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Question 1 of 10
1. Question
For all the properties within a subdivision, a developer must include restrictive covenants in the deeds. The following choices are dictated by these covenants except for?
Correct
Including restrictive covenants that are covered on law, violations would be illegal.
Incorrect
Including restrictive covenants that are covered on law, violations would be illegal.
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Question 2 of 10
2. Question
Cassandra Nelson provided a written offer to buy Rowena Bax’s house for $120,000. She disclosed to Rowena’s agent, Pamela Ortega, that if necessary, she will pay $10,000 more, but Cassandra doesn’t want Rowena to know about that. Pamela should?
Correct
Cassandra is designated to treat clients honestly, so Rowena should explain to Cassandra that she doesn’t owe her any confidentiality and that she does owe a duty of notice to Rowena
Incorrect
Cassandra is designated to treat clients honestly, so Rowena should explain to Cassandra that she doesn’t owe her any confidentiality and that she does owe a duty of notice to Rowena
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Question 3 of 10
3. Question
FHA mortgage insurance premium is calculated by a rate of ½% annually. If the remaining principal owed $82,347 how much is the premium for the month?
Correct
The annual premium for $82,347 would be $411.74. Premium for one month annually would be $34.31
Incorrect
The annual premium for $82,347 would be $411.74. Premium for one month annually would be $34.31
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Question 4 of 10
4. Question
On the following choices, title to real property is conveyed is conveyed by involuntary alienation except for?
Correct
Property voluntary is conveyed by the device, a will, or a clause in a will
Incorrect
Property voluntary is conveyed by the device, a will, or a clause in a will
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Question 5 of 10
5. Question
In a community where the equalization factor is 120% and has a tax rate of 50 mils, what will the amount of tax payable if the property’s assessed value is $80,000?
Correct
Calculate the tax by multiplying the assessed value times the equalization factor divided by 1,000 multiplied by the mill ratel $85 00 x 1.20 = $102,000 ÷ 1000 = 102 x 50 = $4 800
Incorrect
Calculate the tax by multiplying the assessed value times the equalization factor divided by 1,000 multiplied by the mill ratel $85 00 x 1.20 = $102,000 ÷ 1000 = 102 x 50 = $4 800
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Question 6 of 10
6. Question
On the following choices, a property manager would NOT want a long-term lease in inflationary times based on?
Correct
The property will lose the ability to raise the rent according to market trends if it is a fixed rate
Incorrect
The property will lose the ability to raise the rent according to market trends if it is a fixed rate
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Question 7 of 10
7. Question
The purchaser of a cooperative apartment will receive a proprietary lease and?
Correct
The owners will become shareholders of the overall organization and will receive a cooperative share to their apartments
Incorrect
The owners will become shareholders of the overall organization and will receive a cooperative share to their apartments
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Question 8 of 10
8. Question
A lender will provide 90% of the financing for a new house. If the hose appraises for $80,000, what will be the buyer’s down payment?
Correct
The down payment is calculated by the difference between the sales price and the loan amount. 100% – 90% = will be 10% down payment. Then multiply with the loan amount of $80,000 = $8,000
Incorrect
The down payment is calculated by the difference between the sales price and the loan amount. 100% – 90% = will be 10% down payment. Then multiply with the loan amount of $80,000 = $8,000
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Question 9 of 10
9. Question
One of the following choices is a requirement for a valid agency relationship?
Correct
Agency is sometimes formed by the behavior of the parties.
Incorrect
Agency is sometimes formed by the behavior of the parties.
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Question 10 of 10
10. Question
Which of the following statements best describe a real estate agent’s liabilities concerning environmental hazards?
Correct
It is one of the responsibilities of a real estate agents to disclose any possible environmental conditions that might affect the property.
Incorrect
It is one of the responsibilities of a real estate agents to disclose any possible environmental conditions that might affect the property.