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Real Estate Exam > Final Examination 202 – General > Flashcards

Final Examination 202 – General Flashcards

1
Q
  1. Person a in person b purchased an apartment building for $220,000. A contributed $132,000 while person be the best $88,000. At the end of the year, the net profit is $12,000. How much will each partner to receive based on the individual
  2. Person a $4800 a person b $7200
  3. Person a $8000 person b $6000.0
  4. Person a $9600 a person b $6400
  5. Person a $7200 a person be $4800
A
  1. Person a $7200 a person be $4800
    Rationale, determine the percentage by dividing the purchase price by what each person contributed and get your percentage and that will give you answer number for
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2
Q
  1. Person J buys a storage building containing 8000 square feet. For $72,000. His gross rental income is based on $1.75 per square foot of rentals area. His total expenses are $7000 for the current year. What is the return on J’s investment?

One. 9.5%

two. 9.72%
three. 8.75%
for. 10%

A

two. 9.72%
Rationale – 7000÷72,000 equalsequals .0972.
$14,000 net income $-7000 in expenses equals $7000

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3
Q
  1. A real estate broker acting under real estate management agreement would normally be:
  2. A special agent possessing express authority
  3. A general agent possessing express authority
  4. A special agent possessing implied authority
  5. A general agent in possessing implied authority
A
  1. A general agent possessing express authority
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4
Q

Five. The party making an offer is called The:

one. Offeree
too. Offeror
three. Buyer
for. Seller

A

Two. Offeror

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5
Q

Six. The person A owns a brokerage company and as a sole proprietor. The Company had 40 listings. Upon the death of person a, his brother b, also a broker, took over the company. His brother must:

  1. Renegotiate all listings
  2. Inform owners that the commission do his brother is now due him
  3. Inform the owners that his brother’s death does not affect the listings
  4. Take it to probate court and obtain an injunction to turn the listing over to
A
  1. Renegotiate all listings
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6
Q
  1. An agency agreement between the seller and a broker to sell a specific piece of real property will be terminated by all of the following except:
  2. The death of the broker
  3. The death of the principal
  4. Revocation of listing salespersons license
  5. Insanity of the broker
A
  1. Revocation of listing salespersons license
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7
Q
  1. Which listing gives the broker the maximum protection:
  2. A Net listing
  3. And exclusive agency listing
  4. exclusive right to sell listing
  5. An open listing
A
  1. exclusive right to sell listing
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8
Q
  1. The clause in the lease which enables property managers to raise rent from time to time is:
  2. Escalator clause
  3. Habendum clause
  4. Acceleration clause
  5. Ephesians clause
A
  1. Escalator clause
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9
Q
  1. The property is sold while tenant holds the lease. How is a lease affected by the sale:
  2. The lease terminates automatically
  3. The lease is not affected
  4. The tenant may terminate the lease
  5. The landlord may terminate the lease
A
  1. The lease is not affected
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10
Q
  1. There is a three-day right of rescission under the truth in lending laws for all but which one of the following?
  2. A first mortgage loan to buy a new house
  3. A home improvement loan
  4. A second mortgage to find ninths up a line of credit
  5. Or reverse annuity mortgage
A
  1. A first mortgage loan to buy a new house
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11
Q
  1. The statute of frauds was created to:
  2. Make sure that fraud would never take place
  3. Prevent fraud through perjury by requiring certain contracts to be in writing
  4. Require a broker to use standard approval forms
  5. Prevent fraud by requiring that all real estate transactions be conducted by a broker
A
  1. Prevent fraud through perjury by requiring certain contracts to be in writing
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12
Q
  1. When the house is sold as is the listing broker:
  2. Should not be concerned as the seller is legally entitled to do this
  3. Should question the seller about possible defects
  4. Should not be concerned as the seller will be liable for defects
  5. Should advise the seller to have a property inspection
A
  1. Should question the seller about possible defects
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13
Q
  1. One disadvantage of real estate as an investment is it’s:
  2. Durability
  3. Relative scarcity
  4. Illiquidity
  5. Utility
A
  1. Illiquidity
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14
Q
  1. A real estate sale where there are installment payments to the seller and watch a deed is held by the seller would be a/an:
  2. Earnest money deposit contract
  3. Contract for deed
  4. Option contract
  5. Warranty trust deeds
A
  1. Contract for deed
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15
Q
  1. When conducting a comparative market analysis, the broker would not:
  2. Consider recent similar sales
  3. Consider recent similar listings
  4. Consider depreciation
  5. Consider the condition of the property
A
  1. Consider depreciation
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16
Q
  1. Tax deductions on a personal residence include all of the following except:
  2. Loan points
  3. Repayment penalties
  4. Depreciation
  5. Mortgage interest
A
  1. Depreciation
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17
Q
  1. One rectangular piece of ground has a frontage of 450 feet and adapt of 629.20 feet. At $10,000 per acre, what is the selling price:
  2. $60,000
  3. $75,000.
  4. $45,000
  5. $65,000
A
  1. $65,000
    Rationale – 450 feet times 629.20 feet divided by 4D 3560 feet equals 6.5.
    6.5 times $10,000 equal $65000
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18
Q
  1. The statute of frauds was developed:
  2. To prevent fraud in land sales
  3. To overcome the problems of verbal contracts
  4. As a means of punishing persons guilty of fraud
  5. To define fraudulent practice
A
  1. To overcome the problems of verbal contracts
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19
Q
  1. When a land developer subdivides a tract of land, the evidence there of is recorded in public records where the property is located. This is
  2. A monument
  3. A plat
  4. A grid system
  5. A range
A
  1. A plat
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20
Q
  1. In honor of real estate is entitled to an income tax allowance for her primary residence for which of the following:
  2. Property taxes
  3. Mortgage principal payments
  4. Cost of improvements
  5. Depreciation
A
  1. Property taxes
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21
Q
  1. The income remaining after deducting losses for vacant apartments and collection charges as well as all expenses is:
  2. Net operation income
  3. Mortgage principal payments
  4. Cost of improvements
  5. Depreciation
A
  1. Net operation income
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22
Q
  1. The income remaining after deduction losses for vacant apartments and collection charges is:
  2. Effective net income
  3. Effective gross income
  4. Vacancy adjusted income
  5. Gross income
A
  1. Effective gross income
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23
Q
  1. An important factor in successful real property management is
  2. A newer building
  3. Good public services
  4. Careful selection of tenants
  5. A maintenance contract with a low-cost service provider
A
  1. Careful selection of tenants
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24
Q
  1. An investor wants to purchase a 24 – unit apartment house where rents are $360 per month. What is the most that he can pay for the property if he wants his money to earn 12%?
  2. $103,680
  3. $864,000.
  4. $72,000
  5. $36,000
A
  1. $864,000.
    Rationale – $103680 divided by 12% equals $864,000
    You get 103 680 from multiplying 360×12×24 = 103,680
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25
Q
  1. And the owner has a property showing a monthly net income of $3000. You fill that a 10% rate of return for his type of investment is appropriate. You would expect the property to be valued at:
  2. $270,000
  3. $300,000.
  4. $330,000
  5. $360,000
A
  1. $360,000

