Conditional use permit or zoning variance - ✔✔ A land owner wishes to build a neighborhood grocery store on a busy street in the area zoned for
... [Show More] residential use which of the following would most likely be used to obtain permission for the store
The federally subsidized flood insurance policy - ✔✔ Referred to the scenario in the figure book booklet see link below to answer this question should flooding occur and cause damage to the property the Parker should seek payment from
Provide the buyer with contract information for the local planning and zoning office to confirm the zoning and determine whether it permits his use - ✔✔ A broker is showing a buyer one of his residential listings the buyer says he wants to establish a day care center for seniors in the property the property has been used for a daycare center for no more than five children how should the broker advise his buyer
Escheat - ✔✔ A property owner died having willed his real property to his two daughters there is still a chance that they could lose the land for a variance of reasons but it cannot be taken through
A court may order the return of the property to the original owner - ✔✔ If continues for property use are included in a deed and these conditions are violated what is the most severe potential penalty
Lender wants to sell the mortgage to the secondary market - ✔✔ A formal appraisal will always be required when the
Business district zoned for a six story office building - ✔✔ If all other factors are equal in which location is a parking lot likely to bring the highest sale price
Setting a listing price - ✔✔ A competitive market analysis is most often used for
Were located near the property being listed - ✔✔ When compiling a competitive market analysis a broker would look for comparable properties that
The original cost of the building - ✔✔ When preparing a market data estimate of value which of the following categories of adjustment is not essential
The first sold - ✔✔ Three individual homes in the neighborhood were listed at the same time in a market where demand was constant according to the law of supply and demand which would have sold for the lowest price
An insurance company - ✔✔ The FHA functions most like
Vary over the life of the loan depending on fluctuations in the interest-rate to which the loan is referenced - ✔✔ When a home is purchased using an arm the monthly loan payment on the mortgage will
Confirm with the sellers broker the lender and the closing entity that the closing must be delayed to allow for the seven day waiting period after the final GFE and the TI L statements Are received - ✔✔ A broker and the buyers he represents are anxiously awaiting the closing on their new home the closing is scheduled in four days the buyer inform the broker that they just received a reverse good faith estimate and Truth in lending disclosure form from the lender indicating the annual percentage rate on their loan has increased by 0.3% based on the mortgage disclosure improvement act of 2009 what action should the broker take in this situation
Commission sales - ✔✔ Even if a loan applicants current income seems adequate to qualify for certain loan the equal credit opportunity act allows a lender to refuse the loan as a high risk if the applicants main source of income is
More variety of loan programs available - ✔✔ In helping a buyer to select a lender if the buyer believes he has good credit and his income is documentable as a salary and by tax returns the licensee might recommend a mortgage banker instead of a mortgage broker for all of the following reasons except
A couple in their late 60s who need to tap their home equity to help cover their expenses but do you not want to sell their house - ✔✔ Which of the following consumers would be able to derive the most benefit from a reverse mortgage
Foreclosure is usually simpler and faster - ✔✔ When the sellers are lending part of the purchase price they may secure the debt either with a deed of trust or a mortgage for the seller one benefit of the deed of trust is that
$850,000 - ✔✔ Jack is preparing a comparative market analysis on a five year old vacant two-story 10,000 square-foot office building on 1 acre property Jack knows that a vacant lot next-door of about the same size just sold for 100,000 he also knows that market value for comparable office space today would be $100 per square foot the owner agrees with Jack that his building has experienced a yearly 3% depreciation of its value what should jack recommend as a selling price
$90,426 - ✔✔ An owner lists his Home and agrees to pay 6% commission provides he nets $10,000 after paying the commission and the balance of his mortgage which is 75,000 to the nearest dollar what should the selling price be to net the owner his $10,000
$267 - ✔✔ A home buyer is obtaining a fully Amortized loan in the amount of 140,000 the savings and loan will give him the loan for 15 years at 5% or for 30 years at 6% to the nearest dollar what is the difference between the monthly payments for these two loans
682 - ✔✔ Refer to the scenario in the booklet to answer this question the contract provided that the heating oil would be prorated as of the close of the sale what dollar amount will be owed to the seller
$696 - ✔✔ A buyer wants to purchase a home for 60,000 the lender appraises the home for 58,000 the offer to finance it with an 80% loan to value loan charging a loan origination fee of 1.5 points how much will the buyer's loan origination fee be
Merger of titles - ✔✔ An easement can be terminated by
Should be specifically excluded in the contract since it is a fixture - ✔✔ Refer to the scenario in the figure booklet to answer this question since the Garcias wish to retain the automatic garage door opener it
Specify questionable items of property in the written sales contract - ✔✔ In the sale of property there is often confusion over whether an item as a fixture or personal property what is the best way to avoid this confusion
Prior Appropriation - ✔✔ Although states make specific laws governing water rights and the rights in land that borders water most states generally follow one or two basic doctrines regarding water rights in many states the common-law doctrine of riparian and littoral rights dictates that water rights are automatically conveyed with property in others all water rights are controlled by the state under the doctrine of
Tenants at sufferance - ✔✔ Tenants are still in their rental property even though their lease has expired The landlord has given them written notice to quit and refused to accept rent they are
He is no longer the listing agent - ✔✔ The day after a broker's listing on a house expired it was listed with another broker and offered in the MLS several days later a third licensee called the first broker and asked for the key to show the home the broker should inform the caller that
The party or parties employing the broker - ✔✔ To what party or parties does the broker owe the Fiduciary duty of care [Show Less]