When agent Andy took a listing, he promised the seller that he would advertise the property in a magazine until it was sold. Andy told the seller he
... [Show More] submitted the ad, but the magazine said Andy never contacted them or submitted the ad. Andy is guilty of:
Actual Fraud
A fee simple estate is:
an estate of inheritance
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If an appraiser is appraising a special purpose property he would probably use the:
Cost Approach
The main purpose of "RESPA" (Real Estate Settlement Procedures Act) is to:
To provide consumers with enough information to enable them to shop for settlement services
Definitions of market value is least concerned with:
Market cost
What type if an appraisal license is required to appraise a commercial strip mall valued at $700,000:
Certified general license;
Property taxes are described as "ad valorem" taxes. "Ad valorem" most nearly means
According to value;
In order to comply with the regulations of the state Housing Law, a person should seek the issuance of a building permit from:
the local Department of Building and Safety
One of the main benefits of a sale-leaseback transaction would be;
The ability of the seller to deduct al of his future rent payments as business expenditures
A broker who holds a valid listing on a property places a classified ad for the property containing only the following information "For Sale: 3 bedroom, 2 bath home with swimming pool. Asking price $165,000. Telephone 555-9276". This type of advertisement would be an example of a:
Blind ad
A property owner lists his property for sale with a broker. During the negotiations, the owner told the broker that the owner wanted $138,000 for the property, and anything above that amount the broker could keep as his commission. The listing with this type of provision is known as a:
net listing
Which of the following is an example of a less-than-freehold estate?
leasehold estate
When a lender loans a borrower 100% of the purchase price of a house, and the loan is not government-related, the lender would be best protected by:
appreciation
The term "warehousing" as used in real estate financing, means:
A mortgage company collection loans prior to resale
When a lender makes a loan regulated by the Real Estate Settlement Procedures Act, the loan applicant must be provided with which of the following:
a loan estimate
The law which gives cities and counties control over the physical design of subdivisions is:
the Subdivision Map Act
Who usually has the responsibility for providing streets, utilities, sidewalks, and curbs in a new subdivision?
The builder/developer
Economic Obsolescence is a cause of depreciation that can occur because of:
Factors extraneous to the property
The usual listing contract authorizes a broker to:
Find a purchaser and accept a deposit with an offer to purchase
An appraiser's narrative appraisal report of a single-family residence probably would contain no reference to:
a buyer's financing [Show Less]