Correct AC Commercial License AL Residential License AR Certified Residential

Correct ac commercial license al residential license

This preview shows page 52 - 58 out of 69 pages.

Correct! AC- Commercial License AL-Residential License AR-Certified Residential
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AG-Certified General Question 8 0 / 1 pts Which of the following would probably make a piece of residential real estate more valuable? You Answered A factory shut down causing many current residents to leave the area. Correct Answer The resolution of a title dispute resulting in clear title. A change in zoning laws diminishing the potential use of the property. A sharp increase in new home development in the area. Question 9 1 / 1 pts A local architect designed a home that was applauded among architectural magazines for its unique and unusual design. Despite the accolades, the home took longer to sell and suffered a loss in value relative to more conventional residential properties. Which principle of valuation would best explain the value loss: Principle of Supply and Demand Principle of Highest and Best Use Nothing can explain this loss.
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Correct! Principle of Conformity Question 10 1 / 1 pts The most comprehensive residential appraisal report is: Restricted Report Summary Report Correct! Self-Contained Report Home Inspection Report Quiz Score: 7 out of 10 Question 1 1 / 1 pts Which title policy was originally created for lenders? CLTA policy standard policy Correct! ALTA policy
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ABRA policy Question 2 1 / 1 pts Which is an example of a “buyer pays” closing cost? Correct! appraisal fee prepayment fee documentary transfer tax real estate commission Question 3 1 / 1 pts Which law prohibits a real estate agent from receiving a referral fee from an escrow or title company? Truth in Lending Regulation Z Correct! RESPA all of the above
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Question 4 1 / 1 pts An example of a cloud on title would be: A mortgage satisfaction A certificate of title A title abstract Correct! A missing deed Question 5 1 / 1 pts Sue bought a house. Two years later, she finds that the title was clouded and she may or may not own the house. How will the title insurance help her? Correct! It will compensate for loss, damage and liability. It will make an insured homeowner responsible for past encumbrances. t will require an insured lender to purchase a new title policy. It will send the old homeowner an invoice requesting reimbursement if a claim is paid on their behalf. Question 6
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1 / 1 pts For whom is an escrow an agent prior to the close of a transaction? the buyer and buyer's broker the seller and seller's broker the title insurer Correct! the buyer and seller as dual agent Question 7 1 / 1 pts Which of the following is required for a valid escrow? A binding contract between the parties, such as a signed purchase contract and signed escrow instructions. A conditional delivery of documents and money to be held by escrow, pending completion of the sale and loan. Correct! Both of these.
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