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Question 1 of 50
1. Question
If a salesperson is considered to be an independent contractor for purposes of income taxation, which of the following is true?
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Question 2 of 50
2. Question
Of the following, the largest land area is contained within:
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Question 3 of 50
3. Question
Which of the following is not considered to be appurtenant to land?
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Question 4 of 50
4. Question
Which of the following statements regarding the government survey method is correct?
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Question 5 of 50
5. Question
All of the following would defeat a joint tenancy, except:
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Question 6 of 50
6. Question
Which of the following represents similarities between owning a condominium and owning a cooperative?
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Question 7 of 50
7. Question
Which of the following is not necessary for a deed to be valid?
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Question 8 of 50
8. Question
Who would be in the weakest position to protect himself against a loss of property to another claimant?
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Question 9 of 50
9. Question
Deed restrictions for a subdivision development are created by:
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Question 10 of 50
10. Question
All of the following are required for an easement appurtenant, except:
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Question 11 of 50
11. Question
A developer subdivided a large parcel and imposed a deed restriction requiring a 15,000 square foot minimum lot size. The local planning commission then designated the area in which the subdivision was located as requiring a 10,000 square foot minimum lot size. Which requirement would prevail?
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Question 12 of 50
12. Question
Both private restrictions and zoning define and limit land uses for what purpose?
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Question 13 of 50
13. Question
Which of the following acts may be legally undertaken by a minor or incompetent person, without court approval?
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Question 14 of 50
14. Question
Which of the following would create a bilateral contract?
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Question 15 of 50
15. Question
A land contract was recorded by the seller. The buyer defaulted on payments. If a quitclaim deed were to be used in order to clear the cloud off the title, it would be executed by the:
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Question 16 of 50
16. Question
A buyer had just taken possession of a property when an earthquake destroyed the house. Under the Uniform Vendor and Purchaser Risk Act, the buyer is:
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Question 17 of 50
17. Question
A prospective buyer submitted an offer to Broker Randolph that met the asking price. As Randolph was on his way out of the office to present the offer to the seller, one of Randolph’s salespersons brought in another offer on the same property that was $5,000 less. Randolph should:
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Question 18 of 50
18. Question
A listing agreement creates which of the following?
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Question 19 of 50
19. Question
A broker knows that the roof on a house that she is showing will soon need massive repairs. She:
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Question 20 of 50
20. Question
An escrow agent deposits its own funds into a trust account to take care of bank charges. This is an example of:
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Question 21 of 50
21. Question
J, a broker, is entitled to a commission of $10,000 from a client. The commission will come out of his trust account for that client. J has an advertising bill in the amount of $10,500. He deposits $500 of his own money into the trust account and then writes a check for $10,500 out of the trust account to the advertiser. Which of the following is TRUE?
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Question 22 of 50
22. Question
Which of these documents is rarely recorded?
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Question 23 of 50
23. Question
An important characteristic of straight notes that differentiates them from installment notes is that:
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Question 24 of 50
24. Question
When compared with an FHA loan, a conventional loan will offer the borrower:
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Question 25 of 50
25. Question
Which of the following is a unique feature of VA-guaranteed loans?
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Question 26 of 50
26. Question
Which of the following would not contribute to the stability of neighborhood property values?
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Question 27 of 50
27. Question
Two properties, each worth $50,000, are combined into one larger parcel that has a value of $120,000. This increase in value is called:
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Question 28 of 50
28. Question
Which of the following would be considered “federally-related” for RESPA purposes?
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Question 29 of 50
29. Question
Which of the following items is typically prorated in escrow?
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Question 30 of 50
30. Question
Which of the following terms refers to gain taxed in the year it is realized?
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Question 31 of 50
31. Question
Which of the following items is something for which a homeowner could adjust his cost basis?
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Question 32 of 50
32. Question
A seller lists her home for sale, and her broker subsequently submits to her a full-price offer from a ready, willing, and able buyer. The seller refuses the offer and tells the broker it’s because the buyer is black. The broker may:
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Question 33 of 50
33. Question
Under the Fair Housing Act, an apartment owner is permitted to do all but which of the following?
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Question 34 of 50
34. Question
The prohibition against discrimination on the basis of handicap in the Federal Fair Housing Act would not apply to discrimination against:
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Question 35 of 50
35. Question
An investor wishing to apply the principle of leverage should invest using:
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Question 36 of 50
36. Question
A lease that provides for rent adjustments based on changes in a price index, such as the Consumer Price Index, is called a/an:
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Question 37 of 50
37. Question
A concrete pad that is part of a foundation that transmits the weight of the structure over a larger soil surface area is a:
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Question 38 of 50
38. Question
The sheet metal used on a roof to prevent water seepage is called:
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Question 39 of 50
39. Question
A property that is 220 feet in width and 330 feet in length contains how many acres?
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Question 40 of 50
40. Question
An appraiser is valuing a single-family rental property that rents for $1,280 per month. The property across the street sold last month for $180,000, and rented for $1,200 per month. What is the value of the property being valued?
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Question 41 of 50
41. Question
Recording a deed gives:
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Question 42 of 50
42. Question
Escrow instructions may be executed by:
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Question 43 of 50
43. Question
A landlord may legally reject a tenant’s application for a lease if:
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Question 44 of 50
44. Question
A local bank refuses to make residential loans in a particular section of town, because of the ethnic background of its residents. This is a discriminatory practice called:
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Question 45 of 50
45. Question
When a landlord wants to evict a tenant for failure to pay rent, what kind of legal action must the landlord undertake?
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Question 46 of 50
46. Question
A mortgagee’s title policy provides protection for the:
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Question 47 of 50
47. Question
A building has dimensions of 108′ × 60′ × 12′, and the seller is asking $110 per square foot. What is the seller’s asking price?
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Question 48 of 50
48. Question
The state transportation department offers to purchase a home in order to acquire the land needed for a new overpass. The homeowner refuses to sell. The transportation department may proceed to acquire the property anyway, under its right of:
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Question 49 of 50
49. Question
A developer purchases a large tract of land and finances it with a blanket mortgage. This mortgage most likely contains which of the following clauses?
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Question 50 of 50
50. Question
When a purchase and sale agreement has been signed by both buyer and seller, but the sale has not been completed and the deed has not been delivered, the contract is:
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