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80, I'm so told first forty (Ohio) Flashcards | StudBud
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80, I'm so told first forty (Ohio)
80, I'm so told first forty (Ohio)
40 terms
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#real estate ohio
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Answers
1
Under a land contract who retains fee ownership?
Vendor
Vendee
Grantee
Grantor
2
Who can be affected by lead poisoning?
Children
Elderly
Pregnant woman
Anyone
3
seller enters an agreement where by the seller owes no commission if they find their own buyer.
Seller has signed an open listing
Seller has signed an exclusive right to sell listing.
Seller has signed an exclusive agency agreement
Seller has signed a net listing
4
most private homes built before 1978 contains lead. What may FHA require as a result
requires a test for lead
requires the buyer to acknowlege the lead disclosure
Requires the funds to be escrowed
Will not insure the loan
5
When doing a competitive market analysis, an agent should select comps that.
Seller assisted buyer financing
Are market worn
Were sold for cash
Are in close proximity to the subject
6
A lease that requires no notice to terminate the tenancy is called.
Periodic tenancy
Estate for years
Tenants at will
Tenant at sufferance
7
What would be the advantage of filing a fair housing charge in Federal court?
Only a district court can send an offender to jail
Only a district court judge can order specific performance
There is no dollar limit for damages
The case will be thoroughly reviewed
8
What could be a consequence to having too much leverage?
Decreased buying power
Negative cash flow
Accelerated depreciation
Lack of liquidity
9
environmental impact statement typically describes a projects impact on which of the following
Highest and best use of land
.Zoning regulations
Mapping requirements
Public health and safety
10
Which statement below is a false statement in relation to discount points.
They are paid by either the buyer or seller
They are computed as a percentage of selling price
They are a function of the marketplace
They are used to buy down interest
11
What is the money called when agreed that the money is to compensate in the event of a breach.
Liquidated damages
Good faith deposit
Arbitration award
Earnest money
12
When a principal chooses an agent to perform a particular task, it is what type of agency?
General
Special
common
Universal
13
When listing the seller says that the neighbors loud noise making is the reason they are moving
The agent should Schedule showings when they are not home
The agent should Tell buyers about the complaints
The agent should Keep quiet
The agent should Suggest talking to the neighbors
14
seller tells the agent her home was treated for termites 10yrs ago. When listing the agent .
Should tell the seller not to disclose it was long time ago
should Talk to the neighbors
Tell the seller to follow the instruction on the RPD
Should Talk to planning and zoning
15
Which of the following behaviors indicates a potential fair housing violation?
Failure to display the equal housing opportunity poster
Failure to show property in a certain area.
Failure to keep appt. when broker did no know buyer status
Failure of a minority buyer to qualify for a loan.
16
sellers get new carpeting. The price is $16.95 per sq. yard and the room is 10ft. X 14ft. ?
None of the above
It will cost $2373
It will cost $791
It will cost $264.
17
A contract to operate unlicensed whiskey sales could terminate for which of the following
Novation
Assignment
Material breach of contract
Illegality
18
A mortgagor has defaulted on their mortgage. What will the lender now be permitted to do?
Report buyer to FHA
Shut off buyers utilities
Confiscate the buyers personal assets
Demand payment in full
19
Seller counters an offer and then receives a better offer. Which statement is most accurate
the buyer cant counter a counter offer
Can accept if it satisfies the terms included in the counter
The buyer is given notice to match the second offer.
The owner withdraws the counter before accepting better deal
20
The relationship in which the agent is placed in the position of trust is described as?
Implied agency
Fiduciary
Disclosure
Brokerage
21
Who would bring an inverse condemnation lawsuit?
The zoning board
The land owner
The sheriff
The homeowner
22
A managing broker can be held liable for
Only those real estate activities the broker is aware of
No activities of independent contractors
All actions of associated salespersons
All real estate activities of salespersons
23
Errors and Omissions insurance indemnifies the broker against what?
Commission losses
Loss due to title defects
Negligent misrepresentation
Intentional misrepresentation
24
Deed restrictions can be enforced against.
Future owners only
Remaindermen
Only the current owner
Present and future owners
25
Buyer offers contingent on financing from the seller and asks agent to prepare the contract.
The agent should prepare the contract
The agent should Ask broker for advice
The agent should Refer the buyer to the listing agent
The agent should advise legal counsel
26
When entering a listing agreement a fiduciary relationship typically exists between.
Listing agent and customer
Listing agent and buyer
Listing agent and tenant
Listing agent and client
27
The holder of a judgment lien recorded it. What type of notice does a purchaser now have.
Actual
Exculpatory
Constructive
Prescriptive
28
When should earnest money be deposited into a trust account
Always in the broker trust account
According to license law
In a timely manner, according to state laws
According to MLS rules
29
What burden on the title would be the result of a contractor not being paid
an attachment lien
A vendors lien
A mechanics lien
A tax lien
30
An agent says the taxes are the lowest in the area when they are really higher. This is
Puffing
Misrepresentation
Nothing the buyer should check their own taxes
Reasonable skill and care
31
What is best accomplished by zoning laws?
Establish boards of appeal
Regulates business districts
Prescribe quality of building materials
Implement a local master plan
32
Two same size lots sold, a corner lot for 20k the lot next to it for 10K. This is an example of
The characteristic of Situs value
The characteristic of Indestructibility
The characteristic of Uniqueness
The characteristic of permanence of investment
33
Which of the following best describes the functions of FHA?
A bank or savings and loan
An insurance company
An investment group
A mortgage company
34
Which of the following expresses the intentions of the buyers and sellers who enter into them.
The listing agreement
Title search
Purchase agreement
Deed
35
The seller may prefer a deed of trust to a mortgage contract for which of the following reason
Judicial foreclosure is the owners only remedy
Deed of trust avoids judicial foreclosure
They are less expensive to prepare
It is the law in all of the U.S.
36
A seller and agent are discussing listing terms when the owner asks about commission
They are told Agents wont show your property if its too low.
They are told Commissions are negotiable
They are told The going rate is 7%
They are told The amount is prescribed by law
37
An agent misplaces an earnest money check given to them by a buyer. Which duty was breached?
Confidentiality
Accounting
Loyalty
Obedience
38
Which of the following is the best way to avoid conflict of interest in dual agency
Act as a transaction coordinator
Warn buyers that dual agency is bad
Allow a broker to designate agents
Broker prohibits any dual agency
39
An escrow agent must disclose the sales price and seller’s social security number to whom
IRS
OSS
RESPA
Hud
40
Which of these costs can be deducted from gross income?
Mortgage loan interest, property taxes, loan origination
Mortgage loan interest, homeowner’s insurance local tax
Homeowner’s insurance, loan origination, loan interest
Cost of repairs, mortgage loan origination
