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Real Estate


When applied to a real estate sales contract, the term “rescission” is MOST likely to indicate that the contract has been	Terminated
Which of the following terms identifies an element that is essential to creating a valid real estate sale contract?	Legal purpose
Which of the following types of buyer-broker agreements provides the licensee with the GREATEST assurance of receiving compensation if the buyer purchases a property?	Exclusive Buyer Agency
Which of the following statements BEST defines what a “time is of the essence” clause means in a real estate sales contract?	The contract provisions must be met in a timely fashion
According to the statute of frauds, in order for a real estate sales contracts to be enforceable in court they MUST be	In Writing
Which of the following statements BEST defines what a “time is of the essence” clause means in a real estate sales contract?	The contract provisions must be met in a timely fashion
Which of the following types of leases provides for the tenant to pay a base rent and some of the property expenses, such as utilities, maintenance, and taxes?	Net
At the time it is signed by all required parties, what type of a contract is a real estate option contract?	Unilateral
Which of the following interests in real property does a prospective buyer receive one an offer to purchase becomes a binding offer?	Equitable title
Which of the following types of listing agreements allows a seller to contract with multiple licensees and only compensate the one that produces the buyer?	Open
In the preparation of a competitive market analysis (CMA) or appraisal, which of the following situations is MOST likely to be interpreted as a stigmatizing property condition?	A history of a major crime on the site
A listing licensee discovers the listed property has a history of faulty plumbing that has never been adequately corrected. The licensee’s responsibility regarding this information is that the licensee MUST	Discuss it with the seller and disclose it to prospective buyers
Which of the following general property conditions is MOST likely to be categorized as material?	A cracked foundation
The name of the colorless, odorless gas often found in residential properties that represents an environmental health hazard associated with promoting lung cancer is	Radon
A lead-based paint disclosure notice MUST be included with a	Sales contract for a residential property built before 1978
A couple combined income and strong employment history is having difficulty qualifying for a conventional loan to purchase a home due to their income and limited cash. Following sources of real estate funding isMOST likely to meet their needs?	Seller financing
A CORRECT statement about mortgage insurance premiums charged for Federal Housing Authority (FHA) loans is that they	May be included in the total loan amount
A homeowner, no liens on the property arranges for loan that provides a series of small monthly payments to owner rather than a single large payment that must be paid back in installments. Arrangement is BEST identified as what loan?	Reverse annuity
A lender is MOST likely to require a borrower to pay for private mortgage insurance in which of the following situations?	The loan amount is for 90% of the property’s value
The BEST statement about the relationship between a property mortgage and a promissory note is that the mortgage	Creates a property lien as security for the note, which gives the details of both the amount of the debt and the terms of repayment
The Truth in Lending Act is a part of which of the following federal laws?	Consumer Credit Protection Act
Which of the following loans calls for fixed payments and interest followed by a balloon payment at maturity?	Partially amortized mortgage
A buyer is looking to purchase a new condominium which comes completed furnished. Which of the following would be the BEST loan to consider?	Package mortgage
Which of the following statements are true regarding a pre-payment penalty in South Carolina?	Lenders cannot charge a pre-payment penalty for loans of $180,000 or less in SC
Which of the following statement is true regarding VA loans?	Anyone can assume a VA loan
If a borrower obtains an interest-only loan of $75,000 at an annual interest rate of 8%, what is the monthly interest payment?	$500
A borrower of a $95,000 interest-only loan makes annual interest payments of $8,312.50. What interest rate is the borrower paying?	8.75%
A borrower obtains a 30 year, fully amortizing mortgage loan of $30,000 at 8%. What is the principal balance at the end of the loan term?	Zero
When a property’s creditors are not fully repaid out of the proceeds of a foreclosure sale, they may make a foreclosed property owner personally liable for the balance due by bringing a legal action for a	Deficiency judgment
When a deed or a lien is placed in the public records in order to make them available to anyone searching the records, this is known as	Providing Constructive Notice
Unmarried carpenter bought a building lot and erected a two-story home and lived there for three years before selling it for a large profit. According to IRS regulation, what is the MAXIMUM amount of any profit that would be exempt from capital gains tax?	$250,000
Which of the following documents is used to transfer ownership of personal property that is included in the sale of real estate?	A bill of sale
Which of the following is meant to protect an owner's or a lender's financial interest in real property against loss due to title defects, liens or other matters?	A title insurance
Which of the following is a condensed history of all grants, conveyances, and judicial proceedings affecting title to the property?	Abstract of title
Which of the following conveys all of the grantor's interests in the property, but also warrants that if the title is defective or has a cloud, the grantee may hold the grantor liable?	General Warranty Deed
Which of the following is a legal document by which a person releases any claim that they may have had to a property with no expressed or implied warranties?	Quit Claim Deed
Will I pass?	Yes
Which of the following events will terminate an agency relationship?	Bankruptcy of the principal
According to the common law of agency, which of the following statements about the fiduciary obligation of confidentiality is CORRECT when an agent represents a principal in real estate transaction?	It outlast the termination of the agency relationship
Which of the following terms identifies a property owner who has entered into an agency relationship with a licensee?	Principal
A buyer-broker agreement is MOST likely to create which of the following types of agency relationships?	Single
Which of the following situations BEST exemplifies an implied agency relationship?	A seller expresses an interest in finding a similar property in a neighboring town and the listing licensee brings the seller to see some in-house listings
Which of the following documents creates and identifies the extent of authority for a licensee acting on behalf of an owner?	Agency agreement
According to the common law of agency, a licensee has which of the following obligations to an individual that prefers to remain a customer rather than become a client?	Honesty and fair dealing
Real Estate Brokers are often granted a wide range of job-related authority to act on behalf of their principal. This is known as which of the following types of agent?	General
When acting in a fiduciary capacity for a seller in a real estate transaction, a licensee MUST	be loyal to the seller’s interests.
