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Real Estate Exam > Final Examination 303 – National Sample Broker Examination > Flashcards

Final Examination 303 – National Sample Broker Examination Flashcards

1
Q 
1. The term season may refer to which of these? 
A. Defeasible fee 
B. Easement appurtenant 
C. General warranty deed 
D. Prior appropriation water rights
A

C. General warranty deed

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2
Q 
2. Which of these is always in heritable? 
A. A freehold estate 
B. Leasehold estate 
C. A fee simple estate 
D. An encumbrance
A

C. A fee simple estate

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3
Q 
3. Executed means that the contract has been: 
A. Drawn and is ready for signature 
B. Enforced in court action 
C. Set aside as invalid 
D. Completed
A

D. Completed

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4
Q
  1. A father dies and leaves a large piece of investment property equally to all of his children -vacant land. During the probate proceedings, it is discovered that the father did not on the property alone; he had only 50% undivided interest and with another investor as tenants in common. What
    will be the disposition of the property?
    A. The children will get nothing since the property is not inheritable unless own out right by the father
    B. The children will each and inherit there proportional shares but only of the fathers half
    C. The children will each inherit their proportional shares but not until the other investor dies.
    D. The children will each inherit their proportional shares of the entire parcel
A

B. The children will each inherit their proportional shares but only of the fathers half .

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5
Q 
5. D has adversely possessed the land parcel in Idaho for 25 years, which is the prescribed. For claiming the adverse possession in the state. D now wants to perfect ownership. What is the next step? 
A. By title insurance
B. Get a deed from the County recorder 
C. File a suit to quiet title 
D. He has already perfected ownership
A

C. File a suit to quiet title

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6
Q
  1. A history of all instruments on record affecting J’s land is called a: A. Torrenscertificate
    B. Abstract of title
    C. Title insurance policy
    D. Novation
A

B. Abstract of title

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7
Q 
7. What is the value of a property where the gross rent multiplier is 170 and the annual rent is 12,000: 
A. $175000 
B. $175,500 
C. $174,000 
D. $170,000
A

D. D. $170,000

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8
Q
  1. Which of these terms does not relate to condominiums?
    A. Proprietary lease
    B. Horizontal property act
    C. Common elements
    D. Conditions, covenants and restrictions
A

A. Proprietary lease

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9
Q 
9. An easement allowing access to one's landlocked parcel Overland between a road and the parcel would be an: 
A. Easement apartment 
B. Easement in gross 
C. Easement by necessity
D. Easement by prescription
A

C. Easement by necessity

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10
Q 
10. The power of a city to require permits in compliance with building code is:
 A. Eminent domain 
B. Taxation 
C. Police power 
D. Escheat
A

C. Police power

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11
Q 
11. A state government has a department called the Bureau of unclaimed property to manage property for which no owner can be located this is most closely related to the power called: 
A Taxation 
B. ESCHEaT
C. Police power 
D. Regulation
A

B. ESCHEaT

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12
Q
  1. Which use would not likely be able to claim imminent domain to obtain land?
    A. Location of a new school by the school district
    B. Expansion of airport
    C. Expansion of a plant facility by the largest employer in the city
    D. Climbing easements for utility line installation
A

C. Expansion of a plant facility by the largest employer in the city

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13
Q
  1. If the owner of a commercial property makes major modifications to the interior structure of the property without obtaining the proper approval of the local building department, what is the worst thing that could happen?
    A. The local officials may require the owner to obtain permits and inspections of the improvements.
    B. The local officials may require the owner to pay various fines for violating local ordinance.
    C. The local officials may require the modifications to be removed
    D. The local officials may force the owner to sell the property
A

C. The local officials may require the modifications to be removed

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14
Q
  1. A seller who carries back in interest – only note on the sale of his home and rolls over the entire profit into a new palm claims:
    A. No additional income on his tax return
    B. An exemption from tax for the interest received
    C. The added income can be also rolled into the new home and deferred
    D. Added income to the extent of interest received
A

D. Added income to the extent of interest received

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15
Q 
15. Which of these would appear in a title search of the property? 
A. Property taxes 
B. Zoning 
C. Certification of occupancy 
D. Deed restrictions
A

