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National Practice Test #2

Posted on March 2, 2023March 2, 2023 by
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  1. Question 1 of 50
    1. Question

    When taking a listing, the agent should:

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  2. Question 2 of 50
    2. Question

    A desk fee is:

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  3. Question 3 of 50
    3. Question

    Which of the following would be considered real property?

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  4. Question 4 of 50
    4. Question

    All of the following are fixtures, EXCEPT:

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  5. Question 5 of 50
    5. Question

    Which of the following would be considered an interest in personal property?

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  6. Question 6 of 50
    6. Question

    Of the following, which is the best definition of a fee simple absolute estate?

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  7. Question 7 of 50
    7. Question

    Who would execute a quitclaim deed in order to clear away a cloud on a title?

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  8. Question 8 of 50
    8. Question

    Ed executes a deed to Ned and Ned records it. Ed later tries to set the conveyance aside, claiming that the deed was never delivered. Why is Ed’s argument unlikely to succeed?

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  9. Question 9 of 50
    9. Question

    Unless there is an agreement to the contrary, the deed of trust that has the highest lien priority is the one that was:

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  10. Question 10 of 50
    10. Question

    The holder of an easement may terminate the easement by recording a:

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  11. Question 11 of 50
    11. Question

    A city passes a bond issue to improve streets in a particular neighborhood. The properties in that area will be burdened:

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  12. Question 12 of 50
    12. Question

    Zoning laws are constitutional and enforceable because:

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  13. Question 13 of 50
    13. Question

    Which of the following would be an example of actual fraud?

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  14. Question 14 of 50
    14. Question

    A valid contract requires consideration. Which of the following could be consideration?

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  15. Question 15 of 50
    15. Question

    Any of the following will terminate an offer, except:

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  16. Question 16 of 50
    16. Question

    A buyer who purchases a property through a land contract would immediately receive:

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  17. Question 17 of 50
    17. Question

    If a seller uses an open listing, she may employ several brokers:

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  18. Question 18 of 50
    18. Question

    A broker who accepts a listing to sell real estate owes a fiduciary duty to:

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  19. Question 19 of 50
    19. Question

    If a property owner takes action that demonstrates approval of a real estate salesperson’s earlier unauthorized acts, that would be an example of agency created by:

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  20. Question 20 of 50
    20. Question

    Which of the following would be a violation of the Sherman Antitrust Act?

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  21. Question 21 of 50
    21. Question

    To qualify as an associate broker, an applicant must:

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  22. Question 22 of 50
    22. Question

    During the process of foreclosure on a deed of trust, the trustor retains the right to reinstate the loan. Who has the right of possession of the property during this period?

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  23. Question 23 of 50
    23. Question

    A clause that states that the rights of a deed of trust’s beneficiary are secondary to those of the beneficiary of a subsequent deed of trust is a/an:

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  24. Question 24 of 50
    24. Question

    Which of the following elements in the underwriting decision is the most difficult for the lender to evaluate?

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  25. Question 25 of 50
    25. Question

    The Truth in Lending Act requires that the cost of credit on certain consumer loans is expressed as a/an:

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  26. Question 26 of 50
    26. Question

    Value is affected by all but which of the following?

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  27. Question 27 of 50
    27. Question

    Laura’s house has a fair market value of $330,000 and rents for $2,200 per month. Micah’s house is across the street and rents for $2,400 per month. Assuming the same rate of return, what is the value of Micah’s property?

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  28. Question 28 of 50
    28. Question

    A broker helps a buyer apply for financing and explains the loan processing costs involved at closing. A copy of the HUD booklet “Special Information Booklet” containing information about settlement costs must be provided to the applicant:

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  29. Question 29 of 50
    29. Question

    RESPA requires lenders to give which of the following to loan applicants?

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  30. Question 30 of 50
    30. Question

    In a sale of real property, the primary reason for using an escrow is to:

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  31. Question 31 of 50
    31. Question

    An apartment complex valued at $125,000 has an outstanding mortgage of $37,000. A duplex worth $149,000 has a first mortgage balance of $18,500 as well as a junior mortgage balance of $12,300. If the two properties are exchanged, how much in cash or other boot will be paid?

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  32. Question 32 of 50
    32. Question

    In a tax-free exchange, “boot” could refer to:

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  33. Question 33 of 50
    33. Question

    An apartment rental application contains a question about marital status. This question is:

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  34. Question 34 of 50
    34. Question

    A broker regularly lists homes at prices about 10% above their fair market value, requiring minority buyers to pay the listed prices, but allowing other buyers to pay lower amounts. This:

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  35. Question 35 of 50
    35. Question

    The difference between the fair market value and the debt that is owed against a property is called:

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  36. Question 36 of 50
    36. Question

    Which of the following would NOT typically be a responsibility of a property manager?

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  37. Question 37 of 50
    37. Question

    Which of the following is a common design deficiency?

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  38. Question 38 of 50
    38. Question

    R-value is a concern when evaluating the quality of a house’s:

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  39. Question 39 of 50
    39. Question

    A building that has interior dimensions of 25 feet by 30 feet and walls 6 inches thick will cover an area of:

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  40. Question 40 of 50
    40. Question

    A property is reassessed at $600,000. The applicable tax rate is 1.15%. What will the new monthly property tax bill be?

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  41. Question 41 of 50
    41. Question

    A mobile home owner removes the wheels from the home and permanently mounts it on a concrete pad. Which of the following is true?

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  42. Question 42 of 50
    42. Question

    Under Title VIII of the Federal Fair Housing Act, certain transactions are exempt from FHA provisions. Which of the following is an allowable exemption?

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  43. Question 43 of 50
    43. Question

    M, a married woman, is selling a home that is her sole and separate property. Still, the buyer’s attorney insists that both M and her husband sign the deed because:

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  44. Question 44 of 50
    44. Question

    A person dies, leaving a will. The individual who is responsible for administering the will is called a/an:

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  45. Question 45 of 50
    45. Question

    Broker T owns a building maintenance company, in addition to a property management firm. T’s building maintenance company services most of the properties that T manages. May T legally do this?

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  46. Question 46 of 50
    46. Question

    The purpose of collateralizing a note with a deed of trust is to protect the:

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  47. Question 47 of 50
    47. Question

    Borrower C is approved for a 90% loan with 1.5 points. The sales price is $195,000. If C is charged no other closing costs, how much money will she need at closing?

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  48. Question 48 of 50
    48. Question

    A seller tells a buyer that the property is connected to the sewer when, in fact, it is not. The buyer later learns the truth and immediately consults a lawyer. The attorney advises the buyer that she has a voidable contract. From the seller’s point of view, what is the status of the contract?

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  49. Question 49 of 50
    49. Question

    At what point does the three-day right of rescission under the Truth in Lending Act begin?

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  50. Question 50 of 50
    50. Question

    The characteristic that distinguishes real property from personal property is:

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