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Investors UnitedIU Community : : Real Estate Challenge #1Real Estate School

Real Estate Challenge #1  |  Real Estate Challenge #2

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Quiz 1
1. You need money and/or credit to make money in real estate.
true
false
2. You are considering the purchase of a fully-rented, five unit commercial property. In order to determine the NOI, you should use:
a cap rate
an APOD
a gross rent multiplier
a Realtor
3. As investors, the real estate market is best when:
interest rates are high
interest rates are low
the market is always good
unemployment is high
4. You locate a property with $50,000 of equity, and your intention is to control the property and resell it quickly for a profit. Which of the following would you use in order to avoid paying taxes?
an IRS section 1031 exchange
a double closing
a self-directed IRA
a and c
5. A "codicil" is which of the following?
a microscopic organism known as a mold spore
an addition to a will
a decorative wood piece
a building tool
6.
You purchase a building, and after settlement you notice that the seller has removed all of the ceiling fans! The contract did not indicate that the ceiling fans would be removed. Which of the following is true?
lighting fixtures are normally considered to be real estate
the lighting fixtures belong to the seller because he installed them
the lighting fixtures are trade fixtures
original lighting fixtures are real property, replacements are personal property
7. Hansel and Gretel partnered to buy a property as joint tenants. When Hansel dies, his interest will go to:
Gretel
Hansel's heirs
the state under the law of escheat
trust under which property was owned
8. Which of the following liens would generally be given the highest priority?
mortgage dated last year
real estate taxes due
mechanic's lien
judgment rendered yesterday
9. Loretta makes an offer on Orit's house, and Orit accepts. Both parties sign the sales agreement. At this point, Loretta has what type of title to the property?
equitable
voidable
contract
escrow
10. If a borrower pays $2,700 for points on a $90,000 loan, how many points is the lender charging for this loan?
2
3
5
6
11. The clause in a note that gives the lender the right to have all future installments become due upon default is the:
escalation clause
defeasance clause
alienation clause
acceleration clause
12. The borrower under a deed of trust is known as the:
mortgagor
mortgagee
beneficiary
vendee
13. Which of the following appraisal methods uses a rate of investment return?
sales comparison approach
cost approach
income approach
gross income multiplier approach
14. To determine whether a location can be put to future use as a retail store, one would examine the:
building code
list of permitted non-conforming uses
housing code
zoning ordinance
15.
Which of the following is true regarding asbestos?
the removal of asbestos can cause further contamination of a building
asbestos causes health problems only when it is eaten
the level of asbestos in a building is affected by weather conditions
HUD requires all asbestos-containing materials to be removed from all residential buildings









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