For an investor, purchase price plus closing expenses is known as ___________________.
Basis
Depreciation
Profit
ROI
Which situation would most likely require a new survey?
Changing the property’s mailing address
Refinancing the property’s mortgage
Renewing the property’s lease agreement
Selling the property to a new owner
A plan adopted by every city or county in the state outlining the development of the area is called a ______, also known as a master plan.
Comprehensive plan
Development plan
Specific plan
Zoning map
What is a non-judicial foreclosure?
After borrower and public notice is provided, the property is sold at auction to the highest bidder without court action due to the power-of-sale clause in the security instrument.
After borrower default, the lender records paperwork with the court, the court sets a payment deadline for the borrower, and the lender is awarded title if the borrower doesn’t pay.
After sufficient notice to the borrower and to the public, the court permits the property to be sold at auction to the highest bidder.
The property is sold at a foreclosure auction for less than the amount due by the borrower and the lender sues the borrower to collect the difference.
What’s 35% of 650? (Round to the nearest whole number.)
19
2,275
22,750
228
The term “real property” includes real estate and ________.
Assurance of profit
Benefits and rights of ownership
Chattel
Furnishings
When it comes to loan pre-qualification and loan pre-approval, which of the following is a true statement?
Pre-qualification and pre-approval don’t carry any weight with sellers.
Pre-qualification is a more thorough process than loan pre-approval because a buyer’s financial information is verified.
Savvy sellers usually prefer loan pre-approval because it provides more verification that the buyer can afford the house and obtain financing.
Savvy sellers usually prefer pre-qualification to pre-approval, because it’s faster.
The market for real estate in Gabrielle’s area has experienced an increase in supply, and there are more homes than there are buyers for them. What’s the condition of the real estate market in Gabrielle’s area?
Buyer’s market
Imbalanced market
Seller’s market
Stagnant market
What is 25% of 250?
10
1,000
625
62.5
Can a timeshare estate be sold?
No, they cannot be sold
No, they can only be rented
Yes, and it can be passed down to heirs
Yes, but it cannot be passed down to heirs
What distinguishes trade fixtures from fixtures?
Trade fixtures are considered part of the real property, while fixtures are not.
Trade fixtures are regulated by state law, while fixtures are not.
Trade fixtures are temporary, while fixtures are permanent.
Trade fixtures can be removed by the tenant, while fixtures become part of real property when attached.
Ensuring land is put to the use for which it is best suited while also protecting livability of a community and property values is achieved through ______.
Conforming
Escheating
Non-conforming
Zoning
Which one of the following liens is a specific lien?
Deceased person’s debt lien
Income tax lien
Judgment lien
Real property tax lien
What’s the term for an addition to a sales agreement form that can be added before it is signed without changing any of the other terms that have already been agreed upon?
Addendum
Amendment
Annexation
Appurtenance
A licensee is preparing a purchase offer for their buyer client. It’s a fairly standard offer: a little less than list price, with the seller paying a little toward the buyer’s closing costs. The licensee fills in the blanks on a standard form used in their brokerage firm based on the current situation. Is this okay?
No, the licensee is not an attorney and shouldn’t prepare contracts.
No, the licensee should have their client prepare the offer.
No, the licensee should hire an attorney to prepare the purchase offer.
Yes, the licensee can use the standard forms that their brokerage uses (assuming these forms were originally created or approved by an attorney).
Which of the following measurement systems is mostly used in states that were part of the original 13 colonies?
Compass and ruler
Lot and block
Metes and bounds
RGSS
Which of the following is an example of a voluntary lien?
Estate and inheritance tax lien
Income tax lien
Mechanic’s lien
Mortgage lien