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SC Real Estate Pre-Licensing Practice

Beschreibung

Real Estate SC Real Estate Quiz am SC Real Estate Pre-Licensing Practice , erstellt von Wilhelmina Littel am 11/03/2017.
Wilhelmina Littel
Quiz von Wilhelmina Littel, aktualisiert more than 1 year ago
Wilhelmina Littel
Erstellt von Wilhelmina Littel vor etwa 7 Jahre
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Zusammenfassung der Ressource

Frage 1

Frage
Ownership of a property by only one person is known as
Antworten
  • Entirety
  • Remainder interest
  • Reversionary interest
  • Severalty

Frage 2

Frage
Jane Doe and Richard Roe, who are not married, want to buy a house together. In order to ensure that if one dies the other automatically becomes full owner, their deed must state that they are
Antworten
  • Joint tenants with rights of survivorship
  • Tenants in common
  • Tenants in severalty
  • Tenants by the entirety

Frage 3

Frage
Mary White and Elizabeth Brown, widowed sisters, are buying a home together. To ensure that if one dies her share will go to her children, they should purchase the property as
Antworten
  • Tenants in severalty
  • Tenants by the entirety
  • Tenants in common
  • Joint tenants with right of survivorship

Frage 4

Frage
An article of personal property that is permanently attached and becomes part of the real estate is known as
Antworten
  • An emblement
  • An accretion
  • A chattel
  • A fixture

Frage 5

Frage
All of the following are approaches that an appraiser may use to establish value EXCEPT
Antworten
  • market comparison approach
  • cost approach
  • income approach
  • tax assessment approach

Frage 6

Frage
In order to reach the lake, the Browns have a permanent right of way across their neighbor's lakefront property. The Browns own
Antworten
  • An easement appurtenant
  • A license
  • A deed restriction
  • A lien

Frage 7

Frage
Express covenants that protect the grantee are found in a
Antworten
  • Quitclaim deed
  • Bargain and sale deed
  • Sheriff's deed
  • Warranty deed

Frage 8

Frage
A subdivision has a deed restriction requiring houses to be at least 2,000 sq feet. The town, however, has no such restriction and gives the Smith-Joneses a building permit for a little bungalow in the subdivision. If the neighbors object, their best course of action would be to
Antworten
  • attempt to negotiate with the building inspector's office
  • wait until a clear violation has occurred before taking any legal actions
  • request a change of the local zoning ordinance
  • ask a court to prevent the construction or to order that the bungalow be expanded

Frage 9

Frage
Henkel is buying an abandoned church as an investment for future development. His appraiser will use which of the following appraisal approaches to arrive at the best determinant of value?
Antworten
  • The income approach
  • The cost approach
  • The market approach
  • The assessment approach

Frage 10

Frage
When Pete makes statements about the quality or condition of his property that a reasonable person would recognize as nonfactual or extravagant, Pete's actions
Antworten
  • are in violation of deceptive trade practices and consumer protection acts
  • are considered "puffing" and are not considered illegal
  • are considered fraudulent and could cause license revocation
  • must be repudiated by his broker to preclude further action

Frage 11

Frage
The difference between the market value of a property and the sum of the liens against it is called
Antworten
  • Equity
  • Leverage
  • Cash asset
  • Pledge

Frage 12

Frage
An acre contains approximately
Antworten
  • 5,270 square yards
  • 40,000 square feet
  • one quarter square mile
  • 43,560 square feet

Frage 13

Frage
Bill's house has four bedrooms and one bath. When he sells the house and the appraiser uses the cost approach to value, what kind of depreciation would the appraiser consider in establishing value?
Antworten
  • Economic obsolescence
  • Functional obsolescence
  • Physical deterioration
  • External obsolescence

Frage 14

Frage
A legal description that includes phrases such as "starting at the intersection of Smith and Baird roads and proceeding westerly 150 feet to a stream" is referred to as
Antworten
  • Metes and bounds
  • Rectangular survey
  • Lot and block
  • Recorded plat

Frage 15

Frage
Title insurance protects the owner or lender against unexpected claims arising from past
Antworten
  • Forged documents
  • Zoning ordinances
  • Unpaid property taxes
  • Recorded easements

Frage 16

Frage
An abstract of title contains
Antworten
  • the summary of a title search
  • an attorney's opinion of title
  • a registrar's certificate of title
  • a quiet title lawsuit

