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Q & A Real
chapter 1 - 20 Quiz
| Question | Answer |
|---|---|
| THE PHRASE 'BUNDLE OF LEGAL RIGHTS' IS PROPERLY INCLUDED IN | THE DEFINITION OF REAL PROPERTY |
| THE RIGHT TO CONTROL ONE'S PROPERTY INCLUDES ALL OF THE FOLLOWING ARE | THE RIGHT TO INVITE PPL ONTO THE PROPERTY FOR A POLITICAL FUNDRAISER; THE RIGHT TO ERECT NO TRESPASSING SIGNS; THE RIGHT TO ENJOY PRIDE OF OWNERSHIP |
| ACCORDING TO LAW, A TRADE FIXTURE IS | A PERSONALITY |
| A INTERESTED IN A HOUSE; THEIR ONLY CONCERN ABOUT THE PROPERTY LOCATION IS CALLED | AREA PREFERENCE |
| THE WORD IMPROVEMENT REFERS TO ALL THE FOLLOWING | STREETS; SANITARY SEWER; THE FOUNDATION |
| REAL PROPERTY CAN BECOME PERSONAL PROPERTY BY | SEVERANCE |
| ALL OF THE FOLLOWING ARE PHYSICAL CHARACTERISTIC OF LAND ARE | INDESTRUCTIBILITY; UNIQUENESS; IMMOBILITY |
| OWNER OCCUPIED HAD WINDOWS, SCREENS, VENETIAN BLINDS. BEFORE THE CLOSING OF ESCROW, THE SELLER MAY REMOVE | NON OF THE IDENTIFIED ITEMS |
| WHICH IS CONSIDERED PERSONAL PROPERTY | PATIO FURNITURE |
| LAND IS CONSIDERED | INDESTRUCTIBLE |
| A RANCHER OWNS A PARCEL OF LAND ON WHICH OIL WAS DISCOVERED. IF RANCHER HAS NOT CONVEYED THE OIL RIGHTS, WHO OWNS THE OIL | THE RANCHER |
| CERTAIN ITEMS ON THE PREMISES THAT WERE INSTALLED BY THE TENANT AND ARE RELATED TO THE TENANTS BUSINESS ARE CALLED | TRADE FIXTURES |
| FIXTURES ARE | REAL PROPERTY |
| AFTER THE CONSTRUCTION OF A BUILDING OVER A RR RIGHT OF WAY, THE TRAINS CAN | OPERATE AS USUAL |
| ALL OF THE FOLLOWING ARE ECONOMIC CHARACTERISTICS OF LAND | SCARCITY' PERMANENCE OF INVESTMENT; AREA OF PREFERENCE |
| GENERALLY PERSONAL PROPERTY CAN BE DISTINGUISHED FROM REAL PROPERTY BY ITS | MOBILITY |
| AN IMPORTANT CHARACTERISTIC OF LAND IS THAT IF MAY BE MODIFIED OR IMPROVED AT ANY GIVEN TIME. IT MAY INCREASE THE VALUE OF REAL ESTATE; WHAT IS CONSIDER IMPROVEMENT | SEWER; BUILDINGS; ROADS |
| A LL LEASES STORE SPACE TO A TENANT FOR A RESTAURANT. THE TT INSTALLS OVENS, BOOTHS, COUNTERS, AND OTHER ITEMS. WHEN DO THESE ITMES BECOME REAL PROPERTY | WHEN THE LEASE EXPIRES |
| THE GEOGRAPHIC LOCATION OF ANY PARCEL OF LAND CAN | NEVER BE CHANGED |
| THE OWNERS OF A HOUSE WANTS TO FENCE THE YARD FOR HER DOG. WHEN THE FENCE IS ERECTED, THE FENCING MATERIALS ARE CONVERTED TO REAL ESTATE BY | ANNEXATION |
| THE PHYSICAL CHARACTERISTICS OF LAND INCLUDE INDESTRUCTIBLE, IMMOBILE AND | UNIQUENESS |
| THE RIGHTS OF OWNERSHIP OF REAL PROPERTY INCLUDE ALL OF THE FOLLOWING | DISPOSITION, EXCLUSIVITY, CONTROL |
| WHICH OF THE FOLLOWING HAS THE GREATEST IMPACE ON THE VALUE OF A PROPERTY | AREA PREFERENCE |
| A PERSON WHO HAS COMPLETE CONTROL OVER A PARCEL OF REAL ESTATE IS SAID TO OWN A | FEE SIMPLE ESTATE |
| A PORTION OF A MAN'S HOUSE WAS INADVERTENTLY BUILT ON HIS NEIGHBOR'S LAND. | ENCROACHMENT |
| MANY STATES DETERMINE THE ORDER OF WATER RIGHTS ACCORDING TO WHICH USERS OF THE WATER HOLD A RECORDED BENEFICIAL USE PERMIT. THIS ALLOCATION OF WATER RIGHTS IS DETERMINED BY | LITTORAL THEORY |
| THE PURCHASE OF A TICKET FOR A PROFESSIONAL SPORTING EVENT GIVES THE BEARER | A LICENSE TO ENTER AND CLAIM A SEAT FOR THE DURATION OF THE GAME |
| WHICH OF THE FOLLOWING HAS AN INDEFINITE DURATION | FREEHOLD ESTATE |
