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The use of natural or other monuments in land surveying is
Liens for ad valorem taxes and special assessments have priority over private liens
Which NOT correct concerning VA loans?
The call is “North 90 degrees east”. This line would run
A city levies a special assessment for paving in a neighborhood at a rate of $1.25 per square foot for each lot. One of the lots had dimensions of 21 yards wide by 95 feet deep. How much would the lot owner have to pay?
What right gives the government the power to enforce zoning regulations?
Which is NOT necessary for a deed to be valid and to transfer title?
An amortized mortgage where the payment gradually increases is known as
Which states the interest rate, loan amount, and payment schedule?
To be enforceable, an option contract for real property must be in writing
In which case, with regard to an abstract of title, may the attorney be found liable for an erroneous opinion?
In order to find the calculated rate on an adjustable rate mortgage, one would
A contract for sale using a street address for the property description is
Which is correct about a listing taken by a broker when the seller says AI want $100,000 from the sale. Anything you get above that amount you can keep as your commission.
Concerning listing agreements, a licensee must
An option contract for real property without consideration is
If a seller signed a listing by which the broker is entitled to any amount over the maximum amount stipulated by the seller, the listing is known as
The term “subject to the mortgage” written in a deed accomplishes the following
Which sources of finance have the least amount of government regulation?
Which is NOT correct?
The statute of frauds concerns
Acceptance of a sales contract is accomplished when
A broker gets an exclusive right of sale listing on a house for $50,000.00 for ninety days if he promises to advertise it every week. The owner will pay a 7% commission. The broker advertises the property as promised. Forty-five days later, during the listing period, the owner sells the house to an old friend for $45,000.00. Which applies?
Which is NOT correct?
Which is a correct statement?
If a buyer defaults on a sales contract, the seller may NOT
An option contract is described by some authorities as unilateral because it
Parol contracts are
Which affects the validity of a deed?
Which is correct about a listing?
How many acres are in the NW 1/4 of the SW 1/4 of the NW 1/4 of the NE 1/4 and the S 1/2 of the N 1/2 of the SW 1/4?
Which is NOT an essential element of a real estate contract?
Which would NOT be considered as income in a mortgage loan application?
An enforceable real estate contract must be
FHA section 245 is a program allowing
The substitution of one debtor for another debtor is called
Which is NOT necessary to make a valid real estate contract?
A mortgage that covers more than one parcel of property is a
Which is correct about net listings?
A mortgage subordination clause
What clause in a mortgage allows the mortgagor to call the entire balance due and payable?
The purpose of the constitutional homestead is
Janice is a broker and has lunch with her friend, Bertha. While at lunch, Janice introduces Bertha to Karen, another friend. Bertha tells Karen she wants to buy a house, and Karen says hers is for sale. Bertha buys Karen’s house. Janice wants a commission. Which is correct?
Mrs. Smith sold her house to Mr. Jones “subject to” the existing mortgage. Several years later Mr. Jones is unable to make his mortgage payments due to unemployment. Which of the following is correct?
What is the opposite of north 10 degrees east?
What requires a real estate sales contract to be in writing?
The main reference lines running north to south in the government survey method are
The deed used to transfer title of a minor’s property is a
Which original instrument or statement would a buyer not receive at or after closing?
The clause in a mortgage that requires the principal balance of the loan to be paid upon the sale of the property, preventing a buyer’s assumption, is known as a
A contract is executory when it is
A meeting of the minds refers to
A sales associate may record a sales contract only when
Which is a unilateral contract?
A contract is
Which is a government insurance company?
Which is NOT true regarding FHA mortgages?
Equity of redemption allows
Which is a parol contract?
In Florida, how many witnesses are required to sign a contract for real property?
When is the FHA mortgage insurance premium paid?
An African-American couple expresses interest in a house located in a predominantly African-American area of the city. The sales associate may legally conclude that they
A purchase money mortgage is a loan by the
The clause in a deed that shows the type of estate being conveyed is the
When evaluating the borrower’s attitude and willingness to pay a debt, the lender considers the borrower’s
Which is true about a promissory note?
A package mortgage includes
Which is NOT correct about property descriptions by monuments?
A promissory note creates which of the following?
The type of loan where payments are not sufficient to pay off is due in a final single payment is known as a
Which is NOT required for a broker to claim a commission?
When a party lists his property on an exclusive listing contract, which is correct?
Albert agrees to sell, and Bill agrees to buy his property, but does not give a deposit. Which is NOT correct?
A written contract with terms and conditions stated is
A rescission of a contract is
What clause in the mortgage allows the lender to accelerate the loan if the property is sold?
What is the name of the settlement statement used in a RESPA closing?
Construction loan proceeds are disbursed
The Guaranteed Loan Program is sponsored by
A broker sells property subject to a contingency specifying return of deposit and cancellation of the contract if marketable title cannot be delivered by the closing date. At closing the owner cannot provide a clear title and the buyer’s $10,000 deposit is returned in full. Which is most correct?
Mortgage financing is being arranged for a small manufacturing plant. Various items of equipment which are in use and necessary for the operation of the plant are included in the mortgage. How will the equipment be treated in the financing transaction?
Which would prevent the enforcement of a real estate contract?
The broker’s commission is best protected when the broker takes
If you are not to be disturbed with claims upon your title, you would want a
When a mortgagee allows a new mortgagor to take personal liability on a note, and releases the original mortgagor’s liability, this is known as
Which is correct concerning Federal Housing Administration loans?
A mortgaged property is sold, and the buyer assumes and agrees to pay the mortgage debt. This is not a novation. Which is correct?
A description of property using prominent physical features is called a description by
The statutory period of continuous possession for adverse possession purposes is
A broker may prepare
John gives Lisa power of attorney to sign a listing on John’s house. Lisa enters into a listing contract with Broker Arthur for 8 months. Which is correct?
A real estate option contract need NOT be
A broker has an open listing and shows a prospect the property two months later. The owner, twelve months later, sells the property to the same prospect. Which applies?
An option contract that has expired can be exercised
The legal description Lot 5, Block A, Wildflower Subdivision is description by
A listing agreement requires the broker to “effect a sale”. When is the commission due?
Which is NOT correct about exclusive right of sale listings?
An offer may be terminated EXCEPT by
A buyer goes to court and demands specific performance. If the court agrees, the seller would have to