Personal property can be: - ANSWER Turned into real property, alienated, and/or hypothecated
Under federal income tax law, the "basis" of real property is the property's: - ANSWER Cost
When purchasing with FHA fina
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Personal property can be: - ANSWER Turned into real property, alienated, and/or hypothecated
Under federal income tax law, the "basis" of real property is the property's: - ANSWER Cost
When purchasing with FHA financing, a new buyer would normally do each of the following except: - ANSWER Apply to a local FHA office for the FHA appraisal
The most comprehensive and complete appraisal report is the: - ANSWER Narrative report
The major cause of loss of value in real property is due to - ANSWER Obsolescence
An option or and an optionee make a contract for an option on a commercial piece of property. If the optionee decides to exercise his option, when must he perform? - ANSWER He must exercise his option under the terms of the option contract
Unless otherwise specified, the rights to minerals which lie beneath the surface of land: - ANSWER Are automatically transferred with the sale of real property
Intestate Succession occurs when: - ANSWER there is no will
Insurance for a mortgage loan may be provided by: - ANSWER FHA or private mortgage insurer
Which of the following documents is usually prepared when a real estate buyer also purchases a sellers riding lawn mower? - ANSWER Bill of sale
What do liens and easements have in common? - ANSWER Both are encumbrances
A mortgage results in which of the following? - ANSWER A specific contractual lien on the property being financed
A balloon payment is usually associated with a: - ANSWER large payment during the term or at the end of the payment schedule
A family rents a house from January 1st to June 30th. This is considered a(n): - ANSWER Estate for years
During the term of an exclusive authorization and right to sell listing, the broker has his license revoked by the Bureau of Real Estate. To prove that he is entitled to a commission, he must prove all of the following EXCEPT:
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