Â c) It's still an offer. 8) Issues that are not covered in the purchase and sale agreement itself are usually dealt with. c) when the loan-to-value ratio reaches 78 percent. Â d) denied. This section provides that a lease that takes effect for not more than three years at the best rent that is reasonably obtained without taking a fine can be made legally in writing or orally and still be considered legal. a) Proceeds from tax exempt mortgage revenue bonds. Â a) Mager Clause Â b) Merger Clause Â c) Rescind Clause Â d) Vacant Clause. This action is based on which mortgage feature? Land held for long-term capital appreciation II. (Assume it is not a leap year and the day of closing belongs to the seller. Â a) Title fees Â b) Taxes Â c) Rent Â d) Utilities. Â b) He has given notice. Â d) no money down. Â c) A sublease does not convey any of the leasehold interest. What characteristic(s)of land means that the lessee does not normally receive substantially all of the risks and rewards incidental to ownership (in which case making a lease of land an operating lease)? During this interim period, Grant makes monthly rent payments and the owner accepts them. 2) If a real estate agent prepares a sales contract and an attorney makes modifications to it, which statement is TRUE? The characteristics of a qualified or base fee estate include(s) that: a. it is possible to convey or will property to a person to enjoy absolutely, subject to its being taken away at a later date should a certain event occur. c) To reimburse clients for money that was misused by their attorney. 1) Buyer Bill has agreed to pay for a computer system after all hardware has been installed and operational. But it should be for a value and should come under the requirements of the Law of Property (Miscellaneous Provisions) Act of 1989, S2. Capital Leases . 4)Each person is assigned a job. Â a) 10 percent Â b) 15 percent Â c) 20 percent Â d) 25 percent. 5) Which of the following is one of the purposes of the Lawyers' Fund? 10) Which statement about prorated items is TRUE? Last year his rent went up 4% based on a 4% increase in the wholesale price index. Â a) Preservation and Maintenance of Property Â b) Property Inspection Report Â c) Property Order Â d) Borrower's Duties. Â c) 1 percent of the loan amount. Â b) voidable and illegal contract. What type of loan does Jim hold? Â b) A borrower can get a conventional loan with a lower down payment by insuring the loan through private mortgage insurance. Â b) for a buyer who plans to own the property for a long time. 8) Which of the following summarizes the general terms of a ground lease? Which of the following statements as to the creation of leases is incorrect? Â a) Retail Level Lease Â b) Percentage Lease Â c) Reorder Lease Â d) Market Level Lease. d) The original offer is legally terminated. Â a) It invalidates certain oral contracts. Â d) If the party who wants to enforce the contract seeks damages. Â b) intended contract. 9) PMI loans made after July 1999 are now regulated by Federal law. If a tenant leases a residential property thinking he/she might desire to purchase, at a later date, the tenant may desire to include in the lease: An option to buy clause. Tenant Kelly read his lease very carefully and could find no restrictive covenant regarding the use of the property. b) Legal Leases for 7 years or Less: A legal lease granted for seven years or less, is granted out of reversion with a registered title, the lease takes an overriding effect irrespective of the fact that the tenant is in actual occupation or not. Â a) expressed contact. What type of contract does Bill hold? Â a) Right of Purchase Â b) Right to Rescind Â c) Right to Deed Access Â d) Right of Redemption. Â a) The contract must be rewritten and signed again. Â b) are less flexible than government-backed loans . Â d) Interest is based on a selected economic indicator index. b) A borrower can get a conventional loan with a lower down payment by insuring the loan through private mortgage insurance.Â. Â a) increase the interest rate as the principal declines. 5) What is a lead-based paint disclosure used for? Â a) PMI Federal Act Â b) Homeowners Protection Act Â c) RESPA Â d) Interest Payment Act. a) The landlord sells the ground to another, then leases it back. 11) If a seller prepaid an insurance policy of $2,100 and the closing is set for March 15, using the 12-month/30-day method, what will the buyer owe the seller? 4) In which contract provision would the length of the lease be outlined? 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