Download Real Estate Practice Exam Questions and Answers and more Exams Property Law in PDF only on Docsity!
In stating a seller's price and terms to a prospective buyer, the seller's broker is required by the law of agency to state ONLY those terms that are a. included in the listing agreement b. based on the brokers evaluation of prevailing prices and terms c. favorable for the seller, as determined by the broker d. attractive to buyers, as determined by the broker โโa. included in the listing agreement a lot measuring 110 feet wide by 140 feet deep has a required setback of 30 feet in front, 20 feet in the rear, and 20 feet on each side. if a builder wants to put a one-story building on the lot, the MAXIMUM square footage it can contain is a. 3,300 sq ft b. 3,600 sq ft c. 6,300 sq ft d. 6,600 sq ft โโc. 6,300 sq ft
Pearson Vue practice exam with actual questions & answers with
certified solutions latest update 2025; (graded A+)
a house with a market value of $80,000 is located where property is assessed at 70% of market value. if the tax rate is $4 per $100 of assessed value, the property taxes are a. $ b. $ c. $2, d. $3,200 โโc. $2, a broker charges a leasing fee of one-half of the first months rent and a management fee of 8% of all rents collected. the broker negotiates a two-year lease at a monthly rental of $550. which of the following amounts will the broker earn on this lease a. $1, b $1, c. $1, d. $1,056 โโb. $1, a property manager works in the BEST interests of the
c. income approach to value d. market value โโd. market value the income approach is MOST likely to be used when determining the value of a A. vacant residential lot b. office building c. single-family home d. cooperative apartment โโb. office building the G's purchased a house from the T's. the G's agreed to the following terms: monthly payments of $650 to the T's and the balance to be paid in full after 7 years. at the time the balance is paid, the T's will give the G's a warranty deed transferring title. in this situation, what type of financing was used a. fha loan b. wrap around mortgage c. package mortgage d. contract for deed โโd. contract for deed
the provision in a mortgage or deed of trust that gives the lender the right to call the entire balance due upon a default in any payment is called a: a. acceleration clause b. prepayment penalty clause c. prepayment priveledge clause d. right of redemption clause โโa. acceleration clause a broker who represents a buyer is trying to negotiate on the buyer's behalf in a potential transaction. the broker realizes that by negotiating a reduced price for the buyer, the broker's commission will also be reduced. in this situation, the broker is obligated to negotiate the BEST price for the A. buyer and broker b. buyer c. seller d. brokerage โโb. buyer
Under a sales contract, the legal remedy that may be used to force the seller to consummate the sale is called a. adverse possession b. foreclosure c. specific performance d. forcible detainer โโc. specific performance a developer who leases real property from the owner with the intent of constructing an office building has which of the following interests in the property? a. leased fee b. leasehold c. sale and leaseback d. lease option โโb. leasehold the owners of a house sign a listing agreement and later tell the licensee that the garage roof leaks. if they tell the licensee not to reveal the roof's condition to any prospective buyers the licensee MUST
a. abide by the owners request b. advise the sellers that they must disclose the condition of the roof to prospective buyers c. advice only those prospective buyers who ask about the roof d. refer all prospective buyers who have questions about the roofs condition to sellers โโb. advise the sellers that they must disclose the condition of the roof to prospective buyers which type of mortgage loan has provisions for periodic changes in the amount of the payment, the interest rate, the maturity date, and the remaining balance owed? a. fha loan b conventional loan c. blanket loan d. adjustable loan โโd. adjustable loan a salesperson who completes a written listing agreement with a seller is helping to create a contractual relationship between the a. salesperson and the seller
b. a wraparound loan c. a conditional sales contract d. a bill of sale โโd. a bill of sale the difference between the value of a property and the total amount of liens against it is known as a. market value b. equity c. actual cash value d. collateral โโb. equity which of the following actions is an example of blockbusting a. telling homeowners that a neighborhood will have a new golf course b. advertising a neighborhood party where alcohol will be served c. making sales calls to neighbors who are on the Do Not Call list d. stating that the presence of certain persons in a neighborhood will increase crime โโd. stating that the presence of certain persons in a neighborhood will increase crime
A lender's title policy will protect the: a. lender against default in loan payments b. borrower against default in loan payments c.. lender against existing, undiscovered title defects d. borrower against unrecorded liens โโc. lender against existing, undiscovered title defects which of the following BEST describes personal property that, by its attachment to real property, is regarded as real estate a. emblements b. personality c. fixtures d. appliances โโc. fixtures which of the following credit terms may be included in an advertisement for real estate without further disclosure?
d. variable interest rate โโc. due-on-sale a seller has delinquent property taxes of $572. at closing, the taxes will be a a. debit to the seller $ b. debit to the buyer $ c. credit to the seller $ d. credit to the buyer $572 โโa. debit to the seller $ an apartment project with 160 units has 8 vancancies. the vacancy rate is: a. 5% b.8% c 92% d. 95% โโa 5% to be certain that a property has no encroachments, an appraiser should check a
a. survey b. deed c. field book d. tax map book โโa. survey a licensee is contacted by a potential buyer interested in purchasing a commercial property as an investment. the licensee has no experience with this type of property. what SHOULD the licensee do? a. contact an attorney to draft a specialized agency contract b. discourage the potential buyer from purchasing a commercial property w/o seeking advise from a cpa c. inform the potential buyer that the licensee has limited experience with this type of property. d. assess the brokerage's current commercial property inventory and suggest possible listings to the client โโc. inform the buyer that the licensee has limited experience with this type of property what type of insurance would cover a mistake or negligence on a licensee's part that results in financial loss to a client
c. metes and bounds d. geodetic โโc. metes and bounds the donation of private land for public use is called a. accretion b. dedication c. assignment d. condemnation โโb. dedication when a private property is abandoned, the state MAY acquire title to that property under the right of a. escheat b. eminent domain c. police power d. taxation โโa. escheat
a lease that provides for periodic increases of rent at regular intervals is called a a. graduated lease b. percentage lease c. yearly lease d. long-term lease โโa. graduated lease a listing salesperson MUST disclose what info to potential buyers a. any zoning changes made after the property was listed b. any ethnic diversity in the neighborhood c. the financial status of the seller d. the amount the seller originally paid for the property โโa. any zoning changes made after the property was listed the taxes on a property are based on an assessment ratio of 50% of a market value of $174,000. the tax rate is $4.75 per $100. the amount of the semi- annual tax payment is a. $1,
a. blockbusting b. panic peddling c. steering d. redlining โโc. steering federal law requires a written disclosure to be provided to purchasers for which of the following environmental hazards? a. lead-based paint b. formaldehyde c. asbestos d. radon โโa. lead-based paint which of the following forms of ownership may be mortgaged, taxed, sold, or otherwise transferred in ownership, separately and independently of all other units in a structure? a. time share b. cooperative
c. condo d. limited partership โโc. condo a broker lists a property. the broker advertises and shows the property several times, but after each showing, the owners call the broker with a list of unreasonable restrictions they want placed on the showing of the property. the broker decides not to continue the listing. in this situation the broker: a. must sue the owners to obtain a release from the listing contract b. must give the owners 30 days advance written notice to cancel the listing contract c. may not cancel the listing contract d. may rescind the listing contract w/o obtaining permission from owners โโd. may rescind the listing contract w/o permission from owner potential buyers tell their licensee that they are worried about the presence of radon gas in a home they are considering buying. what SHOULD the salesperson say? a. "if youre worried, i recommend making an offer less than the listed price" b. "i asked the sellers, they said there is no problem"
