8207385
Descripción
Test por magaladoo colie, actualizado hace más de 1 año
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Creado por magaladoo colie
hace alrededor de 7 años
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Pregunta 1
Pregunta
Which of the following statements BEST defines real property?
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land and the air space above it.
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land and its improvements and all included ownership rights
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property that has been surveyed and identified by a full legal description
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all of the rights to land and improvements as identifies in a property deed
Pregunta 2
Pregunta
Residents of an area with wells that go dry during severe droughts arranged with the municipality to provide city water to each property. This work is MOST likely to be funded through a
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special assessment
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general assessment
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municipal bond for improvements
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grant from teh Environmental Protection Agency
Pregunta 3
Pregunta
Which of the following events will terminate an agency relationship?
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any arrest of the agent
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bankruptcy of the principal
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transfer of ownership of the real estate firm
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violent disagreement between the principal and the agent
Pregunta 4
Pregunta
A homeowner hires a carpenter to build a back deck and then refuses to pay. The carpenter is entitled to take which of the following actions?
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remove the deck
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levy a special assessment
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place a mechanic's lien on the property
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petition the courts for a partition sale and recover the amount due from the proceeds
Pregunta 5
Pregunta
When applied to real estate sales contract, the term "recisssion" is MOST likely to indicate that the contract has been
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assigned
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recorded
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notarized
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terminated
Pregunta 6
Pregunta
In teh preparation of a competitive market analysis (CMA) or appraisal, which of the following situations is MOST likely to be interpreted as a stigmatizing property condition?
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substandard construction
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the presence of radon gas
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undiscovered termite infestation
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a history of a major crime on the site
Pregunta 7
Pregunta
According to the common law of agency, which of the following statements about the fiduciary obligation of confidentiality is CORRECT when an agent represents a principal in a real estate transaction?
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It outlasts the termination of the agency relationship.
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It must be defined in writing to be legally valid and enforceable.
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It is comparable to lawyer/client privilege and cannot be violated.
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It applies primarily to information about the principal's finances and motivation.
Pregunta 8
Pregunta
A property deed indicates that the easternmost boundary includes a fifteen-foot right of way allowing owners farther from the main road the right to cross the property. The property across which the others are allowed to pass is known as a
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subdivided parcel
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landlocked parcel
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servient tenement
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dominant tenement
Pregunta 9
Pregunta
A prospective buyer has offered $127,800 for a condominium that appraises at $122,500 and has made a deposit of $5,000. If the buyer arranges a first mortgage of 85% of the appraised value and asks the owner for seller-financing on the difference, how much will that be?
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$18,375
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$18,420
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$18,675
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None of the above
Pregunta 10
Pregunta
Which of the following terms identifies an element that is essential to creating a valid real estate sales contract?
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recording
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legal purpose
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title insurance
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notarized signatures
Pregunta 11
Pregunta
A couple with a modest combined income and strong employment history is having difficulty qualifying for a conventional loan to purchase a home due to their income and limited cash. Which of the following sources of real estate funding is MOST likely to meet their needs?
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seller financing
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private investment groups
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the secondary mortgage market
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the Government National Mortgage Association (GNMA/Ginnie Mae)
Pregunta 12
Pregunta
When preparing a competitive market analysis (CMA), an amenity worth $5,000 in a comparable property is BEST handled in which of the following ways?
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It is added to the subject property's estimated base value.
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It is subtracted from the comparable property's sales price.
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It is disregarded if it represents less than 5% of the comparable's value.
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It is averaged over the number of comparables used and added to the subject property.
Pregunta 13
Pregunta
A CORRECT statement about mortgage insurance premiums charged for Federal Housing Authority (FHA) loans is that they
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may be included in the total loan amount.
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may be paid in single annual installments.
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must be returned after the loan balance drops by 10%.
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may be paid by the seller for buyers meeting FHA low-income standards.
Pregunta 14
Pregunta
A licensee acting as a buyer's broker is preparing an offer for a buyer, who asks the licensee if there are any tax benefits to arranging seller-financing instead of going to a conventional lender. Which of the following statements represents the licensee's BEST response to this questions?
