MTRES Montana Real Estate Salesperson - Set 3 - Part 3
Test your knowledge of technical writing concepts with these practice questions. Each question includes detailed explanations to help you understand the correct answers.
Question 41: A borrower repaying a mortgage on a Helena bungalow notices that, beyond returning the sum originally borrowed, she must pay an additional charge to the lender for the use of that money over time. What is this periodic charge for using borrowed funds called?
Question 42: An agent studying the rectangular survey system learns that one particular division of land measures one mile along every side and holds six hundred forty acres. Which of the following terms correctly names that one-square-mile division of land?
Question 43: A new licensee reviewing common land measures notes that one customary unit of area, used constantly when sizing residential and rural parcels, equals forty-three thousand five hundred sixty square feet. Which of the following terms names that unit?
Question 44: A seller in Billings lists a ranch and later asks who is actually responsible for paying the real estate commission that the listing agreement establishes once the property sells. In a typical listing arrangement, from whose funds is that brokerage commission customarily paid at closing?
Question 45: In the rectangular government survey system used across much of Montana, surveyors divide land into large squares, each measuring one mile on every side and enclosing a fixed, standard amount of acreage. What is this one-mile-square unit of land properly called?
Question 46: An owner of an income-producing office building may each year deduct from taxable income an amount reflecting the gradual wearing out of the structure, spreading the building's cost across its useful life for tax purposes. This annual paper deduction is known as what?
Question 47: A seller located in Bozeman insists on listing well above what recent comparable sales support, believing buyers will simply pay whatever price he asks. Which statement best explains the relationship between an asking price and a property's actual market value?
Question 48: Before recommending an asking price to a seller, a prudent agent studies what comparable homes recently sold for, considers current market conditions, and carefully weighs the subject property's condition. What primarily guides how a well-supported listing price should be established?
Question 49: When a closing agent prorates taxes and interest, she must first decide whether to treat the year as having a uniform set of thirty-day months or to count the actual days on the calendar. This choice about how many days the year contains is known as what?
Question 50: At settlement, the annual property taxes on a Havre home have been partly used up by the seller during her period of ownership, so the closing agent divides that yearly cost fairly between seller and buyer according to time. This dividing process is known as what?
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