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Question 1 of 10
1. Question
The house is priced at $850,000 by an appraiser and known to generate an annual net income of $144,500. What capitalization rate percentage did the appraiser used in determining value?
Correct
Rate of capitalization for annual rate Return on investment is determined by dividing the annual net profits of the land By the valuation of the land. This math problem is resolved by dividing $144,500 (net operating income) by $850,000 (property value) equal to the rate of capitalization of 17 percent.
Incorrect
Rate of capitalization for annual rate Return on investment is determined by dividing the annual net profits of the land By the valuation of the land. This math problem is resolved by dividing $144,500 (net operating income) by $850,000 (property value) equal to the rate of capitalization of 17 percent.
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Question 2 of 10
2. Question
Homeowner Bob’s house was foreclosed and sold. Last year, he had overdue local real estate taxes. He owes the mortgage he took out five years ago. And he owes the plumber a job he did two years ago. Who’s going to get paid first?
Correct
Real estate taxes are the first priority across both ties. Typically, after taxes are charged, liens are settled in the order in which it was recorded in the public record.
Incorrect
Real estate taxes are the first priority across both ties. Typically, after taxes are charged, liens are settled in the order in which it was recorded in the public record.
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Question 3 of 10
3. Question
If the property generates a negative income, it will be an attractive investment for the potential buyer should there be?
Correct
A negative cash flow will be offset by a major improvement in the value of the property, also in the hands of a personal residence, if there is a negative cash flow, the house could be a good investment if it does sell at a substantial gain over the original purchasing price.
Incorrect
A negative cash flow will be offset by a major improvement in the value of the property, also in the hands of a personal residence, if there is a negative cash flow, the house could be a good investment if it does sell at a substantial gain over the original purchasing price.
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Question 4 of 10
4. Question
The limitations or restrictions of a deed is also known as a land use covenant. Which one of the following is an example of a land use agreement?
Correct
Deed limits on land use covenants monitor the use of private land by the current Owner. These covenants are used to control the use of properties when zoning doesn’t exist deed covenants can set construction requirements to protect subdivision property values.
Incorrect
Deed limits on land use covenants monitor the use of private land by the current Owner. These covenants are used to control the use of properties when zoning doesn’t exist deed covenants can set construction requirements to protect subdivision property values.
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Question 5 of 10
5. Question
Which of the following statements about the primary loan is true?
I. A mortgage banker is going to fund a primary loan.
II. A mortgage broker is going to fund a primary loan.
III. A mortgage agentis going to fund a primary loan.
IV. An organization is going to fund a primary loan.Correct
The mortgage banker is a mediator to the primary and secondary markets and may make immediate loans. A mortgage broker works only in the primary industry and brokers the loan.
Incorrect
The mortgage banker is a mediator to the primary and secondary markets and may make immediate loans. A mortgage broker works only in the primary industry and brokers the loan.
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Question 6 of 10
6. Question
Which of the following statements is true?
Correct
The study of population characteristics is referred to as demography.
Incorrect
The study of population characteristics is referred to as demography.
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Question 7 of 10
7. Question
Which of the following statements about real property is true?
Correct
True assets do not include personal assets.
Incorrect
True assets do not include personal assets.
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Question 8 of 10
8. Question
What is the best way of describing a situation in which a person buying a property does not use the property to produce alcoholic drinks, or will the seller return the title?
Correct
The query means that there is a stipulation in the deed so that either option of the easy condition of fee subsequent to or simple condition of fee precedent may be right. The fact that ownership is first taken but the title can be lost after ownership has passed, may suggest that this is a subsequent situation. A precedent provision will be a condition that must be met before the title is completely transferred to the new owner.
Incorrect
The query means that there is a stipulation in the deed so that either option of the easy condition of fee subsequent to or simple condition of fee precedent may be right. The fact that ownership is first taken but the title can be lost after ownership has passed, may suggest that this is a subsequent situation. A precedent provision will be a condition that must be met before the title is completely transferred to the new owner.
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Question 9 of 10
9. Question
Owner A leaves his house to his children in his will, subject to a living estate to his sister. It is best to characterize the interest held by his children as?
Correct
In the land, the children have only a partial interest. Remains the possessory interest. They therefore have a residual interest.
Incorrect
In the land, the children have only a partial interest. Remains the possessory interest. They therefore have a residual interest.
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Question 10 of 10
10. Question
Several people concurrently own a piece of property. They may not own the property as?
Correct
Tenancy in severalty is the possession of only one person. The other forms of ownership are all about two or more persons.
Incorrect
Tenancy in severalty is the possession of only one person. The other forms of ownership are all about two or more persons.