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"Seller-financing may be better for the seller than you."
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"I would have to look more closely at the other variables before I can give you an accurate answer."
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"The tax consequences of different kinds of financing do not vary greatly enough to worry about it."
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"Make your best offer and include a continegency allowing you to review your options with a tax accountant or tax attorney."
Pregunta 15
Pregunta
Which of the following types of buyer-broker agreements provides the licensee with the GREATEST assurance of receiving compensation if the buyer purchases a property?
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Nonexclusive agency
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Open buyer agency
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Exclusive-agency buyer agency
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exclusive buyer agency
Pregunta 16
Pregunta
A property owner built a house on a 7,500 square foot lot several years prior to the enactment of new zoning that requires at least 20,000 square feet for residential properties in that area. A CORRECT statement about this situation is that the
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property represents a nonconforming use and nothing must be done.
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municipality must grant a variance to this property and others like it.
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title will have a cloud on it that must be removed prior to any future sale.
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owner must purchase additional neighboring property to be in compliance.
Pregunta 17
Pregunta
A property owner on a private road objects to a new neighbor's choice in erecting a white vinyl fence, saying it is ugly and violates the traditional neighborhood balance of stone walls and hedges. Under which of the following circumstances could the fence be prohibited and its removal required?
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A majority of all owners within 150 feet of the new fence vote for its removal.
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The previous owner records a notarized affidavit attesting to the traditional aesthetic.
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There is either a deed restriction or HOA in place that requires only natural fencing.
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None; owners of private property cannot be restricted in their choice of home security.
Pregunta 18
Pregunta
Requirements governing which real estate transaction records must be kept and for how long are determined PRIMARILY by which of the following authorities?
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Federal law.
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Local convention.
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Company policy statements.
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State regulations and related rules.
Pregunta 19
Pregunta
A buyer arranges for a $90,000 mortgage loan with an annual interest rate of 8% and a fixed monthly payment of $745. If the first loan payment is due 30 days after the loan origination date, how much fo that payment will represent principal? (Use a 360-day year and 30-day months).
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$125
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$145
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$600
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None of the above.
Pregunta 20
Pregunta
A homeowner without any liens on the property arranges for a loan that provides a seires of small monthly payments to the owner rather than a single large payment that must be paid back in installments. This arrangement is BEST identified as which of the following types of loans?
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blanket
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open end
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home equity
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reverse annuity
Pregunta 21
Pregunta
Shortly after taking a property listing, the listing licensee is approached by a family member who asks the licensee to prepare an offer at a significantly reduced price. Under the common law of agency, the licensee MUST
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refuse to prepare or present this offer.
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attempt to get the relative to match the list price.
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discuss the potential conflict with an attorney prior to proceeding.
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disclose the family relationship with the potential buyer to the seller.
Pregunta 22
Pregunta
A licensee showing some properties to a client-buyer only selects properties in areas where the owners are of the same general age, sex, and ethnic background as the client-buyer. According to the federal Fair Housing law, this conduct would be an example of an illegal practice known as
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steering
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redlining
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panic peddling
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property stigmatization
Pregunta 23
Pregunta
A residential property owner wants to buy a vacant lot next to the property to build a garage and small guest house. The lot has a recent appraisal of $10,000, but the property owner is prepared to pay more than that, if necessary, to be able to expand. Which of the following terms BEST identifies the amount the owner is willing to pay?
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market price
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market value
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assessed value
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actual cash value
Pregunta 24
Pregunta
When a property's creditors are not fully repaid out of the proceeds of a foreclosure sale, they may make a foreclosed property owner personally liable for the balance due by bringing a legal action for a
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property lien
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deficiency judgment
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satisfaction of mortgage
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deed in lieu of foreclosure
Pregunta 25
Pregunta
Which of the following terms identifies a property owner who has entered into an agency relationship with a licensee?
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proxy
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vendee
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principal
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ficuciary
Pregunta 26
Pregunta
A couple asks their buyer agent which way to take title so that a surviving spouse will inherit the other person's interest even without a will and the agent says, "joint tenancy with the right of survivorship is the way you want to go." In this situation, the agent's response is BEST described as
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sound advice.