| IF THE OWNER OF THE DOMINANT TENEMENT BECOMES THE OWNER OF THE SERVIENT TENEMENT AND MERGES THE TWO PROPERTIES, THE | EASEMENT IS TERMINATED |
| A DECEDENT LEFT A WILL GIVING HIS NEIGHBOR THE RIGHT TO USE A WELL ON THE DECEDENT'S LAND AS LONG AS THE NEIGHBOR WAS ALIVE. THE NEIGHBORS INTEREST IN THE PROPERTY IS CALLED | AN EASEMENT IN GROSS |
| A FARMER ACQUIRED OWNERSHIP OF LAND THAT WAS DEPOSITED BY A RIVER RUNNING THROUGH HIS PROPERTY BY | ACCRETION |
| WOMAN OWNED A FEE SIMPLE TITLE TO A VACANT LOT ACROSS A HOSPITAL: HER ATTY PREPARED A DEED "SO LONG AS IT IS USED FOR MEDICAL PURPOSES" | FEE SIMPLE DETERMINABLE |
| THE MOST ALL INCLUSIVE TYPE OF REAL PROPERTY OWNERSHIP IS A | FEE SIMPLE ESTATE |
| THE RIGHTS OF THE OWNER OF PROPERTY LOCATED ALONG THE BANKS OF A RIVER ARE CALLED | RIPARIAN RIGHTS |
| THE PRIMARY INTENT OF ZONING REGULATIONS IS TO | ENSURE THE HEALTH, SAFETY, AND WELFARE OF THE COMMUNITY |
| A DEED CONVEYS OWNERSHIP TO THE GRANTEE SO AS LONG AS THE EXISTING BUILDING IS NOT TORN DOWN. WHAT TYPE OF ESTATE DID THIS DEED CREATE | DETERMINABLE |
| WHICH OF THE FOLLOWING BEST DESCRIBE A LEGAL LIFE ESTATE | ESTATE CONVEYED BY ONE PARTY TO A 2ND PARTY FOR THE LIFE OF THE SECOND PARTY |
| FOR LAND TO BE TAKEN BY THE GOVT UNDER ITS RIGHT OF EMINENT DOMAIN, WHICH OF THE FOLLOWING MUST APPLY | THE TAKING MUST BE FOR A PUBLIC PURPOSE |
| A GRANDMA CONVEYS A LIFE ESTATE TO HER GRANDSON AND STIPULATES THAT UPON HER DEATH, THE ESTATE WILL PASS TO HER SON-IN-LAW. HE HAS | AN ESTATE IN REMAINDER |
| A MAN CONVEYS OWNERSHIP OF HIS HOUSE TO HIS MOTHER AND STIPULATES UPON HER DEATH, HE WILL RECAPTURE THE OWNERSHIP. THE INTEREST THE MAN HAS IN THE FOLLOWING IS A | REVERSION ESTATE |
| A DAUGHTER CONVEYS OWNERSHIP OF HER APT BLD TO A NURSING HOME ANTICIPATING THAT THE RENTAL INCOME WILL HELP PAY FOR HER FATHERS CARE THERE. WHEN HE DIES, SHE WILL RECAP OWNERSHIP OF THE APT BLD | LIFE ESTATE PUR ATRE VIE |
| A DEVELOPER GRANTS TO THE GAS COMPANY THE RIGHT TO INSTALL TRANSMISSION LINES. THIS RIGHT IS CALLED | AND EASEMENT IN GROSS |
| A LOT IS EMCOMBERED BY A SEWER EASEMENT THAT RUNS WHERE THE FOUNDATION OF A BLD WOULD BE. HOW WILL THIS AFFECT THE OWNER WHO WANTS TO BUILD A HOUSE | THE HOUSE MUST AVOID THE EASEMENT AND CONSTRUCT AROUND IT |
| THE OWNER DIVIDED A PARCEL INTO TWO LOTS, ONE OF WHICH IS SURROUNDED BY OTHER LOTS AND HAS NOT STREET ACCESS. WHAT CAN BE DONE | AND EASEMENT BY NECESSITY SHOULD BE CREATED FOR THE LAND LOCKED PARCEL |
| A COUPLE APT LEASE EXPIRED;LL HAD INDICATED THAT THEY MAY STAY UNTIL THE SALE OF BLD IS CLOSED. THE TT PAYS WILL STILL THE SAME RENTAL; THIS IS CALLED | AN ESTATE AT WILL |
| GENERALLY, AN ORAL LEASE FOR FIVE YEARS IS | UNENFORCEABLE |
| THE CO BUILT A VERY LARGE COMPLEX OF BLDS FROM WHICH IT OPERATES WORLD WID. HOW CAN THE CO EXTRACT THE MAX AMT OF MONEY FROM THESE REAL ESTATE HOLDINGS | USE SALE AND LEASE BACK |
| RENT IS BEST DEFINED AS | THE CONSIDERATION FOR THE USE OF REAL PROPERTY |
| THE TT LEASE A HEATED APT BUT THE LL FAILS TO PROVIDE HEAT BC OF A DEFECTIVE CENTRAL HEATING PLANT. THE TT VACATED THE PREMISES AND REFUSES TO PAY ANY RENT. THIS IS CALLED | CONSTRUCTIVE EVICTION |
