What is a POB?
Person of Bequest
Post Offer Buyer
The Starting Point in a metes and bounds description
Position of Boundary
A lot measures 1800′ x 1936′ and sold for $46,000. What was the cost per Acre?
$225 (Dollars) per Acre
$575 (Dollars) per Acre
$1,150 (Dollars) per Acre
$450 (Dollars) per Acre
Who benefits from the Commercial Real Estate Sales Commission Lien Act?
The Seller
The Listing Broker
The Buyer
The Selling Broker
A lot contains 750 square yards and has a length of 150 feet, what does the frontage measure?
50 Feet
20 Feet
45 Feet
5 Yards
How many acres of land are there in the N 1/2 of the S 1/2 of the NE 1/4?
160 Acres
10 Acres
20 Acres
40 Acres
What does a subordination agreement do?
Defers Property Taxes
Defines who inherits what when owner dies intestate
Makes the claim of one party junior or inferior to the claim of another party
Allows a seller to accept a better offer after a contract has been executed
How many square feet are there in 5 acres?
8712
25000
43560
217800
What is the purpose of Correction Lines?
They are entries on a Closing Document to cover any discrepancies
They identify Encroachments
They compensate for the curvature of the earth
They allow for daily changes in Interest
What is never included as part of the legal description?
Range or Township
Metes and Bounds
Lot and Block
Street Address
What type of legal description uses Monuments?
Quit Claim
Battle Ground
Metes and Bounds
Street Map
11ch-REU-PL-Qonly-quiz
What is a Safe Harbor situation?
Where a brokerage has a policy manual which directs the actions of the sales and broker associates
Signing a Quitclaim Deed
Checking out prices on the internet
Buying properties as a Trust
What is an example of culpable negligence?
Erosion
Conversion
Failure by a sales associate to disclose a material fact that they knew about or should have known about.
Steering
An Option Contract is an example of which of the following?
An Unenforceable Contract
A Bilateral Contract
A Unilateral Contract
An Implied Contract
What is the Procuring Cause?
The Marketing Material
The Chain of Title
The party responsible for the sale
The Title Report
What is a Meeting of the Minds?
Commission Meeting
Mensa Meeting
The Senate
An important legal feature of a contract
Which Statute requires all contracts to be in writing to be enforceable?
Statute of Liberty
Statute of Frauds
Florida Statute 475
Statute of Limitations
When is an executory contract?
An agreement to be the executor of a will
A contract that has not been presented.
A contract in process
A Death Sentence
What is a Breach of Contract?
A contract which does not contain legal provisions
Contingency clauses have been added in the wrong order
Failure to perform the provisions of the contract without a legal excuse
A contract prepared by the seller instead oft he buyer.
When does a purchaser have Equitable Title?
After Closing
Between the delivery and acceptance of the contract and actual closing
Only the Seller has Equitable Title
When there are two owners with equal shares
If Buyer and Seller reach an oral agreement over the purchase of a piece of property which of the following is true?
It is not a valid contract
The contract is void and unenforceable
They have a valid but unenforceable contract because it is not in writing
The Seller must sell and the Buyer must buy.
12ch-REU-PL-Qonly-quiz
What does a defeasance clause in a mortgage provide for?
Penalties if the mortgage is paid off early
Subordination
Alienation
Release of the indebtedness once the loan is paid off
What are Discount Points?
A sliding scale for listing price reduction over a period of time
Reduction in Listing Broker Sales Commission payments
Income Tax expense categories
A form of pre-paid interest used to obtain a lower mortgage interest rate
What is a deficiency judgement?
Notification of not qualifying for an FHA loan
The judgement a lender seeks when proceeds from a foreclosure sale do not cover the amount owed to the lender
A Home Inspector’s Report
Notification of failure to complete post-licensing course
At a foreclosure sale there was money left over after the debts were paid who got it?
Grantor
The Mortgagor
The Mortgagee
The Sheriff
What is the annual interest rate on a loan where interest is paid at $500 per month on a $50,000 loan?
5% (Percent)
0.12% (Percent)
12% (Percent)
10% (percent)
What Title does the seller retain until the loan is paid in full in an installment land contract?
Tenants in Common
Equitable Mortgage
Legal
Joint Tenancy
Which of the following best describes Equity in a property?
The price at which it was purchased before the last sale
The value over and above the outstanding mortgage balance(s)
The Property Tax Assessment Value
The value of the outstanding mortgage
An instrument confirming one person owing another money is called?
A rescindment
A deed
A mortgage
What does an Estoppel Certificate show?
The Guaranteed ROI
The date the loan will be paid off
The Abstract of Title
What is the term for a mortgage that is junior to another mortgage?
A Subordinate Mortgage
Equitable Mortgage
Wraparound Mortgage
First Mortgage