23. A real estate broker was told by a buyer that, because of the high interest rates, the buyer wanted to find a property and assume the seller's existing loan, but only if the interest rate was below 8%. In order for this to be possible, what must the broker ascertain in order to make sure that the seller's existing loan could be assumed? If there is a due on sale clause If there is a granting clause If there is a prepayment penalty clause If there is a defeasance clause 24. Cindy has just paid $460,000 for a building that will bring her a 9.75% return on her investment. What is the building's annual net income? $34,965 $36,750 $41,220 $44,850 25. Broker Jones has just been chosen by the California Association of REALTORS as Broker of the Year. During her acceptance speech, Jones was asked what she felt was the largest contributing factor to her brokerage's financial success. Jones candidly replied that the largest contributing factor had been the establishment of a 5% commission listing policy for all her licensees. Broker Jones may share this information with fellow brokers as long as no member of the public was present at the award ceremony should not disclose her most potent marketing tool to the competition has violated antitrust laws violated real estate law by inducing other brokers to boycott brokerages who charge 6% commission on listings 26. The phrase "of indefinite duration" is most commonly used when defining what type of estate? Less-than-freehold Estate at Sufference Fee Simple For years 27. In a township, Section 10 is located where in relationship to Section 15 ? Directly north of Section 15 One section north and four sections west of Section 15 One section south and four sections east of Section 15 Directly south of Section 15 28. A quitclaim deed releases the present claims, rights, and title of the grantee grantor property servient tenement 29. How many sections are in a township? 6 24 36 43,560 30. All trust account records must be retained by the broker for a period of three years Only cancelled checks must be retained by the broker for a period of one year four years six years 31. Which of the following is not covered by the Fair Housing Act? A vacant lot zoned for residential construction An eight-unit multifamily dwelling A commercial property A duplex listed with a real estate broker in which one of the units is occupied by the seller 32. A life estate permits the life tenant to do all of the following except take out a mortgage against the property will it to a family member lease it for five years the holder of a life estate may do all of the above 33. A parcel measuring 110 yards by 220 yards contains how many acres? 5 acres .56 acres 1.67 acres 10 acres 23. A real estate broker was told by a buyer that, because of the high interest rates, the buyer wanted to find a property and assume the seller's existing loan, but only if the interest rate was below 8%. In order for this to be possible, what must the broker ascertain in order to make sure that the seller's existing loan could be assumed? If there is a due on sale clause If there is a granting clause If there is a prepayment penalty clause If there is a defeasance clause 24. Cindy has just paid $460,000 for a building that will bring her a 9.75% return on her investment. What is the building's annual net income? $34,965 $36,750 $41,220 $44,850 25. Broker Jones has just been chosen by the California Association of REALTORS as Broker of the Year. During her acceptance speech, Jones was asked what she felt was the largest contributing factor to her brokerage's financial success. Jones candidly replied that the largest contributing factor had been the establishment of a 5% commission listing policy for all her licensees. Broker Jones may share this information with fellow brokers as long as no member of the public was present at the award ceremony should not disclose her most potent marketing tool to the competition has violated antitrust laws violated real estate law by inducing other brokers to boycott brokerages who charge 6% commission on listings 26. The phrase "of indefinite duration" is most commonly used when defining what type of estate? Less-than-freehold Estate at Sufference Fee Simple For years 27. In a township, Section 10 is located where in relationship to Section 15 ? Directly north of Section 15 One section north and four sections west of Section 15 One section south and four sections east of Section 15 Directly south of Section 15 28. A quitclaim deed releases the present claims, rights, and title of the grantee grantor property servient tenement 29. How many sections are in a township? 6 24 36 43,560 30. All trust account records must be retained by the broker for a period of three years Only cancelled checks must be retained by the broker for a period of one year four years six years 31. Which of the following is not covered by the Fair Housing Act? A vacant lot zoned for residential construction An eight-unit multifamily dwelling A commercial property A duplex listed with a real estate broker in which one of the units is occupied by the seller 32. A life estate permits the life tenant to do all of the following except take out a mortgage against the property will it to a family member lease it for five years the holder of a life estate may do all of the above 33. A parcel measuring 110 yards by 220 yards contains how many acres? 5 acres .56 acres 1.67 acres 10 acres