D. Deed restrictions

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16
Q 
Which event will cause a tax – D furred exchange to become parsley taxable? 
A. Trading to a higher value property 
B. Paying extra cash in the exchange 
C. Debt relief 
D. Trading land for rental home
A

C. Debt relief

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17
Q 
17. A special type of zoning that allows the builder to use little or no traditional setback while  still complying with density requirements and often found in planned unit development is: 
A. Cluster zoning 
B. Spot zoning 
C. Nonconforming use
D. Zoning variance
A

A. Cluster zoning

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18
Q 
18. Which discrimination is allowed by the 1968 fair housing law? 
A. Race
B. National origin 
C. Source of income 
D. Sex
A

C. Source of income

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19
Q
  1. Which area of adjustment in appraisal would be the easier to quantify under a paired sales analysis?
    A. Recency of sale
    B. Proximity to the subject
    C. Physical features
    D. Terms of sale or circumstances of sale
A

C. Physical features

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20
Q 
20. A tax rate of seven Mills can be expressed as: 
A. 0.007 
B. 7% 
C. Seven dollars per hundred dollars 
D. Seven dollars per thousand dollars
A

D. Seven dollars per thousand dollars

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21
Q 
21. If the seller is caring the financing for a buyer for several years, the IRS wants assurance that the interest rate on that note is not below market rates. These rules are dressed under the concept of:
A. Installment sales 
B. Imputed interest 
C. Tax-free exchange is 
D. Passive income
A

B. Imputed interest

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22
Q 
22. A statement of compliance with fair housing laws is required in every brokers office in the form of a: 
A. License 
B. Signed disclosure statement 
C. Brochure 
D. Poster
A

D. Poster

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23
Q 
23. Which term does not deal with taxation? 
A. Equalization 
B. Assessment 
C. Ad valorem 
D. Prior appropriation
A

D. Prior appropriations

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24
Q
  1. Which of the special assessments would not be assessed on and ad valorem basis
    A. A special assessment to cover the cities liability of lawsuit
    B. A special assessment to build a factory
    C. As special assessment for sidewalks
    D. A special assessment to build a playground
A

C. As special assessment for sidewalks

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25
Q
  1. Which of these brokerage functions would be performed by a broker when the brokerage is closing its own transaction
    A. Preparing a 1099S for the seller s property
    B. Preparing a 1099 – MISC for each commission on each transaction
    C. Preparing the regulation Z disclosure
    D. Pain a sales person advertising and board dues out of the commission due to the sales person
A

A. Preparing a 1099S for the seller s property

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26
Q
  1. Is a man who refuses to sell a home a buyer because she is white violating the law?
    A. Yes
    B. Yes, unless he can claim an exemption under the 1968 fair housing act
    C. No because it is an owner occupied
    D. No, If the broker is used
A

A. Yes

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27
Q
  1. Which of these is correct regarding taxation?
    A. A tax assessed equally on all property despite the value is and ad valorem tax
    B. A tax assessed to property according to its value is an ad valorem.
    C. A paving assessment charged at $28 per foot would be ad valorem.
    D. The recording fee of five dollars for the full-page of a document and one dollar for each page additional is an ad valorem in nature
A

B. A tax assessed to property according to its value is an ad valorem.

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28
Q
  1. What’s exchange will not qualify as like kind IRS code section 1031?
    A. Rental home for the vacant land
    B. Personal residence for a rental home
    C. Four Plex for two rental homes
    D. 20 unit apartment building for $35,000 square-foot house office building
A

B. Personal residence for a rental home

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29
Q
  1. P wants to buy a home using VA eligibility, if any. Having a VA entitlement and wishing to buy a home, P May:
    A. Purchase a home with a required minimum down payment
    B. Obtain a second mortgage to cover the cost of closing the VA loan
    C. Not pay the discount points charge by the lender that makes the loan
    D. Obtain hundred percent financing for new home
A

D. Obtain hundred percent financing for new home

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30
Q 
30. Which of these kids basic employment to an area? 
A. Real estate offices 
B. A military base 
C. Grocery stores 
D. Gas stations
A