| ALL OF THE FOLLOWING TT INVOLVE A LESSOR-LESSEE RELATIONSHIP SUCH AS | TENANCY IN COMMON |
| UNDER THE PROVISIONS OF A TYPICAL COMMERCIAL LEASE, ANY TRADE FIXTURES THAT REMAIN IN THE PROPERTY AFTER THE LEASE HAS EXPIRED WILL BE THE PROPERTY OF | THE OWNER/THE LESSOR |
| WHICH OF THE FOLLOWING WILL TERMINATE A LEASE | EXPIRATION OF THE TERM OF THE LEASE |
| A VALID LEASE MUST CONTAIN A | STATEMENT OF THE SPECIFIC LENGTH OF TIME |
| THE AUTHORITY TO CARRY OUT THE EVICTION OF A DELINQUENT TT FROM RENTED PROPERTY IS HELD BY THE | SHERIFF |
| A TT LEASE HAS EXPIRED, N HAS NOT VACATED OR NEGOTIATED A RENEWAL LEASE, AND THE LL WILL NOT RENEW; THIS TYPE OF OCCUPANCY IS CALLED ESTATE | AT SUFFERANCE |
| A COMMERCIAL LEASE DOES NOT SPECIFICALLY INDICATE WHO IS RESPONSIBLE FOR MAKING REPAIRS TO THE PREMISES. THE EXPENSE OF MAKING SUCH REPAIRS IS GENERALLY | PAID BY THE LESSEE |
| WHEN A TT SUBLETS ALL OR ANY PART OF THE PREMISES RENTED UNDER A WRITTEN LEASE THE | ORIGINAL LEASE IS UNAFFECTED UNLESS IT CONTAINS A PROVISION THAT PROHIBITS SUCH SUBLETTING |
| ALL OF THE FOLLOWING WOULD ACQUIRE TITLE TO REAL PROPERTY | A GRANTEE; A DEVISEE; A VENDOR |
| THE PRINCIPAL DIFFERENCE BETWEEN AN ESTATE FOR YEARS AND AN ESTATE FROM YEAR TO YEAR IS THAT AN ESTATE | FROM YR TO YR HAS NO EXPIRATION DATE |
| A LESSEE WHO PAYS SOME OR ALL OF THE PROPERTY EXPENSES HAS A | NET LEASE |
| THE COVENANT IMPLIED IN A LEASE THAT ENSURES THAT THE TT WILL NOT BE EVICTED BY SOMEONE CLAIMING OWNERSHIP OF THE PROPERTY PRIOR TO THAT OF THE LESSOR IS THE COVENANT | OF QUIET ENJOYMENT |
| ACCORDING TO THE WRITTEN ONE YEAR LEASE THE TT WILL EXPIRE ON MAY 1. TO OBTAIN POSSESSION AS OF THAT DATE THE LL MUST GIVE THE TT | NO NOTICE |
| THE OWNER OF RE WHO LEASES IT TO ANOTHER IS CALLED THE | LESSOR |
| A LEASE THAT WILL TERMINATE WITHIN ONE YEAR OF ITS INCEPTION | CAN BE VERBAL |
| WHICH OF THE FOLLOWING IS THE BEST DEFINITION OF ACTUAL EVICTION | THE ENFORCEMENT OF A COURT ORDER TO REMOVE A LESSEE |
| WHEN A TT HOLDS POSSESSION OF A LL PROPERTY WITHOUT A DEFINITE LEASE | TENANCY AT WILL |
| IN THE EVENT THAT IT IS NECESSARY HOW MIGHT A LL REMOVE A TT FROM THE PREMISES | FILE AN EVICTION SUIT |
| IF A LEASED BLD COLLAPSED AND THE TT WAS FORCED TO MOVE OUT THIS COULD BE CALLED | CONSTRUCTIVE EVICTION |
| WHEN A TT HAS AN ESTATE FOR YEARS | NO NOTICE IS REQUIRE TO TERMINATE THE LEASE |
| A LESSEE IS IN POSSESSION OF PROPERTY UNDER A TENANCY AT WILL. IF LESSEE DIES | THE TENANCY WILL TERMINATE |
| UNDER THE GROSS LEASE, THE LESSEE MAY BE REQUESTED TO PAY | PERSONAL PROPERTY INSURANCE |
| TT PLACE TOO SMALL OF A 5 YR LEASE CONTRACT. ANOTHER BUSINESS OWNER IS INTERESTED IN LEASING THE PREMISES. WHAT IS THIS CALLED | SUBLEASE |
| YOUNG COUPLE W/ INFANT SAW AN APT THAT IS OCCUPIED BY MOSTLY ADULTS. AGENT SHOWED ONLY THE FIRST FLOOR? WHAT DID THE AGENT DO WRONG | THE RENTAL AGENT SHOULD HAVE INQUIRED ABOUT THE COUPLE'S PREFERENCE FOR APARTMENTS |
| THE LL LEASE PROHIBITS TT FROM ALTERING THE PROP IN ANY WAY. YOUNG WOMAN WHO USES A WHEELCHAIR CANNOT MOVE OVER THE DOORSTEP/BTHRM BY HERSELF. WHAT A TT TO DO | THE TT IS ENTITLED TO MAKE THE NECESSARY ALTERATIONS |