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misrepresentation.
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illegal practice of law.
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valid only in community property states.
Pregunta 27
Pregunta
As used property management, the term "constructive eviction" is BEST understood to mean that a
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landlord is building a case against a tenant for eviction.
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court has made public its decision to support an eviction request.
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property has been sold and the tenant has been paid to vacate the premises.
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tenant has left a property after a landlord has allowed it to become uninhabitable.
Pregunta 28
Pregunta
In performing a direct sales comparison (market data) analysis, an appraiser would be MOST interested in data on
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comparable properties.
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current cost of building materials.
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demographic changes in the community.
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local economic forces and population trends.
Pregunta 29
Pregunta
During an appraisal of a residential property, an appraiser estimates the cost of rebuilding the subject property so that it is identical to its current size and condition. This is an example of which of the following appraisal principles?
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balance
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conformity
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substitution
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anticipation
Pregunta 30
Pregunta
An appraiser determines that a a subject thrity-year-old residence has a replacement cost of $185,000 and is on a parcel of land worth $47,000. The structure's accrued depreciation from physical deteriotation and functional obsolescence is estimated at approximately 40%. Given this information, which of the following BEST represents the property's value?
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$139,000
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$158,000
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$232,200
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None of the above.
Pregunta 31
Pregunta
Which of the following statements BEST defines what is meant by the term "material defect"?
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Any condition that may change a principal's mind about buying or selling.
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Any property defect that would cost more than 10% of the sales price to correct.
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All conditions that add to a property's overall structural deterioration or depreciation in value.
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All factors that the seller would prefer prospective buyers not to know about the seller's motivation.
Pregunta 32
Pregunta
A buyer-broker agreement is MOST likely to create which of the following types of agency relationships?
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dual
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single
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general
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universal
Pregunta 33
Pregunta
Which of the following government powers provides for the transfer of ownership of real property from an owner to the State in the event the property owner dies without a will or known heirs?
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escheat
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taxation
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police power
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eminent domain
Pregunta 34
Pregunta
Which of the following statements BEST defines what a "time of the essence" clause means in a real estate sales contract?
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The contract provisions must be met in a timely fashion.
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The contract is subject to cancellation if any time requirement is not met.
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Any party that breaches the conditions of the clause is liable for liquidated damages.
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The conditions of the clause must be satisfied within forty-eight hours of acceptance or the contract becomes void.
Pregunta 35
Pregunta
A person who owns a house in severalty dies intestate. This person's spouse has also passed away, and one of their three children ran away from home and has not been heard from in over twenty years. Which of the following statements about the transfer of this property is CORRECT?
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The property will escheat to the state since the owner died intestate.
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The two known children will receive a life estate interest in the property.
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The three children will be named as joint tenants with right of survivorship.
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The missing child represents a cloud on the title for future property transfers.
Pregunta 36
Pregunta
Which of the following situations BEST exemplifies an implied agency relationship?
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A new licensee becomes affiliated with a firm and begins hosting open houses.
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A seller expresses an interest in finding a similar proprerty in a neighboring town and the listing licensee brings the seller to see some in-house listings.
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A prospective buyer becomes quite friendly with the listing licensee during an open house and agrees to see other listings even after declining to sign a representation agreement during that meeting.
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A licensee who has been going to a particular physician for over 5 years is hosting an open house and the physician comes in and talks with the licensee at length about property details and the neighborhood.
Pregunta 37
Pregunta
The use of which of the following construction materials is specifically banned by federal law?
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oil-based paint
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lead-based paint
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fiberglass insulation
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styrofoam insulation
Pregunta 38
Pregunta
Which of the following documents creates and identifies the extent of authority for a property manager acting on behalf of an owner?
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license law
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local zoning laws
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management agreement
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federal and state civil rights statutes
Pregunta 39
Pregunta
According to the statute of frauds, in order for real estate sales contracts to be enforceable in court they MUST be
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recorded
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witnessed
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in writing
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between competent parties
Pregunta 40
Pregunta
If the advertising statements below about why to choose one real estate firm over another were accurate, which one would represent a violation of the Sherman Antitrust Act?
