Real estate 4
Real Estate Mastery Quiz
Test your knowledge of real estate concepts with our engaging quiz! This quiz covers various aspects of real estate, including financing, property management, and legal issues, tailored for both novices and experts.
Challenge yourself and enhance your understanding with questions that include:
- Property financing
- Landlord-tenant laws
- Water rights in Arizona
- Closing statements
A property has a second mortgage and a valid properly recorded first mortgage. If the liens are foreclosed, under what circumstances would the second mortgage holder be paid before the first?
If the second mortgage holder had signed a subordination agreement
If the first mortgage was an income tax lien
If the second mortgage was an income tax lien
If the first mortgage holder had signed a subordination agreement
A promissory note
Is a form of collateral
Secures debt
Acknowledges debt
Is a proof of a payoff
A townhome is being sold with the buyer assuming the first loan and the seller carrying back a second loan. The second loan would appear on the settlement statement as a
Credit to the seller
Charge to the seller
Charge to the buyer
Charge to both the buyer and seller
If a buyer is financing the purchase with a new $100,000 loan, how would the loan appear on the closing statement?
Credit to the seller
Debit to the seller
Debit to the buyer
Credit to the buyer
In a new development, an HOA is being formed. They will meet monthly on the last Thursday of each month. Their meetings must comply with:
Local governmental authority
Open meeting laws
The AZ Department of Real Estate Rules
The public report
According to the Arizona residential landlord and tenant act, if a tenant is delinquent in the payment of rent, a MINIMUM of how many days notice is required before a forcible entry and detainer action can be filed?
Five
Seven
Fourteen
Thirty
In a purchase money loan which of the following provisions would not be a benefit to the seller?
Acceleration clause
Pre-payment penalty
Late fee
Non-recourse clause
Which of the following items is NOT normally found in the note?
Description of the collateral
Pattern of payments
Interest rate
The amount of debt
Which of the following statements is true?
The longer the loan, the higher the total principal paid
The longer the road, the lower the total amount of principal paid
The longer the loan, the lower the total amount of interest paid
The longer the loan, the lower the monthly payment
$633 in annual property taxes have been prepaid for the year. If closing is November 20th how will the settlement statement reflect the taxes? Use a 365- day year and charge the seller for the day of closing.
Credit the buyer $71
Debit the buyer $561.90
Credit the seller $71
Debit the seller $561.90
When a rental property is sold, how are security deposits handled on the settlement statement?
Charge the seller and charge the buyer
Only as a credit to the seller
Credit the buyer and charge the seller
Only as a charge to the buyer
If a subdivider wants to sell land in an active management area, they must provide
A certificate of assured water supply
Type 1 non-irrigation rights
A doctrine of prior appropriation
A water adequacy report
In Arizona, a renewable water resource that has application to obtaining a 100 year assured water supply is
Local water wells
The Central Arizona Project
Water conservation
grandfathered water rights
If a couple wants to obtain an FHA loan they must apply through a
FHA broker
FHA approved institution
Any financial institution
Fannie May
The Primary function of FNMA is to
Buy loans at a discount from lenders
Regulate interest rates
Insure loans
Originate loans
A homeowner may claim a tax deduction for depreciation if the home is a
Rental
Owner-occupied dwelling
Second home
Owner-occupied manufactured home
Which of the following items would NOT be a charge to the seller?
Interest on the existing mortgage
Prepaid taxes
Unpaid insurance premiums
Recording fee for affidavit of value
If a subdivider is applying for Public Report within an AMA but outside of an incorporated municipality, the subdivider must
Provide a certificate showing that a well will be drilled
Provide a certificate of assured water supply for the subdivision from the Arizona Department of Water Resources
Provide a certificate of assured water supply for the municipality from the Arizona Department fo water resources
Provide a water adequacy report
The Arizona groundwater management code has created active management and other areas which include:
Grandfathered water areas
Irrigation non-expansion areas
Water resource areas
Residential management areas
A mortgage broker has general office expenses, filing costs and salaries to pay. From which of the following do mortgage brokers usually derive their income?
Discount points
Warehousing fees
Assignment fees
Origination fees
A tennis player has a good credit history and does not have steady income but has the ability to make a substantial down payment. In this situation the most likely type of financing would be a
FHA loan
Unsecured loan from a bank
Seller carry back loan
VA loan
The amount of cash that a buyer must bring to closing will appear on the settlement statement as:
The total charges to the buyer
The sellers credits minus the sellers charges
The buyers charges minus the buyers credits
The purchase price minus the earnest money
Which of the following is NOT fund on a closing/settlement statement?
Income taxes
Real estate taxes
Commissions
Title insurance fees
In Arizona, grandfathered irrigation water rights are
Deeded separately
Conveyed with the property
Cannot be transferred
Solely for grazing purposes
Which of the following is NOT a statutory requirement regarding a subdivision that is located within an Active Management area?
The developer or water provider must demonstrate that the water supply is uninterruptible for the 100 year period
The municipality can bond for water improvements
The developer or water provider must demonstrate financial capability to construct the water delivery system
The subdivision goal must be consistent with the AMA management goals
A person buys a property that has grandfathered water rights and has the rights re-classified to allow the water rights to be sold separately from the land. The water right is now classified as
Service area rights
Storage and recovery permit
Type I non-irrigation
Type II non irrigation
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