Real Estate TUTOR
Realty TUTOR

Know the Answers to these Questions to help you pass your State Exam...

How many square feet in an acre?
An option binds which party to the option?
Who MUST sign an option?
An option is what type of contract?
When does an option become bilateral?
Once the option has been exercised, the purchase contract is now?
What is the buyers interest in a purchase contract called?
A first right of refusal is a right to?
Who pays the lower percentage in a percentage lease?
Who pays the property taxes in a gross lease?
Who pays the insurance in a net lease?
What type of lease will you not know the subsequent years rent?
What type of lease has pre-determined rent increases?
An interpleader action involves the dispute of?
Loans are created in which money market?
Loans are sold in which money market?
Who verifies the balance on the estoppel certificate?
An estoppel certificate benefits?
The method of transferring title to a note?
Amortized loan has what type of payments?
Interest only loan is called?
What is the characteristics of an installment loan?
Main concept for a package loan?
Main concept for a blanket loan?
A blanket loan contains what type of clause?
Main concept for the alienation clause?
Main concept for the acceleration clause?
What releases a mortgage lien?
What releases a deed of trust lien?
Who signs the deed of reconveyance?
Who benefits under the assignment of rents clause?
Who benefits under a non-disturbance clause?
What document would contain a non-disturbance clause?
RESPA is enforced by?
What law covers antitrust violations?
Who signs the HUD 1 form?
What is forbearance?
MIP is associated with what type of loan?
Surety bond protects?
Market data method is used for type of properties?
How many feet in a rod?
How many sections in a township?
A townships contains how many acres?
The purchase price to the seller is a debit or credit?
Earnest money is a debit or credit to buyer?
Assumption of seller's loan is a debit or credit to buyer?
A square acre has how many feet on each side?
Market data is based on what principle?
Another name for market data?
Another name for the cost method?
Adjustments are made under the market data method for what type of features?
What type of properties would be used for the cost method?
How do you calculate the value of the improvements under cost method?
Deferred maintenance depreciation is called?
Outdated depreciation is called?
Incurable depreciation is called?
Loss of a fire station in area is what type of depreciation?
One bathroom in 5 bedroom home is considered?
Under cost method, land is value by what method?
Income method is called?
A weighted average is called?
If the cap rate goes up, the value goes?
Which government right covers zoning?
Who places deed restrictions on property?
The legal process of the government taking property that requires just compensation?
Property goes to the state for lack of heirs is called?
The legal right of the government to take with compensation is called?
When does a grantee receive title to property?
Who must sign a deed?
The deed with the most warranties?
The deed that contains no warranties?
Primary use for quit claim deed?
An involuntary way of removing a cloud is called?
Covenant against quiet enjoyment guarantees against?
The granting clause conveys?
The habendum clause defines?
Owners policy is called?
Owners policy does not cover?
Updating a title policy is called a?
Lenders policy is called?
The owners policy is based on the?
The lenders policy is based on the?
Who pays for the owners policy?
Easements that run with the land are called?
How many properties are required for appurtenant easements?
Dominant property fences the parcel off and terminates the easement, this is called?
What type of easements would a utility company have?
Easements acquired because of lack of access is called?
Easements acquired without permission to use and for a statutory period of time is called?
Estates that are leased are called?
The best freehold estate is called?
What type of agent is a broker to the principal?
Which type of listing gives the broker the least protection?
Which type of listing gives the broker the most protection?
How many brokers are allowed under an exclusive agency listing?
How many brokers are allowed under an open listing?
When can a principal not revoke a listing?
The law that governs principal and agent is called?
What type of relationship does an agent owe the principal?
When must a broker deposit earnest money?
A cooperating broker is what type of agent to the principal?
The North 1/2 of the South 1/2 of Section 12 has how many acres?
How many townships in a government check?
A written listing is what type of agency?
An oral listing is what type of agency?
An implied agency is also called?
How many standard sections in a township?
How many miles around a quarter of a section?
Type of legal descriptions for subdivisions would be?
How many square miles in a township?
The description used for irregular shaped parcels?
One point equals what percent of the loan amount?
Every one point the lender receives would equal an additional yield of what percent?
The commission amount divided by the percentage of the commission equals?
Sales price minus what you paid for the property would equal?
Loan amount divided by the loan to value ratio would equal?
Net operating income divided by value equals?
Net operating income divided by cap rate equals?
Interest divided by loan amount equals?
Cap rate times value equals?
Improvement value divided economic life equals?
Sales price divided by gross income equals?
Commission equals 6%. Seller's desired net divided by 94% equals?
Profit divided by cash invested equals?
Assessed value divided by the assessed value percentage equals?
Adjusted sales price minus adjusted basis equals?
Area of land divided by a known side equals?
The most costly appraisal report?
Poor layout of a room would be what type of depreciation?
First duty of the appraiser?
An appraisal is accurate for what length of time?
The way a house is placed on a lot?
Test for septic systems?
The number one characteristic of value?
Biennial means?