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"We work harder than any other firm to earn your business now, and welcome you back later!"
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"No other agency will give you the same level of attention, including researching the best neighborhood for you."
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"We search for bargains, unlike others that waste your precious time walking through unaffordable properties."
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"With buyer-broker commission rates the same all over this country, we simply give you more bang for the buck!"
Pregunta 41
Pregunta
The provisions of the Americans with Disabilities Act (ADA) are MOST likely to apply to owners of which of the following types of property?
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condominiums
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time-share properties
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single-family residences
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multiplex movie theaters
Pregunta 42
Pregunta
Which of the following ownership interests applies to parties who own real property as tenants in common?
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The ownership interests must be equal.
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The ownership interests may be conveyed separately.
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The last surviving owner gets title to the property in severalty.
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The ownership interests may not be transferred by will or intestate distribution.
Pregunta 43
Pregunta
Which of the following situations BEST characterizes a property suffering from external (economic) obsolescence?
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a car dealership is located downwind from a new hog farm
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a house loses value due to leaking gutters and old wiring
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a school building is discovered to have asbestos problems.
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a shopping center has an anchor tenant that goes bankrupt
Pregunta 44
Pregunta
Which of the following types of leases provides for the tenant to pay a base rent and some of the property expenses, such as utilities, maintenance, and taxes?
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net
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index
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gross
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graduated
Pregunta 45
Pregunta
A listing licensee discovers the listed property has a history of faulty plumbing that has never been adequately corrected. The licensee's responsibility regarding this information is that the licensee MUST
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include a reference to the plumbing in all advertising
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disclose it only if asked directly by a prospective buyer
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discuss it with the seller and disclose it to prospective buyers
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treat it as confidential and disclose it only with the permission of the seller
Pregunta 46
Pregunta
The type of legal description that refers to a point of beginning, may refer to monuments, and uses distances and directions to come back to the point of beginning is
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lot and block
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metes and bounds
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vertical land description
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government rectangular system
Pregunta 47
Pregunta
A developer approaches a municipality with a plan to purchase an available lot in a growing neighborhood if they will allow it to be used for a combination laundry and convenience store. Which of the following characteristics of value is MOST apparent in this developer's plan?
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utility
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scarcity
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demand
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transferability
Pregunta 48
Pregunta
The Sherman Antitrust Act specifically prohibits which of the following activities in the course of a real estate tranasaction?
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usury
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price-fixing
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refusal to return earnest monies
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failure to disclose property defects
Pregunta 49
Pregunta
At the time it is signed by all required parties, what type of a contract is a real estate option contract?
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void
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implied
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bilateral
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unilateral
Pregunta 50
Pregunta
A prospective buyer and an agent prepare an offer. The seller reviews the offer and accepts it with the added provision that the earnest money will be forfeited by the buyer if the buyer backs out for any reason. Which of the following statements about the situation is CORRECT?
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There is a binding contract on the property.
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The prospective buyer is obligated to the terms but the seller is not.
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The seller has legally rejected the original offer and replaced it with a counteroffer.
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The provision about the earnest money is not an essential part of a valid contract and violates the statute of frauds.
Pregunta 51
Pregunta
Which of the following interests in real property does a prospective buyer receive once an offer to purchase becomes a binding offer?
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possession
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ownership
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equitable title
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right to encumber
Pregunta 52
Pregunta
A licensee takes an "as-is" listing on a residential property downhill from an abandoned industrial site. The licensee finds a buyer for the property who discovers after closing that residual industrial waste has been leaching into the house's water supply for several years. In this situation, which of the following parties is MOST likely to have liability for the expense of correcting this problem?
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The new owner only.
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The industrial property's owner only.
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The former residence owner and the licensee only.
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The industrial property owner, the former and the current residence owners, and the licensee.
Pregunta 53
Pregunta
When a deed or a lien is placed in the public records in order to make them available to anyone searching the records, this is known as
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recording a lis pendens
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recording a satisfaction piece
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providing actual notice
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providing constructive notice
Pregunta 54
Pregunta
The terms riparian, accession, and littoral refer to which of the following property rights?
