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National Practice Test #3

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

    Which of the following is the customary method through which a buyer’s agent may be compensated?

    Correct
    Incorrect
  2. Question 2 of 50
    2. Question

    Laws enacted by a legislative body are known as:

    Correct
    Incorrect
  3. Question 3 of 50
    3. Question

    Which of the following rights are included within the owner’s “bundle of rights?”

    Correct
    Incorrect
  4. Question 4 of 50
    4. Question

    What kind of water rights does a property owner have if his or her land abuts water?

    Correct
    Incorrect
  5. Question 5 of 50
    5. Question

    Adam leased a property from Casey for a five-year term. Casey died, at which point Adam found out that Casey had only a life estate in the property that he was leasing. The lease is:

    Correct
    Incorrect
  6. Question 6 of 50
    6. Question

    Which of the following is NOT considered a common element in a condominium?

    Correct
    Incorrect
  7. Question 7 of 50
    7. Question

    The principal purpose of a deed is to:

    Correct
    Incorrect
  8. Question 8 of 50
    8. Question

    Which of the following would not ordinarily apply to a will?

    Correct
    Incorrect
  9. Question 9 of 50
    9. Question

    Which of the following statements about lien priority is incorrect?

    Correct
    Incorrect
  10. Question 10 of 50
    10. Question

    Daniel injured himself while swimming in Petra’s pool. If Daniel sued Petra and received a $2,500 judgment in his favor, the resulting lien would be a/an:

    Correct
    Incorrect
  11. Question 11 of 50
    11. Question

    Brendan bought a property from Lisa on March 1, 2004. The property taxes for the 2004-2005 fiscal year are:

    Correct
    Incorrect
  12. Question 12 of 50
    12. Question

    A property use that is permitted to continue even though it doesn’t comply with a new zoning ordinance is called a:

    Correct
    Incorrect
  13. Question 13 of 50
    13. Question

    An agent promised, while taking a listing, that she would use advance fees from the seller in order to advertise the property. Instead, she used the advance fees to buy cocaine for herself. This would be an example of:

    Correct
    Incorrect
  14. Question 14 of 50
    14. Question

    When a counteroffer is made:

    Correct
    Incorrect
  15. Question 15 of 50
    15. Question

    A broker acting in good faith received misinformation provided by the seller, and passed it on to a ready, willing, and able buyer, who entered into a purchase contract with the seller. When the buyer found out, he rescinded the contract. In this situation:

    Correct
    Incorrect
  16. Question 16 of 50
    16. Question

    A seller listed his property with a broker, and specified in the listing: “Seller not to receive more than 20% cash downpayment.” The broker presented an offer to pay all cash for the property. The broker is entitled to:

    Correct
    Incorrect
  17. Question 17 of 50
    17. Question

    A buyer under a land contract will acquire:

    Correct
    Incorrect
  18. Question 18 of 50
    18. Question

    Which of the following is the customary method through which a buyer’s agent may be compensated?

    Correct
    Incorrect
  19. Question 19 of 50
    19. Question

    A broker, in dealing with the public, may not:

    Correct
    Incorrect
  20. Question 20 of 50
    20. Question

    The federal antitrust law that prohibits any agreement that has the effect of a restraint on trade, such as price fixing, is called the:

    Correct
    Incorrect
  21. Question 21 of 50
    21. Question

    A salesperson negotiates a sale late in the afternoon on Friday. He collects an earnest money deposit from the buyer. He’s going to be out of town over the weekend and doesn’t want to chance losing the money so he deposits it in his personal account. On Monday he writes a check for the earnest money to his broker for placement in the broker’s trust account. Which of the following is true?

    Correct
    Incorrect
  22. Question 22 of 50
    22. Question

    Which pair of loans is synonymous?

    Correct
    Incorrect
  23. Question 23 of 50
    23. Question

    The Federal Reserve could create a tight money market by:

    Correct
    Incorrect
  24. Question 24 of 50
    24. Question

    Which of the following would not be included in a disclosure statement required by the Truth in Lending Act?