B. A military base

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31
Q 
31. Which appraisal approach is appropriate to estimate the repairs needed to a restaurant after a fire?
 A. Cost 
B. Market data 
C. Income 
D. Building residual  technique
A

A. Cost

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32
Q
  1. Which factors most harmful to be used for a comparable?
    A. The comp was sold 14 months ago B. The car garage on the subject versus a carport on the comp
    C. 10000 square-foot lot on the subject versus 8000 on the comp
    D. Construction by two different builders
A

A. The comp was sold 14 months ago

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33
Q 
33. The purchaser has made an earnest money deposit in the agreement, and the buyer and seller have a grade that the seller is to hold it until close of escrow. The proper entry on the closing statement is:
A. Debit buyer and credit seller 
B. Credit buyer and debit seller 
C. Credit buyer and credit seller 
D. Debit buyer and credit seller
A

B. Credit buyer and debit seller

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34
Q
  1. Which of these is correct about FHA loans?
    A. FHA will she insurer up to the lesser of the appraised value of sales price
    B. The FHA appraisal is called a certificate of reasonable value
    C. The payment on the FHA loan can be principal and interest only
    D. FHA loans originated prior to 12 – 15–89 are fully and freely assumable; on any originated after that date qualifying is required to assume
A

D. FHA loans originated prior to 12 – 15–89 are fully and freely assumable; on any originated after that date qualifying is required to assume

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35
Q 
35. Which of these is not a reason for E to request an appraisal? 
A. To obtain a loan 
B. To settle an estate 
C. To determine market price 
D. To arrive at a basis for taxation
A

C. To determine market price

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36
Q 
36. If property has increased in value two $82,000 today from its cost of $27,000 what is the annual appreciation rate assuming the property was purchased 11 years ago? 
A. 18.5% 
B. 55% 
C. 66% 
D. 204%
A

A. 18.5%

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37
Q 
37. A building is valued at $1,250,000. If the monthly gross rents are $13,020, 
What is the gross income multiplier?
A. 1% 
B. 8
C. 12.5% 
D. 96
A

B. 8

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38
Q
  1. An appraisal represents:
    A The market value of property as of the date of the appraisal
    B. The opinion of the value of the property on the date of appraisal inspection
    C. The maximum loan available on a piece of property
    D. The market price of property
A

B. The opinion of the value of the property on the date of appraisal inspection

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39
Q
  1. The property is encumbered by at first mortgage, a second mortgage, a third mortgage, and tax lien. The second mortgage forecloses and a third mortgagee buys the property at the foreclosure sale. Who owns the property subject to which, if any, remaining liens?
    A. Owner – third mortgagee. Remaining liens – first, second and tax
    B. Owner – third mortgagee. Remaining liens – free and clear
    C. Owner – second mortgagee remaining liens – first and third
    D. Owner – third mortgagee. Remaining liens – first and tax
A

D. Owner – third mortgagee. Remaining liens – first and tax

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40
Q 
40. Regulation Z deals with disclosure of: 
A. Housing policy
B. Closing cost 
C. Costs of credit 
D. Agency representation
A

C. Costs of credit

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41
Q 
41. An appraiser is examining the subdivision lay out and proximity to shopping schools. For which part of the appraisal is this relevant? 
A. Neighborhood analysis 
B. Site analysis 
C. Preliminary title profile 
D. Comparative market analysis
A

A. Neighborhood analysis

42
Q 
42. J has mortgage in which he received regular monthly payments from the mortgagee. What type of loan does J have? 
A. Open – end mortgage 
B. Construction mortgage 
C. Reverse annuity mortgage 
D. Shared equity mortgage
A

C. Reverse annuity mortgage

43
Q 
43. An agreement between two lenders with the same property as collateral agreed to change the priority other lien is a: 
A. Subrogation agreement 
B. Subordination agreement 
C. Subliminal agreement 
D. Substitution agreement
A

B. Subordination agreement

44
Q
  1. Foreclosure by mortgage Company Inc. Would not be triggered by which event?
    A. The borrower fails to make payments
    B. The borrower lets the insurance lapse
    C. The borrower fails to pay the taxes
    D. The borrower fails to pay income taxes on income derived
A

