55. A loan that is considered "seasoned" is one that has a history of timely payments by the borrower has already been sold on the secondary market is held in the lender's own portfolio matures in 10 years 56. Eminent domain differs from police power in that the government must compensate a property owner it only effects the use of property and not the title it is exercised for the protection of the public health, safety, morals, and general welfare it can only be exercised by federal or state government 57. The commission, 6% of the $795,000 sales price, is to be divided equally between the listing and buyer brokerages. The buyer's agent is to receive 55% of all commissions generated for her brokerage. What is the commission amount due the buyer's agent? $10,732.50 $11,110.50 $13,117.50 $22,221.00 58. A listing agreement that promises to pay one listing broker a commission unless the owner sells the property him/herself, is known as an exclusive agency agreement a net listing an exclusive right to sell listing an open listing 59. Zoning ordinances generally cover such issues as permitted uses of land required setbacks lot coverage limitations all of the above 60. An agent representing both the buyer and the seller in a real estate transaction may do all of the following except refuse to disclose to the buyer that the seller will accept a lower price than the listed price collect the full commission offered in the listing agreement refuse to disclose to the seller that the buyer is willing to pay more than the offered price 61. A licensee representing a buyer of residential property negotiates a hard money loan secured by a deed of trust for which he receives a commission. A hard money loan means that the buyer had a difficult time obtaining a loan. is financing the property on contract with the seller as beneficiary. is receiving a loan from a lender who will cash out the seller. must pay mortgage insurance premiums during the life of the loan. 62. Documents that have been recorded are part of the public record and are available to be examined by the public. A buyer who fails to inspect the public records is considered to have received: constructive notice. public notice. legal notice. actual notice. 63. Which of the following transactions would be subject to RESPA? A construction loan The purchase of an office building An initial mortgage on a 1 to 4 -family dwelling 50 acres of land purchased for a proposed subdivision 64. Martha Steward pays $3,250 per month to the bank on an interest-only loan. The interest rate is 7.5%. What is the amount of her loan? $243,750 $325,000 $433,333 $520,000 65. Under FIRPTA a resident alien cannot buy or sell real property escrow agents must notify the broker if a principal is a foreigner escrow agents are required to withhold 15% of a foreign seller's amount realized on the sale and send it to the IRS escrow agents must notify the Department of Immigration if a purchaser of real property is a foreign investor 66. In federal taxation, capital improvements are an adjustment to cost basis in the event of a sale all repairs made to the property a deduction from net income taken in the year of completion all of the above