Frage 17

Frage
Michael Harrison refuses to sell his farm to the estate, which needs it to complete the route for a new highway. The state may go to court and ask that his farm be condemned, allowing the state to purchase the land using its right of
Antworten
  • laches
  • adverse possession
  • easement by necessity
  • eminent domain

Frage 18

Frage
With regard to electromagnetic fields (EMFs), which of the following statements is true?
Antworten
  • It is easily provable the EMFs cause cancer in residents of specific properties
  • All lawsuits against power companies for health problems have been found in favor of the plaintiff
  • It has been proven the EMFs cause brain cancer
  • The successful lawsuits involving EMFs have been for causing "stigma"

Frage 19

Frage
Agency is the act of representing someone in the purchase, sale, or lease of a property. Subagency is the act of representing
Antworten
  • a lending institution
  • a principal who is already represented by an agent
  • a department of the federal government
  • an anonymous purchaser

Frage 20

Frage
Mary Jones is the listing agent for the Greens' property. She has been approached by Jack Smith to prepare an offer to purchase the property. Smith does not have his own buyer agent. Smith's relationship to Mary is that of a
Antworten
  • client
  • customer
  • principal
  • subagent

Frage 21

Frage
When describing the particulars of a property, the agent does not disclose that a capital improvement project has been approved that will result in a special assessment to the owner in the near future. The broker has
Antworten
  • acted in accordance with the duties of a fiduciary
  • refrained from disclosing anything that would weaken the principal's bargaining position
  • failed to provide proper disclosure as required by law
  • prevented future legal problems for the seller client

Frage 22

Frage
To be legally entitled to a commission related to a real estate transaction, the agent must be all of the following except
Antworten
  • licensed
  • authorized to be involved in the marketing effort
  • the procuring cause of the transaction
  • under contract to either the buyer or seller

Frage 23

Frage
A listing agent would be required to disclose all of the following except that
Antworten
  • the sellers are facing bankruptcy if the house does not sell quickly
  • the listing agent is the seller's mother
  • the furnace has a cracked heat exchanger and is leaking carbon monoxide
  • the house was built before 1978 and may have lead-based paint

Frage 24

Frage
A seller, anxious to sell, tells a cooperating agent that she will give the agent a riding lawnmower if he brings an acceptable offer by the end of the week. All of the following are true in this situation except
Antworten
  • the agent may accept the lawnmower because it is not cash
  • the agent should report the incident to the listing broker
  • the agent would be in violation of the law if he took the lawnmower
  • the cooperating agent could legally receive the lawnmower from his broker

Frage 25

Frage
A broker lists a property for sale. As time goes by, it is evident that the property is not very desirable. The broker and a partner observe that with a zoning variance and some modest remodeling, the character of the property could be changed to make it more valuable and salable. The partner purchases the property without revealing the plan to the seller or identifying his relationship with the broker. Which of the following is true of this transaction?
Antworten
  • The broker has acted appropriately, since the property was ultimately sold.
  • The seller received all of the benefits of having an agent.
  • The business relationship between the broker and buyer should have been disclosed.
  • The buyer should have offered the seller the opportunity to participate in the venture.

Frage 26

Frage
Within the agency agreement is a statement that binds the buyer to paying the broker's fee if, within a stated number of days following the expiration of the agreement, the buyer purchases a property that was shown to the buyer during the agency period. This clause is called the
Antworten
  • broker protection clause
  • limited coverage clause
  • buyer liability clause
  • automatic extension clause

Frage 27

Frage
Any qualified person wishing to obtain a mortgage loan for the purchase of a home may obtain any of the following types of loans except a
Antworten
  • conventional 15 year loan
  • FHA insured 30 year loan
  • VA guaranteed 30 year loan
  • reverse equity mortgage

Frage 28

Frage
A farmers' market had been in operations continuously for 50 years at the intersection of Route 50 and 29. A new master plan, approved by local jurisdiction, placed that tract of land in a residential zone. In order to stay in business, the owner of the farmers' market should
Antworten
  • apply for a new zoning category
  • modernize and expand the facility
  • raze and reconstruct a new market
  • keep the business going without modification

Frage 29

Frage
A commercial property investment has a tax liability when the
Antworten
  • income is exceeded by expenses
  • income exceeds depreciation and expenses
  • gross income exceeds debt service
  • income exceeds debt service and depreciation

Frage 30

Frage
The Comprehensive Environmental Response Cleanup and Liability Act (CERCLA) establishes the potentially responsible parties who are liable for the cleanup of toxic contaminated sites. Which of the following would be considered a potentially responsible party?
Antworten
  • The operator of the toxic waste site.
  • The current owner of the toxic waste site.
  • The previous owner of the toxic waste site.
  • All answers apply.

