if you wish to terminate a lease in the state of Louisiana, a minimum of how many days notice must be given?
10 years
In Louisiana we have no:
statutory redemption
A friendly foreclosure in Louisiana is best described as:
dation en paiement
an easement in Louisiana is known as a:
servitude
Mr. Burk gave Mr. Andrew the right to cross over his land to get to the highways. This would be a:
predial servitude
Mr. Burk sold a right of way to ABC pipeline to come across his property. The company acquired a:
personal servitude
Which type of privilege has first priority?
a mechanic's privilege
A person who is given a parcel of land by will is said to be the:
legatee
In order for the lender to obtain a deficiency judgment if the property does not realize enough at foreclosure sale, the sale must be:
sale with appraisement
when a bond for deed is entered into:
the vendee does not acquire title until the debt is paid
when a broker has been employed by his principal to find a purchaser, he will earn his commission when:
there has been a meeting of the minds between the seller and buyer
A Mississippi broker, who does not hold a valid license, wants to sell a tract of land in Louisiana. In order to legally sell this land, the Mississippi broker must:
Allow sake to be handled under direct supervision of a Louisiana broker
under an exclusive agency listing the seller may do which of the following:
sell the property himself and avoid paying a commission
An owner wants to list his home with a broker, but prefers to reserve the right to sell to a person in his office who seems interested in buying the house with paying a commission:
exclusive agency
The party which considers accepting a stipulated price for a property is termed
offeree
Broker Burk had listing agreement to sell Terri Salter's house. Terri found a buyer for the house and Burk collected the brokerage fee. The type of listing agreement Burk had is:
Exclusive right to sell
A listing agreement may be terminated by all of the following expect
association
An item of personal property which has subsequently become real estate through its annexation to it is called:
immovables by destination
Requirements for transfer of property are:
deliverance and acceptance
All of these are examples of involuntary alienation EXCEPT:
devise
Louisiana has:
1 baseline
An arpent has about
36,864 square feet
An arpent is closest to the following:
.85 acre
The best way to find the measurements of an irregular section is to:
get a survey
In measuring the square footage of a house an appraiser would normally:
measure the exterior walls only
All terms pertain to the estimation of the value of property EXCEPT:
detriment
A homeowner has objected to a plant moving into his neighborhood because it will damage the value of his property. This is:
economic obsolescence
An appraisal fee is based on:
Functional obsolescence
An owner's agreement to finance personally the sale of a house for a buyer is known as a:
vendor's lien
Which of the following is NOT covered by Regulations Z:
loans for business
A lender gives a loan of $60,000 with 3 discount points. How much discount was paid?
$1800
The taxes for 1991 were $743.25 and have not been paid. If sale is to be closed on August 12, 1991, What is the tax proration charged to the seller, based on 360 day year?
$458.33
You have a net income of $3,000 per year and a cap rate of 7.5%. What is the value?
$40,000
Mr. Baker purchased a home for $37,500. He replaced the roof for $2,500 and resold the property for $44,500. What is his percent of profit?
11.25%
A property purchases for $60,000 depreciates at a rate of 5% per year over previous year's value. What is the approximate value at the end of the 3rd year?
$51,000
if the property taxes on a parcel of land have not been paid, which of the following is true?