Rationale. 3000×12 = 36000÷10 percent equals $360,000

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26
Q
  1. What type of mortgage plan may permit a builder/developer to obtain the release of lots, one at a time, as they are developed?
  2. Package mortgage
  3. Blanket mortgage
  4. Open – and mortgage
  5. Hardmoney mortgage
A
  1. Blanket mortgage
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27
Q
  1. In an installment land contract of sale, a buyer is considered to be a:
  2. Prospective owner
  3. Attendant for term of years
  4. The tenant in common
  5. And equitable owner
A
  1. And equitable owner
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28
Q
  1. The mortgage secured by 2 or more parties is called:
  2. A package mortgage
  3. A blanket mortgage
  4. And open – and mortgage
  5. They reversed mortgage
A
  1. A blanket mortgage
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29
Q
  1. FHA mortgage insurance covers:
  2. Fire damage
  3. Fire and wind damage
  4. Fire wind and flood damage
  5. Deficiencies caused by mortgagors default
A
  1. Deficiencies caused by mortgagors default
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30
Q
  1. A purchase money mortgage is
  2. Used in installment contract transaction
  3. A partial release of the first mortgage
  4. Used to the secure consumer loans
  5. Any loan used to purchase the property
A
  1. Any loan used to purchase the property
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31
Q
  1. The best way for lender to avoid a tax is to:
  2. Requires the borrower to place sufficient money in a tax escrow account
  3. Required to borrow to provide proof of payment for taxes
  4. Required the treasurer to notify the lender should taxes not be paid
  5. Increase the loan amount so that the lender can pay the taxes when due
A
  1. Requires the borrower to place sufficient money in a tax escrow account
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32
Q
  1. A renter would not be protected by fair housing laws if:
  2. He suffers from AIDS
  3. He was born in Canada
  4. He has been convicted of using drugs
  5. He has been convicted of selling drugs
A
  1. He has been convicted of selling drugs
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33
Q
  1. When the mortgagor pledges the real property as security for a loan without giving up possession, this is called:
  2. Security
  3. Repossession
  4. Hypothecation
  5. Subordination
A
  1. Hypothecation
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34
Q
  1. Which deed conveys the most interested real estate?
  2. General warranty deed
  3. Special warranty deed
  4. Bargain and sale deed
  5. they all convey the same interest
A
  1. they all convey the same interest
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35
Q
  1. Two sisters want to buy property together, but upon their death, they want their own children to inherit their particular interest. They would take title ask:
  2. Tenancy in common
  3. Tenancy and severalty
  4. Tenancy by entirety
  5. Joint Tenancy
A
  1. Tenancy in common
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36
Q
  1. Two unmarried people want to buy property together and want to make sure that one’s death, the other receives the entire state. They would take this title as:
  2. Tenancy in common
  3. Tendency in Severalty
  4. Tenencia by entirety
  5. Joint tenants
A
  1. Joint tenants
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37
Q
  1. Real estate is defined as:
  2. Land improvements made to land
  3. Land and personality
  4. Land and airspace directly above the land
  5. Land in mineral rights only
A
  1. Land improvements made to land
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38
Q
  1. The right of survivorship feature is usually found in:
  2. Severalty ownership
  3. Tenancy in common
  4. Joint tenancy
  5. Legal tendency
A
  1. Joint tenancy
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39
Q
  1. The purpose of a master plan is to:
  2. Restrict housing to certain developers
  3. Provide for orderly future growth
  4. To prevent subdivision scams
  5. To override zoning laws
A
  1. Provide for Orderly future growth
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40
Q
  1. The statement by a broker that, this is the best house in the neighborhood is probably:
  2. A misrepresentation
  3. Steering
  4. Puffing
  5. Illegal
A
  1. Puffing
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41
Q
  1. And which of the following must be occupants in a building be stockholders of the corporation that owns the building:
  2. A cooperative
  3. A condominium building
  4. A stockholder it’s Association
  5. A limited liability company
A
  1. A cooperative
42
Q
  1. The purchase of real estate by group which involves one or more sponsors or promoters and two or more investors is called a:
  2. Subdivision
  3. Timeshare
  4. Syndication
  5. Group investment club
A
  1. Syndication
43
Q
  1. The amount a lender may charge for statement required by RESPA is
  2. Nothing
  3. $50.0
  4. $100
  5. Actual costs
A
  1. Nothing
44
Q
  1. The cost approach is based upon:
  2. The value of land under existing use only
  3. Reproduction or replacement cost
  4. Accelerated depreciation
  5. Income capitalization
A
  1. Reproduction or replacement cost
45
Q
  1. Net listings are illegal in many states because:
  2. They are unfavorable to brokers
  3. They give rise to inflated sales price
  4. They could encourage your broker to be dishonest
  5. They violate antitrust laws
A

