it satisfies or exceeds all terms included in the counteroffer. 2. the owner withdraws the counteroffer before it is accepted. 3. the owner gives the first buyer notice that another offer was received and an opportunity to revise the bid. 4. the first buyer is informed, in writing, of the owner's intent to accept another offer. A borrower has defaulted on the mortgage. The mortgage contains an acceleration clause. This permits the lender to 1. confiscate the borrower's personal assets. 2. demand immediate payment of the entire note. 3. report the borrower to the Federal Housing Administration. 4. force the borrower to vacate the premises. In MOST states, foreclosed property is sold through 1. sealed bids. 2. public auction. 3. deficiency judgment. 4. right of redemption. Which rule-of-thumb version is being offered to an investor who is told that a house renting for $900 a month should sell for about $90,000? 1. CMA 2. IRV 3. NOI 4. GRM The economic characteristics of land are 1. scarcity, location, and durability. 2. immovability, indestructibility, and uniqueness. 3. latitude and longitude. 4. wooded, barren, and water bearing. The real estate contract for a specific property for use as an unlicensed whiskey sales operation was forced to terminate. The termination was the result of 1. operation of law. 2. impossibility of performance.
3. novation. 4. breach of contract. Under the Federal Fair Housing Law, which of the following is considered discriminatory advertising? 1. "Nonsmoker preferred." 2. "Military discount." 3. "Seniors welcome." 4. "Catholics preferred." Which of the following statements about discount points is FALSE? 1. They are computed as a percentage of the selling price. 2. They are used to buy down interest rate. 3. They are a function of the marketplace. 4. They are paid by either the buyer or the seller. According to the Truth-in-Lending Act, if any "trigger terms" are used in an ad, all of the following disclosures MUST appear in the ad EXCEPT the 1. cash price or amount of the loan. 2. amount of down payment required. 3. number, amount, and frequency of payments. 4. prepayment penalties and rebates. Why was the Jones vs. Mayer decision of 1968 important? 1. By upholding the Civil Rights Act of 1866, the Supreme Court removed all exceptions to racial discrimination in housing. 2. By upholding the Civil Rights Act of 1866, the Supreme Court held that individual homeowners are exempt from antidiscrimination laws. 3. It added persons with disabilities to the list of classes who are protected by Fair Housing laws. 4. It added discrimination based on gender to the list of prohibited types of discrimination covered by Fair Housing laws. A property management plan may serve different purposes for different owners, and generally has to strike a balance between preservation of the property's value and generation of income. Which of the following owners would MOST likely prefer a property manager who emphasizes cash flow or income over the maintenance of value?
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