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Question 1 of 10
1. Question
Which of the following statements best defines discount rates?
Correct
The interest rate paid to borrow money by the Federal Reserve System.
Incorrect
The interest rate paid to borrow money by the Federal Reserve System.
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Question 2 of 10
2. Question
Buyer A pays $300,000 for a house with $60,000 and $240,000 borrowed. In the years in which he owns it, the house appreciates 25 percent. What’s the benefit when he sells the house?
Correct
By multiplying the rate of appreciation by the total price of the property, profit is determined. $300,000 x 0.25 = $75,000 = $75,000
Incorrect
By multiplying the rate of appreciation by the total price of the property, profit is determined. $300,000 x 0.25 = $75,000 = $75,000
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Question 3 of 10
3. Question
Which of the following statement about a deceased testator is true?
Correct
When someone dies without a will, the person who makes a will (testator) and dies testate (with a will) has no use for the laws that deal with the inheritance (intestate).
Incorrect
When someone dies without a will, the person who makes a will (testator) and dies testate (with a will) has no use for the laws that deal with the inheritance (intestate).
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Question 4 of 10
4. Question
Which of the following statements is true?
Correct
Accession, including accretion, by different means an addition to properties.
Incorrect
Accession, including accretion, by different means an addition to properties.
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Question 5 of 10
5. Question
In his new subdivision in the area, Builder A turns around the streets. He’s doing it by?
Correct
A statutory dedication is called this form of land conveyance, usually performed as part of a project like a subdivision.
Incorrect
A statutory dedication is called this form of land conveyance, usually performed as part of a project like a subdivision.
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Question 6 of 10
6. Question
Which of the following statements about a valid deed is true?
Correct
The deed must be signed by the person conveying the property (the grantor) for it to acquire validity.
Incorrect
The deed must be signed by the person conveying the property (the grantor) for it to acquire validity.
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Question 7 of 10
7. Question
Extra cover is offered by a warranty deed for title issues on land conveyed by a guarantee deed of?
Correct
Title insurance passes over to the title insurance provider the responsibility of the grantor.
Incorrect
Title insurance passes over to the title insurance provider the responsibility of the grantor.
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Question 8 of 10
8. Question
The development of escrow is conditional on?
Correct
When a binding contract is signed and conditional delivery of documents is agreed to, Escrow is established.
Incorrect
When a binding contract is signed and conditional delivery of documents is agreed to, Escrow is established.
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Question 9 of 10
9. Question
Select the statement that does not explain the duty of an escrow agent.
Correct
No authority is given to the escrow agent on the investigation of a transaction.
Incorrect
No authority is given to the escrow agent on the investigation of a transaction.
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Question 10 of 10
10. Question
Which of the following statements is true?
Correct
While the other responses can be descriptive, the statement “proration is a method or process through which payments such as taxes are being allocated at closing” provides a correct answer.
Incorrect
While the other responses can be descriptive, the statement “proration is a method or process through which payments such as taxes are being allocated at closing” provides a correct answer.