Response none Correct answer 15000 Score 0 out of 1 No Question 36 How is an

Response none correct answer 15000 score 0 out of 1

This preview shows page 35 - 39 out of 99 pages.

Response : [none] Correct answer : $15,000. Score : 0 out of 1 No Question 36 How is an intentional misrepresentation penalized? Response : [none] Correct answer : License discipline, fines, and possible incarceration. Score : 0 out of 1 No Question 37 Where a trust deed is used, the lender is the Response : [none] Correct answer : beneficiary.
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Score : 0 out of 1 No Question 38 The grantor is conveying an interest that is less than fee simple absolute. This explanation of the extent of ownership will be found in the Response : [none] Correct answer : habendum clause. Score : 0 out of 1 No Question 39 To determine whether an item is a fixture, the MOST important test is whether the Response : [none] Correct answer : person who installed it intended for it to be permanent. Score : 0 out of 1 No Question 40 Which of the following is true of the tax treatment of a principal residence? Response : [none] Correct answer : The owner may be able to avoid capital gain tax when the property is sold. Score : 0 out of 1 No Question 41 When a deed of trust is the security instrument, which party usually chooses the trustee? Response : [none] Correct answer : The lender Score : 0 out of 1 No Question 42 One of the conditions an adverse possessor must meet in order to obtain legal title to a property is Response : [none] Correct answer : openly possessing and claiming the property without the owner's consent. Score : 0 out of 1 No Question 43 The necessary condition of mutual consent may be found lacking in a contract if Response : [none]
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Correct answer : the offer which was accepted is vague. Score : 0 out of 1 No Question 44 To be enforceable, a contract for the sale of real estate must Response : [none] Correct answer : be written. Score : 0 out of 1 No Question 45 A person wishes to convey any and all interests in a property to another without making any assurances as to encumbrances, liens, or any other title defects on the property. This party would most likely use which of the following types of deed? Response : [none] Correct answer : A quitclaim deed Score : 0 out of 1 No Question 46 Encumbrances and police powers are Response : [none] Correct answer : interests that do not include possession. Score : 0 out of 1 No Question 47 The first two steps in the cost approach are to estimate the value of the land and the cost of the improvements. The remaining steps are Response : [none] Correct answer : estimate depreciation, subtract depreciation from cost, and add back the land value. Score : 0 out of 1 No Question 48 In the income approach to appraisal, if the net income was $42,000 and the capitalization rate was 12 percent, to find the value of the property the appraiser would Response : [none] Correct answer : divide the net income by the captialization rate. Score : 0 out of 1 No
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Question 49 All of the following expenses may be deducted from a homeowner's gross income for income tax purposes EXCEPT Response : [none] Correct answer : interest paid on overdue real estate taxes.
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