31. Lenders charge a loan origination fee to A. guard against charges of usury B
ID: 2649441 • Letter: 3
Question
31. Lenders charge a loan origination fee to
A. guard against charges of usury
B- guard against losses in the event of a short sale
C. cover the losses involved if the borrower repays the loan before the end of the loan term.
D. cover the expenses involved in generating the loan
32. According to the Fair Housing Act, what is steering?
A. Channeling of protected class members to certain buildings or neighborhoods
B. A method of providing reasonable accommodation for people with disabilities
C. Encouraging people to rent or sell by claiming that certain protected classes of people will have a negative impact on property values
D. An appropriate method to manage risks associated with rental property ownership
33. Of these, a HIGH vacancy rate most likely indicates ll
A. rental rates are too low
B. building management is effective and responsive
C. an undesirable property
D. the property is attractive
34. Which of these approaches is usually given the greatest weight by an appraiser when reconciling the appraised value of a two-bedroom, owner-occupied home?
A. Market value approach
B. Cost approach
C. Sales comparison approach
D. Income approach
36. What kind of listing agreement is illegal in many states because of the potential for con?ict of interest between a broker's ?duciary responsibility to the seller and the broker's pro?t motive?
A. Net listing
B. Open listing
C. Exclusive-agency listing
D. Exclusive-right-to-sell
37. A tenant pays for his own utilities and makes one payment each month to the landlord, and the landlord pays the taxes, insurance on the building, and maintenance. What type of lease arrangement is this?
A. A Net
B. Percentage
C. Gross
38. A property manager's ?rst responsibility to the owner should be to
A. ensure that the rental rates are below market average
B. keep the building's occupancy rate at 100%.
C. report all day-to-day ?nancial and operating decisions to the owner on a regular basis.
D. realize the highest return possible consistent with the owner's instructions
Explanation / Answer
Answer 31: D. Generally, loan origination fee is charged tocover the expenses involved in generating the loan.
Answer 32: A. Channeling of protected class members to certain buildings or neighborhoods. This generaaly refers to family with children.
Answer 33: A. rental rates are too low. High vacancy means supply is high, hence rentals will fall.
Answer 34:C. Sales comparison approach, as it will give a fair ideal that a what value appartments are getting in the same area.
Answer 36: A. Net listing. This is bannes in some states. Under this agreement, the seller conveys to their agent the net price they want for their home, which can be used in negative ways.
Answer 37: C. Gross, clear by definition
Answer 38: C. report all day-to-day ?nancial and operating decisions to the owner on a regular basis.
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