    Correct
    Incorrect
  25. Question 25 of 50
    25. Question

    The mutual mortgage insurance on an FHA loan will:

    Correct
    Incorrect
  26. Question 26 of 50
    26. Question

    The conditions of sale will affect which of a property’s characteristics?

    Correct
    Incorrect
  27. Question 27 of 50
    27. Question

    What does functional utility in a residence depend on?

    Correct
    Incorrect
  28. Question 28 of 50
    28. Question

    RESPA prohibits sellers from:

    Correct
    Incorrect
  29. Question 29 of 50
    29. Question

    RESPA’s disclosure requirements apply to which of the following?

    Correct
    Incorrect
  30. Question 30 of 50
    30. Question

    Which of the following personal residence expenses may be claimed as deductions on a federal income tax return?

    Correct
    Incorrect
  31. Question 31 of 50
    31. Question

    A condominium owner living in his condominium is permitted to deduct which of the following expenses on his federal income tax return?

    Correct
    Incorrect
  32. Question 32 of 50
    32. Question

    Which of the following statements about a tax-free exchange is TRUE?

    Correct
    Incorrect
  33. Question 33 of 50
    33. Question

    In an attempt to obtain listings, a broker visits sellers in a particular neighborhood and tells them that property values will soon decline due to a recent influx of minority homebuyers. This tactic is:

    Correct
    Incorrect
  34. Question 34 of 50
    34. Question

    According to the Americans With Disabilities Act:

    Correct
    Incorrect
  35. Question 35 of 50
    35. Question

    An example of a liquid asset is a/an:

    Correct
    Incorrect
  36. Question 36 of 50
    36. Question

    A lease in which the rent is set at a fixed amount and the landlord pays most or all of the operating expenses is called a:

    Correct
    Incorrect
  37. Question 37 of 50
    37. Question

    Disclosure of what potentially harmful substance is important, since it tends to grow out of sight in damp, enclosed spaces?

    Correct
    Incorrect
  38. Question 38 of 50
    38. Question

    Which of the following will a standard homeowners’ hazard insurance policy not cover?

    Correct
    Incorrect
  39. Question 39 of 50
    39. Question

    A rectangular lot is 900 square yards in area. It has a 45-foot frontage. How deep is the lot?

    Correct
    Incorrect
  40. Question 40 of 50
    40. Question

    A homeowner wanted to expand his current rectangular lot, which measured 17,550 square feet and was 150 feet deep. The rectangular lot next door was for sale, which contained 9,000 square feet and also was 150 feet deep. If he purchased the neighboring lot, what would be the total frontage of the combined lot?

    Correct
    Incorrect
  41. Question 41 of 50
    41. Question

    If the seller rejects an offer from a prospective buyer that matches the terms set forth in the listing agreement, the seller:

    Correct
    Incorrect
  42. Question 42 of 50
    42. Question

    Which of the following statements regarding the power of eminent domain is true?

    Correct
    Incorrect
  43. Question 43 of 50
    43. Question

    In a sale-leaseback:

    Correct
    Incorrect
  44. Question 44 of 50
    44. Question

    A principal instructs the agent not to show his property to members of a certain ethnic group. What should the agent do?

    Correct
    Incorrect
  45. Question 45 of 50
    45. Question

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

    Correct
    Incorrect
  46. Question 46 of 50
    46. Question

    Which type of deed limits the covenants of the grantor?

    Correct
    Incorrect
  47. Question 47 of 50
    47. Question

    The term “capitalization” refers to:

    Correct
    Incorrect
  48. Question 48 of 50
    48. Question

    R conveys title to land to K by means of a special warranty deed. To ensure that the deed conveys all of the property, it must include:

    Correct
    Incorrect
  49. Question 49 of 50
    49. Question

    Broker Z enters into a property management agreement. Which of the following would be the other party to the contract?

    Correct
    Incorrect
  50. Question 50 of 50
    50. Question

    An architect is designing a 10-unit apartment, with five units upstairs and five units downstairs. There is no elevator. How many of the units must be wheelchair-accessible?

    Correct
    Incorrect

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