The total collection of rights which may be claimed by private ownership is best described as:
The Fee Simple System
The Bundle of Rights
For the past 30 years, the Stone family has operated a neighborhood grocery store. Last week the city council passed a zoning ordinance that prohibits packaged food sales in the area where the Stone's grocery store is located. The store is now an example of a/an:
Variance of the Zoning Laws
Violation of Eminent Domain
Illegal Use of Property
The primary purpose of Truth in Lending is to:
Disclose the true costs of only an FHA loan
Disclose the true costs of obtaining credit
Control interest rates on behalf of the consumer
Control the true costs to close a transaction
The Rose family owns a home in a semi-rural area which is about five years old. Recently announced plans for a new regional airport will place their home directly in line with a main runway that ends one mile before their home. If the airport is constructed, will this diminish the value of the Rose home?
No, because value would increase due to the location close to the airport
Yes, because of economic obsolescence
Yes, because of functional obsolescence
No, because noise from aircraft passing overhead is not recognized as affecting property values
A developer retains agent Suzy to sell townhouses. Joey, a licensed agent, submits an offer to buy unit 1603 for $120,000, and a sales contract is executed. Through a typographical error, however, the contract identified unit 1602 which was listed for $15 is
Marcus submits an offer to purchase a home from Iris. Iris, wishing to keep the foyer chandelier, adds to the contract the words “foyer chandelier not included” before signing and returning it to Marcus. Is the contract binding?
Yes, Iris only made an insignificant change
No, Iris rejected Marcus’ offer AND to be binding, Iris’ counteroffer must now be accepted by Marcus without further change
No, Iris rejected Marcus’ offer
No, to be binding, Iris’ counteroffer must now be accepted by Marcus without further change
Anthony is in-contract with a broker to sell his property. Anthony’s contract with the broker states that he will pay a commission to the broker that sells the property. What type of agency agreement does this best describe?
Exclusive agency listing agreement
Net listing agreement
Exclusive-right-to-sell listing agreement
Phillip, a licensed agent, had a written representation agreement with a buyer but was paid 4% of the selling price at the closing by the seller. Under these circumstances, the broker was acting as
an agent for the seller
an agent for the buyer
a dual agent
None of the above. The broker violated real estate law and risks license suspension or revocation.
Which statement is TRUE about down payments under the Federal Housing Administration (FHA)?
Down payments are 10%
Down payments are not required
Down payments can be as low as 3%
Down payments are normally 20%
A bank letter to the borrower saying that it will fund a mortgage loan is known as a
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