(A). Choice (B) is incorrect because it is a reduction in value. Choice (C) is incorrect because it is the unwinding of a transaction, which isn’t the same as retiring a debt. Choice (D) is incorrect because the actual term is “covenant of seisin,†which guarantees that the grantor has the right to convey the property that is being transferred.
(C). Choice (D) is a distracter because it is paid before any other lien on a property, but the question asks about types of mortgages, not about all liens. Choices (A) and (B) are incorrect because amount has no bearing on the order of priority for repayment of liens.
(B). Choices (A), (C), and (D) are incorrect because they are the opposite of what is true about the rights conferred by tenancy in common.
(A). Choice (B) is incorrect because it is an example of economic obsolescence. Choice (C) may be someone’s wish, but wouldn’t qualify as functional obsolescence. The same is true for choice (D).
(A). URAR stands for Uniform Residential Appraisal Report and is required for FHA loan guarantees. Choices (B) and (C) are incorrect because other forms are used for applying for FHAinsured loans for these types of residences. The report also doesn’t apply for choice (D).
(B). Choices (A), (C), and (D) provide legal descriptions of property, so they are incorrect answers to the question. Choice (B) does not provide a legal description, so it is the correct answer to the question.
(A). Choice (B) may or may not be the same as the market value, but the sale price reflects a property’s market value. Choice (C) is incorrect because this is the value of a property used for a particular purpose for a business. It is the opposite of market value, which is based on all possible uses for a property. Choice (D) is incorrect because this is the value put on a property by a unit of government for purposes of taxation.
(D). $75,000 × 0.67 = $50,250 22 + 29 = 51 mils $50,250 × 0.051 = $2,565.75
(B).Property managers with the exception of resident property managers must be licensed. Choice (A) doesn’t exist. Choice (C) is incorrect because it is the opposite of what is true. Choice (D) is incorrect because a property manager must already be licensed as a real estate agent or broker.
(A). Choices (B), (C), and (D) all seem like logical questions that might be asked, but they are incorrect. The other three questions are: What did the person who attached the item intend? Is there a contract stating what is considered real property and what is personal property? What is the relationship of parties?
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