Q1. - The fee ownership of a specified amount of space in multiple occupancy building witch tenancy-in-common ownership of portions used jointly with other owners is an explanation of
b) Fee simple
d) Co- operative
Q2. - The basis of our real property Tax system is based on the ___________concept which in Latin means according to value
a) Ad hoc
b) Ad assessor
c) Ad Valorem
d) Actual value
Q3. - Based on the definition of compound interest, if a loan of $15,000 bears an annual interest rate of 12% which calculated (compounded) semi-annually, what would be the total amount of principal plus interest be at the end of the first year, if payment
Q4. - Which of the following does not have the right of survivorship in fee simple estate?
a) Joint tenancy
d) All of the above
Q5. - The closing date of transaction is January 29,20x. The property is oil heated and has a 200 gallon tank. Heating oil is $2.45 a gallon. Who receives credit on the statement of adjustments and in what amount?
a) Seller- $490.00
b) Seller- $90.00
c) Buyer- $406.80
d) Buyer- $90.40
Q6. - Seller O’Brien makes the following statement to a listing salesperson: It’s crazy to sell this house for $210,000; I’ve got more than that in it...” He is thinking in terms of objective Value.
Q7. - The Act requires that all persons employed by a brokerage be registered under REBBA.
Q8. - The municipal council is deemed to be an approving authority when expropriation involves land within that municipality.
Q9. - Personal property can be mortgaged by way of a chattel mortgage.
Q10. - Debt consolidation using a longer amortization may have the net effect of lowering a borrower’s TDS ratio.