Answer all Questions:
1. Mortgage fraud may be prosecuted in the United States as
A. wire fraud
B. predatory lending
C. failure to disclose
D. a fourth-degree felony
2. A very important person bought a home in Lake Geneva, FL. They purchased a home, and in the mortgage, he also included the boat, boat dock, and boathouse. What type of mortgage did this important person have?
A. Package Mortgage
B. Biweekly mortgage
C. Purchase money mortgage
D. Blanket mortgage
3. Jackie sold property to Jason. The contract contained the following statement: “Buyer to accept the property in an ‘as is’ condition.” Both the seller and the broker knew that the plumbing was in a major state of disrepair but did not tell Kelly. Would an action against the broker and the seller be successful?
A. Yes, because the disclosure under Johnson v. Davis requires sellers to disclose substantial defects in the property which are not readily observable by the buyer.
B. Because of the single agency relationship, the broker should have represented the buyer better.
C. The contract specifically states the property was being sold “as is.”
D. The contract is a meeting of the minds and the buyer accepted the terms written.
4. There is a need to build a new city football stadium for both safety and size reasons. The city must have land adjoining the current stadium to enlarge. A condemnation proceeding to take the land is initiated against the landowner. This is an example of:
A. Escheat.
B. Taxation without representation.
C. Eminent domain for the public good.
D. Police power.
5. An appraiser completes an appraisal for a homeowner in preparation for obtaining a loan. The appraiser provides a letter report and sends a bill for his preparation of the appraisal. He bases the cost of his work on a percent of the amount of the value his opinion finds. What is the situation here?
A. The appraiser is a licensed and independent businessperson. He can charge what he likes.
B. The appraiser will be limited in what he can charge by the lender.
C.The appraiser will be limited in what he can charge by the real estate commission.
D. It is unethical for an appraiser to charge based on a percent of the amount of value.
6. If the boundary of a piece of property ends short of the high tide watermark?
A, the ownership will NOT grant riparian rights
B. the additional land belongs to the owner
C. the owner must request riparian rights through the courts
D. The owner cannot access the water