Frage 31

Frage
The term commingling refers to
Antworten
  • looking for real estate business at community social events
  • mixing funds held for other persons with one's own money
  • the same office acting as the buyer's broker and seller's broker for the same property
  • one office finding a buyer for another office's listing

Frage 32

Frage
The Webers own three pieces of real estate: their house, a lakeside cottage, and a tract of woodland. Which of the following expenses may be deducted for all three properties on the Webers' income tax return?
Antworten
  • mortgage interest
  • insurance premiums
  • property taxes
  • both mortgage interest and property taxes

Frage 33

Frage
Minimum standards for materials and construction of buildings are set by
Antworten
  • state law
  • federal law
  • building codes
  • zoning laws

Frage 34

Frage
In most states, no property tax is levied on land belonging to
Antworten
  • golf courses
  • senior citizen housing
  • churches
  • shopping malls

Frage 35

Frage
When a real estate broker is involved, the Federal Fair Housing Laws are applicable in all of the following transactions except
Antworten
  • leasing space in an office tower
  • leasing space in a residential condominium tower
  • leasing space in a residential cooperative tower building
  • renting one half of a residential duplex

Frage 36

Frage
Maud is selling a house she bought in 1960. Which of the following should Maud be required to disclose?
Antworten
  • mold only
  • mold, asbestos, and radon
  • asbestos and radon only
  • radon only

Frage 37

Frage
Someone who feels discriminated against in the attempt to buy or lease a home could seek which of the following remedies?
Antworten
  • File a written complaint with the Department of Housing and Urban Development (HUD)
  • File a complaint with the US Attorney General
  • File a court action directly in a US District Court or state or local court
  • All answers apply

Frage 38

Frage
Zoning laws may be imposed by
Antworten
  • large real estate developers
  • the federal government
  • cities and municipalities
  • any property owner

Frage 39

Frage
Samantha Mulder goes to a bank and borrows money for the purchase of her first home, thereby becoming a
Antworten
  • mortgagor
  • mortgagee
  • lienor
  • lienee

Frage 40

Frage
A building permit may be issued without question even if the proposed structure violates existing
Antworten
  • zoning laws
  • deed restrictions
  • building codes
  • setback requirements

Frage 41

Frage
If a person dies leaving no will and no natural heirs, his or her property passes to
Antworten
  • local charities
  • the state
  • the IRS
  • the Department of Housing and Urban Development

Frage 42

Frage
The term APR stands for
Antworten
  • annual percentage rate
  • appraisal procedure regulations
  • associate property reviewer
  • average purchase ratio

Frage 43

Frage
Zoning laws
Antworten
  • tell landowners the use to which they may put their land
  • compensate owners for loss of property value due to zoning
  • require government entities to take title to zoned properties
  • may not be grandfathered in the event of a nonconforming use

Frage 44

Frage
Anna Jamison rents a small building for her boutique. In addition to rent, she also pays property taxes, utility bills, and insurance on the property. She must have a
Antworten
  • net lease
  • percentage lease
  • variable lease
  • ground lease

Frage 45

Frage
One example of a periodic estate is
Antworten
  • a month to month tenancy
  • an estate at will
  • a net lease
  • a sublet

Frage 46

Frage
Barry represents Sally, who is buying her first home. In his zeal to make the best deal for his client, Barry includes in the contract that Sally will have the right to cancel the contract if she cannot secure financing. Is this action permissible?
Antworten
  • Yes, because this is a business item, not a legal issue.
  • Yes, because Barry is a licensed broker, not a salesperson.
  • No, because this would be considered the unauthorized practice of law.
  • No, because Barry did not need to consult an attorney.

