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1. 1. Which of the following is a private land use control rather than a government power?

   • A. A city zoning ordinance
   • B. A recorded deed restriction in a subdivision
   • C. The power of eminent domain
   • D. The annual real property tax
   Vis svar og forklaring

   Svar: B. A recorded deed restriction in a subdivision

   Deed restrictions, sometimes called covenants, are created by a private owner or developer and recorded against the land, and neighbors or an owners association enforce them in court. Government controls come from the four public powers, usually remembered as police power, eminent domain, taxation and escheat. Zoning is an exercise of police power, and it is set locally, so what is allowed on a lot varies from town to town. When a private restriction and a zoning rule disagree, the stricter of the two controls what the owner may actually do.

2. 2. Which method of legal description identifies a parcel by referring to a map recorded in the public records?

   • A. Metes and bounds
   • B. The rectangular government survey
   • C. Lot, block and subdivision
   • D. The property's street address
   Vis svar og forklaring

   Svar: C. Lot, block and subdivision

   The lot and block method, also called the recorded plat method, points to a subdivision map on file with the county and names the lot and block on it. Metes and bounds walks the boundary from a point of beginning using distances and directions, and it must close back where it started. The rectangular government survey divides land into townships and sections, where one section is one square mile and contains 640 acres. A street address is never a legal description, because addresses get reassigned and do not fix a boundary.

3. 3. A homeowner holds a recorded right to cross her neighbor's land to reach her garage. The parcel that benefits from that right is called:

   • A. The dominant tenement
   • B. The servient tenement
   • C. An easement in gross
   • D. A license
   Vis svar og forklaring

   Svar: A. The dominant tenement

   In an easement appurtenant there are two parcels: the dominant tenement gets the benefit and the servient tenement carries the burden. Because the easement attaches to the land rather than to the person, it normally passes to the next owner of each parcel automatically. An easement in gross benefits a person or a company instead of a parcel, which is how utility lines are usually held. A license is only permission, it is personal and it can be revoked, so it is much weaker than an easement.

4. 4. Several claims are recorded against the same property. Which one generally takes priority over the others regardless of when it was recorded?

   • A. A recorded first mortgage
   • B. A mechanic's lien filed last year
   • C. An unpaid general real property tax lien
   • D. A judgment lien from a lawsuit
   Vis svar og forklaring

   Svar: C. An unpaid general real property tax lien

   Most liens rank by the date they were recorded, first in time being first in right. Real property tax and special assessment liens are the standard exception, because they are given priority by statute and jump ahead of earlier recorded claims. Tax liens are also specific liens, meaning they attach to one identified parcel, while a judgment lien is general and attaches to everything the debtor owns in that jurisdiction. The exact ranking below taxes is set by state law, so check your own statute for where mechanics liens fall.

5. 5. An owner hires a property manager under a written management agreement to run an apartment building. What is the manager's relationship to the owner?

   • A. An independent vendor who owes the owner no fiduciary duties
   • B. A general agent, authorized to handle a continuing series of transactions
   • C. A special agent, authorized for one transaction only
   • D. A trustee who holds legal title to the building
   Vis svar og forklaring

   Svar: B. A general agent, authorized to handle a continuing series of transactions

   A property manager acts for the owner over and over, signing leases, collecting rent, hiring repairs and paying bills, so the agreement creates a general agency with full fiduciary duties. A listing broker is the classic special agent, hired for one transaction with narrow authority. The manager's job is to produce the best net operating income the property can sustain while keeping it in good physical condition, and both halves of that matter. Tenant screening, advertising and rules must follow the federal Fair Housing Act exactly the way a sale must.

6. 6. What does the statute of frauds require before a contract for the sale of real property can be enforced in court?

   • A. It must be notarized
   • B. It must be recorded before closing
   • C. It must be in writing and signed by the party being held to it
   • D. It must be signed in front of two witnesses
   Vis svar og forklaring

   Svar: C. It must be in writing and signed by the party being held to it

   Every state has a statute of frauds, and real estate sale contracts are on the list of agreements it requires to be written and signed. Writing is on top of the ordinary elements of a valid contract: mutual assent through offer and acceptance, consideration, legally competent parties and a lawful object. Notarizing and recording serve other purposes, mainly proving a signature and giving public notice, and neither is what makes the promise enforceable. Some states add their own formalities for particular documents, so follow the forms your prelicense course gives you.

