Real estate

What does LTV stand for in real estate finance?

Which component of PITI stands for property taxes?

Which of the following requires private mortgage insurance (PMI) when the down payment is less than 20%?

Which of the following loans is specifically designed for military veterans?

What type of loan adjusts its interest rates periodically based on specific benchmarks?

Which loan is specifically designed to support buyers in rural and suburban areas?

Which term refers to the additional costs that a borrower pays to the lender to reduce the interest rate on a loan?

Which type of loan typically requires a borrower to make only interest payments for a certain period, followed by payments that include both principal and interest?

Which type of financing involves the property owner providing the financing, often without the need for traditional bank loans?

In a situation where a buyer needs short-term financing to purchase a new property before selling their exis%ng property, which type of loan is most suitable?

Which document serves as evidence of a borrower's obligation to repay a loan and specifies the terms of repayment?

Which type of loan is not backed by any government agency and conforms to the standards set by Freddie Mac and Fannie Mae?

What does the LTV ratio represent in the context of a mortgage?

Which of the following might a borrower be required to pay if their down payment is less than 20% and they have a conventional loan?

Which of the following best defines the term "PITI"?

What is the most accurate definition of "legal title" in the context of real estate ownership?

What legal principle is being applied when a person asserts ownership of real estate based on uninterrupted occupation for five years and presents a deed to a potential buyer?

What is the primary method of providing constructive notice regarding the ownership of a real estate parcel?

What type of property title transfer occurs when an owner gives the title to a buyer in return for something of value?

What is a mandatory requirement for a deed to effectively transfer title?

What is the essential clause that must be included in a deed of conveyance?

What is the function of a covenant clause in a deed of conveyance?

Which statutory deed offers the highest level of protection to the grantee?

What type of deed should someone use to transfer all their interests in a property without guaranteeing against encumbrances, liens, or title defects?

What is the term for a single-time tax imposed on a property to document a transaction?

What happens to the real property of someone who dies without legal heirs or a valid will?

What type of will is being described if a person, shortly before death, expresses their wish for their estate to go to their spouse, witnessed and recorded by another person?

What happens to the property of a person with multiple heirs if they die without a will?

How can a property owner prevent losing their title through adverse possession?

What is the likely outcome of a claim for property ownership made by a hermit who has secretly lived in a cave on the property for twenty years?

What is the primary reason for recording documents that impact real property?

How is the term "chain of title" defined in the context of real estate?

How does the Torrens System of Title Recording distinguish itself from other systems?

What are the requirements for a title to be considered marketable?

Apart from a Torrens certificate, what is considered the strongest evidence of a marketable title?

The gross rent multiplier is used as a guideline for estimating value based on the

In absence of an agreement to the contrary, the mortgage having priority will be the one

A third party holds title to property on behalf of someone else through the use of a

A broker employs several salespeople, one of whom, Mary, is a member of a protected group. The broker directs her to work only with members of her group and to solicit sales only in similar neighborhoods. Which of the following is CORRECT?

A metes-and-bounds legal description

An owner who is interested in selling his house is usually concerned about how much money he can get when it sells. A competitive market analysis may help the seller determine a realistic listing price. Which of the following is true?

Each of two brokerage companies claimed full commission for the sale of a property that was listed by both of the firms under open listing agreements. The broker who is entitled to the commission is the one who

As an agent for the seller, a real estate broker can

Radon is

A person who owns one unit in a multiunit structure together with a specified undivided interest in the common elements would own a

A real estate salesperson, classified by the IRS as an independent contractor, receives

A section

The purpose of a security deposit is to

Lucas McCain and his son Mark (a cattle rancher) owns a parcel of land outside of Northfork Virginia on which oil is discovered. If the Lucas has not previously conveyed the oil rights, who owns the oil?

A suit to quiet title refers to

A landowner constructed a building 7 stories high. Several years later the municipality changed the zoning ordinance, prohibiting buildings that exceed 6 stories in height. Which of the following is true regarding the existing 7-story building?

When demand for a commodity decreases and supply remains the same,

The condition of the seller's title is generally determined from a(an)

A person wants to ensure that the ownership of real property can be willed to her children. Which of the following forms of ownership would the person want?

Your neighbors use your driveway to reach their garage which is on their property. Your attorney explains that ownership of the neighbors' real estate includes an easement appurtenant giving them the right to do this. Your property is the

Federal income tax regulations allow homeowners to reduce their taxable income by amounts paid for

A broker who is the agent of the buyer should do which of the following?

A deed must be signed by the

A joint tenancy with right of survivorship may be created

In the cost approach an appraiser uses which of the following?