Frage 47

Frage
Unique or special purpose buildings, like a church or a school, are best valued giving most weight to the
Antworten
  • cost approach
  • sales comparison approach
  • income approach
  • gross rent multiplier

Frage 48

Frage
Economic or external obsolescence refers to loss of value due to
Antworten
  • wear and tear
  • outdated design
  • factors outside the property lines
  • incurable defects in the subject property

Frage 49

Frage
The type of depreciation always classified as incurable is
Antworten
  • economic or external obsolescence
  • physical deterioration
  • fictional depreciation
  • functional obsolescence

Frage 50

Frage
Tom Jones asks Sarah Smith, a real estate salesperson, to help him set the right asking price for his home. Sarah's broker will help her prepare
Antworten
  • a reconciliation of value
  • an assessment analysis
  • a competitive market analysis
  • a limited appraisal

Frage 51

Frage
The seller has agreed to pay three points to the lending institution to help the buyers obtain a mortgage loan. The house was listed for $200,000 and is being sold for $180,000. The buyers will pay 10% in cash and borrow the rest. How much will the seller owe to the lender for points?
Antworten
  • 1620
  • 4860
  • 5400
  • 6000

Frage 52

Frage
An investor recently paid $500,000 for a building that yields about $65,000 in annual net operating income (NOI). The cap rate on the investment is around
Antworten
  • 7.69%
  • 11.5%
  • 13%
  • 32.5%

Frage 53

Frage
On January 1, Fred buys a small residential rental property for $300,000, with the land accounting for 20% of the value. The IRS allows him to depreciate the property investments over a period of 27.5 years. How much can Fred deduct as a charge for depreciation on this year's income tax return?
Antworten
  • $6,000.00
  • $8,727.27
  • $10,909.09
  • $24,000.000

Frage 54

Frage
After paying a 7% commission to his broker, a seller receives $103,000 from the sale of his house. How much did the house sell for?
Antworten
  • $95,790
  • $110,000
  • $110,420
  • $110,753

Frage 55

Frage
Bob and his former classmate in real estate school have the two largest real estate firms in Beeville County. At one of their frequent lunches, they conspire to set all their commission rates at higher than most of the other brokerage offices. This action would be a violation of
Antworten
  • the Sherman Anti-Trust Act
  • the Federal Fair Housing Act
  • the Equal Credit Opportunity Act
  • none of the above. There would be no legal consequences for a simple business arrangement.

Frage 56

Frage
Property on Main St in Lake Pleasant is selling for $250 per front foot. If Mary Akerman buys a lot that is 300 x 500, how much should it cost her?
Antworten
  • $12,500
  • $15,000
  • $75,000
  • $125,000

Frage 57

Frage
The Owens are buying a $100,000 house with 5% down and an FHA mortgage for the rest. They must pay an upfront MIP of 1.5%, in addition to other closing costs that total $1,000. How much money will they need at the closing?
Antworten
  • $8,375
  • $7,425
  • $6,000
  • $2,425

Frage 58

Frage
Richard gets a call from a prospective buyer for his listing. The caller does not want to be represented by a broker. Richard would owe the caller the duty of
Antworten
  • loyalty
  • honesty
  • obedience
  • confidentiality

Frage 59

Frage
How many acres are contained in a parcel 121 feet wide and 240 yards deep?
Antworten
  • 1
  • 1.5
  • 2
  • 2.5

Frage 60

Frage
Administration of which of the following would best be handled by a property manager?
Antworten
  • a single-family home
  • a condominium unit
  • a townhouse
  • a shopping center

Frage 61

Frage
If Betty's property is determined to be partially or totally a federal wetlands, what would possibly allow Betty to develop the site?
Antworten
  • Using wetlands banking, she could contribute property elsewhere as a dedicated wetlands
  • She could fill in the wetlands area with soil from another source
  • She could contend that the property is grandfathered by the US Fish and Wildlife Service
  • Under no condition could she develop the property

Frage 62

Frage
The buyer gives the owner a $5,000 payment and a written agreement stating that on July 1 of the following year, the buyer may purchase the property for $150,000 cash or the owner may keep the money. This transaction is known as
Antworten
  • a lease with the option to purchase
  • a purchase contract with a delayed settlement
  • an option agreement
  • a limited partnership

Frage 63

Frage
If a contract for real estate is vague in its basic terms, a court could hold that it is
Antworten
  • binding on the offeror
  • unenforceable
  • valid against all parties
  • invalid until rewritten by an attorney

Frage 64

Frage
A buyer makes the required number of monthly payments, and the owner conveys the property title to the buyer. This transaction is known as
Antworten
  • a lease with an option to purchase
  • an installment sales contract
  • a sales agreement with a delayed settlement
  • a wraparound contract