the past-due taxes constitute a lien on the property
Funds for federal housing administration loans are provided by
qualified lending institution
An agency relationship typically exists between which of the following
seller and broker
Government can exercise its powers over private property through all of the following EXCEPT
deed restrictions
the most common approach to valuation of single-family residential property is the
direct sales comparison (market data approach)
a mortgage that covers a number of parcels of real property and that may provide for the separate
a blanket mortgage
Physical deterioration of a property is associated with which of the following
ordinary wear and tear
The provision in a sales contract that requires the buyer to begin making payments on an existing mortgage loan as a condition of the sale is known as
an assumption clause
All of the following are usual elements in a valid deed EXCEPT the
grantee's signature
The interest or value remaining in a property after all liens and other debt are taken into account is
equity
Which of the following describes ownership of a property for a limited period of time
Life estate
Ms. Naguchi purchased a new home for $47,000. She paid a deposit of $2,500 and secured a mortgage for 90 percent of the purchase price. How much cash will she need to bring to the settlement if the bank's total loan charge is 4 points, her lawyer's fee is
$3,962
Ms. Wamer's annual insurance premium was due April 1. She paid the $625 premium for the coming year on that date. If she sells her house on August 15 of this year, what prorated amount will be returned
$391.00
Which of the following types of ownership is least likely to be subject to securities regulations
joint tenancy
a veteran who is trying to rent a house through a broker believes the broker has discriminated against his. If the veteran files a complaint with the department of housing and urban development, HUD can do which of the following under the federal fair hou
Attempt to effect conciliation between the broker and the veteran
property is sold on July 15. The prepaid annual insurance is $750.00 and the annual water bill of $90.00 was prepaid in full on Jan 1. If these payments are prorated what amount will be returned to the seller at closing?
$385.00
If a salesperson is told by a seller that the listed property has a leaky roof, the salesperson must do which of the following?
inform prospective buyers about it
broker ownes enters into a listing agreement to sell Ms. Allen's house. All of the following statements are true EXCEPT
when broker Owens shows the house to prospective buyer Steve smith, he is now an agent of Mr. Smith's
A $20,000 loan is to be paid off at the rate of $7.50 per $1,000 per month. If the annual taxes of $360.00 and the 3-year insurance premium of $54.00 on the property are to be prorated and included, what will be the first total monthly payment?
$182
An individual who engages another to act for him is referred to as
a principal
The value of a property is $230,000 and the capitalization rate is 10.7%. Using the income approach, what is its net operating income?
$24,610
Title insurance on a property is $174.90, the fee for the title search is $75.00, the cost of preparing papers is $15.00, and miscellaneous other fees amount to $6.10. If the seller agrees to pay 60% of the total closing expenses and the buyer pays the re
$54
Fidelity mortgage bank entered into a construction loan contract with Ella feldman to build her new house. all of the following were most likely elements of the contract EXCEPT
issuance of the total loan amount before construction began
for the purchase of a house, a buyer assumes the seller's loan balance of $43,000 with 9.5% interest payable in arrears. If the September 1 payment has been made and the closing is scheduled for September 20, how much credit for interest is the buyer enti
$227
The written transfer of an interest in a bond, mortgage, lease or other instrument is called
an assignment
in general, a cost approach appraisal would be most accurate if which of the following is true about a property with a building on it?
the building is new and being used to its highest and best use
in order to modernize her store, Ms. Jones borrowed $4,300 at 6.5% interest. If she repaid the principal and interest in one payment at the end of 8 months, what was the total amount that she paid?
$4,486
the period of time during which the income a building provides is sufficient to warrant maintaining it is called the building's
economic life
An investor purchases a property that has annual estimated vacancy, collection loss, and operating expenses of $24,250. If the property earns $40,000 a year in gross income, and the investor expects a 15% return on investment, what is the value of propert
$105,000
the term "contractual ability" refers to which of the following
the competence of the parties to a contract
All of the following statements about a unit in a condominium building are true EXCEPT
it is part of the common elements of the condominium
Tax assessment based on the value of a property is known as which of the following
ad valorem
under the federal income tax laws, an itemized deduction is allowed to homeowners for which of the following
interest paid on a mortgage to acquire a principal residence
a property management agreement should contain which of the following information
compensation, terms, and responsibilities
to estimate the value of property using the direct sales comparison (market data) approach, an appraiser would rely on the market behavior of
buyers
Which of the following is a lien on real estate
recorded mortgage
a sales contract was signed by a minor. Which of the following describes this contract.
Voidable
If a borrower computed the interest charged for the previous month on a $260,000 loan balance as $1,300 what is the borrower's interest rate?
