VTRES Vermont 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 township in the rectangular survey system is divided into thirty-six smaller squares, each one measuring a single mile along every side and forming the standard parcel that surveyors number from one through thirty-six. Which unit of land does each of these squares represent?
Question 42: A local real estate tax rate is quoted in small units, each representing one-thousandth of a dollar, that are applied to a property's assessed valuation in order to compute the yearly tax bill. Which unit is being used to express that rate?
Question 43: For a rough, approximate valuation of a small residential rental of one to four units, an appraiser uses a figure obtained by relating a property's recent sale price to its monthly gross rental income. Which term names that figure?
Question 44: When appraising an apartment building, an analyst applies a rate that expresses the relationship between a property's annual net operating income and its value, derived by studying sales of comparable income properties in the current market. Which rate performs that function?
Question 45: Over the life of a fully amortized level-payment loan, each identical payment is applied first to the interest due and then to principal, so the split between the two shifts month by month. Which describes how that split changes?
Question 46: A student asks what figure the monthly interest charge on a fully amortized loan is actually calculated against, given that the payment stays level while the interest portion shrinks steadily each month. Which figure does the interest rate apply to?
Question 47: An early boundary description referred to a large stone, a creek, and an old oak tree to mark the corners and turning points of a parcel. Which term describes these fixed physical objects relied upon to identify boundary locations on the ground?
Question 48: Instructors summarize the four recurring costs a lender folds into a typical monthly home loan payment using a single acronym covering the loan repayment, the charge for borrowing, the government levy, and the hazard coverage. Which acronym captures these four costs?
Question 49: In a metes-and-bounds description, the surveyor designates a fixed spot where the tracing of the boundary both begins and eventually ends, a device that guarantees the described tract is completely enclosed and that any footage error is resolved. Which term names this starting and closing reference spot?
Question 50: On a closing statement, one column entry represents an amount a party must bring or pay, while another represents an amount payable to that party. A student mixes them up. Which term correctly names an amount payable to a party?
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