Frage 65

Frage
Kelly lists her house and tells her listing agent, Sheila, "I'm listing for $180,000, but I might take less." Sheila may properly
Antworten
  • advertise the property for $180,000 or less
  • explain Kelly's position to prospective buyers in an effort to obtain an offer
  • share Kelly's statement only with the buyer's broker
  • keep the information to herself

Frage 66

Frage
Ron will be in Tokyo for several months until he sells his house, and then he will move there to take a full time job. Ron lists his house with Charlie, giving her the exclusive right to sell as well as the duties of maintenance, bill paying, and making any decisions concerning the house. The agency created would be a
Antworten
  • special agency
  • subagency
  • general agency
  • designated agency

Frage 67

Frage
The best way for a broker acting as a dual agent to minimize his or her risk to
Antworten
  • negotiate a win/win transaction from which each party walks away satisfied
  • obtain written acknowledgement from each party that it consents to the agent acting for both sides
  • obey each party's instructions even if they are in conflict
  • give notice to each party of any information useful in negotiation

Frage 68

Frage
The typical relationship between broker and salesperson for tax purposes is known as
Antworten
  • indentured servant
  • independent contractor
  • statutory agent
  • transaction facilitator

Frage 69

Frage
The Hansons' home was listed with a broker, but they ended up locating a buyer at Mr. Hanson's place of employment and sold the property themselves. They were still obligated, however, to pay a brokerage fee. What kind of listing had they agreed to?
Antworten
  • a net listing
  • an open listing
  • an exclusive right to sell
  • an exclusive agency

Frage 70

Frage
The listing broker's commission is earned when
Antworten
  • the property is listed
  • an offer has been accepted
  • financing has been arranged
  • the property is finally closed

Frage 71

Frage
Which of the following statements is true of a land contract?
Antworten
  • The buyer is given the right to possess
  • The seller has a lien on the title
  • The buyer has legal title to the property
  • The seller cannot provide any of the financing

Frage 72

Frage
A deed is the instrument used to convey ownership of
Antworten
  • personal property
  • short-term use of real estate
  • real property
  • crops and other produce

Frage 73

Frage
A customer orders dinner in a restaurant. At the end of the meal, is the customer legally obligated to pay the check?
Antworten
  • Yes, because by ordering, the customer entered into an implied contract to pay for the meal.
  • No, because strictly speaking, the customer did not promise to do so.
  • Yes, but only if the customer is over the age of 17.
  • Yes, because the customer is liable through the process of novation.

Frage 74

Frage
The statue of frauds requires that
Antworten
  • real estate brokers answer buyers' and sellers' questions honestly
  • the seller of real estate provide a written disclosure about the condition of the property
  • certain contracts, including those for the sale of real estate, must be in writing to be enforceable
  • a mortgage borrower has three days in which to cancel the loan

Frage 75

Frage
Delta Dawn, a salesperson working for Betty, lists Sally's house with an exclusive right to sell listing agreement. Which of the following occurrences would not cause the termination of this agreement?
Antworten
  • Delta's death
  • Sally's death
  • Mutual agreement
  • Destruction of Sally's property

Frage 76

Frage
The duty of faithful performance, meaning that the agent is to obey all legal instructions given by the principal and to apply best efforts and diligence to carry out the objectives of the agency, is also known as they duty of
Antworten
  • loyalty
  • confidentiality
  • obedience
  • reasonable care

Frage 77

Frage
In May, the Kleins accepted an offer to sell their house to the Grosses. In July, the Grosses paid the purchase price and received a deed to the house and the keys. After July, their contract was considered
Antworten
  • void
  • implied
  • liquidated
  • executed

Frage 78

Frage
Repair or remodeling of a property generally adds to its value. In recognition of the role contractors and suppliers play in increasing the value of a property, in many states, they are assured payment for their goods and services by being able to file a
Antworten
  • declaratory judgement against the owner
  • lis pendens against the title insurance company
  • mechanic's lien against the property
  • registration with the new owner

Frage 79

Frage
When several real estate brokers are invited to list a property, with commission due only to the one who produces the first acceptance buyer, the owner is offering
Antworten
  • an open listing
  • an exclusive right to sell
  • an exclusive agency
  • a multiple listing

Frage 80

Frage
The earnest money accompanying a purchase offer
Antworten
  • is generally 10 percent of the proposed purchase price
  • should be held in escrow by the seller
  • is mandated by state law
  • is not necessary to establish a valid contract
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