Which of the following would permit a law enforcement officer to seize a debtors property?
B) Writ of execution
Directs the sheriff to seize and sell as much of the debtors property as necessary to pay both the debt and the expenses of the sale.
The difference between a bilateral and unilateral contract is the number of parties involved.
A) T
B) F
B) F
The difference between a bilateral and unilateral contrat is the paresence or absence of the exchange of mutual promises.
An oral agreement for the sale of real estate is unenforceable.
A) T
B) F
A) T
Which of the following is an example of a unilateral contract?
C) option
The optionor-owner of the property must sell at the agreed upon price only if the optionee decides to buy. Only one party is obligated to perform.
A contract that is entered into by a person who is under the age of contractual capacity is.
C) voidable
The underage party may void the contract but the older party who entered into the contract with the minor cannot.
When is an offer considered to be accepted?
A) When the broker notifies the buyer that the seller has accepted the offer.
Buyer notification is the key. It is not an accepted offer until the buyer is notified and there is no lag time after that point.
In case the buyer decides not to buy for no legal reason, the contract may provide that the earnest money is there as.
C) liquidaged damages
Limit the compensation available to the injured party should a breach of contract occur.
A deed of trust involves all of the following terminology except:
C) mortgagor
a mortgagor is the borrower in a mortgage, in a deed of trust, the borrower is the trustor and the trustee hold naked title in trust for the beneficiary (lender)
An amount of money that the parties agree will be the complete compensation available in the event of the breach.
Liquidated damages
A form of trust established by will after the owners death.
Testamentary trust
A covenant in a deed that warrants the grantor is the owner of the property and has the right to convey it.
Seisin
A person who advises a real estate client who is making a purchase to use or invest in real estate is called?
Counselor
A guarantee in a deed that the grantee's title will be good against any third party who might bring legal action to establish superior title.
Quiet enjoyment
A special form of co ownership for married couples.
Tenancy by the entirety
A lien that is created intentionally by the property owners action.
Voluntary lien
A lien that is secured by and only affects certain property.
Specific lien
The official proces of valuing real estate for tax purposes.
Assessment
1/1,000 of a dollar, or $0.001
Mill
The right of a delinquent tax payer to recover property before a tax sale.
Equitable right of redemption
A material once used in paint that can cause serious brain and nervous system damage.
Lead
A radioactive gas produced by the natural decay of other radio active substances.
Ragon
The natural level at which the groud is saturated.
Water table
An effect of electrical currents that may pose a health risk.
Electromagnetic field
A site for burial of waste
Landfill
The process of covering a solid waste site with topsoil and plants.
Capping
To protect against liability due to mold contamination, real estate licensees should ask sellers about leaks, flooding and prior damage.
A) T
B) F
A) T
Individuals have suffered all of the following health problems due to exposure of fromaldehyde except:
A) brain damage
A storage tank is partially burried at least how much of the tank must be underground to be considered and undergournd storage tank?
B) 10%
A charge that a party owes and must pay at closing.
Debit
An amount that has already been paid, that is being reimbursed, or that will be paid in the future.
Credit
The division of financial responsibility for various items between the buyer and seller.
Proration
The borrowers have the right to inspect the completed HUD1 from one buisness day before closing.
A) T
B) F
A) T
RESPA's rules prohibit both paying and receiving a kickback.
A) T
B) F
A) T
Also pertains to real estate licensees
All of the following expenses may be deducted from a home owners gross income for income tax purposes except:
A) interest paid on overdue real estate taxes
One way that some lenders evaluate whether a prospective buyer can afford a home is by setting a limit on PITI of 28% of gross monthly income and on total debt payments of 36% of gross monthly income.
A) T
B) F
A) T
What is a group of lowrise or highrise rental residences that may include parking, security, etc.
Apartment complex
A braod form homeowners insurance policy comvers all of the following except:
A) flooding
Growing crops such as corn or soybeans that remain personal property.
Emblements
In an exclusive right to sell listing, the seller must pay the broker's commission evernif the seller finds a buyer without the brokers assistance.
A) T
B) F
A) T
The house has been on the market for several months because most buyers do not want to walk through the master bedroom to reach another bedroom in the back. This floor plan is an example of:
B) functional obselescence
A loss in value due to any cause.
Deprectiation
The period during which a property is expected to remain useful for its original inteded purpose.
Economic life
A contract between a real estate owner and tenant.
Lease
A lease hold estate that has a specific beginning and a definite end.
Tenancy for years
Although rent is the usual ____ given for the right to occupy leased premises labor could also serve this function.
Consideration
A state delegates zoning power to a municipality through.
C) an enabling act
Permit the state to deligate authority to local officials to enact rules to protect the public's health and safety.
Police power is to acquire private property for public use.
The city of Onionl Lake passed a new zoning ordinance that prohibits all commercial structures over 30ft high. Roy wants to build a building that is 45ft high. What must roy do to obtain permission for the building?
D) apply for variance
A variance if granted will permit the land owner to use his or her property in a manner that is strictly prohibited by existing zoning.
Large lots, wide streets, and uniformity are characteristics of:
B) the gridiorn pattern
Evolved out of the government rectangular survey system. While it provides for little open space, and many lots may front on busy streets; it is easy to navigate.
The device by which municipal officials are alerted to new construction and alterations.
Building permits
A person who buys undeveloped acreage and divides it inot smaller lots for sale to others.