| A TT IS LEASING A HOUSE UNTIL HE HAS SAVED MONEY FOR THE DOWN PYMT TO PERFORM ON THE SALES CONTRACT, WHAT TYPE OF AN AGREEMENT IS THIS | LEASE PURCHASE AGREEMENT |
| A LEASE AGREEMENT IS SIGNED BY A LESSEE WHO IS 17 YRS OLD. THE LEASE AGREEMENT IS | VOIDABLE |
| AN INDIVIDUAL RENTS AN APT FOR ONE YEAR. THE LL SELLS THE BLD DURING THE YEAR. WHAT EFFECT DOES THE SALE HAVE ON THE LEASE | THE SALES DOES NOT AFFECT THE LEASE |
| WHAT IS THE PURPOSE OF A SECURITY DEPOSIT | REPAIR DAMAGE TO THE PROP CAUSED BY THE TT |
| THE LESSOR AND LESSEE HAVE AGREED TO A LEASE TERM OF 5 YRS. HOW CAN THE LESSOR ENSURE THAT THE RENTAL INCOME DURING THE TERM REFLECTS THE MARKET CONDITIONS | NEGOTIATE AN INDEX LEASE |
| A MAN AND SISTER BOUGHT A STORY BLD, TAKING TITLE AS JOINT TT. THE MAN DIED TESTATE. HIS SISTER NOW OWNS THE STORE. | IN SEVERALTY |
| THE OWNERS OF A FEE SIMPLE ESTATE CONVEYS THE FARM TO THE STATE TO BE USED AS A PAR BUT RESERVES THE RIGHT TO LIVE IN THE OLD FARMHOUSE. THE OWNER HAS A | LIFE INTEREST |
| 3 CO-WORKERS CANNOT AGREE ON THE USE AND DISPOSITION OF THE PROP THAT THEY OWN TOGETHER. 2 WANT TO SELL AND THE 3RD WANT TO KEEP THE PROP. WHAT CAN THEY DO | THEY CAN FILE A PARTITION SUIT |
| WHICH OF THE FOLLOWING IS CONSIDERED COMMUNITY PROPERTY | INCOME EARNED BY ONE SPOUSE DURING THE MARRIAGE |
| A TRUST IS A LEGAL ARRANGEMENT WHEREBY THE TITLE TO PROPERTY IS HELD FOR THE BENEFIT OF A THIRD PARTY IS | A TRUSTEE |
| AN INDIVIDUAL LIVES IN AN APT BLD. THE LAND/STRUCTURE ARE OWNED BY CORP. W/ 1 MORT LOAN COVERING THE PROP. LIKE THE OTHER RESIDENTS THE INDIVIDUAL OWNS A STOCK IN THE CORP AND A LEASE TO APT. THIS IS CALLED | CO-OPERATIVE |
| 2 FRIENDS ARE CO-OWNERS OF A FEE SIMPLE INTEREST INA SMALL OFFICE BLD. THE OLDER MAN DIES INTESTATE AND LEAVES NO ESTATE TO BE DISTRIBUTED TO HIS HEIR. YOUNGER MAN IS NOT A RELATIVE/CREDITOR. WHY THE YOUNGER ACQUIRE OLDER MAN INTEREST | JOINT TENANCY |
| AN OWNERSHIP INTEREST BASED ON ANNUAL OCCUPANCY INTERVALS IS A | TIME-SHARE |
| 2 BROTHERS AND THEIR SISTER ARE JOINT TT OWNING A PARCEL OF LAND. SIS CONVEYS HER INTEREST TO A CLOSE FRIEND. AFTER THE CONVEYANCE, THE 2 BROTHERS | REMAIN JOINT TT OWNING A 2/3 INTEREST |
| 5 INDIVIDUALS JOINTLY OWN A BUS. ONLY ONE IS ACTIVE IN THE BUS. THE OTHER 4 CONTRIBUTED FUNDS BUT IN DAY TO DAY OPERATIONS. THIS FORM OF OWNERSHIP IS A | LIMITED PARTNERSHIP |
| EQUAL RIGHTS OF POSSESSION ARE CHARACTERISTIC IN ALL OF THE FOLLOWING | TENANCY IN COMMON; TENANCY BY ENTIRETY; JOINT TENANCY |
| IN A GIFT OF PARCEL OF REAL ESTATE, ONE OF THE 2 OWNERS WAS GIVEN AN UNDIVIDED 60% INTEREST AND THE OTHER RECEIVED AN UNDIVIDED 40% INTEREST. THE 2 OWNERS HOLD THEIR INTERESTS AS | TENANTS IN COMMON |
| IN A COMMUNITY PROPERTY STATE, SEPARATE PROPERTY IS OWNED | SOLELY BY EITHER SPOUSE BEFORE THE MARRIAGE OR ACQUIRED BY GIFT OR INHERIT BY EITHER SPOUSE DURING THE MARRIAGE. |
| UNDER PA UNIFORM CONDOMINIUM ACT, EACH SUCCEEDING PURCHASER MUST BE GIVEN A COPY OF THE | RESALE CERTIFICATE |
| TO CREATE A JOINT TENANCY RELATIONSHIP IN THE OWNERSHIP OF REAL ESTATE, THERE MUST BE UNITIES OF | POSSESSION, TIME, INTEREST AND TITLE |
| A PERSON WHO OWNS ONE UNIT IN A MULTI-UNIT STRUCTURE TOGETHER WITH A SPECIFIED UNDIVIDED INTEREST IN THE COMMON ELEMENTS OWNS A | CONDOMINIUM |
