Beneficiaries in real estate mortgage trust

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Reference no: EM132221194

1. The purpose of an exculpatory clause in a mortgage is to

A) prohibit any type of sale-leaseback for the first 10 years of the loan.

B) prohibit any prepayment for a specified period.

C) limit a borrower’s personal liability exclusively to the property pledged as collateral.

D) eliminate a lender’s need to foreclose because a default by the borrower is considered an automatic "confession of judgment."

2. Beneficiaries in a real estate mortgage trust (REMT) primarily earn profits from

A) commissions.

B) interest.

C) capital gains.

D) rents.

3. Which type of property is depreciated straight line over 39 years?

A) Manufacturing equipment

B) Residential real estate

C) Nonresidential real estate

D) Certified historic structures

4. If a broker receives conflicting demands for a rental security deposit from a tenant and a landlord, the broker

A) may disburse the deposit without notification to the FREC as long as the broker follows the requirements of Chapter 83.49, F.S.

B) must notify the Division of Landlord and Tenant Issues, Department of Community Affairs, in writing within 15 days.

C) is entitled to keep all such funds as an administrative charge, provided the management agreement with the owner has such a provision.

D) may not disburse the funds until both the owner and the tenant sign a written agreement.

5. Catastrophic ground cover collapse is geological activity that results in all of these EXCEPT

A) a depression in the ground cover that is clearly visible to the naked eye.

B) the abrupt collapse of the ground cover.

C) the loss of at least 50% of the structure into the sinkhole.

D) structural damage to the building, including the foundation.

Reference no: EM132221194

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