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MIDTERM EXAM
Examination
| Question | Answer |
|---|---|
| All of the following are valid reasons for terminating an agency agreement except | Death of the salesperson |
| A woman conveys a life estate to her son-in-law but stipulates upon his death the estate will pass to her grandson. The grandson in this case is said to have a | Remainder interest |
| How many acres are in a parcel that half mile wide by quarter of a mile long? | 80 |
| The recordation of a warranty deed | Gives constructive notice of an individual's interest |
| an area of Liberty City developers have overbuilt office complexes and buildings leading to an over supply of office rental space. Generally speaking, which of the following is likely to occur: | Rental prices will fall |
| A listing agreement stipulated that the listing broker would be owed a commission even if the owner finds and negotiates with the buyer. This type of listing is called: | Exclusive right to sell listing |
| A tenant has signed a one year lease with a landlord that begins on June 1st. What must the tenant do? | Vacate the premises by the end of the month of next May |
| Which of the following is an economic characteristic of land? | Improvability |
| The usual purpose of a quitclaim deed is to | Remove a cloud or defect on title |
| A property abuts a navigable river. Which of the following is true? | The property owner owns to the water's edge |
| All of following would be considered personal property except | A fence |
| Three persons bought a property 11 years ago. Last summer one of those owners passed away and their interests, ownership and rights in the property immediately transferred to the other two owners. The three of them owned this property as | joint tenants |
| A builder has secured the services of a broker with a Written listing agreement to sell 3 new spec houses he has built in a subdivision. In this case the broker would be | a general agent |
| Sisters Kayla & Kayleigh own their family's old homeplace as joint tenants. One day, Kayla decides she wants to sell the property; however, Kayleigh is dead set against selling. What does Kayla do? | Filing a quiet title suit |
| A property's legal description gives a detailed account of the property by starting at a certain point and then describing the perimeter using distances and measurements while using landmarks to return to the original point of beginning. This type is | metes & bounds |
| A commercial strip mall has rented one of its store spaces to an Italian Restaurant in which the tenant will be paying a base rent & a share of the common areas expenses as well as 3% of its gross sales. This type of lease is called | A percentage lease |
| A woman would like to sell her property in'the city so she can finally fulfill her dreams of moving to Mexico Beach, FL; however, her husband, whom she divorced several years ago, cannot be located and though she was granted the house in the decree, his | file a quiet title suit |
| Lorenzo has just been inform that he will be receiving his late great-uncle's estate. His uncle had no children and due to the fact that the he died without a will, Lorenzo was found by the court to be the only known living family member by | descent |
| The concepts of a "meeting of the minds" and clear, specific "offer & acceptance" describe which contract validity requirement? | mutual consent |
| When a single party or entity owns a fee or life estate, then that form of ownership is, called a | tenancy in severalty |
| The following liens are placed on a property: a mortgage lien from 2 1/2 years ago; a 2nd mortgage from 1 year ago; a federal income tax lien from 4 years ago; and a special assessment lien from 1 month ago. Which of these would have high priority | A. federal income tax lien |
| The Mortgagor in a mortgage can also be called | the lienee |
| A buyer and seller are negotiating the sale of a house through the U.S. mail. A written offer is mailed by the buyer to the seller. The seller accepts the offer as it is and signs and initials it. Absent any other method of communication, binding agreeme | the offeree places the acceptance in the mail |
| The Gladstones bought a piece of land nine years ago. The dimensions of this rectangular parcel were 1800 feet by 2100 feet and was bought for $5500 They sold it last month for $488,900. What approx. rate of appreciation, if any, | 2.4% |
| An Atlanta-based agent received an earnest money check from a buyer-customer for an offer that was written up on a large piece of land. Since he was about to go on vacation and since his real estate office was not on the way, the agent decided to | commingling |
| A buyer and a broker have entered into a buyer agency agreement. The buyer's broker then cooperated with another firm that represented the seller. In the case, the buyer's broker would consider the seller to be a | customer |
| The legal doctrine that requires contracts for real estate be in writing in order to be enforceable is | the statute of frauds |
