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Flashcards in Misc Questions Deck (20)
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0

Milo is filing his federal income tax return. He can deduct:

The interest paid on his mortgage.

1

Of the following, which would have the greatest effect on the supply of real estate in a particular market?

Size of labor force has the greatest influence. It determines how many people are able to afford to purchase homes within the local Market.

2

A seller asks an appraiser to help determine a realistic listing price for her single family home. Which approach is best?

Market data approach/sales comparison

3

In what order would these steps be performed using income approach value?

1. Estimate potential gross income 2. Calculate effective gross income 3. Determine net operating income 4. Apply the cap rate

4

What transactions do RESPA apply to?

Federally related loan transactions when the mortgage or deed of trust will be secured by a dwelling with up to 4 units.

5

Unless otherwise stated a property should receive what rights?

Air rights, surface rights, and subsurface rights.

6

What is TILA?

Federal consumer protection law that requires the disclosure if credit costs to borrowers and regulates the advertising of consumer loans.

7

An appraiser determines the most probable price a buyer is willing to pay. This is known as?

Objective or fair market value.

8

Able, baker and Charlie co own property. Charlie dies leaving behind a will that transfers his one third of the property to able and baker. What form of ownership is this?

Tenancy in common. Which means they can will their interest in the property to others. They did have equal interests, but if this had been a joint tenancy, Charlie could not have willed his interest to anyone.

9

Abc lending hold title to peters mortgaged land. Peter lives in a?

Title theory state

10

When people own a property in joint tenancy it means that:

There is a right of survivorship

11

Respa

Lender is required to give prospective borrower a good faith estimate of settlement costs within 3 days after a written loan application is submitted. Commercial and seller financed are not covered. It can limit the interest rate.

12

Which of the following would most likely happen in a land contract?

The vendor retains the title to the property until the final payment is made. The vendee receives possession and equitable title while making installed payments. The vendee is responsible for property taxes, insurance, repairs, and upkeep during contract.

13

When determining the value of a vacant lot, an appraiser will typically use what approach?

Sales comparison approach

14

How to enforce a deed restriction?

File for an injunction in the appropriate court.

15

What is the proper method for determining the gross income multiplier?

Divide sales price by gross income

16

Real estate fees are put into the:

Real estate commission account

17

M passes her re exam on 8/16. 3 months later she accepts employment. No later than 2 years following the activation of her license, she must at a minimum:

Complete a 30 clock hour advanced re practices course, a 30 clock hour law course, plus an additional 30 hours of continuing education and pay renewal fee.

18

A 30 clock hour course must be completed to activate a license that has been inactive for more than

3 years

19

The selling agent must not accept a promissory note as an em deposit:

Unless the p&s agreement discloses that the deposit is a note.