3 They could encourage your broker to be dishonest

46
Q
  1. High leverage results in:
  2. High returns relative it to escrow
  3. High returns relative to equity
  4. Low returns relative to equity
  5. Low risk of foreclosure
A
  1. High returns relative to equity
47
Q
  1. In appraiser in his work:
  2. Fines value
  3. Determines value
  4. Computes value
  5. Estimates value
A
  1. Estimates value
48
Q
  1. In appraiser looks in a house that is good condition and well-kept. Other homes on the street have junk cars and uncut yards. This is an example of a/and:
  2. Physical deterioration
  3. Functional deterioration
  4. Economic obsolescence
  5. Intrinsic depreciation
A
  1. Economic obsolescence
49
Q
  1. Which of the following sales results is the highest leverage: sale a: buyer purchases a house for $100,000 and gets a new loan for $95,000
    sale be: the buyer purchases a house for $100,000 and gets first loan for $50,000 and an owner carry loan for $30,000
    sale c buyer gets first alarm for $900,000 on a $1 million purchase price
  2. Sale A
  3. Sale B
  4. Sale A and B
  5. Sale C
A
  1. Sale A
    Rationale sale a 95% leveraged
    sale be 80% my reached several’s sale see is 90%
50
Q
  1. Which type of lease would a lessee pay fire insurance?
  2. Percentage lease
  3. Triple – net lease
  4. Graduated payment lease
  5. Gross lease
A
  1. Triple – net lease
51
Q