| A JOINT TENANCY WITH RIGHT OF SURVIVORSHIP MAY BE CREATED | BY DEED OR WILL |
| THE OWNER OF A CONDO UNIT LEARNS THAT THE NEIGHBOR HAS FAILED TO PAY HIS REAL ESTATE TAXES. WHAT HAPPENS | A LIEN CAN BE FILED AGAINST THE NEIGHBOR'S UNIT AND HIS PERCENTAGE OF THE COMMON ELEMENTS |
| A PROP HELD AS TENANCY BY THE ENTIRETY REQUIRES WHICH OF THE FOLLOWING | THE COTENANTS MUST BE HUSBAND AND WIFE |
| ALL OF THE FOLLOWING ARE ELEMENTS OF A JOINT TENANCY WHT RIGHT OF SURVIVORSHIP | JOINT TENANCY MAY PASS THEN INDIVIDUAL INTEREST TO THEIR HEIR |
| CO-OPERATIVE OWNERSHIP IS | THE OWNERS HAVE A PROPIETARY LEASE WITH THE ASSOCIATION FOR THEIR INDIVIDUAL UNIT |
| COUPLE DODWNSIZES AND MOVES INTO A COOPERATIVE APT BLD. IN A CO-OP, THEY WILL | BECOME STOCKHOLDERS IN A CORPORATION |
| THE SEVERLTY OWNER OF A PARCEL OF LAND SELLS IT TO A BUYER. THE BUYER INSISTS THAT THE OWENRS WIFE JOIN IN SIGNING THE DEED. THE PURPOSE OF OBTAINING THE WIFES SIGNATURE IS TO | TERMINATE ANY RIGHTS THE WIFE MA HAVE IN THE PROPERTY |
| UNDER THE CONDO FORM OF OWNERSHIP THE OWNERS INTEREST IN THE UNINT IS NORMALLY A | FEE SIMPLE ESTATE |
| TENANCY WITH SURVIVORSHIP MEANS | THE TENANCY INTEREST MAY BE HELD BY THE REMAINING TT UPON DEATH |
| WHAT IS THE PRIMARY DISADVANTAGE OF A CORPORATION | PAYS TAXES TWICE |
| A PERSON PURCHASES A FEE SIMPLE ESTATE AND HAS AN UNDIVIDED INTEREST IN COMMON ELEMENTS | A CONDO |
| CONDOMINIUM OWNERSHIP COMMON ELEMENTS CANNOT BE | SOLD SEPARATELY |
| THE OWNER OF A CONDO IS RESPONSIBLE FOR PAYING A MONTHLY MAINTENANCE FEE. IF THE OWNER FAILS TO MAKE THIS PAYMENT, WHAT HAPPENS | THE DEPT BECOMES A LIEN AGAINST THE UNIT |
| A VOID CONTRACT IS ONE THAT IS | NOT LEGALLY ENFORCEABLE |
| THE LEGAL PROCEEDING OR LEGAL ACTION BROUGHT BY EITHER THE BUYER OR THE SELLER UNDER A PURCHASE CONTRACT TO ENFORCE THE TERMS OF THE CONTRACT IS KNOWN AS | SPECIFIC PERFORMANCE |
| THE ESSENTIAL ELEMENTS OF A CONTRACT INCLUDE ALL OF THE FOLLOWING | OFFER AND ACCEPTANCE; COMPETENT PARTIES; AND CONSIDERATION |
| A WRITTEN RE CONTRACT IS ASSUMED TO BE THE COMPLETE AGREEMENT OF THE | PAROLE EVIDENCE RULE |
| THE TERM RESCIND MEANS | CANCEL |
| ALL OF THE FOLLOWING ARE ESSENTIAL TO THE FORMATION OF A CONTRACT | OFFER; ACCEPTANCE; CONSIDERATION |
| A BILATERAL CONTRACT IS ONE IN WHICH | THE PROMISE OF ONE PARTY IS GIVEN IN EXCHANGE FOR THE PROMISE OF THE OTHER PARTY |
| THE LAW THAT REQUIRES RE CONTRACTS TO BE IN WRITING TO BE ENFORCEABLE IS THE | STATUE OF FRAUDS |
| A BREACH OF CONTRACT IS A REFUSAL OR A FAILURE TO COMPLY WITH THE TERMS OF THE CONTRACT. IF THE SELLER BREACHES THE PURCHASE CONTRACT, THE BUYER MAY DO ALL OF THE FOLLOWING | SUE THE SELLER FOR SPECIFIC PERFORMANCE; RESCIND THE CONTRACT AND RECOVER THE EARNEST MONEY; SUE THE SELLER FOR DAMAGES |
| EVERY RE CONTRACT MUST HAVE | AN OFFER AND ACCEPTANCE |
| AT THE TIME A BUYER WAS NEGOTIATING THE PURCHASE OF A LOT ON WHICH TO BUILD A NEW HOME, THE SELLER CLAIMS THAT THE SOIL WAS FIRM ENOUGH TO SUPPORT THE CONSTRUCTION OF A BLD WHEN THE SELLER KNEW IS NOT. THIS CONTRACT IS | VOIDABLE BY THE BUYER BECAUSE OF FRAUD |
