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Question 1 of 10
1. Question
Select the following statements about a building permit is correct.
A building permit may be issued even if the proposed structure violates existing structures’
Correct
Without question, deed restrictions are private and non-governmental, as set out by previous owners of the house. They are implemented by residents’ lawsuits, not by state construction agencies.
Incorrect
Without question, deed restrictions are private and non-governmental, as set out by previous owners of the house. They are implemented by residents’ lawsuits, not by state construction agencies.
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Question 2 of 10
2. Question
For a partnership with a real estate agency to be Enforceable, which of the following choices are not required for partnership?
Correct
The principal cannot authorize the agent to do something that the principal cannot do. There is no assurance that the principal shall have the necessary funds.
Incorrect
The principal cannot authorize the agent to do something that the principal cannot do. There is no assurance that the principal shall have the necessary funds.
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Question 3 of 10
3. Question
Which of the following statements are true and applicable regarding FHA?
I. Loans are insured from FHA but not guaranteed.
II. There is a program called 203b on FHA that is for one-to-family dwellings
III. By conventional lenders, FHA loans are funded.
IV. Loans are insured from FHA and is guaranteed.Correct
The FHA insures loans but does not provide loans.
Incorrect
The FHA insures loans but does not provide loans.
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Question 4 of 10
4. Question
Elderly homeowners may sometimes access their home equity without having to make monthly contributions with the use of?
Correct
Through the reverse mortgage, the purchaser of the house receives a lump sum or monthly payments, and no refund is made before the property is sold or the owner dies.
Incorrect
Through the reverse mortgage, the purchaser of the house receives a lump sum or monthly payments, and no refund is made before the property is sold or the owner dies.
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Question 5 of 10
5. Question
George Brown owns 150 acres of farmland and has installed “No Trespassing” signage on the fence around the grounds. He should impose this note on the grounds of his?
Correct
The right to exclude shall be one of the rights, It is included in the bundle of legal rights of ownership.
Incorrect
The right to exclude shall be one of the rights, It is included in the bundle of legal rights of ownership.
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Question 6 of 10
6. Question
An oral agreement between the lessor and the lessee is legally what?
Correct
Oral lease for one year or less is enforceable and establishes a lease at will.
Incorrect
Oral lease for one year or less is enforceable and establishes a lease at will.
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Question 7 of 10
7. Question
While the phrase “purchase money mortgage” refers to any loan that funds the purchase of the real estate, it is widely used to refer explicitly to what term?
Correct
The financing of the seller is often referred to as a purchase money mortgage.
Incorrect
The financing of the seller is often referred to as a purchase money mortgage.
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Question 8 of 10
8. Question
Any federally related loans can require the borrower to have special insurance if the property is located in the?
Correct
Government publishes flood hazard maps, and for home loans within those regions, homeowners are allowed to carry flood insurance, which is available from the federal government.
Incorrect
Government publishes flood hazard maps, and for home loans within those regions, homeowners are allowed to carry flood insurance, which is available from the federal government.
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Question 9 of 10
9. Question
One of the following choices is not associated with a mortgage/note. Which one is it?
Correct
A defeasible/indefeasible fee is associated with a deed.
Incorrect
A defeasible/indefeasible fee is associated with a deed.
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Question 10 of 10
10. Question
Which of the following statements is true?
Correct
Buyers who have signed a contract setting out the price and terms on which they are prepared to purchase the mentioned property. Until the purchaser accepts it, the contract actually remains a purchase offer.
Incorrect
Buyers who have signed a contract setting out the price and terms on which they are prepared to purchase the mentioned property. Until the purchaser accepts it, the contract actually remains a purchase offer.
