If a broker is expecting to receive 6% commission on a sale of $250,000 house, what will the commission be?
a) $750
b) $1,500
c) $7,500
d) $15,000 -
... [Show More] ✔✔ d
A lot measuring 240' by 400' is selling for $400 a front foot. What is the price?
a) $1,600
b) $16,000
c) $72,000
d) $96,000 - ✔✔ d
If the frontage of a half acre lot is 100 feet, how deep is it?
a) 154 ft
b) 218 ft
c) 248 ft
d) 436 ft - ✔✔ b
An acre is how many Sqft? - ✔✔ 43,560
Which fact or facts is (are) TRUE concerning the DVA loan?
a) a DVA loan cannot be assumed
b) DVA loans made after March
1,1998 are freely assumable
c) the veteran must be careful how she/he uses up eligibility
d) the DVA fixes the rate of interest charged by the lender - ✔✔ d
Selling price: $325,000, 20% down and 2 points plus $2,000 closing fees. What is the total cash required to close?
a) 71,500
b) 72,200
c) 73,500
d) 75,600 - ✔✔ b
Which of the following is NOT characteristic of a DVA loan?
a) loan is guaranteed
b) owner occupied
c) loan is insured
d) little or no down payment - ✔✔ c
If a lender charges 2 points on a $60,000 loan, how much does the lender get?
a) 120
b) 1,200
c) 2,400
d) none of the above - ✔✔ b
A broker establishes a company policy of charging no less than 6% commission, is this legal? - ✔✔ YES
Money in a trust account, Broker must?
a) keep accurate records
b) may withdraw commission amount - ✔✔ a
One who has the right to sign the name of a principal to a contract of sale is:
a) an attorney in fact
b) broker with a listing
c) a special agent
d) an attorney at law - ✔✔ a
A deed made and delivered but NOT recorded is:
a) valid between the parties and valid as to third parties with notice
b) invalid between the parties - ✔✔ a
Two partners own real estate, one has 60% interest, the other has 40% this is :
a) joint tenancy
b) tenancy in common
(no right of survivorship) - ✔✔ b
Which is true of Real Estate Appraisers?
a) they may not advertise
b) fee is based on % of appraised value
c) must have designation such as MAI or SREA
d) None of the above - ✔✔ d
The term littoral describes which of the following?
a) land bordering water affected by the tide currents
b) land bordering water that is flowing like a stream
c) land bordering any kind of body of water - ✔✔ a
The phrase "bundle of legal rights" is properly included in:
a) definition of real property
b) a legal description
c) Real estate transactions
d) leases for less than one year - ✔✔ a
Which of the following is a freehold estate?
a) estate for years
b) life estate
c) estate at will
d) easement in gross - ✔✔ b
An easement acquired by constant, open and adverse use is called an easement by ....
a) appurtenance
b) prescription
c) necessity
d) implication - ✔✔ b [Show Less]