| AFTER THE BUYER AND THE SELLER HAVE SIGNED A SALES CONTRACT, THE SELLER CHANGES HIS MIND AND DEFAULTS. THE BUYER SUES THE SELLER TO FORCE HIM TO GO THRU W/ THE CONTRACT. THIS IS KNOWN AS | SPECIFIC PERFORMANCE |
| A PERSON MUST ACCEPT AN OFFER TO ENTER INTO A CONTRACT BEFORE | THE DEATH OF THE OFFERER |
| A CONTRACT AGREED TO UNDER DURESS IS | VOIDABLE |
| ALL OF THE FOLLOWING WILL TERMINATE AN OFFER | REVOCATION OF THE OFFER BEFORE ACCEPTANCE; DEATH OF THE OFFEROR BEFORE ACCEPTANCE; A CONTEROFFER BY THE OFFEREE |
| AN OFFEREE HAS THE RIGHT TO DO WHAT ON AN OFFER | REJECT AN OFFER |
| WHICH OF THE FOLLOWING BEST DESCRIBES A CONTRACT THAT IS VOIDABLE | THE CONTRACT MAY BE VALID |
| A BROKER TOOK A LISTING AND LATER DISCOVERED THAT THE CLIENT WAS PREVIOUSLY DECLARED LEGALLY INCOMPETENT. THIS LISTING IS NOW | OF NO VALUE TO THE BROKER BC IT IS NOW VOID |
| TO ASSIGN A CONTRACT FOR THE SALE OF RE MEANS TO | TRANSFER ONE'S RIGHTS UNDER THE CONTRACT |
| *CHARGING MORE INTEREST THAN IS LEGALLY ALLOWED IS KNOWN AT | USURY |
| A MORTGAGOR IS THE ONE WHO | GIVES THE MORTGAGE |
| A PROMISSORY NOTE | IS THE PRIMARY EVIDENCE OF A DEPT |
| THE FINANCE FEE CHARGED BY THE LENDER TO MAKE THE LOAN IS | A LOAN ORIENTATION FEE |
| THE INTEREST PAID OVER THE LIFE OF A FIXED RATE LOAN IS | SIMPLE INTEREST |
| IF THE AMT REALIZED AT A SHERIFF'S SALE AS PART OF A MORTGAGE FORECLOSURE IS MORE THAT THE AMT OF THE INDEBTEDNESS AND EXPENSES, THEN THE EXCESS BELONG TO THE | MORTGAGOR |
| AFTER A BORROWER MAKES THE FINAL PYMT ON A HOME MORTGAGE, THE LIEN REMAINS ON THE PROPERTY UNTIL THE LENDER RECORDS | A SATISFACTION OF MORTGAGE |
| AN EXISTING MORTGAGE LOAN CAN HAVE ITS LIEN PRIORITY LOWERED BY A | SUBORDINATION AGREEMENT |
| IF THE QUARTERLY INTEREST AT 10 1/2 % IS $3150. THE PRINCIPAL AMOUNT OF THE LOAN | 120,000. 120,000.X.105 = 12600 ./. 4 = 3150. |
| IF A PROPERTY SOLD AS A MORTGAGE FORECLOSURE DOES NOT SELL FOR THE AMT SUFFICIENT TO SATISFY THE OUTSTANDING MORTGAGE DEPT, THE MORTGAGOR MOAY BE RESPONSIBLE FOR | A DEFICIENCY JUDGEMENT |
| THE CLAUSE IN A MORTGAGE THAT PERMITS THE LENDER TO DECLARE THE ENTIRE UNPAID BALANCE IMMEDIATELY DUE AND PAYABLE UPON DEFAULT IS THE | ACCELERATION CLAUSE |
| WHEN A MORTGAGE LOAN HAS BEEN PAID IN FULL, IT IS IMPORTANT FOR THE BORROWER TO BE SURE THAT | A SATISFACTION OF MORTGAGE IS RECORDED |
| THE INTEREST IN A PROPERTY HELD BY THE OWNER IN EXCESS OF ANY LIENS AGAINST IT IS CALLED | EQUITY |
| THE MORTGAGEE FORECLOSED ON A PROP AFTER THE BORROWER DEFAULTED ON THE LOAN. AT THE FORECLOSER SALE, THE HOUSE SOLD FOR ONLY 29 THOU. THE UNPAID BALANCE OF THE LOAN AT THE TIME SALE OF 40 THOU. HOW THE LENDER WILL RECOVER THIS | SEEK A DEFICIENCY JUDGEMENT |
| THE RIGHT A MORTGAGOR HAS TO REGAIN THE PROPERTY BY PAYING THE DEPT AFTER A FORE CLOSER SALE IS CALLED | REDEMPTION |
| THE CLAUSE IN A MORTGAGE INSTRUMENT THAT WOULD PREVENT THE ASSUMPTION OF THE MORTGAGE BY A NEW PURCHASER IS A | DUE TO SALE CLAUSE |
| THE DEFEASANCE CLAUSE IN A MORTGAGE REQUIRES THE MORTGAGEE TO EXECUTE | A SATISFACTION OF MORTGAGE |
| A 'FRIENDLY FORECLOSURE' ENABLES A MORTGAGOR TO PREVENT THE MORTGAGEE FROM TAKING THE PROPERTY BY STATUTORY MEANS. THIS CAN BE ACCOMPLISHED BY | A DEED IN LIEU OF FORE CLOSER |
| IN ABSENCE OF AN AGREEMENT TO THE CONTRARY, THE MORTGAGE HAVING PRIORITY WILL BE ONE | WHICH WAS RECORDED FIRST |