D. The borrower fails to pay income taxes on income derived

45
Q 
45. The seller has received prepaid rants on the property in the amount of $450. The closing date is the 15th of the month. Which of these is the proper entry on the closing statement
A. Debit seller $225 credit buyer $225 
B. Debit buyer $225 credit seller $225 
C. Credit each $225 
D. Debit each $225
A

A. Debit seller $225 credit buyer $225

46
Q
  1. Which of these is a distinction between mortgages and deeds of trust?
    A. A mortgage has a mortgage your, mortgagee and a trustee
    B. A deed of trust has a trustor and a trusty only
    C. There is no note with a Deed of trust
    D. The re-conveyance clause is found only in a deed of trust
A

D. The re-– conveyance clause is found only in a deed of trust

47
Q
  1. Which transaction is not covered by the consumer credit protection act?
    A. A residential loan of more than $250,000
    B. A loan on a cooperative
    C. Alone for $20,000 to buy about
    D. A shopping center loan
A

D. A shopping center loan

48
Q
  1. Jay has owned his home for six years. He has signed these documents: mortgage, escrow instructions, declaration of Homestead, second mortgage to finance a room addition. Which Federal law requires that Jay be informed of APR?
    A. Real estate settlement protection act, regarding the escrow accounts
    B. Equal credit opportunity act, regarding the first mortgage
    C. Regulation Z, regarding the second mortgage
    D. A fair housing act of 1968, regarding Homestead
A

C. Regulation Z, regarding the second mortgage

49
Q
  1. The buyer has agreed to assume the prepaid insurance on the property and the amount of $382. The policy expires next June 30, and the close of the escrow is October 22, 1991. Using a 360 day year for prorating, what is the correct entry on the closing statement?
    A. Credit buyer $263.16, debit seller $263.16
    B. Credit seller $118.84, debit buy her $118.84
    C. Debit seller $188.84, credit buyer $118.84
    D. Debit buyer $263.16, credit seller $263.16
A

D. Debit buyer $263.16, credit seller $263.16

50
Q
  1. For brokers meet to assign market segments so each can specialize in a certain price range this is:
    A Allowed provided the state real estate division approves the arrangement
    B. Illegal because of the federal antitrust laws
    C. Allowed provided there is nothing in writing between the two brokers
    D. Illegal under fair housing law
A

B. Illegal because of the federal antitrust laws

51
Q 
51. Regulation Z addresses all of these lending issues except: 
A Loans to small corporations 
B. Car loan $15,000 
C. APR 
D. Advertising prices and down payments
A

A Loans to small corporations

52
Q 
52. Jay has offered property as collateral for a loan but maintains possession of the property. This is the example of: 
A. Novations 
B. Subordination 
C. Hypothecation 
D. Defeasance
A

C. Hypothecation

53
Q 
53. What agency ensures compliance with real estate settlement procedures act? 
A. HUD 
B. FHA 
C. FNMA
D. FTC
A

A. HUD

54
Q
  1. A brokers duties include:
    A. A fiduciary duty to the principal
    B. A fiduciary responsibility to the sales people
    C. I fiduciary relationship to third parties
    D. Join in the Board of realtors
A

A. A fiduciary duty to the principal

55
Q 
55. Which of these is not prorated at closing of an assumption sale? 
A. Mortgage impact or escrow account 
B. Property taxes 
C. Homeowners insurance 
D. Homeowners association fee
A

A. Mortgage impact or escrow account

56
Q
  1. The buyer and seller have a grade to an assumption of the existing first deed of the trust, and the seller has agreed to carry back the second deed of trust. The proper entries on the closing statements are:
    A. Credit seller for both loans, debit buyer for both loans
    B. Debit seller for both loans, credit buyer for both loans
    C. Debit seller for the assumption, credit seller for the carryback
    D. Credit buyer for the assumption, debit buyer for the carry back
A

B. Debit seller for both loans, credit buyer for both loans

57
Q 
57. The seller has 320 gallon fuel oil tank that is 70% full of the day of closing. The buyer had agreed to pay for the remainder of the oil in the tank. Current fuel oil prices $1.12 per gallon. What is the amount of the adjustment at closing?
A. $358.40 debit to the buyer
B. $358.40 credit to the seller 
C. $250.88 credit to the buyer 
D. $250.88 debit to buyer
A

