Practice test 3.2

Before a building may be converted into a condominium, what documents must be filed with the county clerk’s office?

Another term for transfer is

Rules that govern condominium home owners association’s are called

When appraising a school for insurance purposes, the best approach to get an appraised value of the property is

A homeowner takes out a new fire insurance policy on their home. Fire insurance is a type of

The Indianapolis executive law covers discrimination against race, creed, color, national origin, sexual orientation and

A type of investment property that produces little or no income and requires little or no maintenance is

If a condominium owner wants to sell their unit, the condominium owners association may have the right to

A homeowners insurance policy may not be issued if the

The value of a property used to determine property taxes is the

Improvement value is determined by all of the following except:

The buyer of a foreclosed property at auction will become the owner of the property

Variable expenses for an investment property include all of the following except

When the parties to the transaction agree on the essential terms, what is said to have taken place?

If a building is fireproof, has a sprinkler system, cc security system, and a security fence around the building, it is

Property with an 8% cap rate and has an NOI of $126,500. How much would one pay for this property?

The Uniform Commercial Code (UCC) is

When calculating Net Operating Income, what item is NOT included?

A condominium building may be operated by a/n

An estimation of how much income an investment property will generate in the future appears on a/n

Debt service refers to

The recommended type of real estate investment for people who have little or no investment experience would be

Rate of return is directly related to

An appraiser has 3 methods to value with 3 diff values. To determine final value, the 1st step Indiana the process is

A real estate broker whose office engages in restraints of trade is violating the