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80 I'm so told back 40 (Ohio) Flashcards | StudBud
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80 I'm so told back 40 (Ohio)
80 I'm so told back 40 (Ohio)
40 terms
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#real estate ohio
Flashcards
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Questions
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Answers
1
A broker supplies the financing for a condo project only if the broker gets the listings. It is
Agency coupled with an interest
General agency
Exclusive agency
Specific agency
2
When a broker takes a listing, when does the broker earn the commission?
When all contingencies are removed
When an offer is delivered to seller
The sale actually closes
When the seller accepts the offer
3
A landlord may legally refuse to rent to a prospective tenant if the tenant.
Has ever been convicted of using drugs
Is unable to live alone unassisted
Has a history of serious mental illness
Has ever been convicted of selling drugs
4
The real estate broker who is listing a house for sale should personally verify
That the electric wiring is up to code
Whether radon is present
How much the sell originally paid for the property
The number of square feet
5
Broker Bob has two buyers who offer on the same listing. What does Bob need to give them
Lead Paint Disclosure
Fair housing disclosure
Affiliated Business disclosure
Contemporaneous Offer Disclosure
6
Jan 15 Seller paid tax of $960. if closing is March 1, buyer pays day of close. use 360 days, the credit to seller is?
$800
$840
$100
$160
7
A written agreement in which a purchaser agrees to buy and a seller agrees to sell is called
A contract
Agency
A fiduciary obligation
Assessment
8
If a condition in a deed is violated, what would be the penalty.
A cease and desist order
Return of the title to the original owner
An injunction
Penalty charges
9
Which of the following is the first action to take when mold problems are found?
Spray the affected area with bleach
Notify the EPA promptly
Repaint with waterproofing material
Identify and remedy the cause
10
Which borrower can be denied credit for which of the following sources of income.
commissions
child support
public assistance
Alimony
11
state laws governing water rights on non riparian land. The legal doctrine allows this is.
Express reservation
avulsion
Prior appropriation
Eminent domain
12
Buyer assumes a mortgage of $110,000what adjustment would be made at closing.
a.Credit buyer $110,000;debit seller$110,000
Credit seller $110,000; no adjustment to buyer
Credit seller $110,000
Credit buyer $110,000; no adjustment to seller
13
Which phrase would not require the lender to disclose the APR
Cash price or amount of loan
Number, amount and frequency of payments
Amount of down payment
Prepayment penalties and rebates
14
A will leaving the family home to the owners’ granddaughter. What does the law call her?
Greedy
Vendee
Lucky
devisee
15
Which of the following is not a consideration in the definition of market value?
Property has been on the open market for a reasonable time
Buyer and seller must agree to appraised value
Buyer and seller must be unrelated and acting undue pressure
Buyer and seller must be well informed of use and potential
16
At the end of the lease. The tenant wont leave, The landlord gives a 3 day notice They are.
Tenants at sufferance
Tenants in common
Tenants by reversion
Periodic tenants
17
The purpose of requiring an earnest money deposit in a sales contract is to
It is the consideration in a contract
Ensure the broker will get the commission
ensure the seller will have money after closing
Provide evidence of a buyer’s sincerity
18
What type of map would be most useful for describing the terrain of a hilly lot.
Contour
Recorded map or plat
Assessor’s map
Conic projection map
19
A broker collects a flat fee from a seller to put the home on the MLS. What document do we need
Agency disclosure
Waiver of duties statement
Lead disclosure
Closing Disclosure
20
All of the following are methods to calculate the reproduction cost of a building except the.
Unit-in-place
Quantity survey
Straight-line
Square foot
21
How should a broker be instructed to return earnest money to a buyer or seller.
Just the buyer needs to sign
A release signed by buyer and seller
The Earnest money check
A release from the seller and one from the buyer
22
A broker says while showing a home, “This property has the world’s purest well water.” This is
As assurance that the property is not on the public water
Puffing
Disclosure of condition
Verbal water quality report
23
A major reason for buying a condominium rather than a detached single family home is that.
A condo tends to be more affordable
A condo is easier to resell
Condominium ownership has more tax advantages.
A condo requires no maintenance
24
A loan which required the borrower to pay interest only until the maturity date is called
partially amortized loan
wrap around loan
Term loan
shared equity loan
25
owner bargained with a neighbor for the right to cross the owners land. The neighbor has
Easement by necessity
Easement in gross
Easement by prescription
Appurtenant easment
26
Ownership of common stock in a corporation gives.
An interest that is classified as personal
Assurance a decline in value will not affect the Stock value
The right to order the sale of property
Co-ownership in any real property
27
When would flood insurance be a requirement of getting a loan.
Never flood insurance is optional
When the seller thinks it may flood
When property is in flood zone
When there is no hazard insurance
28
What is another name for a VA appraisal?
Veterans appraisal
DD-214
NOV
CIA
29
When preparing a CMA, which of the following would not be essential?
The original cost of the building
The amount of square feet
The number of bedrooms
The location of the property
30
Seller promised a broker a 7%comm, wants to net $45,000 after paying the mort. of $68000. it must sell for?
$105990
$121500
$110753
$120910
31
The purpose of usury laws is to regulate.
Interest charged by lenders
Loan origination fees
Loan prepayment penalties
Lender collusion to fix interest rates.
32
The Sherman Antitrust Act prohibits brokers from doing all of the following except.
Boycotting other brokers
Receiving compensation from both buyer and seller
Agreeing to set sales commissions
Dividing the market to restrict competition
33
Buyer takes title and is entitled to 1/2 months rent for the month of June. Is it
Debit seller $300; debit buyer $300
Debit seller $300; credit buyer $300
Credit seller $300; debit buyer $300
Credit seller, $300; credit buyer $300
34
A contract that comes after a lease that requires the seller to execute a purchase agreement is
An option
A buy sell agreement
An Vendors lien interest
An installment contract
35
An example of a contract terminated due to inability to perform would be one in which the
Seller had contracted for sale without consent of all owners
Property had been damaged by fire after contract acceptance.
Buyer had financial reverses so she could not make payment
Seller had died after the contract became binding
36
Two sisters inherit their parents house. They could lose the property by all of the following except.
Sale to pay a tax lien
A contest to the will
Escheat
Condemnation
37
According to environmental experts radon levels of less than how many picocuries is safe
25
14
10
4
38
Which of the following events would automatically cancel a listing agreement
Salesperson’s retirement
Salespersons switch to another agency
Property owner’s marriage
Property owner’s death
39
At the time of harvest, crops that require annual planting are generally considered to be?
Personal property
Improvements
appurtenances
Real property
40
Buyer gets an 80% LTV on a home that appraised for $72,250 and sells for $73500.the loan amount will be?
$58,400
$58,800
None of these will be the loan amount
$57,800
