The CE Shop Construction Final Exam With Answers (100 Solved Questions)

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1/ 28TheCEShop:FinalExamGeorgia1.What isa generallien?Aclaimagainstapersonandallofthatperson'spropertyAclaim againsta specific pieceofpropertyA typeofmortgagelienA typeoftax lien:Aclaimagainst apersonandall ofthatperson'sproperty2.WhichofthefollowingdiscriminatorypracticedoestheHomeMortgageDisclosureAct (HMDA)seek to address?BlockbustingCreditreportingMortgageapplicationsRedlining:Redlining3.Whatisarealestatemortgageinvestmentconduit (REMIC)?A company that owns, and usually operates, income-producing real estateAnentityusedtopoolmortgageloansandissuemortgage-backedsecuritiesAnorganizationthatmanagesincome-producingrealestateproperties.Anorganizationwithmanyinvestorswhojointlyparticipateinarealestate

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2/ 28investment:An entity used to pool mortgage loans and issue mortgage-backedsecurities4.Radonhasnaturaloriginsandisacolorless,odorless,radioactivegasthat'sreleased whendecays.KryptoniteLeadRadonite

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3/ 28Uranium:Uranium5.Whichofthefollowingstatementsappliestobothemployeesandindepen-dentcontractors?Theycansettheirownworkhours.They'reboth supervised.They'renotrequiredtoworkinaspecificlocation.They'repaidbythejobandnotbythehour:They'rebothsupervised.6.Whichofthefollowingstatementsaboutjuniorloansistrue?Ajuniorloancannothaveahigherprincipalthanaseniorloan.Asenior loanmust berepaid beforea junior loan.Theinterestrateisusuallyhigherthanforaseniorloan.Theinterestrateisusuallylowerthanforaseniorloan.:Theinterestrateisusuallyhigher than for a senior loan.7.Duncanisarealestatelicensee.Which Georgiaentity is responsible foradopting rules and regulations to enforce license law regarding Duncan'sactivities?Georgia General AssemblyGeorgiaRealEstateCommissionTheReal Estate CommissionerThe realestate department:GeorgiaReal EstateCommission

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4/ 288.Howlongcanabrokerwaitafternon-paymentofacommissiontorecordalienagainst a commercial property?30days90days

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5/ 28One weekOneyear:90days9.EdSmithisasoleproprietorusingthetradename"EdKnowsRealEstate."Underwhatnamemay Ed legallyconduct business?"EdKnowsRealEstate,DBAEdSmith""Ed"or "Ed Smith" only"EdSmith,DBA'EdKnowsRealEstate'""EdSmith"or"EdKnowsRealEstate":"EdSmith,DBA'EdKnowsRealEstate'"10.Jeremyhasjustfinishedcompletinghisloanapplicationandhasgatheredsupporting documentationneeded todeterminewhether theapplicationwillbeapproved.Whichofthesetitlesbest describes who Jeremy is?BuyerClosingattorneyLenderSeller:Buyer11.Thecostapproachtofindinganappraisedvaluemeasures.Thecosttoacquireaproperty onlyThecosttoacquirelandandconstructareproduction

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6/ 28Thecost toconstruct areproduction onlyTheexpensesthepropertyisexpectedtoproducefortheowner:Thecosttoacquire land andconstruct a reproduction12.Howshouldalicenseerespondtoaclientwhoaskstobeshownpropertybased on the racial makeup of neighborhoods?"I'lldomybest,butjusttomakesureitdoesn'tlooksuspicious,we'llneedto

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7/ 28includeatleastoneshowinginadifferentneighborhood.""I'msorrythatyoufeelthatway.Iamobligatedtoobeytherequestsofmyclients, but I'm going to need you to write up yourrequest and sign it, sothere'snowayI cangetin troubleforfair housingviolations.""I'm sorry that you feel that way. If I can't change your mind, I think weshouldterminateouragreement,andyoucanlookforanotherrealestateprofessional.""Let'skeepthisofftherecord.Wejustneedtomakesureitalllookslegitimatefrom the outside.":"I'm sorry that you feel that way. If I can't change your mind, Ithink we should terminate our agreement, and you can look for another real estateprofessional."13.What'sabenchmark?ApermanentreferencepointformarkingdatumsThebeginningpointforlotandblocksurveysThebeginningpointformetesandboundssurveysThebeginningpointforrectangularsurveys:Apermanentreferencepointformarking datums14.Marcy listed her property withJennings Homes in March. The market isslow,andMarcy'spropertyisn'tingreatcondition,thoughshe'ssureshecangettopdollarforitbecauseofitslocation.Heragentencourageshertoeitherreduce theprice or fix the property up, but she refuses. Both Marcy and her

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8/ 28agentarefrustrated.What'sthe best optionfor both of them?Bringinanotheragenttohelppricetheproperty.Let the listing expire.One partyor theothershould terminatethelisting.Theycanmutuallyagreetoterminatethelisting.:Theycanmutuallyagreetoterminate the listing.

