Question

55. Mortgage lenders are required to disclose financing costs and annual percentage rate to the borrower under which law or regulation?

1. Equal credit opportunity act

2. Truth in lending

3. Real estate settlement and procedures act

4. Fair housing laws

56. What is a property management report?

1. The owner’s assessment of the manager’s performance

2. An annual review of the building’s activities

3. A document created by the manager on a need-to-basis

4. A periodic report detailing activities, expenses and repairs on the property.

57. What does the owner of a cooperative receive?

1. Deed

2. Property tax bill

3. Life Estate

4. Shares in a corporation

58. Sarah is an employee and Ken is an independent contractor at Kerns Realty. Which of the following statements is true?

1. Ken is responsible for his own taxes, while the broker pays Sarah’s

2. Ken must obtain his own training. The broker will not provide any

3. Neither Sarah nor Ken can get employer-provided health insurance

4. Ken and Sarah both must be at the office from 9am to 5pm

59. Managing risk in property management entails:

1. Limiting exposure to liability and property damage through proper insurance.

2. Eliminating property damage

3. Maintaining through groundskeeping practices

4. Proper maintenance of records

60. Which of the following special purpose deeds is used for conveying a decedent’s estate?

1. Guardian’s deed

2. Personal representative’s or executor’s deed

3. Land patent deed

4. Master deed

Answer 1

55. Truth-in-Lending laws require mortgage lenders to disclose financing costs and annual percentage rate to a borrower.

56. A periodic report detailing activities, expenses and repairs on the property.

Explanation:

An accounting report issued periodically by the property manager to the owner outlining all income and expenditures for that accounting period is called property management report.

57. Life estate

58. Ken is responsible for his own taxes, while the broker pays Sarah’s.

59. Limiting exposure to liability and property damage through proper insurance.

60. Personal representative's deed or executor’s deed is a special purpose deeds is used for conveying a decedent’s estate