Blank card

A

Blank card

52
Q
  1. The person AJ leased the property to M for 10 years. The next day AJ sells the property to S. Which of the following is true:
  2. M leasehold is terminated by operation of law
  3. S has an option to not except M lease.
  4. M may not voluntarily terminate the least
  5. M,’s leasehold is not affected
A
  1. Ms leasehold is not affected
53
Q
  1. If an agricultural lease is terminated unexpectedly, the tenant farmer May:
  2. Seek restitution
  3. Recover appurtenances at or after harvest
  4. Recover the emblements
  5. Seek accord and satisfaction
A
  1. Recover the emblements
54
Q
  1. To whom does a sub leasee pay rent in a sublease?
  2. Sublessor
  3. The lessor
  4. The landlord
  5. The broker
A
  1. Sublessor
55
Q
  1. And comparative market analysis will indicate:
  2. The cost of the house
  3. The appraisal of the house
  4. The most probably sales price of a house
  5. The loan – to value ratio
A
  1. The most probably sales price of a house
56
Q
  1. An improvement location certificate would most likely reveal:
  2. Easements of the property
  3. Claims of competing titleholders
  4. Adverse soil conditions
  5. Encroachments
A
  1. Encroachments
57
Q
  1. All metes and bounds legal description start and end at:
  2. A baseline
  3. A point of beginning
  4. A survey beacon
  5. A coordinate
A
  1. A point of beginning
58
Q
  1. A broker who is negotiating a sale involving a seller – assisted down payment should work with all but one of the following in relation to his down payment:
  2. Title insurance company
  3. Appraiser
  4. Multi list system
  5. Tax counsel
A
  1. Multi -list system
59
Q
  1. Which of the following would be an example of a legal nonconforming use?
  2. Building a house able to withstand windspeeds of 100 mph when does only requirement is 80 mph
  3. Being allowed to exceed the height restriction in the zoning laws of a residential neighborhood
  4. Being allowed to continue for a residential use as land formally zoned for residential use which has recently been refined as commercial use
  5. Using a residential property as an office
A
  1. Being allowed to continue for a residential use as land formally zoned for residential use which has recently been refined as commercial use
60
Q
  1. L agrees to buy a house from person F for cash and makes a written offer. However, person F after deciding to change the day of the closing in their counter offer. As a result:
  2. The offer is terminated by counter
  3. The original offer is amended
  4. The contract has been extended
  5. No offer exists
A
  1. The offer is terminated by counter
61
Q
  1. What is the benefit to the lessee in a commercial sale/lease back:
  2. Depreciation of the buildings
  3. Appreciation of the property
  4. Is your financial improvements
  5. Deductibility of rent on tax purposes
A
  1. Deductibility of rent on tax purposes
62
Q
  1. A lease based on gross sales is called:
  2. Percentage lease
  3. A gross lease
  4. The net lease
  5. A sales lease
A
  1. Percentage lease
63
Q
  1. The best way to describe a novation is:
  2. A first contract between the seller and the buyer
  3. A method of claiming liquidated damages
  4. A new contract which substitutes for a new contract
  5. And appraisal technique used for new houses
A
  1. A new contract which substitutes for a new contract
64
Q
  1. An unlicensed person selling his/her own home I do all but which of the following:
  2. Advertise that the home will only be sold to certain religion
  3. Write a contract to buy and sell
  4. Insisted the buyer assumes the existing loan
  5. Check the buyer’s financial history
A
  1. Advertise that the home will only be sold to certain religion
65
Q
  1. In real estate practice, a variance is best described as:
    - . A change in the purchase price of the house
  2. An amendment to title
  3. Permission to deviate from a setback requirement and zoning laws
  4. A term used in calculating an average
A
  1. Permission to deviate from a setback requirement and zoning laws
66
Q
  1. The annual report of XYZ mortgage company, is issued as a requirement of the home mortgage disclosure act, shows a pattern of numerous loans made in one area of the city and very few made in another area. The XYZ company lending patterns might constitute:
  2. redlining
  3. Blockbusting
  4. Steering
  5. Usury
A
  1. redlining
67
Q
  1. A homebuyer wants to borrow $100,000. The lender quotes on loan origination fee of one point plus alone discount be a full one point. What size long must be obtained to pay the two points and still leave $100,000?
  2. $96,000
  3. $102,041
  4. $104,000
  5. $102,000
A
  1. $102,041.
68
Q
  1. Taxes of $924,065 are due January 1 of each year. If pay before January 31, a discount of 2 1/2% is allowed. T pays his taxes of January 26. What amount does T pay?
  2. $804
  3. $901.53
  4. $893.
  5. $782
A
  1. $901.53
69
Q
