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25 Cards in this Set
- Front
- Back
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The act of directing homeseekers toward or away from particular areas, either to maintain or to change the character of the neighborhood, is A. Blockbusting B. Steering C. Redlining D. Permitted under the Fair Housing Act of 1968. |
B. Steering |
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A lender’s refusal to lend money to potential homeowners attempting to purchase properties located in predominantly Latino neighborhoods is known as A. Steering B. Blockbusting C. Redlining D. Prequalifying |
C. Redlining Failure to lend or to insure in areas largely populated by a protected group is a violation of the federal Fair Housing Act of 1968. It is redlining. |
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A real estate professional said to a homeowner, “I hear they’re moving in. There goes the neighborhood! Better put your house on the market before values drop!” This is an example of what illegal practice? A. Steering B. Blockbusting C. Redlining D. Fraudulent advertising |
B. Blockbusting Such statements, made by a person in real estate brokerage, constitute blockbusting—usually an attempt to get listings by frightening owners into selling by encouraging the belief that a member of a protected class is moving into the neighborhood. To do this for financial gain is a violation of the federal Fair Housing Act. |
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Which statement describes the Supreme Court’s decision in the case of Jones v. Alfred H. Mayer Company? A. Racial discrimination is prohibited by any party in the sale or rental of real estate. B. Sales by individual residential homeowners are exempted, provided the owners do not use real estate professionals. C. Laws against discrimination apply only to federally related transactions. D. Persons with disabilities are a protected class. |
A. Racial discrimination is prohibited by any party in the sale or rental of real estate. |
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All of the following are appurtenances EXCEPT A. Riparian rights B. A garage C. An apple orchard D. Trade fixtures |
D. Trade fixtures |
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The point of beginning on a plat of survey is marked with reference to a: A. Benchmark B. Datum C. Meridian D. Base line |
A. Benchmark |
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1 acre= |
43,560 |
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Which of the following would be acceptable on a sales contract A. Legal description to be attached B. Legal description attached and made a part of hereof by reference C. The legal description and survey to be provided at closing D. The purchaser to be provided with legal description within 10 days |
B. Legal description attached and made a part of hereof by reference |
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You have a prospective purchaser for home, and the listing agent has not been able to provide you with the legal description. Which statement describes your best course of action? A. Complain to the real estate commission B. Write an offer without a legal description C. Find the legal description yourself at the court house or on the computer D. Contact the seller yourself |
C. Find the legal description yourself at the court house or on the computer |
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If the only land description you have provided on your offer is the street address: A. This could be sufficient if there is no other street by the same name B. This contract is probably unenforceable C. This amounts to a contingency that must be resolved D. The contract may be legal but it is unprofessional |
B. This contract is probably unenforceable |
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Planned unit development (PUD) |
- Master plant communities - owners do not have direct ownership interest in the common areas Ex: military installations and retirement communities |
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Mixed-use developments |
Combine office space, theaters, stores, & apartments into a single vertical community |
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PITI |
-principal -interest -taxes -insurance |
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PITI cannot exceed 28% of of gross income |
Pre taxed income |
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The payments on all debts cannot exceed |
36% of monthly income. Examples long term debt such as car payments, student loans, and other mortgages |
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Amount excluded from capital gain tax for married tax payers who file jointly is |
$500,000 |
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Taxpayers who file singly are entitled to a $________ exclusion |
$500,000 |
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In the event of death which form of ownership permits the deceased to name a heir? A. Tenancy by entirety B. Joint tenancy C. Ordinary life estate D. Tenants in common |
D. Tenants in common |
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The owners of a limited liability company or called: A. Partners B. Stockholders C. Members D. Managers |
C. Members |
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What do the following types of ownership cannot be created by operation of law, but must be created by the parties express intent? A. Community property B. Tenants in common C. Joint tenancy D. Condominium ownership |
B. Tenants in common They must go into business at the same time and own a equal portion of the company |
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The Georgia time share act requires all the following EXCEPT
A. All advertising must comply with the fair business practices act B. Trust funds must be held in an escrow account C. Unless exempt by law sales agents must be licensed D. It send a right-of-rescission from receipt of the public offering statement |
D. It send a right-of-rescission from receipt of the public offering statement |
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Kenneth and Randall buy a property as an investment. The deed names both as the new owners, but the instrument is silent as to their respective interests and says nothing about the form of ownership. under these circumstances which of the following is INCORRECT? A. Each tenant owns an undivided one-half interest B. A tenants-in-common ownership exists C. Their interests are subject to probate D. They own the property with the right of survivorship |
D. They own the property with the right of survivorship |
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The Georgia condominium Act requires: A. No right-of-recession for any condominium purchase B. A 7-day right-of-recession for the purchase of all condominium units C. A 7-day right-of-recession for the purchase of previously owned condominium units D. A 7-day right-of-recession for the purchase of new condominium units only |
D. A 7-day right-of-recession for the purchase of new condominium units only |
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The four unities of possession, interest, time, and title are associated with which of the following? A. Joint tenancy B. Community property C. Severalty ownership D. Tenants in common |
A. Joint tenancy |
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A corporation is a legal entity, recognized as an artificial person. Property owned solely by the corporation is owned in A. Trust B. Severalty C. Partnership D. Survivorship tenancy |
B. Severalty |
