Real Estate | National Exam - Q&a (Verified)

the function of a deed {Ans: transfer title to property from one to another}open listing {Ans: The owner may list his/her property with as many brokers as he/she chooses}cost approach {Ans: The appraisal approach which adds the value of the land plus the reproduction cost less depreciation is}A. real estate settlement and procedures act {Ans: The law that was executed to ensure that the buyer and seller in a residential real estate sale or transfer have knowledge of all settlement costs: A.) Real Estate Settlement and Procedures Act. B.) Blue Sky Laws. C.) Common Law. D.) Antitrust Laws.}D. ARM (adjustable rate mortgage gives the lender the right to adjust the mortgage from time to time according to the loan documents signed at closing {Ans: A loan where the lender is able to adjust the rate of interest from time to time is known as: A.) GPM B.) GPI C.) NOI D.) ARM}A. the termination of the listing agreement {Ans: The broker's fee shall be payable at the earlier of any of the following events except A.) The termination of the listing agreement B.) Seller's refusal to sell the property C.) At closing and funding