| While working up a listing agreement with a seller, an agent is asked to give their,opinion' on the validity & marketability of the title. The agent should: | suggest that they seek legal advice |
| In a purchase and sale agreement signed by all parties it was clearly stipulated that the seller would be removing a wired-in sound system to their new house. Once that act was performed, what best describes the removal of the sound system? | severance |
| In Dooley County it was ascertained that a $27.2 million dollar tax requirement will be needed to cover all expenditures to operate the county government. If the tax base of this primary political subdivision is $348.4 million, what is the tax rate | 7.8% |
| John and Jane were married several years back and decided to live in Jane's house but John was never added to the deed. A few years later, Jane unexpectedly passed away intestate. John's possible statutory homestead interest & protection would be | curtsey |
| An agency relationship would likely not be created when | an agent shows several properties to a customer |
| Mandi has allowed a friend to stay in her pool house without a written lease and without any regular rent being paid for the last two years. Mandi has decided to sell her property and wants the friend to vacate. Assuming this property is in Georgia, | - This is an estate at will and 60 days notice must be given |
| A contract for the purchase of a house has been completed and stipulates that the seller will deliver a general warranty deed. two days before the proposed closing date it is found that the seller can only deliver a special warranty deed. This would mean | the seller being in breach of the contract |
| Which economic characteristic of real estate is being referenced when the word situs is used: | the location |
| Absent of any agreement to the contrary, things such as movable refrigeration units, temporary gondola shelves & point-of-sale register systems used in the course of a retail business would generally be considered | trade fixtures |
| The sales comparison valuation approach is based on the principle of substitution while the income valuation approach is based on the principle of anticipation | |
| The process of one lienholder placing its lien's priority below that of another is called: | Subrogation |
| Georgia is considered a title-theory state because the lender holds legal title while the borrower holds equitable title. | |
| External obsolescence is also known as | Economic obsolescence |
| What form of legal description would be described as "Lot 27 of Block C of the first phase of Newton's Borough Subdivision in Newton County GA | Recorded Plat Method |
| How does a strict foreclosure state differ from a judicial or nonjudicial state? | public sale occurs |
| What is the key attribute of a land trust? | the trustor can name themselves as the beneficiary |
| The power of sale clause, in essence, mean what | 1. No suit is needed in court to foreclose 2. Basically - if you don't pay, you don't stay |
| Which of the following encumbrances attaches to the estate or "runs with the land?" | An easement appurtenant |
| The only necessary clause for a deed to be valid is | the granting, or premises, clause |
| Building codes, certificates of occupancy & zoning regulations are examples of | police power |
| An agent with Super agent says, "I just need $75,000 & you can keep the rest." In this case, the agent's bestRealty goes on a listing appointment. The potential client course of action would be to say: | "That would be considered a net listing & those are illegal in Georgia, but we can come up with a list price." |
| An attorney with the Guidotti Firm, whose slogan is - "A Family Business" - and which is based in Atlanta, GA, does a title search. That title search typically would go back 50 years in order to prove marketable title with title insurance | |
| In the arena of land use planning and controls, a combination of land use laws, short-term growth objectives and long-term strategic vision would be called | The master plan |
| What is the acreage of the Southern A of the Northwestern quarter of the 23rd section? | 80 acres |
| A tract of land is exactly 8 miles square. How many acres would this be? | 40,960 |
| Some states, especially those where water is scarce, have adopted a legal position where the state owns and controls all bodies of water and that permits are necessary for certain uses. This is called the | doctrine of prior apportionment |
| The lender in a mortgage is called the | mortgagee |
| Which of the following contracts must be in writing to be enforceable? | a 2-year lease |
| A dual agent | represents both the seller and buyer |
| The income capitalization approach to appraising value is most applicable to which of the following property types? | a commercial retail complex |
| The owner of a freehold estate is called the | the freehold tenant |
Created by:
Mz Jade
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