Respuesta
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water
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mineral
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logging
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improvements
Pregunta 55
Pregunta
Which of the following terms identifies the ownership of real property that is complete and has no restrictions on its use or transfer?
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fee simple
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abstract of title
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severalty ownership
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prior appropriation doctrine
Pregunta 56
Pregunta
A municipal mass appraisal has assigned a property a fair market value of $306,750. If the municipality has a mill rate of 16.86 and assesses property at 70% of FMV, the annual taxes on this property would be which of the following amounts? (Round to the nearest dollar.)
Respuesta
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$1,220
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$2,440
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$3,486
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None of the above
Pregunta 57
Pregunta
Which of the following general property conditions is MOST likely to be categorized as material?
Respuesta
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a small attic
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a cracked foundation
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an exterior in need of paint
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an outdated set of kitchen appliances
Pregunta 58
Pregunta
Under federal Fair Housing Act requirements, a property manager of a residential multi-unit property may legally refuse to approve which of the following situations?
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Allowing a handicapped person to make any accessibility modifications to unit.
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Allowing a handicapped person to keep a support animal based on a written no-pet policy that is enforced for all units.
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Renting a unit in a property exclusively occupied by persons over sixty-five to a single parent with an infant child.
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Renting a unit in a low-rent property to someone whose income is considerably above that of the other tenants.
Pregunta 59
Pregunta
According to the common law of agency, a licensee has which of the following obligations to an individual that prefers to remain a customer rather than become a client?
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confidentiality
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courtesy and patience
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honesty and fair dealing
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only those agreed to in writing
Pregunta 60
Pregunta
The name of the colorless, odorless gas often found in residential properties that represents an environmental health hazard associated with promoting lung cancer is
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radon
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methane
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asbestos
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carbon monoxide
Pregunta 61
Pregunta
A developer has purchased a 17.3 acre property and intends to subdivide the property into as many building lots as possible. If each lot must be at least 12,500 square feet, and the developer must dedicate a total of 1.7 acres for roads and a subdivision recreation area, what is the MAXIMUM number of lots that can be created on this property?
Respuesta
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44
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48
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54
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None of the above
Pregunta 62
Pregunta
Access ramps to government buildings, grab-bars in public rest rooms, and a row of pay phones with several placed lower than the others are examples of compliance with which of the following federal laws?
Respuesta
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Regulation Z
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Federal Fair Housing Act
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Uniform Commercial Code
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Americans with Disabilities Act
Pregunta 63
Pregunta
Which of the following appraisal methods would be the MOST appropriate one to use in the valuation of a twenty-year-old post office?
Respuesta
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cost
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income
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capitalization
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direct sales comparison (market data)
Pregunta 64
Pregunta
A CORRECT statement about compensation arrangements in real estate agency employment contracts is that they are
Respuesta
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determined by application of state regulations
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adjusted periodically by the closest Board of Realtors
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established by negotiation between the seller and the agent
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subject to change if the local housing market fluctuates dramatically during the agreement period
Pregunta 65
Pregunta
A lender is MOST likely to require a borrower to pay for private mortgage insurance in which of the following situations?
Respuesta
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The buyer has a history of bankruptcies.
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The property is in an area known for hurricanes.
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The lender foreclosed on the property's past owner
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The loan amount is for 90% of the property's value.
Pregunta 66
Pregunta
An unmarried carpenter bought a building lot and erected a two-story home and lived there for three years before selling it for a large profit. According to IRS regulation, what is the MAXIMUM amount of any profit that would be exempt from capital gains tax?
Respuesta
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$125,000
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$250,000
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$500,000
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None since the carpenter is a professional builder
Pregunta 67
Pregunta
The BEST statement about the relationship between a property mortgage and a promissory note is that the mortgage
Respuesta
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provides evidence of who made the loan to the property owner while the note identifies the face value of the loan.
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provides the details of the installment payments required for the loan while the note creates the legal liability for the repayment.
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creates a property lien as security for the note, which gives the details of both the amount of the debt and the terms of repayment.
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creates a public record of a property's indebtedness based on the note, which identifies the property location and credit history of the property owner.
