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Question 1 of 10
1. Question
Which of the following refers to the comprehensive representation of consumers' agreement?
Correct
The Buyer Representation Agreement must be a specific overview of what is expected by the broker and the purchaser.
Incorrect
The Buyer Representation Agreement must be a specific overview of what is expected by the broker and the purchaser.
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Question 2 of 10
2. Question
In order to apply for the status of an innocent landowner status, the purchaser must have a property under federal statute environmentally that is?
I. Inspected prior to taking title.
II. Inspected within 30 days of ownership.
III. Inspected in the first year of possession.
IV. Inspected if it is been deemed as economically feasible.Correct
As per the federal law, to qualify as an innocent land owner, the buyer must have land professionally reviewed environmental risks prior to use property. If the land is not inspected from previous ownership, the current owner will be accountable. Responsible for all past environmental past hazards.
Incorrect
As per the federal law, to qualify as an innocent land owner, the buyer must have land professionally reviewed environmental risks prior to use property. If the land is not inspected from previous ownership, the current owner will be accountable. Responsible for all past environmental past hazards.
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Question 3 of 10
3. Question
Which of the following investment prospects will entail the most risk, even though they were expected to deliver the best rate of return?
Correct
Under federal law, the seller must have the right to qualify as an innocent landowner. A purchaser must have the property professionally reviewed for environmental risks prior to use If the land is not inspected from the previous ownership, the owner responsible for all past environmental hazards.
Incorrect
Under federal law, the seller must have the right to qualify as an innocent landowner. A purchaser must have the property professionally reviewed for environmental risks prior to use If the land is not inspected from the previous ownership, the owner responsible for all past environmental hazards.
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Question 4 of 10
4. Question
Which of the following statements about economic or external obsolescence is correct?
I. It applies to loss of value due to wear and tear of the property.
II. The overall outdated design of the property is due to the loss of value.
III. It applies to loss of value due to factors outside the property lines.
IV. Permanent defects found in the subject property are due to the loss of value.Correct
External obsolescence refers to outside obsolescence. Factors (nearby landfill, unemployment) inside the community) might affect the value of the property.
Incorrect
External obsolescence refers to outside obsolescence. Factors (nearby landfill, unemployment) inside the community) might affect the value of the property.
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Question 5 of 10
5. Question
Which of the following can an appraiser take into account on which factor into consideration while assessing a property?
I. Familiar status
II. Race of neighborhood
III. Religions of area churches
IV. Square footage of the propertyCorrect
People who are preparing appraisals or other valuation statements, whether or not they are formal or informal, oral or written form may consider some variables that might have an effect on valuation.
Incorrect
People who are preparing appraisals or other valuation statements, whether or not they are formal or informal, oral or written form may consider some variables that might have an effect on valuation.
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Question 6 of 10
6. Question
Which one of the following is true of the owner's title insurance?
Correct
Buyer's title protection refers to monetary insurance damage owing to a protected loss of title up to the face of the policy. It's not Guarantee possession, nor is it transferable.
Incorrect
Buyer's title protection refers to monetary insurance damage owing to a protected loss of title up to the face of the policy. It's not Guarantee possession, nor is it transferable.
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Question 7 of 10
7. Question
The owner of the Highland apartment determined that his vacancy rate is smaller than expected, five percent. What, if any, is he supposed to take action?
Correct
Five percent vacancy rate is deemed acceptable; anything less implies that rents are too low.
Incorrect
Five percent vacancy rate is deemed acceptable; anything less implies that rents are too low.
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Question 8 of 10
8. Question
Which of the following statements about the closed selling price of the income land is true?
I. Divided by its gross monthly rent is equal to the approximated market value.
II. Divided by its gross monthly rent is equal to the rate of capitalization.
III. Divided by its gross monthly rent is equal to a multiplier of the gross multiplier.
IV. Divided by its gross monthly rent is equal to a multiplier of gross rent.Correct
The gross multiplier of the rent is an amount derived from a similar transaction for the purpose of assessing the worth of the income property being measured. Gross multiplier of rent is then multiplied by monthly item property rental to assess the present demand value.
Incorrect
The gross multiplier of the rent is an amount derived from a similar transaction for the purpose of assessing the worth of the income property being measured. Gross multiplier of rent is then multiplied by monthly item property rental to assess the present demand value.
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Question 9 of 10
9. Question
The abstract of the title provides which of the following?
Correct
The abstract of the title is the history of the legal documents of a property created by an abstracter. There is no damage cover money or ownership if title issues come on in the future.
Incorrect
The abstract of the title is the history of the legal documents of a property created by an abstracter. There is no damage cover money or ownership if title issues come on in the future.
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Question 10 of 10
10. Question
In order to determine the property worth over $1,000,000 in a federal transaction, the person carrying out the assessment must be?
Correct
Under FIRREA, the appraisers must be accredited by the State in order to carry out the assessment. As part of a federal transaction if the valuation of the land crosses.
Incorrect
Under FIRREA, the appraisers must be accredited by the State in order to carry out the assessment. As part of a federal transaction if the valuation of the land crosses.