6%
a woman grants a life estate to her son-in-law and stipulates that upon his death, the title to the property will pass to her grandson. This second estate is known as a
remainder
the form of tenancy that will expire on a specific date is a
tenancy for years
Assuming that the listing broker and the selling broker in a transaction split their commission equally, what was the sales price of the property if the commission rate was 6.5% and the listing broker received $12,593.50?
$387,492
The listing and selling brokers agree to split a 7% commission 50-50 on a $295,900 sale. The listing broker gives the listing salesperson 50 percent of the listing broker's share, and the selling broker gives the selling salesperson 65%. How much does the
$5,431.73
A seller wants to net $165,000 from the sale of a house after paying the broker's fee of 6%. The seller's gross sales price will be
$175,532
a buyer is purchasing a condominium unit in a subdivision sonf obtains financing from a local savings and loan association. In this situation, which term BEST describes this buyer?
Mortgagor
a building was sold for $260,000, with the purchaser putting 10% down and obtaining a loan for the balance. The lending institution charged a 1% loan origination fee. what was the total cash used for the purchase?
$28,340
A parcel of vacant land has an assessed valuation of $274,550. If the assessment is 85% of market value, what is the market value?
$323,000
Which of the following BEST describes a capitalization rate?
rate of return an income property will produce.
A parcel of land described as "the NW 1/4 and SW 1/4 of Section 6, T4N, R8W of the Third Principal Meridian" was sold for $875 per acre. The listing broker will receive a 5% commission on the total sales price. How much will the broker receive?
$14,000
If a house was sold for $180,00 and the buyer obtained an FHA- insured mortgage loan for $120,000, how much money would the buyer pay in discount points if the lender charged two points?
$2,400
The commission rate is 7% on a sale of $250,000. What is the dollar amount of the commission?
$17,500
A prospective buyer signs an offer to purchase a residential property. All of the following circumstances would automatically terminate the offer EXCEPT the
seller received a better offer from another buyer
If the annual net income from a commercial property is $75,000 and the capitalization rate is 8%, what is the property worth if the income approach is used?
$937,500
A known defect or a cloud on title to property may be cured by
obtaining quitclaim deeds from all appropriate parties
what would it cost to put new carpeting in a room measuring 15 feet by 20 feet if the carpet costs $16.95 per square yard, plus a $250 installation charge?
$815
What is the difference between a general lien and a specific lien?
A specific lien is a lien against a certain parcel of real estate, while a general lien covers all of a debtor's property.
In an option to purchase real estate, which statement is TRUE of the optionee?
The optionee has no obligation to purchase the property during the option period
a home is the smallest in a neighborhood of large, expensive houses. The effect of the other houses on the value of the small home is known as
progression
a lien that arises as a result of a judgement, estate or inheritance taxes, a decedent's debts, or federal taxes is what type of lien?
General
All of the following will terminate an offer to purchase real estate EXCEPT
revocation by the offeror communicated to the offer after acceptance
two men are joint tenants. of of the men sells his interest to another person. What is the remaining man's relationship to the new tenant regarding the property?
Tenants in common
if the quarterly interest at 7.5% is $562.50, what is the principal amount of the loan?
$30,000
If the mortgage loan is 80% of the appraised value of a house and the interest rate of 6% amounts to $460 for the first month, what is the appraised value of the house?
$115,000
A buyer purchases a $137,000 property, depositing $3,000 as earnest money. The buyer obtains a 75% LTV loan on the property, with no additional items to be prorated an no closing cost to the buyer. How much more cash will the buyer need at the settlement?
$31,250
a borrower applies for a mortgage, and the loan officer suggest that the borrower consider a term mortgage loan. Which statement BEST explains what the loan officer means?
All the interest is paid at the end of the term.
A condominium community has a swimming pool, tennis courts, and a biking trail. These facilities are MOST likely owned by the
unit owners in the form of percentage undivided interests
What is the cost of constructing a fence 6 feet 6 inches high around a lot measuring 90 feet by 175 feet, if the cost of materials is $0.825 per square foot of fence?
$3,505