| THE PLEDGING OF PROPERTY AS SECURITY FOR PAYMENT OF A LOAN IS | HYPOTHECATION |
| A MORTGAGE BROKER GENERALLY OFFERS WHICH SERVICE | BRINGING THE BORROWER AND THE LENDER TOGETHER |
| A BORROWER OBTAINED A $7000 SECOND MORTGAGE LOAN FOR 5 YRS AT 6% INTEREST PER ANNUM. MONTHLY PYMT WERE $50. THE FINAL PYMT INCLUDED THE REMAINING OUTSTANDING PRINCIPAL BALANCE. WHAT TYPE OF LOAN IS THIS | PARTIALLY AMORTIZED |
| THE PRINCIPAL DISTINCTION BETWEEN THE PRIMARY MORTGAGE MARKET AND THE SECONDARY MORTGAGE MARKET IS IN THE | ORIGINATION VERSUS THE PURCHASE OF MORTGAGE LOAN |
| A RE LOAN PAYABLE IN PERIODIC INSTALLMENTS THAT ARE SUFFICIENT TO PAY THE PRINCIPAL IN FULL DURING THE TERM OF THE LOAN IS CALLED | AN AMORTIZED LOAN |
| IF THE AMT OF A HOME EQUITY LOAN IS 13,500 AND THE INTEREST RATE IS 71/2 % WHAT IS THE AMT OF THE SEMIANNUAL INTEREST PAYMENT | 506.25 13500X.075 = 1012.5 ./. 2 = 506.25 |
| LAST MONTH'S LOAN PAYMENT INCLUDED 412.50 INTEREST ON THE $60,000 LOAN BALANCE WHAT IS THE ANNUAL RATE OF INTEREST | 8 1/4 PERCENT |
| THE PURPOSE OF A MORTGAGE IS TO | PROVIDE SECURITY FOR THE LOAN |
| FOR A SALESPERSON TO BE VIEWED AS AN INDEPENDENT CONTRACTOR, FEDERAL LAW REQURES | A WRITTEN EMPLOYMENT CONTRACT WITH THE BROKER THAT CLEARLY STATES THE TERMS OF THE EMPLOYMENT |
| THE AMT OF COMMISSION DUE TO A SALESPERSON IS DETERMINED BY | MUTUAL AGREEMENT |
| A RE BROKER WAS RESPONSIBLE FOR A CHAIN OF EVENTS THAT RESULTED IN THE SALE OF A CLIENT'S PROPERTIES. THIS IS REFEREED TO AS A | PROCURING CAUSE |
| IN PA, SALESPERSON MAY ADVERTISE A PROPERTY FOR SALE ONLY IF THEY | USE THE EMPLOYING BROKERS NAME IN THE ADVERTISEMENT |
| A PARCEL OF VACANT LAND 80 FT WIDE AND 200 FT DEEP WAS SOLD FOR $200 PER FRONT FOOT. HOW MUCH MONEY WOULD A SALESPERSON RECEIVE FOR HER 60 % SHARE IN THE 10 % COMMISSION | 960. 200 X 80 = 16000 X .10 = 1600 X .6 = 960 |
| A RE SALESPERSON WHO IS AN INDEPENDENT CONTRACTOR RECEIVES | NEGOTIATED COMMISSION ON TRANSACTIONS |
| UPON DISCOVERING A LATENT DEFECT IN THE PROP, THE LICENSEE SHOULD DISCUSS THE PROBLEM WITH THE SELLER AND THEN | INFORM ANY PROSPECTIVE BUYERS OF THE DEFECT |
| TO BE ENTITLED TO COLLECT A RE COMMISSION, BROKERS MUST BE ABLE TO PROVE ALL OF THE FOLLOWING | VALID RE BROKERS LICENSE; PROCURING CAUSE; ARE EMPLOYED TO PERFORM CERTAIN ACTIVITIES |
| VERBAL OFFERS TO A BROKER, ACCEPTED BY SELLER WHERE BUYERS BACKED OUT, WHAT DOES BROKER GETS IN COMMISSION | NO COMMISSION |
| A SALESPERSON FINALLY CONCLUDED DIFFICULT NEGOTIATION THAT RESULTED IN THE SALE OF A LISTED PARCEL OF PROPERTY. FOR ALL OF HER EXTRA EFFORTS, THE SALESPERSON CAN LEGALLY DEMAND A PERFORMANCE BONUS FROM | ON ONE |
| ANTI TRUST LAWS PROHIBIT ALL OF THE FOLLOWING | PROPERTY MANAGEMENT COMPANIES STANDARDIZING MANAGEMENT FEES; BROKERS ALLOCATING MARKET BASED ON THE VALUE OF HOMES; RE COMPANIES AGREEING NOT TO COOPERATE WITH A BROKER BC OF THE FEES THAT BROKER CHARGES ?????? |
| GREAT HOUSE FOR SALE FROM FIRM 'A' LISTED FOR SEVERAL WEEKS. OWNERS BEEN INTERVIEWING SALESPERSON FROM DIFFERENT FIRMS. THEY TELL FIRM 'A' THAT FIRM 'B' WILL CHARGE 2% LESS COMMISSION FOR SELLING THE HOUSE. WHAT DOES 'A' SAY TO OWNER TO GET THE LISTING | A PROVIDES EXCELLENT SERVICES TO MARKET THEIR SELLERS PROPERTIES |
