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Question 1 of 50
1. Question
A real estate salesperson’s status as independent contractor is important in connection with:
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Question 2 of 50
2. Question
Which of the following statements regarding transfer of title of personal property is false?
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Question 3 of 50
3. Question
How many acres are in a property that is described as the “S 1/2 of the NW 1/4 of the NE 1/4 of the NE 1/4 of Section 23?”
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Question 4 of 50
4. Question
Earl and Merle own a property together with undivided interests, without the right of survivorship. This would be considered:
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Question 5 of 50
5. Question
Jim, Mitch, and Noel own a vacant lot as joint tenants. If Jim dies:
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Question 6 of 50
6. Question
In which of the following ways are joint tenancy and community property similar?
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Question 7 of 50
7. Question
Which of the following is not a way through which an individual can acquire an interest in real property?
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Question 8 of 50
8. Question
If a buyer fails to examine public records relating to a property, the buyer is still considered to have:
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Question 9 of 50
9. Question
Which of the following methods may be used to terminate an easement?
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Question 10 of 50
10. Question
An easement in gross:
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Question 11 of 50
11. Question
Through its police power, local government has the right to regulate land use. This may include:
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Question 12 of 50
12. Question
Which of the following statements regarding the power of eminent domain is true?
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Question 13 of 50
13. Question
A buyer made an offer on a property on December 1
On December 7, she called the sellers’ broker to check the status of her offer. She was told that the sellers would not be able to respond until December 10
At this point, the buyer could:CorrectIncorrect -
Question 14 of 50
14. Question
An existing contract was replaced by an entirely new contract. This would be defined as a:
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Question 15 of 50
15. Question
In order to be enforceable, an exclusive listing:
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Question 16 of 50
16. Question
On March 1, Craig paid $100 for a 60-day option to purchase a property. The option stated, “Upon exercise of option, optionee is to purchase within 30 days.” On March 15, he sold and assigned the option to Sharon for $10,000. On April 20, Sharon informed the seller that she intended to purchase the property on May 15
What is the status of the option?CorrectIncorrect -
Question 17 of 50
17. Question
An agency relationship may be created in all of the following ways, except:
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Question 18 of 50
18. Question
If a house was built prior to ____, the sellers must disclose information about lead-based paint to prospective buyers.
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Question 19 of 50
19. Question
A buyer makes an offer and gives a good faith deposit to the broker, who deposits the funds into her trust account. Later, the buyer calls the broker to say that he is revoking his offer and thus demanding his deposit back. Instead of attempting to resolve the disposition of the deposit money, the broker turns the funds and the issue over to a court. The resulting court proceeding is called:
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Question 20 of 50
20. Question
Trust accounts are used to:
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Question 21 of 50
21. Question
A multiple listing service issues a listing agreement form with a pre-printed commission rate. This would be considered:
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Question 22 of 50
22. Question
Why would a borrower most likely prefer an installment note to a straight note if the interest rates were the same?
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Question 23 of 50
23. Question
Mortgages and deeds of trust should be recorded immediately to:
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Question 24 of 50
24. Question
In deciding whether or not to approve a potential borrower, a lender will evaluate the borrower according to which of the following?
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Question 25 of 50
25. Question
Which of the following is not a predatory lending practice?
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Question 26 of 50
26. Question
What would be most likely to cause an “unearned increment” increase in a property’s value?
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Question 27 of 50
27. Question
Of the following, which is the most expensive and complicated appraisal type?
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Question 28 of 50
28. Question
A prospective buyer applies for a loan and is approved. He waives, in writing, his RESPA right to a Uniform Settlement Statement. Escrow closes twelve days later. The Uniform Settlement Statement must be provided by the lender:
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Question 29 of 50
29. Question
A house with an apartment above the garage is sold on March 5, with the closing scheduled for March 20
The apartment rents for $600 a month, due on the first of the month. At the time of closing the rent is current. The escrow agent is using a 360-day year, and the parties agree that the seller receives rent for the day of closing. Which of the following statements about the prorated rent is correct?CorrectIncorrect -
Question 30 of 50
30. Question
Which of the following properties could be depreciated for income tax purposes?
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Question 31 of 50
31. Question
If the owner of a rental property decides to add a swimming pool and patio, the costs of these additions are:
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Question 32 of 50
32. Question
A broker has a particular home listed for sale and an African-American buyer comes by and asks to see it. Under what circumstances may the broker refuse to show the buyer the home?
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Question 33 of 50
33. Question
A deed contains a restrictive covenant barring the sale of the land to persons of non-Caucasian descent. This covenant:
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Question 34 of 50
34. Question
A property manager’s budget for the property will typically include which of the following operating expenses?
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Question 35 of 50
35. Question
In real estate investment, “cash flow” refers to:
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Question 36 of 50
36. Question
A major department store leases a large space in a local mall, and it agrees to pay the mall owner, in addition to a base rent, a percentage of its gross earnings. What kind of lease has the store entered into?
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Question 37 of 50
37. Question
The parallel members that support the weight of the floor and ceiling are called:
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Question 38 of 50
38. Question
In residential construction, a footing is:
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Question 39 of 50
39. Question
A bank made an amortized loan for $1,140,000, payable $8,000 or more per month for a 30-year term. If the interest rate for the loan is 7%, how much will the first monthly payment reduce the principal balance?
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Question 40 of 50
40. Question
A buyer bought a house for 20% less than the listed price. Later, she sold it for the originally listed price. What percentage of profit did she make?
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Question 41 of 50
41. Question
How many square miles are in one township?
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Question 42 of 50
42. Question
A person with riparian rights:
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Question 43 of 50
43. Question
A lease in which it is agreed that the rental payments will increase at regular intervals by a specified amount or according to a specified formula is called a:
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Question 44 of 50
44. Question
Broker H charges a leasing fee of one-half of the first month’s rent, plus a management fee of 7% of the total lease payments. H negotiates a two-year lease at a monthly rental of $950
What has H earned on this transaction?CorrectIncorrect -
Question 45 of 50
45. Question
A homeowner wants to sell his home, but during the listing presentation he insists that the broker show the property to Caucasians only. Under these circumstances, what should the broker do?
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Question 46 of 50
46. Question
A property management agreement between Owner Q and ABC Realty calls for a commission rate of 6% of the first $350,000 in rents and 8% of the rents that exceed $350,000. If the previous year’s total rent collected was $475,000, what was the amount of the management fee paid to ABC Realty?
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Question 47 of 50
47. Question
A mortgage loan in which the amount of the monthly payment can change in response to fluctuations in an index is a/an:
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Question 48 of 50
48. Question
Under which of the following circumstances would a listing be terminated?
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Question 49 of 50
49. Question
A landlord can use all or a portion of a tenant’s security deposit for any of the following, EXCEPT:
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Question 50 of 50
50. Question
In the Federal Fair Housing Act, as amended in 1988, “familial status” refers to:
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