Test Questions 1
Built-In Fireplace, Installed Dishwasher, Detached Garage
Real Property
A buyer hires an agent to represent them exclusively in purchasing a property. What type of agency is created?
Special agency
A deed that provides the most protection to the buyer is the:
General Warranty
The clause in a mortgage that makes the entire loan due if the borrower defaults is the:
Acceleration clause
what type of estate is ownership, indefinite duration.
Freehold Estate
A property owner grants his neighbor the right to cross over his land to access a road. This is an example of:
Easement appurtenant
A salesperson owes fiduciary duties to which party?
The principal/client
Title insurance protects the buyer against:
Undiscovered defects in title
RESPA requires that borrowers receive a Loan Estimate within how many business days of applying for a loan?
what type of government control is zoning, building codes.
Police Power
Which type of estate has a definite beginning and end date?
Leasehold Estate
A property manager’s primary responsibility is to:
Maximize the property’s value
The principle of substitution is most important in which appraisal approach?
Sales comparison approach
Steering is best defined as:
Directing buyers toward or away from neighborhoods based on race or religion
When a property goes to state with no heirs.
Escheat
The right of the government to take private property for public use with just compensation is called:
Eminent domain
A bilateral contract is one in which:
Both parties make promises to each other
A house has three bedrooms and one bathroom in a neighborhood where most homes have three bathrooms. This is an example of:
Functional obsolescence
Which of the following is NOT a protected class under the federal Fair Housing Act of 1968 (as amended)?
AGE
Personal Property is considered this because the fixture is what?
Moveable
A recorded subdivision map is most closely associated with which legal description method?
Lot and block
Which of the following would terminate an offer?
A. Counteroffer
B. Silence from the offeree
C. Earnest money
D. Disclosure of agency
Counteroffer
Which loan is insured by the federal government?
FHA
A buyer purchases a property for $240,000. They make a 20% down payment and finance the rest. What is the loan amount?
$192,000
When lenders are denying loans in certain areas.
Redlining