(Do Last) School Exam Study Guide 2

In the sale of real property owned by a limited partnership, who must sign the sales contract or deed for it to be valid?

• Each limited partner

• Any limited partner

• Each general partner

• Any general partner

As agent of the seller, a real estate broker is usually NOT authorized to

• bind the principal under a sales contract

• advertise the listed property

• place a For Sale sign on the listed property

• cooperate with other brokers to effect a sale

Which is true about valid contracts?

• Money must be the consideration

• If the date is left off the contract, the contract is void

• Earnest money is an essential consideration

• The consideration can be the mutual promises to perform

A section of land sold for $1 million. What was the price per acre?

• $22.95

• $15,625

• $22,960

• $1,562.50

When a person dies testate, her real property will

• escheat to the government

• pass to the next kin

• descend to the survivors

• pass to the devisees

A civil action brought by the U.S. Attorney General, what is the maximum civil penalty that can be assessed against a respondent for a first violation of the federal Fair Housing Act?

• $10,000

• $25,000

• $50,000

• $100,000

In preparing the mortgage document, one should note that the

• mortgagor is not named in the mortgage

• mortgagee is not named in the mortgage

• mortgagor does not sign the mortgage

• mortgagee does not sign the mortgage

Usually, the right to declare a forfeiture of deposit money for breach of contract belongs to the

• buyer

• seller

• lender

• broker

Which of the following is NOT an example of external obsolescence?

• Population density

• Direct effect of the elements

• Zoning

• Nearby highway realignment

If a buyer can afford a $1,200 PI payment, amortized over 30 yrs 5.5%, using the factor of $5.68 per thousand, what is the buyer's borrowing potential?

• $201,268

• $211,268

• $221,268

• $231,268