Real Estate Actual Final Exam with Complete Solution

a forced sale or purchase - ANSWER a suit for specific performance of real estate contract asks for tenants in common - ANSWER when 2 or more owners of real estate have concurrent unequal interest in the same property ...

a forced sale or purchase - ANSWER a suit for specific performance of real estate contract asks for tenants in common - ANSWER when 2 or more owners of real estate have concurrent unequal interest in the same property, they will hold the property as a condominium - ANSWER Martin explains that he holds a fee simple title in severalty to her office unit and has an undivided interest in all of the common elements of the property with other unit owners. She is describing a coops - ANSWER have a proprietary lease ownership in severity - ANSWER when ownership is held by one person it is referred to has what type of ownership recording a quit claim deed signed by the easement owner - ANSWER a recorded easement may be removed from the records by Lis Pendens - ANSWER A pending notice of a lawsuit giving notice of a possible claim to the property a restriction - ANSWER what kind of encumbrance is not a lien trust deed, mortgage, taxes - ANSWER what kind of encumbrance is a lien condemnation - ANSWER the act or process of taking private property for a public purpose is called eminent domain - ANSWER the power allowing government to take private property for a public purpose is called novation - ANSWER substituting one contract for another contract is known as pur autre vie - ANSWER "For the life of another." A life estate habedum - ANSWER to have; clause in a deed meaning to have and to hold alienation - ANSWER separating yourself from the property satisfaction - ANSWER a mortgage is released by been notified of the other party's acceptance - ANSWER in contract negotiations, an offer is not considered accepted until the person making ann offer has an exclusive right to sell - ANSWER a listing agreement where property owners would be obligated to pay a commission even if they sold the property themselves hypothecate it - ANSWER when you use real property as security for a loan you: demise it - ANSWER voluntarily signed deed giving property to someone devise it - ANSWER property given in a will a two party transaction - ANSWER a conventional mortgage is conventional mortgage - ANSWER Not guaranteed by a government agency deed - ANSWER a hadendum clause appears in a equity - ANSWER the interest an owner of a property has over and above the mortgage indebtedness is called leases - ANSWER which of the following is an example of incorporeal property corporeal - ANSWER tangible incorporeal - ANSWER intangible encumbrances - ANSWER all liens are seller - ANSWER under a sale-leaseback, the occupant of the property would be which of the following? a net amount to the owner - ANSWER what is not a necessary part of the exclusive listing agreement a terminations date, description of property, and selling price - ANSWER what is a necessary part of the exclusive listing agreement loan amount - ANSWER the discount charged by a lender and paid by the seller on a V.A. loans a percentage of police power - ANSWER the right that the government hats promulgate and enforce laws necessary for the protection of the general public is known as attorney in fact - ANSWER when a person gives power of attorney to another, the one entrusted with his power is known as the a period to period lease - ANSWER according to the statute of frames, all agreements must be reduced to writing, except voidable by the minor only - ANSWER contracts with minors are earnest money - ANSWER when a person makes an offer on a property, the down payment or deposit evidencing good faith is referred to as an exclusive agency - ANSWER when a seller agrees not to list the property with any other broker, but reserves the right to sell the property himself, he has entered into what type of listing agreement shareholders - ANSWER Suzy and Jerry live in a co-op, when they purchased their apartment they automatically become lessees and: time, title, interest, and possession - ANSWER the four unities to create a joint tenancy are: alienation clause - ANSWER in a mortgage, sometimes called a "due on sale" clause Quit Claim Deed - ANSWER what deed provides the grantee with the least protection of any deed mutual fund investors - ANSWER investors in real estate investment trusts take advantage of the same tax benefits as probate - ANSWER the legal process by which a court determines who will inherit the property of a deceased escheat - ANSWER when you die without a will and there are no heirs, the government takes the property school - ANSWER the cost approach would likely be considered applicable in appraising which property secondary marketplace - ANSWER mortgage lenders make many loans with the intention of selling them on the plat - ANSWER in planning a subdivision, a subdivider drafts a map of the development that shows the location and boundaries of individual properties. this map is known as the fee simple - ANSWER the estate in which the holder is entitled to al rights in the property is called lenders financing purchase of a residence - ANSWER the disclosure required by TRID apply to: civil rights act of 1866 - ANSWER tom jones lives in one side of a duplex. He refuses to rent the other