| A BUYER WHO IS SHOWN PROPERTIES LISTED FOR RENT BY BROKER IS THE BROKER'S | CUSTOMER |
| A LICENSE SALESPERSON MAY RECEIVE COMPENSATION OR COMMISSION FROM | ONLY THE EMPLOYING BROKER |
| THE BROKER INFORMS THE AFFILIATE LICENSEES THAT FROM NOW ON, THE MINIMUM COMMISSION THEY MAY CHARGE A SELLER IS 7 % IN THIS SITUATION THE BROKER IS | LEGALLY PERMITTED TO DO THIS |
| WHICH OF THE FOLLOWING IS AN EXAMPLE FO DUAL AGENCY | THE BROKER ACTING FOR BOTH THE BUYER AND THE SELLER IN THE SAME TRANSACTION |
| THE RELATIONSHIP OF A BROKER TO A CLIENT IS THAT OF | A FIDUCIARY |
| A RE BROKER ACTING AS THE AGENT OF THE SELLER | IS OBLIGATED TO RENDER FAITHFUL SERVICE TO THE PRINCIPAL |
| STATEMENTS BY A RE LICENSEE EXAGGERATING THE BENEFITS OF A PROP ARE CALLED | PUFFING |
| A BROKER IS PERMITTED TO REPRESENT BOTH THE SELLER AND THE BUYER IN THE SAME TRANSACTION WHEN | BOTH PARTIES HAVE BEEN INFORMED AND AGREE TO THE DUAL REPRESENTATION |
| UNLESS SOME OTHER WRITTEN AGREEMENT HAS BEEN MADE THE BROKER WILL USUALLY RECEIVE THE SALES COMMISSION FROM THE SELLER WHEN | THE TRANSACTION IS CLOSED |
| ALL OF THE FOLLOWING ARE CONSIDERED FRAUDULENT | DECEITFUL OR DISHONEST PRACTICES; OMITTED STATEMENTS OF MATERIAL FACT; MISSTATEMENTS ABOUT THE PROPERTY |
| AS AN AGENT FOR THE SELLER, A R E BROKER CAN | SOLICIT AN OFFER TO PURCHASE THE PROPERTY FROM A PROSPECTIVE BUYER |
| A SELLER HAS LISTED HER HOME WITH A BROKER FOR 190,000, BROKER TOLD BUYER TO OFFER LOW; SELLER ACCEPTED. WHAT DID THE BROKER DO | BROKER HAS VIOLATED HIS AGENCY RELATIONSHIP WITH THE SELLER |
| WHEN A LISTING BROKER WAS TOLD BY HIS PRINCIPAL NOT TO ADVERTISE THE LISTING IN A PARTICULAR NEWSPAPER, WHICH WAS OUT OF THE AREA, THE BROKER COMPLIED BECAUSE THE BROKER | MUST OBEY THE LAWFUL INSTRUCTIONS OF HIS PRINCIPAL |
| IN A TYPICAL AGENCY RELATIONSHIP BETWEEN THE BROKER AND THE CLIENT, THE BROKER'S COMMISSION IS DETERMINED BY | MUTUAL AGREEMENT |
| AN AGENT HAS A DUTY TO DISCLOSE TO THE PRINCIPAL EVERY STEP TAKEN IN THE TRANSACTION OF THE PRINCIPAL'S BUSINESS. THIS IS BECAUSE IS | AGENT HAD FIDUCIARY OBLIGATIONS TO THE PRINCIPAL |
| A SALESPERSON EMPLOYED BY A BROKER TOLD A PROSPECTIVE BUYER THAT THE HOUSE SHE WAS LOOKING AT IS 'THE BEST HOUSE IN THE AREA' BECAUSE OF THIS STATEMENT THE SALESPERSON WOULD BE VIEWED AS | PUFFY |
| WHICH OF THE FOLLOWING BEST DEFINES LAY OF AGENCY | THE RULES OF LAW THAT APPLY TO THE RESPONSIBILITIES OF A PERSON WHO ACTS FOR ANOTHER |
| A BROKER WHO IS THE AGENT OF THE BUYER SHOULD DO WHICH OF THE FOLLOWING | ADVISE THE BUYER WHETHER THE LISTING PRICE OF THE SELLER'S HOUSE IS UNREALISTIC |
| A SALESPERSON FROM A FIRM SELLS A BUYERS A PROP LISTED BY ANOTHER BROKERAGE THAT PRACTICE DESIGNATED AREAS. SALESPERSON DOESNT HAVE A CONTRACT WITH THE BUYER. IN PA, SALESPERSON MAY BE PRESUMED TO REPRESENT | NO ONE |
| A BROKER'S SALESPERSON LISTS A UNIT FOR SALE IN A CONDOMINIUM BLD. THE SALESPERSON IN THIS TRANSACTION | ACTS ON BEHALF OF THE BROKER |
| WHEN SHOULD A PA LICENSE PRESENT THE CONSUMER NOTICE TO A PROSPECTIVE BUYER | AT THE INITIAL INTERVIEW |
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