 ÷ 1.5 × 100 ÷ 0.8 = $170,000
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Question 6 of 10
6. Question
Commercial banks favor short-term loans such as construction loans and 90-day business loans. Which of the following explanations behind them preferences is most accurate?
Correct
Although the assets of a bank are by definition short-term, that is to say, by checking Accounts sometimes referred to as “demand Deposits,” the banks tend to make short-term lending.
Incorrect
Although the assets of a bank are by definition short-term, that is to say, by checking Accounts sometimes referred to as “demand Deposits,” the banks tend to make short-term lending.
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Question 7 of 10
7. Question
Upon the purchaser’s signing of the sales agreement, which of the following is part of a real estate agent’s duty?
I. Buyer upon request provision.
II. Buyer by law enforced.
III. Buyer after the seller signs should follow.
IV. The lender should be sought after.Correct
Immediately following the purchaser making the deal and signing the sale document, a licensed real estate agent is obliged to voluntarily provide a copy of that sales agreement with the purchaser.
Incorrect
Immediately following the purchaser making the deal and signing the sale document, a licensed real estate agent is obliged to voluntarily provide a copy of that sales agreement with the purchaser.
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Question 8 of 10
8. Question
Which of the following statements is true?
I. It is said that the title of the deed is passed when the deed is delivered to and accepted by the grantee.
II. It is said that the title of the deed is passed when the deed is handed to the purchaser or his or her representative.
III. It is said that the title of the deed is passed when the deed is signed by the grantor at closing.
IV. It is said that the title of the deed is passed when the deed is prepared by an attorney and reviewed by the purchaser.Correct
A deed transfers title until the seller presents an acceptable deed to the recipient or his representative. The transition of title typically happens at the closure of the real estate.
Incorrect
A deed transfers title until the seller presents an acceptable deed to the recipient or his representative. The transition of title typically happens at the closure of the real estate.
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Question 9 of 10
9. Question
The customer is seeking to purchase a house. However, he got his present home to sell. Which of the following is the easiest way to enter into a contract of sale?
Correct
A contingency introduces an extra condition that must be met before a deal is fully enforceable.
Incorrect
A contingency introduces an extra condition that must be met before a deal is fully enforceable.
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Question 10 of 10
10. Question
Which of the following statements is true?
I. If the real estate deal is ambiguous, basic terms, the court must have held that it is binding on the offeror.
II. If the real estate deal is ambiguous, basic terms, the court must have held that it is unenforceable.
III. If the real estate deal is ambiguous, basic terms, the court must have held that it is valid in contrast to all parties.
IV. If the real estate deal is ambiguous, basic terms, the court must have held that it is invalid until rewritten by an attorneyCorrect
Contracts should be in written and include all the fundamental elements needed to be legally enforceable.
Incorrect
Contracts should be in written and include all the fundamental elements needed to be legally enforceable.