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1. A bilateral contract is one in which a. only one of the parties is obligated to act. b. the promise of one party is given in exchange for the promise of the other party. c. something is to be done by one party only. d. a restriction is placed in the contract by one party to limit the performance by the other. Correct Answer-b. the promise of one party is given in exchange for the promise of the other party. 2. Every real estate contract must have a. a grantor and a grantee. b. acknow...

When a buyer of a property with an existing mortgage loan acquires the property and signs the note for an existing loan, the buyer is acquiring the property: Correct Answer-by assumption. Which of these points in a mortgage loan would be addressed in the mortgage (possibly in the note as well)? Correct Answer-Escrows The Real Estate Settlement Procedures Act does which of these: Correct Answer-All of these statements are correct. ( Requires that the borrower be able to inspect the closing...

An acknowledgment made by a notary of the grantors and the witnesses signatures is not required to make a deed legally valid but its required for recordation Correct Answer-False A seller of real estate who wishes to expose herself to the least amount of legal risk when she sells her property would want to use Correct Answer-Quitclaim deed A deed is a written or oral conveyance Correct Answer-False Generally courts are not concerned with the adequacy of consideration in a deed Correct A...

Private ownership of real property rights is subject to certain restrictions, known as the four powers of government. Which of the following is NOT one of the four powers of government that restrict real property rights? Correct Answer-Deed Restrictions Items that have been installed or attached to the land or building in a permanent manner are considered which of the following? Correct Answer-Real Property Which of the following is able to perform a formal appraisal of real estate? Correc...

7 protected classes in fair housing act Correct Answer-Race, color, religion, national origin, sex, disability, familial status Significant influences on rent/prices in the real estate market? Correct Answer--global influences (recession, exchange rates, ntnl disaster) -national influences (tax laws, interest rates) - local influences (employment trends, social patterns, changes in development) Reasons for Movement between cities Correct Answer--overcrowding and high cost of living -we...

What is appraisal? Correct Answer-The act or process of developing an opinion of value of an asset What is USPAP? Correct Answer-Uniform Standards of Professional Appraisal Practice What is real estate? Correct Answer-An identified parcel or tract of land, including imporvements, if any. The physical land and appurtenances affixed to the land What is real property? Correct Answer-The interests, benefits, and rights inherent in the ownership of real estate (land, buildings, fixtures) ...

In general, inflation is a monetary phenomenon resulting from an increase in money supply as opposed to resulting from an increase in general price levels. Correct Answer-True According to the liquidity premium theory, investors are willing to pay a price premium for securities with shorter maturities. Correct Answer-True For most investments, cash flow and net profit can be used interchangeably in asset valuation. Correct Answer-False Commercial banks are overseen by the Office of Thri...

Identitfy the countries of Central/Eastern Europe whose main religion is Protestant Christianity Correct Answer-- Latvia Give the year and place of Winston Churchill's "iron curtain" speech Correct Answer-March 5, 1946 at Westminister College, Fulton, Missouri In a few sentences, summarize the argument in Wolff's Introduction to inventing Eastern Europe Correct Answer-Basically, it was that the area known as 'Eastern Europe' was a social construct, and the qualities given to the regi...

100 Percent Correct Answer-The maximum loan-to-value ratio on a VA gauranteed loan is: 1.75% Correct Answer-What is the up-front premium changed on FHA loans? $63,000 Correct Answer-Given the following information, how much PMI i required? PMI is to cover the top 35% of the loan. Purchase Price: $200,000 Loan Amount: $180,000 Down Payment: 10% Annual Percentage Rate (APR) Correct Answer-Jan is hopping for a home loan in order to purchase her retirement home. She has several loans ...

18.A1 List the four primary tests used to determine whether an item is a fixture: 1. 2. 3. 4. Correct Answer-1. the intent test 2. the annexation test 3. the adaptation test 4. the relationship-of-the-parties test 18.B1 The physical rights to real estate generally include all of the following, except: a. air rights b. mineral rights c. surface rights d. easement rights Correct Answer-D 18B2 States which follow the traditional ownership-in-place concept: a. recognize the ownersh...