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Exam 12: Home Ownership

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Question 31

Multiple Choice

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The standard real estate commission paid a listing broker/agent is 6%.That amount is;

A) negotiable
B) standard by federal law.
C) standard by state law.
D) standard by HUD administrative rule.

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Question 32

Multiple Choice

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Many renters would purchase homes,except they

A) cannot qualify for a mortgage.
B) cannot find appropriate homes for sale.
C) cannot come up with sufficient down payment.
D) want to retain the advantages of renting.

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Question 33

Essay

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A(n)gives a person the right to make limited use of another person's real property,such as driving a car over it.

The document that is usually called a listing is best described as

A(n)gives a person revocable permission to make limited use of another person's real property,such as driving a car over it.

A typical title insurance policy will protect a new homeowner from losses caused by

A debtor who fully reimburses the person who made the winning bid at the judicial-foreclosure sale within one year can reclaim the property through a called the .

Nicki is a debtor who defaulted on a real loan and is facing a foreclosure proceeding.Among the protections the debtor might have is a;

A real estate employment contract in which the owner of real property agrees to pay a licensed agent a certain commission regardless of who finds the buyer to whom the property is sold is called .

For 20 years,homeowner A and homeowner B both paid $1,500 per month on their 30-year,seven percent mortgages.Homeowner A lived in the same home and paid on the same mortgage the entire period.Homeowner B moved three times,but each time obtained a 30-year,seven percent mortgage and paid $1,500 per month.A's home and B's home both rose in value by two percent per year.After the 20 years,A and B will have the same amount of wealth from their home investments.

Describe the difference between an exclusive listing and an exclusive-agency listing.

A homeowner desires to sell his or her home and signs an exclusive-agency listing agreement,requiring payment of a six percent commission to the real estate agent.If shortly thereafter,before the agent has time to do anything to sell the property,the owner surprisingly finds a couple who purchases it for $400,000,the homeowner

Chang,Ruth and Reggie were joint tenants.Reggie dies.

One advantage to an adjustable interest rate mortgage (ARM)is that the lender typically will not charge the borrower any loan origination fee.

A judgment against a debtor for the unpaid balance still due after judicial foreclosure of a real estate mortgage is called a right of redemption.

Briefly describe private mortgage insurance (PMI).

The difference between the market value of a home and the sum of all mortgages and liens against

Which of the following typically represents the largest cash expenditures incident to home ownership?

A homeowner's monthly mortgage payment often includes or combines sums of money for payment of property taxes and casualty insurance with the sum for principal and interest on the mortgage.

An obstacle to clear title in real estate is called a _____