D. $250.88 debit to buyer

58
Q
  1. And encouraging salesperson productivity, a strong broker would:
    A Give the associates great autonomy and avoid interfering with their business
    B. Require associates to attend every sales meeting
    C. Provide programs to motivate Associates, such as special classes and marketing strategy sessions
    D. Meet with the associates at least weekly and a one on one session
A

C. Provide programs to motivate Associates, such as special classes and marketing strategy sessions

59
Q
  1. Which of these is not subject to compliance with the real estate settlement procedures act RESPA?
    A. A purchase money loan from the seller
    B. An FHA loan
    C. A conventional mortgage from first interstate bank
    D. Along from Nantucket Federal savings
A

A. A purchase money loan from the seller

60
Q 
61. A 15 year mortgage paid and released is: 
A. Aleatory 
B. Unilateral 
C. Executory 
D. Executed
A

D. Executed

61
Q
  1. A broker who employs more than 10 sales people must:
    A. Provide state of the art computers, communications and information to the sales people
    B. Provide consultations to sales people on retirement plans and income tax issues affecting the self-employed
    C. Be responsible for the conduct of sales people
    D. Provide health insurance and life insurance benefit to the full-time employed sales people
A

C. Be responsible for the conduct of sales people

62
Q 
63. Which of these is specific statutory lien? 
A. General lien 
B. Mechanics lien 
C. IRS Lien
D. Judgment lien
A

B. Mechanics lien

63
Q 
64. Of Vandy to contract for deed assigns her interest in the contract to an assignee with the vendor agreeing to release the assignor of all liability on the contract. What term best describes what has happened? 
A. Assignment of the parties 
B. Substantial performance 
C. Mutual agreement 
D. Novation of the parties
A

D. Novation of the parties

64
Q
  1. Changes to a contract in escrow
    A. Can never be made
    B. Should be signed or initialed by both parties
    C. Should be signed by both brokerage firm’s
    D. Should be signed by the escrow agent only after verbal verification by both parties
A

B. Should be signed or initialed by both parties

65
Q 
66. Under which circumstances is an agency terminated with no liability to either party? 
A. The seller has on marketable title 
B. Expiration of the contract
C. Revocation of the principal 
D. Renunciation by the agent
A

B. Expiration of the contract

66
Q 
67. What is the commission rate on the sale of $129,750? The commission was $4541.25
A. 3.5% 
B. 4% 
C. 4.5% 
D. 5%
A

A. 3.5%

$4541.25 divided by 129750 equals .035

67
Q 
68. If a parcel neighboring a list of property has recently been re-zoned commercial – professional, the out of town seller should be notified of the fact because the agents duty of: 
A. Care 
B. Loyalty
C. Disclosure 
D. Due diligence
A

C. Disclosure

68
Q
  1. Which licensee would be construed as an independent contractor of the brokerage?
    A. A sales person in general sales
    B. An assistant manager of the office C. A property manager residing on the property
    D. A licensed assistant working in a clerical capacity for another licensee
A

A. A sales person in general sales

69
Q
  1. Salesperson K of Westside Realty has listed seller R home. Sale person W a East side Realty has a buyer brokerage agreement with buyer Jay. Which statement is correct?
    A. Jay is unrepresented sense this is a dual agency
    B. Kay is Rs principal
    C. R is Westside realties principal
    D. W is an agency of the MLS
A

C. R is Westside realties principal

70
Q
  1. Jay is a broker representing her investor client be, in acquiring a four Plex. Her duty in the transaction is to:
    A. Seek the highest possible price
    B. Solicit as many offers as possible
    C. In sure the seller gets credit for the prorated rents
    D. Seek the lowest possible price
A

D. Seek the lowest possible price

71
Q 
72. The statute of frauds requires that all of these must be in writing in order to be enforceable except: 
A. A deed 
B. A contract of sale 
C. A short term lease 
D. A 99 year lease
A

