Math
How much equity does John have if he owes $250,000 and his home sells for $350,000
$100,000
What is a legal document that proves ownership of a site built property? - Deed - TItle - Contract - Bill of sale
Deed
A property owner who wishes to convey property to a new owner will generally use a _________ - Deed - Lease - Lien - Mortgage
Deed
What is the key characteristics of an item that is real property (also known as a fixture? - It can be easily moved - it is used for personal rather than business purposes - It is permanently attached to the land or structure - It is. not subject to local zoning laws.
Permanently Affixed to the property.
You represent a buyer in a transaction that includes a 2% cooperating Agent commission to be paid by the seller. Who's your client?
Seller - Buyer - Lender - Title company
Buyer
How much Commission will the buyers agent make before brokerage splits when selling a home that is $200,000 of the 3% commission for both the buyer and the seller's agent?
$6,000.00
What is an unbiased estimate of the market value of a property conducted by a licensed appraiser? – mortgage – inspection – CMA Dash appraisal
Appraisal
If a property has a legal claim against it, what is the property said to have – easement? – encumbrance – cloud on title – covenant
Cloud on title
Because of the topography of Elsie's, in Lawrence's respect of yards Elsie had to install a fence at the top of a hill, which is actually 2 feet over Lawrence's property line what word of raise beds, the scribes else's fence – Easement – Lien - Covenant - Encroachment
Encroachment
Carlton listed his property with an agreement end date of August 31. The property went under contract on May 12 and closed on July 2. When did Carlton's listing agreement officially terminate.
July 2 (closing date) – August 31 (agreement end date) – May 12 (contract date) – the next day.
July 2.
What is the area (in square feet) of a range of a rectangle lot measuring 60 feet x 100 feet?
6000
What is a legal claim against a property that must be paid off when the property is sold. Liens can be placed by creditors, tax authorities, or other parties to secure debts? - Easement - encroachment – lien – covenant
Lien
What's the purpose of a chain of title – to determine zoning restrictions dash to calculate the properties, tax liability – to establish a history of past ownership – to identify the boundaries of the property?
So establish a history past ownership
While doing some landscaping a client noticed that their neighbor's shed seems to be over the lot line in on their property. What should they consult to determine if the shed is an encroachment? – Survey – title report – property deed – zoning ordinances.
Survey sSurvey savvy
Which fiduciary duty is missing: loyalty, reasonable skill in care, obedience, confidentiality, accounting and __________? Transparency - honesty - integrity – disclosure
Disclosure
If the assessed value of a property is $150,000 in the property tax rate is 1.5% how much are the property taxes?
$2250
What is a financial arrangement where a third-party holds and regulates payment of the funds required for two parties involved in a given transaction? Escrow – Amortization – deed of trust – title insurance
Escrow
Mortgage broker – Realtor - Title Company – Home Inspector
An attorney or title company representative
Devon set up a Lantula's so that his children could benefit from his real estate investments after he dies. He asked his financial advisor Tom to manage the trust Darien is the? Trustee – Beneficiary – Grantor – Executor.
Grantor
Specifically, what three things does the fiduciary duty of disclosure relate to? Conflict of interest, material, facts, and adverse material facts
Conflict of interest, material, facts, and adverse material facts
If a parcel of land is 5 acres how many square feet is it?
217,800 Square Feet
What is the process of gradually paying off a loan through regular payments over a specified.
REFINANCING - AMORTIZATION – ESCROW - FORECLOSURE
Amortization
A buyer financing is a newly built home with a Federal housing administration loan. What does the FHA require the builder to do?
Ensure the home meets with FHA minimum property standards - Offer a warranty on the home's foundation - Provide a discount on the purchase price - Obtain private insurance.
Purchased a third-party home warranty to protect the buyer.
Which type of estate gives the owner condition-free interest in a property in conveys the highest possible interest
Fee Simple Defeasible - Life Estate - Fee Simple Absolute - Leasehold Estate
Fee Simple Absolute
What type of agency with proper disclosure would allow you to represent both buyer and seller parties? – Transactional agency – dual agency – designated agency – exclusive agency.
Dual agency