Practice exam

Market value can be defined as the

A real estate lincesnsee has knowledge of structural damage to the floor boards of a home he has listed die to termite infection. He informs the buyer agent that there are no termites or damage in the house . The buyer signs a contract to purchase the prosperity . Is the the listing agent susceptible to claims fraud?

A buyer offers a seller 189500 the appraisal comes in at 188000 if the loan to value is 80% how much of a down payment must she makes?

Legally the presence of a sexual offender in the neighborhood is considered

An investor paid 333,000 for a small trip mall, plus 20000 in closing costs . The land on which it sits is valued at 45%. What is the total amount that he will be able to deduct next years as depreciation (rounded)?

Which obligation has first priority in the event of a foreclosure sale?

Abandoned private property redeemed by the local government is an example of

Which situation represent a blind ad

Which statement about FHA insured loans is true

A subject property has 4 bedrooms : a comparable property has 3 A bedroom in the neighborhood is valued a 5000. The comp does not have a basement the subject does . The basement is valued at 8000. The como has a pool . The como sold for 270000 what is the subject estate of value based on this comp.

A dual agent who represents both buyer and seller in the same transaction CANNOT

A women with a disability applies to rent rent a single- family house. She states that she needs to install grab bars in the shower and a ramp into the house from the garage. The landlord would …

A is buying B house. A and B , their attorneys, and the settlement officer attend the closing where title is of the house is transferred to A. What must occur to provide constructive notice of A ownership?

For which property would the comparable sales approach be least useful?

Buyer and seller have agreed to terms and signed a purchase agreement. Prior to settlement, the buyer has

RESPA applies to______ financed by a federally regulated loan.

ABC corporations purchases land on which it builds new office buildings . How does ABC own that land

A seller needs to pay an estimated 3,500 in closing costs , 96,000 on her current mortgage and wants 45,000 in cash for a down payment in another house. Her listing agreement obligates her to pay 6.5% commission to the brokerage . What is the min selling price she can accept? Round your answer to nearest dollar

The state has decided to widen the highway in front of J’s home. It will be necessary to use 15 feet of his front yard yard to do so. The taking of Jo’s land by the state is the act of…

Agent S executes a buyer agency agreement with buyer B. S reads an ad placed by a FSBO seller, offering 3.5% commission to the broker who brings the buyer . What is the seller relationship to S if B makes an offer on the house

A property owner wants to put in a wheelchair ramp to accommodate a disabled family member . The ramps proximity to the sidewalk would violate the setback requirements for the community. What should the property owner request of the zoning commission.

A level of ground described as the N 1/2 , SE 1/4 of a section sells for 5000 per acre. If the commission is 7% and it splits 50/50 between two brokerage how much did each company receive

Which would least likely be considered functional obsolescence

A home owner enters into a listing agreement with brokerage company. Several days into the listing , the homeowner sells the property to a close friend . If homeowner still owns commission, what type of listing was it

A home sells for 327,650. If the state transfer tax is 50 cents per 500$ of value or fraction therefor , what will the seller owe the state in transfer tax at closing

Which actions , if taken by the federal reserve board , would most likely cause an

A small strip mall has an effective gross income of 44,000. Operating expenses are 26,000, and debt service is 8,800. If the desired capitalization rate is 10% how much would a buyer be willing to pay for the property ?

A licensee real estate broker can take a seller listing only if

A and B signs a purchase agreement. Prior to closing it is discovered that A was legally incompetent when she signed the contract . What is the status of the contract?

The idea that informed buyer will pay no more for a property that the cost of acquiring another equally desirable property with equal utility is based upon the principle of