C. A short term lease

72
Q
  1. Broker Jay has a listing on a large piece of acreage. The lot lines are very irregular and impossible to measure without a complete survey. Jay has heard rumors that the parcel is not as large as the seller believes it to be and that the fence along the back actually encroaches upon the next parcel. Jay is showing the land to prospective purchaser. J should?
    A. Disclose nothing about these problems since it could harm the sellers chances of a sale and that would be a breach of fiduciary duty
    B. Disclose nothing about these problems sent the rumors have not been verified by a survey
    C. Require the seller to have a survey done to verify the acreage
    D. Inform both the buyer and the seller that there may be some questions of survey
A

D. Inform both the buyer and the seller that there may be some questions of survey

73
Q
  1. J listed a home with broker F on exclusive right to sell listing. J sold the property before the listing expired to his brother in law S. Does J owe a commission?
    A. Yes, because the listing provides for him too receive a commission on any sale
    B. Yes, because F tried to sell his home so he should get something
    c. No, because F was not procuring cause of sale
    D. No, because Jay could have let the listing expire and then sold the home
A

A. Yes, because the listing provides for him too receive a commission on any sale

74
Q
  1. Avoid contractors which of these?
    A. A contract made with an illiterate person
    B. A verbal contract of real property
    C. A contract to buy a house that has not been completed and inspected by the building department
    D. A contract to build a building in violation of local building codes
A

B. A verbal contract of real property

75
Q
  1. Which of these contracts it is a non enforceable?
    A. A contract with the minor
    B. An oral contract for the sale of real estate
    C. A contract for the sale of a home on an unrecorded wraparound contract to avoid a due on sale clause
    D. And oral six-month lease
A

A. A contract with the minor

76
Q
  1. Which of these situations would not terminate the listing agreement?
    A. The death of the principal
    B. The destruction of the property
    C. The sale of a neighboring parcel to the county for a proposed airport
    D. The bankruptcy of the broker
A

D. The bankruptcy of the broker

77
Q 
78. Which type of insurance is customary for broker to require of the sales people in the brokerage? 
A. Unemployment insurance 
B. No-fault insurance 
C. Hazard insurance 
D. Errors and omissions insurance
A

D. Errors and omissions insurance

78
Q
  1. A portion of a Township which is square with mile long sides is called
    a. Plat
    B. Blocks
    c. Section
    D. Township
A

c. Section

79
Q 
80. The rights of the landowner to use waters on an adjacent stream or river are: 
A. Zoning rights 
B. Water rights 
C. Littoral rights 
D. Riparian right
A

D. Riparian right

80
Q 
81. The grantors promise to obtain and deliver any instrument needed to make their title good is the covenant of 
A. Seisin 
B. Against encumbrances 
C. Quiet enjoyment
 D. Further assurance
A

D. Further assurance

81
Q
  1. A primary claim or interest anticipated by a title search is a:
    a. Lis Pendens
    B. Lien
    C. Judgment
    D. Cloud
A

D. Cloud

82
Q 
83. Private property that has been abandoned and taken by the government is: 
A Eminent domain 
B. Police power 
C. Escheat 
D. Taxation
A

C. Escheat

83
Q
  1. Title passes from the grantor to the grantee
    A. When the closing begins
    B. When the deed is recorded
    C. When the buyer moves the property
    D. When the seller signs the warranty deed and gives to the buyer
A

D. When the seller signs the warranty deed and gives to the buyer

84
Q
  1. According to rest but, lenders must provide:
    A. A good faith estimate of closing costs within five days
    B. A booklet explaining all the costs involved in owning a home
    C. Maximum amount that will be collected at closing
    D. Minimum amount that will be collected at closing
A

B. A booklet explaining all the costs involved in owning a home

85
Q 
86. All of the following liens must be satisfied in order to transport clear title except: 
A. Federal tax liens 
B. Mechanics liens 
C. Judgments 
D. assumed mortgage
A

D. assumed mortgage

86
Q 
87. A specific lien is: 
A. Judgment 
B. General lien 
C. Mortgage 
D. Income tax lien
A

C. Mortgage

87
Q
  1. The three major evidences of title are:
    A. General warranty, special warranty, abstract
    B. Torrens certificate, General warranty, title insurance
    C. Abstract an opinion, personal representative, title insurance
    D. Abstract an opinion, Torrens certificate, title insurance
A