7. 7. A buyer submits a written offer. The seller changes the closing date, signs the changed document and returns it. What is the legal effect?

   • A. The seller has made a counteroffer, and the buyer's original offer is no longer open
   • B. The seller has accepted, and a binding contract now exists on the buyer's terms
   • C. The original offer stays open, and the buyer must go through with the purchase
   • D. Nothing happens, because only the buyer may propose terms
   Vis svar og forklaring

   Svar: A. The seller has made a counteroffer, and the buyer's original offer is no longer open

   Acceptance has to mirror the offer exactly. Any change in terms is a counteroffer, which rejects the original offer and puts the seller in the offering position, so the buyer is now free to accept, counter again or walk away. That is why sellers who counter can lose a buyer who has since found another house. Contingencies work differently: a financing or inspection contingency written into an accepted contract keeps the contract alive but lets the named party exit or renegotiate if the stated condition is not met by the deadline.

8. 8. Which statement describes a deed of trust?

   • A. It transfers ownership of the property to the lender at closing
   • B. It is a lease that gives the tenant an option to buy
   • C. It is a two party instrument in which the lender takes possession of the property
   • D. It is a three party instrument in which a neutral trustee holds title or the power of sale until the debt is paid
   Vis svar og forklaring

   Svar: D. It is a three party instrument in which a neutral trustee holds title or the power of sale until the debt is paid

   A mortgage names two parties, the borrower as mortgagor and the lender as mortgagee. A deed of trust names three: the borrower as trustor, the lender as beneficiary and a neutral trustee who holds bare legal title or the power of sale and reconveys it when the loan is paid. Which instrument is used, and whether the state follows title theory or lien theory, is decided by state law, and it drives how foreclosure works there. In either arrangement the borrower keeps possession and the right to use the property while paying.

9. 9. A title company offers a brokerage a fee for every buyer the brokerage sends its way. Which federal law does that arrangement run into?

   • A. The Truth in Lending Act
   • B. The Americans with Disabilities Act
   • C. The Fair Housing Act
   • D. The Real Estate Settlement Procedures Act
   Vis svar og forklaring

   Svar: D. The Real Estate Settlement Procedures Act

   RESPA governs settlement services on most residential mortgage loans, and it prohibits giving or accepting anything of value for referring settlement service business, including title work, appraisals and insurance. It also drives the Loan Estimate and Closing Disclosure timing that borrowers see. The Truth in Lending Act is about disclosing the cost of credit, mainly the annual percentage rate and the finance charge, and about advertising rules. Nothing here is legal advice, and RESPA enforcement questions belong with a lawyer or your state commission.

10. 10. Which of the following are duties a listing agent owes to the seller who is the agent's client?

    Vælg alle, der passer.

    • A. Obeying the client's lawful instructions
    • B. Keeping the client's finances and motivation to sell confidential
    • C. Guaranteeing the property will sell for the asking price
    • D. Accounting for every dollar of the client's money handled by the brokerage
    • E. Concealing a known material defect from the buyer if the seller asks
    • F. Deciding which offer to take without telling the seller the others exist
    Vis svar og forklaring

    Svar: A. Obeying the client's lawful instructions, B. Keeping the client's finances and motivation to sell confidential, D. Accounting for every dollar of the client's money handled by the brokerage

    The classic fiduciary duties are obedience, loyalty, disclosure to the client, confidentiality, accounting and reasonable care. Obedience stops at the law: an instruction to hide a known material defect or to discriminate is one the agent must refuse, and in most states known material defects about the property have to be disclosed to the buyer as well. No agent can promise a sale price, because the market sets it. Presenting every offer is a core duty, since only the seller decides which one to take.

11. 11. Which of the following are protected classes under the federal Fair Housing Act?

    Vælg alle, der passer.