  1. Which of the following would most likely result in a contract being declared void?
  2. One of the parties is a convicted drug dealer
  3. One of the parties is a 16-year-old high school student
  4. One of the parties has been certified by a court as insane
  5. Both parties
A
  1. One of the parties has been certified by a court as insane
70
Q 
70. A property generate an income of $7000 per quarter. Maintenance expenses are $300 per month in taxes are $1,600 per year. If the property is worth $190,000 what is the rate of return? 
One. 12%
Two. 11% 
three. 10%
Four. 9%
A 
One. 12%
Rationale – 
7000 times 4 equals 28,000
300×12 = 3600
Taxes are 1600
Add those three together and you get 22,800÷190,000 equals .12
71
Q
  1. Property has a net income of $30,000. An appraiser decides to use a 12% capitalization rate as opposed to a 10% rate. Use of the higher rate results in:
  2. A 2% increase in appraised value
  3. A $50,000 increase in appraised value
  4. A $50,000 decrease in appraised value
  5. No change in the appraised value
A
  1. A $50,000 decrease in appraised value
72
Q
  1. M takes out a $50,000 loan and agrees to pay interest for the next five years in the amount of $35,000. Then, at the end of five years, m will pay a final payment of $50,000. What type of loan is this?
  2. Amortized loan
  3. Blanket loan
  4. Partially amortized loan
  5. Term loan with a balloon payment
A
  1. Term loan with a balloon payment
73
Q
  1. A person has Equitable title when?
  2. The terms of the contract are fair and equitable
  3. The buyer has purchased land in his pain the seller and 60 equal installments before the title is transferred
  4. The closing has taken place about the buyer is entitled to claim damages due to non-disclosure of a leaking roof
  5. The closing has taken place and the date has been delivered and recorded
A
  1. The buyer has purchased land in his pain the seller and 60 equal installments before the title is transferred
74
Q
  1. The business operation, with the non-recourse clause in their mortgage, is foreclosed by a lender. The lender failed to get enough from the sale to cover the total debt. Therefore, the lender is entitled to:
  2. Get a deficiency judgment
  3. Only money received from the sale
  4. Get a deficiency judgment from the business only
  5. All the money they are owed from the owners of the business
A
  1. Only money received from the sale
75
Q
  1. A person buys a house for $150,000 with $50,000 down and obtains a loan for $100,000. She/he pays interest and some principal for five years on the note and $70,000 in one lump sum at the end of five years. This is an example of :
  2. Amortized loan
  3. A graduated loan
  4. A term loan
  5. A partially amortized loan
A
  1. A partially amortized loan
76
Q
  1. In a buyer of a home wanted to include in terms of the mortgage the financing of such items as a stove, refrigerator or air conditioner, the mortgage used would be and:
  2. Open mortgage
  3. Security mortgage
  4. Package mortgage
  5. Hard money loan
A
  1. Package mortgage
77
Q
  1. Provisions for the cancellation of a mortgage when it is paid up are found in the:
  2. Alienation clause
  3. Foreclosure clause
  4. Acceleration clause
  5. Defeasance in this clause
A
  1. Defeasance in this clause
78
Q
  1. Regulation Z requires disclosure of credit information regarding all the following except:
  2. Finance charges
  3. APR
  4. Discount points
  5. Real estate commissions
A
  1. Real estate commissions
79
Q
  1. E paste 2% of his total gross sales volume in rent, with a minimum base rent of $1000 per month. In the past year, his sales told him $435,000. How much rent does he pay?
  2. $8460
  3. $8700
  4. $12,000
  5. $20,700
A
  1. $20,700
80
Q
  1. The term quiet title refers to:
  2. The deposit of a title with an escrow agent
  3. A mortgage yours Reagan link wishing of a title after foreclosure
  4. The removal of the cloud on a title by the court action
  5. A title insurance company search of a title
A
  1. The removal of the cloud on a title by the court action
81
Q
  1. Which legal description identifies property with lot and block?
  2. Metes and bounds
  3. Recorded plat
  4. US government survey
  5. Rectangular survey system
A
  1. Recorded plat
82
Q
  1. The custom – built appliance which is placed permanently in a specially built recess in a residence is:
  2. Personal property
  3. Personalty
  4. A trade fixture
  5. A fixture
A
  1. A fixture
83
Q
  1. The future interest retained by the grantor of a life estate is a:
  2. Remainder interest
  3. Reversionary interest
  4. Defeasible interest
  5. Tenancy at sufferance
A
  1. Reversionary interest
84
Q
  1. Horizontal Township lines are known as
  2. Tiers
  3. Layers
  4. Parallels
  5. Ranges
A
  1. Tiers
85
Q
  1. Which of the following is never considered a fixture
  2. Swimming pool
  3. Deck
  4. Land
  5. Fireplace
A
  1. Land
86
Q
