1. As required in each state's statue of---, all in contract involving land or items attached to it must be in writing before a court will enforce them
A. Limitation.
B. real property.
C. fraud.
D. real estate
2. In analyzing income producing properties, the taxable income is determined by starting with the gross potential income, calculating the gross effective income and the net operating income and then.
A. deducting vacancies and bad debts. B: adding depreciation.
C. deducting depreciation.
D. deducting depreciation and interest expense.
3. Which of the following statement is most correct?
A. in most cases, real estate is financed by means of an unsecured loan.
B. under lien theory, title remain with the lender until the loan is completely repaid.
C. If the proceeds from the foreclosure process are insufficient to satisfy the debt, some states allow the mortgage an equity of redemption against the mortgagors for the balance due.
D. the consumer credit protection Act says lenders have until the day of closing to disclose the details of a loan. E: The uniform residential Loan application is mandated by Fannie Mae and Freddie Mac.