    • A. Occupation
    • B. Familial status, meaning households with children under 18
    • C. Source of income
    • D. National origin
    • E. Disability
    • F. Level of education
    Vis svar og forklaring

    Svar: B. Familial status, meaning households with children under 18, D. National origin, E. Disability

    The federal list is race, color, religion, sex, national origin, familial status and disability, and HUD applies sex to include sexual orientation and gender identity. Occupation, source of income, marital status and age are not on the federal list, but many states, counties and cities add them, so your state portion may treat them as protected where you practice. Disability also brings affirmative obligations, including allowing reasonable modifications and making reasonable accommodations in rules. Always answer national portion questions from the federal list and check your own state's additions separately.

12. 12. Which statements about the three appraisal approaches to value are correct?

    Vælg alle, der passer.

    • A. The income approach is the usual choice for an owner occupied single family home
    • B. The cost approach adds land value to what it would cost to rebuild the improvements, minus depreciation
    • C. The sales comparison approach adjusts the prices of similar properties that recently sold
    • D. The income approach divides net operating income by a capitalization rate
    • E. An appraisal and an agent's comparative market analysis are the same thing
    Vis svar og forklaring

    Svar: B. The cost approach adds land value to what it would cost to rebuild the improvements, minus depreciation, C. The sales comparison approach adjusts the prices of similar properties that recently sold, D. The income approach divides net operating income by a capitalization rate

    Sales comparison leads for houses, because there are plenty of recent sales to adjust against. The cost approach carries the most weight for new construction and for special purpose buildings such as a school or a church, where comparable sales barely exist. The income approach fits property bought for the income it throws off, and the basic relationship is value equals net operating income divided by the capitalization rate. An appraisal is an independent opinion of value by a licensed appraiser, while a comparative market analysis is a pricing tool an agent prepares, and confusing the two is a common exam trap.

13. 13. Complete the sentence.

    A home sells for $320,000. The seller agreed to a 6 percent commission, and the listing and selling brokerages split it evenly. Each brokerage receives _____.

    Muligheder for felt 1: $4,800, $9,600, $16,000, $19,200

    Vis svar og forklaring

    Svar: $9,600

    Six percent of $320,000 is $19,200, and half of that is $9,600 per brokerage. Read these questions carefully, because they often ask for one agent's share rather than the whole fee, which means a second split between the brokerage and its agent. Commission rates and splits are always negotiable between the parties, and no law, board or association may set them.

14. 14. Complete the sentence.

    The annual property tax on a home is $3,600 and it is paid in arrears. The sale closes on June 1, and the closing agent prorates using twelve equal months, charging the seller through May 31. The seller's share of the tax is _____.

    Muligheder for felt 1: $1,200, $1,500, $1,800, $2,100

    Vis svar og forklaring

    Svar: $1,500

    Divide $3,600 by 12 to get $300 a month, then count the months the seller owned the home, January through May, which is five months, for $1,500. Because the tax is paid in arrears, that amount is a credit to the buyer and a debit to the seller at settlement. Proration conventions differ: some closings use a 360 day year with 30 day months, others use the actual 365 days, and whether the day of closing belongs to the seller or the buyer is set by the contract or by local custom.

15. 15. Complete the sentence.

    A buyer purchases a home for $300,000 and puts $60,000 down, leaving a $240,000 loan. The loan to value ratio is _____. The lender charges two discount points on that loan, which costs the buyer _____ at closing.

    Muligheder for felt 1: 70 percent, 75 percent, 80 percent, 90 percent

    Muligheder for felt 2: $2,400, $4,800, $6,000, $9,600

    Vis svar og forklaring

    Svar: 80 percent, $4,800

    Loan to value is the loan divided by value, so $240,000 divided by $300,000 is 80 percent. When the sale price and the appraised value differ, lenders base the ratio on the lower of the two. One discount point is 1 percent of the loan amount, never of the sale price, so two points on $240,000 is $4,800, and points are paid up front to buy the interest rate down. On a conventional loan an LTV above 80 percent normally triggers private mortgage insurance, which is one reason 20 percent down is such a common target.

Hvad den amerikanske ejendomsmæglerprøve faktisk spørger om

Ejendomsmæglerlicens i USA er en sag for den enkelte delstat og ikke for den føderale stat. Din delstats real estate commission bestemmer, hvem der må gå op, hvor mange undervisningstimer du skal have først, hvilken prøveudbyder der afholder prøven, hvor mange spørgsmål den har, hvor lang tid du får, og hvilken score der er bestået. To nabodelstater kan være forskellige på hvert eneste af de punkter, så de eneste tal, du skal stole på, er dem i din delstats candidate handbook. Den håndbog er gratis, den udgives af den udbyder, din delstat har kontrakt med, og den er det første, du skal hente.