D. Abstract an opinion, Torrens certificate, title insurance

88
Q 
89. Emblements are considered: 
A. Real property until harvested 
B. Leasehold property 
C. Property of the land 
D. Property of the tenant farmer
A

D. Property of the tenant farmer

89
Q
  1. Crops that are growing in the field on a land purchase contract:
    A. Go with the land because it is attached
    B. Belong to the seller even if the property has closed
    C. Always belong to the buyer
    D. Are negotiated as a part of the contract
A

D. Are negotiated as a part of the contract

90
Q 
91. Jim offers to pay anyone $100 to mow his lawn and trim the bushes. This is neck sample of: 
A. Bilateral contract 
B. License 
C. Implied contract 
D. Unilateral contract
A

D. Unilateral contract

91
Q 
92. I recorded legal document that gives constructive notice that and affecting a certain property has been filed in court: 
A. Habendum clause
B. Estoppel certificate 
C. Lis Pendens
D. General warranty deed
A

C. Lis Pendens
Habendum clause is to have and to hold cause granted to grantee estoppel certificate is a statement from lander to exact payoff for assumption
Lis Pendens is he a note lien notice recorded in public records for future buyers

92
Q 
93. The buyers legal procedure to enforce the contract is
A Injunction 
B. Attachment
 C. Lis Pendens
D. Specific performance
A

D. Specific performance

93
Q 
94. A listing contract under which the brokers commission is contingent on producing a ready, willing and able buyer before the property is sold by another broker or by an owner is a: 
A. Net listing 
B. Exclusive listing s
C. Exclusive right to sell listing 
D. Open listing
A

D. Open listing

94
Q
  1. A contract may be renegotiated after acceptance if the:
    A. Inspection reveals items that need repair
    B. Seller cannot find a suitable replacement property
    C. Appraisal comes in higher than the purchase price
    D. Buyer decides he did not get a good deal
A

A. Inspection reveals items that need repair

95
Q
  1. Per contract, a home inspection is required on
    A. Any home over $100,000
    B. All townhomes, condos and single-family homes
    C. Only single-family homes
    D. Home inspections are not required
A

D. Home inspections are not required

96
Q
  1. An exclusive right to buy contract – buyer agency may:
    A. Not continue for an indefinite period of time
    B. Have a termination date one year from the start date
    C. Involve three or more parties
    D. All of the above
A

D. All of the above

97
Q
  1. On a purchase contract, the following are considered to be parties to the contract:
    A. Buyer, seller
    B. Buyer, seller, brokers
    C. Buyer, seller, brokers, title company
    D. Buyer, seller, brokers, title company, lender
A

A. Buyer, seller

98
Q
  1. A seller hires broker A under the terms of an open listing contract. Broker be would not agree to list under an open listing agreement, so seller enters into an exclusive right to sell listing agreement with broker B. Broker A produces an offer to purchase which is accepted by the seller. The seller must pay:
    A. Full commission to broker A
    B. Focal mission to broker B
    C. Full commission to both broker A and broker B
    D. Full commission to be split equally between broker A and B
A

C. Full commission to both broker A and broker B

99
Q 
100. The law that requires real estate contracts to be in writing to be enforceable is 
A. Statute of frauds
B. Statute of limitations 
C. Law of dissent 
D. Parole evidence rule
A

A. Statute of frauds

100
Q
  1. Broker a listed a property and later found out that the sellers doctor hadn’t declared her and competent the listing agreement is now:
    A. Void
    B. Is binding
    C. Still provides for Jim to earn a commission
    D. Voidable
A

D. Voidable

101
Q
  1. Broker eight takes a six-month listing agreement beginning January 1. On February 22, the seller informs broker a that she no longer wishes to sell. Which of the following is true?
    A. The home must remain on the market for fulguration
    B. They look Galagi of sellers action will be term determined by the real estate commission
    C. The contract is canceled without penalty
    D. The seller may be responsible for brokers expenses
A

D. The seller may be responsible for brokers expenses

102
Q

Blank card

A

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Real Estate Exam (21 decks)

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