Pregunta 68
Pregunta
A lead-based paint disclosure notice MUST be included with a
Respuesta
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lease for any property open to the public.
-
lease for office space for more than 15 employees.
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listing agreement for the sale of any historic property.
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sales contract for a residential property built before 1978.
Pregunta 69
Pregunta
Which of the following situations BEST exemplifies what is meant by "conversion of funds"?
Respuesta
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Using client funds as a source for temporary personal loans.
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Depositing an earnest money check in an office trust account.
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Disbursing office funds from an operating account to cover routine expenses.
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Transferring money from an account at a listing office to one at the selling office.
Pregunta 70
Pregunta
Which of the following statements BEST defines what is meant by "appraised value"?
Respuesta
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An estimate of value.
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A statement of value.
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The most recent determination of market value.
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The assessment value of a property adjusted for current conditions.
Pregunta 71
Pregunta
Property managers are often granted a wide range of job-related authority to act on behalf of their principal. This is known as which of the following types of agency?
Respuesta
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special
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general
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universal
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subagency
Pregunta 72
Pregunta
Property taxes for the calendar year are $2,700, payable on December 31, for a property closing on June 15th of the tax year. Which of the following amounts is MOST likely to appear on the settlement statement for proprated taxes? (Use a 360-day year and 30-day months).
Respuesta
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$1,237.50
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$1,350.00
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$1,462.50
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None of the above
Pregunta 73
Pregunta
Which of the following statements made in a property advertisement is MOST likely to be characterized as puffing?
Respuesta
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"Motivated seller!"
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"Seller-financing available!"
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"New home with plenty of amenities!"
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"Best view of the mountains in town!"
Pregunta 74
Pregunta
Which of the following types of listing agreements allows a seller to contract with multiple licensees and only compensate the one that produces the buyer?
Respuesta
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net
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open
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exclusive agency
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exclusive right-to-sell agency
Pregunta 75
Pregunta
A property owner lists a residence and specifically avoids telling the listing licensee about a leaking roof. The licensee notices water stains in a closet ceiling, but consider them old and never discusses them with either the owner or the buyer. The property is sold without disclosing this condition and the buyer sues for damages based on material misrepresentation. Do the seller and/or the licensee have any liability? Why or why not?
Respuesta
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Neither one is liable because the buyer has the obligation to have the property inspected.
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The seller is the only liable party because the licensee was never told about the problem.
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The seller and the licensee are both liable because the licensee is responsible for the actions of a principal.
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The seller and the licensee are both liable because it is reasonable that the licensee should have discovered the condition.
Pregunta 76
Pregunta
Which of the following documents is used to transfer ownership of personal property that is included in the sale of real estate?
Respuesta
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a title
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a bill of sale
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a quitclaim deed
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an original sales receipt
Pregunta 77
Pregunta
The Truth in Lending Act is a part of which of the following federal laws?
Respuesta
-
Regulation Z
-
Uniform Commercial Code
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Consumer Credit Protection Act
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Dodd-Frank Wall Street Reform and Consumer Protection Act
Pregunta 78
Pregunta
A property owner who is selling a commercial building at a considerable profit wants to legally avoid paying capital gains on the sale for as long as possible. The seller is MOST likely to achieve this objective by
Respuesta
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providing seller-financing to the new owner.
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creating a sale-leaseback arrangement with the new owner.
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reinvesting the money according to the terms of a 1031 exchange.
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getting legal representation and filing for bankruptcy protection immediately after closing.
Pregunta 79
Pregunta
A newly licensed real estate licensee has entered into an independent contractor agreement with a firm's primary broker to work as a salesperson. Under this type of relationship, the firm is MOST likely to be responsible for paying which of the following licensee expenses?
Respuesta
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health benefits
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license renewal fees
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continuing education course costs
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office space rent and telephone charges
Pregunta 80
Pregunta
When acting in a ficduciary capacity for a seller in a real estate transaction, a licensee MUST
Respuesta
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be loyal to the seller's interests.
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obey all instructions of the seller.
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represent no other party in the transaction.
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disclose only those facts the seller wants known.
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