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Question 1 of 10
1. Question
The purchase where the seller holds the title until a specified number of payments have been made is known to be?
Correct
If a property purchased on the installment plant with the seller holding the title for at least one year is described as a contract for deed.
Incorrect
If a property purchased on the installment plant with the seller holding the title for at least one year is described as a contract for deed.
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Question 2 of 10
2. Question
In loan closing, proper signatures on the promissory note create what?
Correct
The promissory note indicates that there is an agreement in the debt between the loaner and the borrower.
Incorrect
The promissory note indicates that there is an agreement in the debt between the loaner and the borrower.
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Question 3 of 10
3. Question
When a buyer is obtaining a conventional loan that requires 29:33 ratio. He earns $85, 000 a year, and has a $750 car payment. What is his maximum PITI payment?
Correct
$85,000/12 = $7083.33; $7083.33 x .29 = $2054.17 front end qualifier; $7083.33 x .33 = 2337.50 – $750 debt = $1557.50 back end qualifier. The maximum PITI is the lower of two qualifiers
Incorrect
$85,000/12 = $7083.33; $7083.33 x .29 = $2054.17 front end qualifier; $7083.33 x .33 = 2337.50 – $750 debt = $1557.50 back end qualifier. The maximum PITI is the lower of two qualifiers
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Question 4 of 10
4. Question
The federal ban on discrimination based on familial status is intended to provide equal and just access to rentals for?
Correct
It refers to a parent or guardian who lives with one or more children under the age of 18.
Incorrect
It refers to a parent or guardian who lives with one or more children under the age of 18.
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Question 5 of 10
5. Question
A cooling and heating engineer is illustrating the new specifications for the HVAC system in a new building. The floor space 300’ x 250’ and the ceiling is 12’ high. How much air space does the engineer have to heat and cool?
Correct
Air space is 3d and is calculated by length x width x height = cubic feet. Then the cubic feet are then divided into 27 to get cubic yards.
Incorrect
Air space is 3d and is calculated by length x width x height = cubic feet. Then the cubic feet are then divided into 27 to get cubic yards.
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Question 6 of 10
6. Question
The following choices are the actions that a holder of a life can do except for?
Correct
The holder’s interest will end at the event of the person’s death in contrast with the life estate used in measuring.
Incorrect
The holder’s interest will end at the event of the person’s death in contrast with the life estate used in measuring.
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Question 7 of 10
7. Question
What type of contract will be formed if Grayson Madron’s house is “for sale by owner.” Mia Fields liked it a lot with it during an open house, tells Grayson she’ll pay the full asking price, and promises to send Grayson an earnest money check of $6,000. Grayson accepted the offer?
Correct
In order to avoid fraud, all contracts for the sale of real estate must be transcribed in order to become enforceable.
Incorrect
In order to avoid fraud, all contracts for the sale of real estate must be transcribed in order to become enforceable.
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Question 8 of 10
8. Question
When an appraiser estimates the value of an investment property, the following choices are included to potential gross income except for?
Correct
There are considerations to the income from all accounts. The sale of land is not figured in the calculation.
Incorrect
There are considerations to the income from all accounts. The sale of land is not figured in the calculation.
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Question 9 of 10
9. Question
Samuel Davidson resides on one side of a two-family house. He wants to promote the other side as a non-smoking house. Can he legally do it? Why?
Correct
There are no current laws that provide protection for smoking.
Incorrect
There are no current laws that provide protection for smoking.
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Question 10 of 10
10. Question
Which of the following statement best describes zoning law?
Correct
Zoning law states that there should be no improvement exceeding 50 feet in height, architectural guidelines limit is 45 feet in height, and a maximum of 30 height is stated in deed restriction.
Incorrect
Zoning law states that there should be no improvement exceeding 50 feet in height, architectural guidelines limit is 45 feet in height, and a maximum of 30 height is stated in deed restriction.