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9/ 2815.Whichtypeofdepreciationisalossinvalueduetodefectsinastructure'sdesign?Curable obsolescenceExternal obsolescenceFunctionalobsolescencePhysicaldeterioration:Functionalobsolescence16.Broker Alex learnsthat his friend Joann is frustrated with the brokerwholistedherhome.AlexencouragesJoanntobreakherexistingagencyagreementandsign with himinstead.This violation isan example of.ContractualinterferenceFailuretodiscloseanagencyrelationshipMaking a substantial and willful misrepresentationPerformingservicesthatwouldqualifyaspracticeoflaw:Contractualinterfer-ence17.Apropertythat'sbeenconvertedtonaturalgasmayactuallyhavewhichissue?AdecreaseinvalueAnundiscoveredoiltankIncreased fuel bills

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10/ 28Remodelingproblems:Anundiscoveredoiltank18.Whichofthefollowingresponsibilitiesdoesthecommercialpropertyman-agerhave thatthe residential propertymanager doesn'thave?EvicttenantswhofailtocomplywiththetermsandconditionsoftheleaseagreementNegotiate leases

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11/ 28OverseethemaintenanceofbuildingsonthepropertyScreen and select potential tenants:Negotiate leases19.RememberingtheacronymPITIcanhelpborrowersrecallwhatmakesuptheir.AnnualpropertymaintenanceAnnual property taxesMortgagepaymentRequired loan documentation:Mortgage payment20.Caveatstoprospectivebuyersofcondominiumsinclude.BoardsretainassociationlawyersbutrarelysueanyoneIfthereisanongoinglawsuitwiththeassociation,anownerisstillabletosella unitSometimesboardswithholdinformationfromotherunitownersTheentirebudgetisavailableonlytothebuildingdeveloper:Sometimesboardswithholdinformation from other unit owners21.Alotwithafrontfootagemeasuring450feetsoldfor$300,000.What wasthecost per front foot?$135,000perfrontfoot

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12/ 28$300,000perfrontfoot$667perfrontfoot$780perfrontfoot:$667perfrontfoot22.Inadditiontodefiningthebroker/workerprofessionalrelationship,inde-pendentcontractoragreementsalsoincludewhichofthefollowing?Provisionsregardingcopyrightprotectionofphotosandownershipofbroker-

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13/ 28agelistingsThenumberofhourstheindependentcontractorisrequiredtoworkperweek.Theofficelocationinwhichtheindependentcontractormustworkaneight-hourday.Thesalaryandbenefitsthefirmwillprovidetheindependentcontractor.:Pro-visionsregardingcopyrightprotectionofphotosandownershipofbrokeragelistings23.M&R Lending has borrowers who are in default. Thoseborrowers havelistedtheirhouseforsaleandmustobtainM&R'sapprovalbeforetheycanacceptany offers.Whatis thisan example of?DeedinlieuofforeclosureDelinquencyForeclosureShortsale:Shortsale24.What's35%of650?(Roundtothenearestwholenumber.)192,27522,750228:22825.Buyer Penelope adores the houseat 212 Maple Street, but two weeks

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14/ 28after making her offer, she's discovered it's got some issues that weren'tidentified on the state-required seller disclosure form. She still wants to buythehouse.Sincethesellerappearstohaveliedonthedisclosureform,whatcanPenelope do?Askthesellertomaketherepairsneeded,oraskforacredittocoverthecostofthose repairs.Becausethesellerliedonthedisclosureforms,thepurchasecontractis

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15/ 28invalidated, so Penelope must make anew offer.Completethetransaction,thensuethesellerforfraud.Reducetheamountofheroffer.:Askthesellertomaketherepairsneeded,oraskfora creditto coverthe cost ofthose repairs.26.Jay'snewloantopurchaseapropertyincludestheseller'sexistingmort-gage.What type of loan is this?BlanketPackageUnsecuredWraparound:Wraparound27.Thepurposeoftheemployeeandindependentcontractoragreementsisto.Definethetermsofthebrokerandworker'sprofessionalrelationshipEnsurethat theworker isnot working outsidethe firmSetthenumberofdaystheworkerwillhavetotravelonbusinessVerify that the worker has read and agrees to the policies and proceduresoutlinedintheemployeemanual:Definethetermsofthebrokerandworker'sprofessionalrelationship28.Ronan'sbrokerageallowsitslicenseestorepresenteitherthebuyerinatransactionortheseller,butnotboth.This is also calledagency.DoubleDual

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