Det, næsten alle delstater deler, er opdelingen i to dele. Der er en national del, som dækker de principper og den praksis, der stort set er ens overalt, og en delstatsdel, som dækker din egen delstats licenslovgivning, agency-regler, oplysningsblanketter og regler fra tilsynet. Mange delstater bedømmer de to dele hver for sig, og det betyder, at du kan bestå den ene og dumpe den anden og skal komme igen for den halvdel, du missede.

Denne smagsprøve dækker kun den nationale del. Den del spørger typisk om ejendomsret og regulering af arealanvendelse, juridiske ejendomsbeskrivelser, byrder på ejendommen, agency-forhold og oplysningspligt, kontrakter, finansiering, vurdering, ejendomsadministration, føderal fair housing-lovgivning og matematikken ved en handels afslutning. Intet på denne side er juridisk rådgivning, og intet af det erstatter din egen delstats regler.

Sådan bruger du smagsprøven, og sådan læser du stoffet

Tag alle 15 spørgsmål i ét stræk uden noter, og læs derefter forklaringen til hvert spørgsmål, også dem du svarede rigtigt på. At gætte rigtigt og at vide hvorfor er to forskellige ting, og kun den ene overlever til prøvedagen. Behandl hvert forkert svar som et emne frem for et faktum. Missede du spørgsmålet om servitutter og spørgsmålet om prioritetsrækkefølgen for panterettigheder, så repetér byrder på ejendommen som helhed, for det er den samme idé set fra to vinkler.

Den nationale del belønner ordforråd mere, end de fleste regner med. Ord som dominant tenement, servient tenement, general agent, special agent, appurtenant og consideration har alle en snæver juridisk betydning, og prøven bygger sine forkerte svarmuligheder på de begreber, der lyder tæt på. Skriv en løbende liste over de begreber, du bliver ved med at forveksle, og træn de par mod hinanden i stedet for at læse kapitlet igen.

Regn opgaverne med blyant frem for at genkende svaret. Fordeling af kommission, forholdsmæssige opgørelser, points, loan to value og transfer tax følger alle det samme mønster: find grundlaget, læg satsen på, og tjek så, om spørgsmålet vil have det samlede tal eller den ene parts andel. Det er derfor, at de tre udfyld det tomme felt-spørgsmål her alle sammen er matematik. Sæt dig derefter separat med din delstatsdel, for den er slet ikke dækket på denne side.

Sådan bygger StudyPDF fulde øveprøver ud fra din eksamensbog

Femten spørgsmål kan vise dig, hvor du vakler. De kan ikke gøre dig klar alene, og en generisk national spørgsmålsbank siger intet om den halvdel af din prøve, der handler om din delstats lovgivning.

StudyPDF arbejder ud fra dit eget materiale i stedet. Upload den eksamensbog, du har købt, papirerne fra det delstatsgodkendte kursus, din undervisers slides eller den mæglerhåndbog, du fik i hånden, så bygger Bo, studieagenten, fuldlange øveprøver ud fra præcis de sider. Det er den eneste praktiske måde at træne din delstatsdel på, for din delstats licenslovgivning findes i dit kursusmateriale og ingen steder i en national spørgsmålsbank. Hvert spørgsmål bygger på dine sider, og hver forklaring henviser til, hvor svaret kom fra, så du kan gå direkte tilbage til kilden, når noget ser forkert ud. Lav nye prøver så tit du vil, hold dem på ét område som agency eller finansiering, og følg med i hvilke begreber du bliver ved med at ramme forkert.

Du behøver ikke at uploade noget for at komme i gang. Er dit kursusmateriale stadig på vej med posten, så nævn et emne i stedet, for eksempel servitutter og byrder eller loan to value-matematik, så skriver Bo en øveprøve ud fra det. Gratis at komme i gang, og det passer ind ved siden af et arbejde, hvilket er sådan de fleste læser til den her prøve.