Zoning exceptions are called?
How do you find encroachments?
If landlord terminates the lease, this is called?
What document is the evidence of the debt?
Rent to land is considered?
The governments right to require licensing is called?
Who pays for the lenders policy?
The purchase price of a home is a debit or credit to the buyer?
When you borrow money from a lender, you sign a note and a mortgage. Which one of these documents would contain a legal description?
Truth in lending is enforced by what federal agency?
Quantity survey is associated with which method?
A section contains how many acres?
Under an easement, which property must sign the release?
True or False.....An easement is an estate in land?
Theto have and to hold clause is called?
True or False.....Net operating income is always after debt service?
True or False.....Scheduled gross income is before vacancy?
True or False.....Adjusted gross income is before vacancy?
True or False.....Debt service is an operating expense?
True or False.....Property taxes is an operating expense?
True or False.....Income taxes is an operating expense?
True or False.....Lenders policy covers mechanics liens and encroachments?
True or False.....Both title policies cover zoning?
True or False.....An amortized loan has a balloon payment?
True or False.....An interest only loan has a balloon payment?
True or False.....An installment loan has even payments?
True or False.....Easements and licenses are the same?
True or False.....Section 6 is a fractional section?
True or False.....Recordation of the deed is a requirement?
True or False.....Comps are difficult to find under the market data method?
Who signs the estoppel certificate?
What document is security for a note and requires judicial foreclosure?
True or False.....An easement is a lien against property?
How many acres in the southwest quarter of the northeast quarter of the southeast quarter of Section 22?
What are the dimensions in feet of this parcel: southwest quarter of the northeast quarter of the southeast quarter of Section 22?
Interest rate times loan amount equals?
Estates that are owned are called?
Replacement, reproduction, and depreciation would be which appraisal approach?
True or False.....It is difficult to find comps for the cost method?
Most time consuming way to replace improvements under the cost method?
A roof in bad condition is what type of depreciation?
True or False.....Physical and functional depreciation is curable?
The appraiser's opinion of the age of a home is called?
A principal terminates an agency relationship, this is called?
An agent terminates an agency relationship, this is called?
If the tenant terminates the lease, this is called?
A new loan to buyer is a debit or credit?
True or False.....FHA guarantees loans?
True or False.....VA guarantees loans?
PMI is associated with what type of loan?
True or False.....Death of the buyer will terminate an offer?
True or False.....Death of the seller will terminate a purchase contract?
Most common way to replace improvements?
Easements that belong to persons are called?
Which property owns an appurtenant easement?
Which property with an appurtenant easement has the encumbrance against their property?
What is the size of a government check?
Another name for the recorded plat legal description?
True or False.....Judgments and attachments are both general liens?
One half of an acre lot with a 150 foot frontage has what depth?
An owner can sell and not pay a commission is what type of listing?
What is the status of a contract entered into by a minor?
What is the status of an oral real estate purchase contract?
What is the status of a contract if it contains a contingency clause?
What is the status of a contract if the purpose of the contract is illegal?
In a sublease, the original lessee becomes the new?
An acre-foot contains how many gallons of water?
True or False.....Eminent domain would terminate a purchase contract?
You want to give a person the right to use your land without placing an encumbrance against it, you would give a?
True or False.....Under Federal Fair Housing Law/familial status, a church that rents rooms only to their church members would be exempt?
True or False.....A partially performed oral purchase contract is enforceable?
What type of depreciation would be always considered incurable?
When a property has a cap rate of 8%, each additional $12 of expenses would affect the value of the property by how much?
True or False.....Principal and interest payments would be considered an operating expense under the income method?
What method is the appraiser using if the appraiser calculates a separate value for the land?
An oral will is called?
The court appointed personal representative under a will is called?
The personal representative appointed by the testator is called?
A handwritten will that does not require witnesses is called?
A supplement to a will is called?
A gross rent mutiplier will indicate?
True or False.....Interest rate will change with a graduated payment mortgage?
A tenants right to return and harvest the crop after the lease expires is called?
Markers and degrees are found in what type of legal description?
A tenant moving out because the landlord doesn't maintain the premises is called?
A person who receives real property under a will is called?
The difference between the present value of a property and replacement cost is called?
True or False.....You would prorate security deposits in escrow?
True or False.....Regulation Z would disclose escrow fees?
True or False.....The lenders policy terminates if a buyer assumes the loan in a sale?
True or False.....A life tenants interest in land is called less than freehold?
A life tenant cannot commit?
True or False.....A life tenant can sell his property?
True or False.....RESPA would require disclosure of finance charges?
True or False.....RESPA would NOT apply to business property?
The law that limits the amount of reserves a lender can impound?
Exceptions to title coverage appear on what schedule in the title policy?
The type of disclosure required if the property was built prior to 1978?
The degree, quantity and ownership interest describes?
True or False.....You own to the high water mark if you own land on a non-navigable stream?
Who pays for a handicapped tenant's requested grab-bars?
Loss of a fire station in your neighborhood is considered?