To assign a contract for the sale of real estate means to

The purpose of an appraisal is to

A real estate loan payable in periodic installments that are sufficient to pay the principal in full during the term of the loan is called a

Which of the following is considered personalty ?

Priority of mechanic's liens is based on

If a property sold at a mortgage foreclosure does not bring an amount sufficient to satisfy the outstanding mortgage debt, the mortgagor may be responsible for

A lease agreement is signed by a lessee who is 16 years of age. Which of the following is true?

All of the following are typically found in a listing agreement EXCEPT?

The Americans with Disabilities Act requires

Which of the following is true about title insurance?

The 'bundle of rights' of ownership of real property include all of the following EXCEPT the right of

Under a percentage lease, a commercial lessee may agree to pay

Megan owns a triplex and rents out two of the units. She wishes no children or pets. She runs an ad which reads:” Two bedroom available but no children or animals allowed.” Which of the following is true?

The purpose of a mortgage is to

When a salesperson tells homeowners that minorities are moving into the area in order to get those homeowners to sell their properties, this activity is

The type of title insurance that will protect the owner and heirs is called a (n)

In a closing statement, a prepaid item is a(n)

Freddie Mac

Contamination from underground storage tanks is

Under the terms of a trust established by a will, the trustee is required to sell the real estate the trust holds. The deed that will be delivered at settlement of such a sale is a

A Bridgeport Apartment Complex property manager is hired to manage a property while the owner is overseas for two years. The property manage is a (n)

The covenant implied in a lease that ensures that the landlord will not interfere in the tenant's possession or use of the property is the covenant of

Shelly and Nadine bought a store building and took title as joint tenants. Nadine died testate. Shelly now owns the store

The term improvements, when referring to real estate, would include

RESPA (The Real Estate Settlement Procedures Act) is a federal statute administered by the

A broker took a listing and later discovered that the client had been declared legally incompetent before signing the listing. The listing is now

The pledging of property as security for payment of a loan without surrendering possession is

Which of the following about a condominium is INCORRECT?

Generally, an oral lease for five years is

A management agreement is to a property manager as a(n)

Discrimination based on familial status was prohibited with the passage of the

Damage from which of the following is NOT covered in a basic homeowner's policy?

All of the following are required of a broker when seeking to collect a commission for brokering the sale of a property EXCEPT

There are no exceptions to fair housing law for

A licensed real estate professional acting as a point of contact between two or more people in negotiating the sale, rental, or purchase of a property is known as a(n)

The best reason for a buyer to obtain title insurance is

A trust is a legal arrangement in which title to property is held for the benefit of a third party by a(n)

A salesperson who represents the seller is showing a house to a prospective buyer- customer. The salesperson knows that the house has water problems in its basement. Which of the following is true?

A tenant's lease has expired, but the tenant has not vacated the premises or negotiated a renewal lease. The landlord has declared that the tenant is not to remain in the building. This situation is an example of

A tenant's lease does not terminate for five more years. The premises, however, have become too small to accommodate the tenant's growing business. Another business owner is interested in leasing the premises from the tenant for three years. Which of the following would the parties use for the tenant to lease the space to the business owner?

A house with outmoded plumbing is suffering from

The primary intent of zoning ordinances is to

Real estate that is inherited from a person who died testate is referred to as a

Broker Sven, in the course of selling a home to customer Nancy, told her that the foundation was “solid as a rock” when he knew for a fact that it was slowly sinking into the landfill on which it was built. Now that the sale is settled, which of the following is LEAST LIKELY to happen to Sven?

Grantee is to a deed as devisee is to a

MaryBeth conveys a life estate to her grandson and stipulates that upon her death the estate will pass to her son-in-law. The son-in-law has a(n)

A trust that is established after the death of the owner is called a

Fixtures are generally

The manager of a commercial building has many responsibilities in connection with the operation and maintenance of the structure. The manager would normally be considered the agent of

All of the following are economic characteristics of land EXCEPT

A violation of the Fair Housing Act could result in a penalty of

What action returns a contract's parties to their position before the contract, including return of any deposit?

A tenant agrees to rent on a month-month basis after the termination of the original lease. This is known as an

In a limited partnership

All of the following are categories of the uses of real property EXCEPT

Upon discovering a latent defect in a property, the Broker Patricia should discuss the problem with seller Joan Hidente and then

A salesperson who is employed by a broker told a prospective buyer that the house she was looking at is "the best house in the area." Because of this statement,

Lonnie conveys the ownership of his house to his mother and stipulates that upon her death he will recapture ownership. The interest Lonnie has in the property is a

The water rights of an owner of property located along the banks of a river are called