  1. In a new loan closing, how do you enter the payoff and Existing loan amount on the settlement sheet?
  2. Debit the seller
  3. Credit the seller
  4. Debit the buyer
  5. Credit the broker
A
  1. Debit the seller
87
Q
  1. Which of the following would be an easement by necessity?
  2. A driveway through a neighbors property which provides the only access to a public street
  3. A right-of-way which provides an alternative, but not the only means of access, to a public street
  4. The right to remove soil from the neighbors property
  5. Right to camp for the weekend on the neighbors property
A
  1. A driveway through a neighbors property which provides the only access to a public street
88
Q
  1. The cost approach includes all the following except:
  2. Labor cost
  3. Building material costs
  4. Capitalization rate
  5. Accrued depreciation
A
  1. Capitalization rate
89
Q
  1. And selecting a capitalization rate for an income producing property, the appraiser will consider all of the following except:
  2. Return on investment capital
  3. Risk factors
  4. Interest expense on borrowed capital
  5. Return on invested capital
A
  1. Interest expense on borrowed capital
90
Q
  1. Which of the following would terminate a listing contract?
  2. The death of the buyer
  3. The death of a director of a corporate employing broker
  4. The death of the seller
  5. The bankruptcy of the buyer
A
  1. The death of the seller
91
Q
  1. The appraisal on a quality single-family residence would be the least influence by:
  2. Projected rental income
  3. It’s location
  4. Recent comparable sales
  5. It’s floorplan
A
  1. Projected rental income
92
Q
  1. Which method would be used to determine the present value of future income?
  2. Income approach
  3. Cost approach
  4. Quantity survey method
  5. Market comparison method
A
  1. Income approach
93
Q
  1. What is the loan amount on a sale about $200,000 home with the loan to value ratio of 80percent.?
  2. $40,000
  3. $160,000.
  4. $128000
  5. $180,000
A
  1. $160,000.
94
Q
  1. When a property is sold, the lease:
  2. Is not affected
  3. Is automatically canceled
  4. Terminates the closing
  5. Continues only at the new buyers agree
A
  1. Is not affected
95
Q
  1. A provision contained in a two-year lease states that should the tenant retain possession after expiration of the lease, it will be on a month – two – month basis with a 50% increase in rent. This provision is intended to discourage a:
  2. Lease renewal
  3. Lease extension
  4. Tenancy at sufferance
  5. Surrender of the premises
A
  1. Tenancy at sufferance
96
Q
  1. Which of the following is true regarding liability for rental payments under an assignment of the lease?
  2. The assignee becomes primary liable under the lease and the assignor is released
  3. The assignor remains liable under the lease
  4. The assignee becomes primarily responsible under the lease and the assignor retain secondary liability.
  5. The assignee is liable only two and a signer and the assignor is liable to the lesser
A
  1. The assignee becomes primarily responsible under the lease and the assignor retain secondary liability.
97
Q
  1. AJ has a leasehold for five years. AJ is be the right to possess the property for one year. This is called a:
  2. Assignment
  3. Sublease
  4. Novation
  5. Partition
A
  1. Sublease
98
Q
  1. Person J has a 2 acre tract of land that she is subdividing into lots. She plans to make each lot 60’ x 190’ in depth. If you provide a straight 28 feet wide by 210 feet in depth, how many full lots will J be able to market?
  2. Seven lots
  3. Six slots
  4. Nine lots
  5. 10 lots
A
  1. Seven lots

2 acres is 87,120 feet -5880 feet equals 81,240 feet divided by 11,400 feet equals 7.1

98
Q
  1. A and J entering into a lease agreement. A agrees to pay J $1500 per month for leasing an apartment for 18 months. The lease is silent as to when the rent is due, then it is due:
  2. At the beginning of each month
  3. At the end of each month
  4. The lease is voided due to uncertainty
  5. At the discretion of A
A
  1. At the end of each month
100
Q
  1. J gives a tenancy at will. If J dies, what effect does this have on the tenancy?
  2. The tenancy is terminated by Jay’s death
  3. The tenancy is not affected by the death of Jay
  4. The new owner must take the title subject to the tendency
  5. By escheat, the property encumbered by the tenancy at will pass to Jay’s heirs
A
  1. The tenancy is terminated by J’s death
101
Q
  1. A grants J a life estate in a property and the remainder to PJ. He then leaves the property to M for five years. Which of the following is true?
  2. Ms lease is void
  3. J has committed waist and a life estate automatically comes to P
  4. M has a tenancy which terminates at J’s death
  5. M has a co-tenancy with J and P
A
  1. M has a tendency which terminates at Jay’s death

Real Estate Exam (21 decks)

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