side to Marian, a single black woman with good credit and income, because he wants to "choose" his neighbors. Marian may have a remedy under what: $50,000 - ANSWER someone whose license is suspended may receive a fine for the first offense of up to: none - ANSWER if the real estate commission wants to inspect a broker's office, how much notice must be given their broker only - ANSWER a duly licensed salesperson may accept a bonus from: banking and insurance - ANSWER The NJ real estate commission is under the department of adverse possession - ANSWER jefferson bought land in a distant county and never went to see it. Harrison moves his mobile home onto the land, had a well drilled, and lived there for the past 22 years. A court might find Harrison has become the owner through adverse possession is - ANSWER when someone has blatantly, visibly, and hostility has your property for 20+ years the acceleration clause - ANSWER The clause in a note or mortgage that can be enforced to make the entire debt due immediately if the mortgagor defaults. the basis - ANSWER the cost of a property that the IRS uses to determine annual depreciation and gain or loss on the sale of an asset is known as the parties to the transaction - ANSWER the amount of earnest money deposited is determined by the client - ANSWER under common law of agency, the real estate broker has a fiduciary relationship with delivered and accepted - ANSWER title to real property is passed when a deed is brings borrower and lender together - ANSWER a mortgage broker usually offers what service? mortgage banker - ANSWER provides initial funding exclusive agency listing - ANSWER a broker receives a commission only if she produces a buyer before someone else sells the property. she is probably working under what type of listing open listing - ANSWER essentially no listing exclusive right to sell listing - ANSWER Under this listing arrangement, the broker employed is entitled to a commission no matter who sells the property during the listing period. (Even the Seller) net listing - ANSWER against the law in NJ, meaning anything over set sale price broker keeps a remainder interest - ANSWER Saul dies and devises his property to his second wife for her lifetime, after which the property passes to his children. His children own a(n) low down payment - ANSWER VA and FHA mortgages are notable for their construction lien - ANSWER smith pool company constructed a swimming pool. on completion they filed a lien for nonpayment, this is MOST likely a cash flow - ANSWER the amount of money flowing in and out of a property second mortgage - ANSWER a type of voluntary lien ad valorem tax - ANSWER a tax levied on the assessed value of real and personal property, in voluntary one month - ANSWER the tenant with a month to month tenancy must give the landlord how much notice of intention to vacate local authorities - ANSWER zoning ordinances are usually established by the net lease - ANSWER A lease that requires the tenant to pay, in addition to rent, some or all of the property expenses that normally would be paid by the property owner. These include expenses such as real estate taxes, insurance, maintenance, repairs, utilities, and other items. Special Warranty Deed - ANSWER the deed known in NJ as a bargain and sale deed with covenants against grantors acts is also known as a a recorded mortgage instrument - ANSWER creates a specific lien, a security devise for a promissory note, recordation establishes property lien, must be signed by the lender outdated plumbing - ANSWER an example of a functional obsolescence the developer - ANSWER in a new subdivision, streets, sidewalks, and curbs are usually provided by commingling - ANSWER mixing broker's funds with escrow deposits acknowledged - ANSWER any document to be recorded must be involuntary alienation - ANSWER a partition proceeding is an example of _____, when you have a joint tenancy and other partner get sued for his portion of the property public grant - ANSWER to give property away adverse possession - ANSWER when the land of another private person is possessed in an open and notorious way for more than 20 years HUD - ANSWER certain property owners are required to carry flood insurance by RESPA - ANSWER Real Estate Settlement Procedures Act - requires special information booklet, requires good faith estimate, requires uniform settlement statement a surveyer - ANSWER a legal description can be determined by a title attorney or intestate - ANSWER the landowner who dies without leaving a will is said to have been proration - ANSWER dividing costs between buyer and seller Surveyers - ANSWER the government has established benchmarks to aid unenforceable - ANSWER a contract being considered in an attorney review period is an attorney - ANSWER in NJ, a COMMERCIAL real estate contract can only be prepared by one officer must be licensed while the other officer may not be requires to obtain licenses - ANSWER what is the license requirement pertaining to a license issued by a corporation Broker-salesperson - ANSWER a person licensed as a broker, but working in a sales capacity under another broker's employ, is commonly known as an attorney handling a distressed property sale for his client trying to avoid foreclosure - ANSWER in NJ, who would NOT be required to be licensed as either a real estate broker or salesperson