Which of the following statements BEST defines real property?	Land and its improvements and all included ownership rights
A homeowner hires a carpenter to build a back deck and refused to pay. The carpenter is entitled to take which of the following actions?	Place a mechanic’s lien on the property
Which of the following ownership interest applies to parties who own real property as tenants in common?	The ownership interests may be conveyed separately
The type of legal description that refers to a point of beginning, may refer to monuments, and uses distances and direction to come back to the point of beginning is	metes and bounds
The terms riparian, accession, and littoral refer to which of the following property rights?	Water
Which of the following terms identifies the ownership of real property that is complete and has no restrictions on its use or transfer?	Fee Simple
Trade fixtures are considered	Personal Property
How many acres are in the following legal description? NE ¼ of the SW ¼ of the NW ¼ all lying in Section 9 of Township 51 South Range 17 West	10
Which of the following is considered a General Lien?	Decedent’s debt lien
Which of the following types of property is regulated by the SC Horizontal Property Act?	Condominiums
Residents of an area with wells that go dry during severe droughts arranged with the municipality to provide city water to each property. This work is MOST likely to be funded through a	Special assessment
A property owner built a house on a 7,500 square foot lot several years prior to the enactment of new zoning that requires at least 20,000 square feet for residential properties in that area. A CORRECT statement about this situation is that the	property represents a nonconforming use and nothing must be done
Which of the following government powers provides for the transfer of ownership of real property from an owner to the state in the vent the property owner dies without a will or known heirs?	Escheat
An investor exchanging like properties with no gain or loss as recognized under the Internal Revenue Code is a	1031 Tax-deferred exchange

concerning Police Power would be considered a private control?	Deed Restrictions
Which of the following controls concerning Police Power would be considered a private control?	Deed Restriction
In performing a direct sales comparison (market data) analysis, an appraiser would be MOST interested in data on	Comparable Properties
During an appraisal of a residential property, an appraiser estimates the cost of rebuilding the subject property so that it is identical to its current size and condition. This is an example of which of the following appraisal principles?	Subsitution
Which of the following situations BEST characterizes a property suffering from external (economic) obsolescence?	A car dealership is located downwind of a new hog farm
Which of the following appraisal methods would be MOST appropriate one to use in the valuation of a twenty-year-old post office?	Cost
Which of the following statements BEST defines what is meant by “appraised value”?	A estimate of value
Which of the following methods using the Income Approach to value would be the best for determining market value for a laundry mat?	Capitalization
Indemnification is an agreement between two parties not to hold one of them liable for future legal action or fines	The broker Indemnification clause
An amount of consideration having no bearing on the real value of a contract would be called a	Nominal Consideration
When a contract is a "take -it-or-leave -it" proposition that is oppressive and unfair, a court will determine that the contract is unconscionable, and it will not be enforced. Such a contract is a	contract of adhesion
Which of the following type contracts is generally formed by a promise and a payment of money in return?	Unilateral
In a promissory note, the _____________ clause can also be called the "due on sale" clause.	alienation
The federal agency that enforces the provisions of the Real Estate Settlement Procedures Act (RESPA) is	Housing and Urban Development (HUD)
Which of the following is protected by the Fair Housing Act?	Color, race, national origin 1968, Sex 1974, Familia Status (Minor Children , pregnant woman) 1988
Real Estate property taxes are a what lien?	Specific, involuntary, statutory
Joseph could redeem the property by paying the lender the entire loan balance plus foreclosure expenses and penalties. Joseph is entitled to this right during the six-month period after the sale because of the _____________ for State Z.	Statutory Redemption period
Real property given in a will is referred to as a	devise
Salesperson Joanne received a $8,400 commission on her 80% share of the total commission received by her firm for the sale of a property that sold for $350,000. Her firm split the total commission 50/50 with another firm. What was the commission rate?	6%
Marilyn is a tenant in an apartment. She holds a leasehold estate for a period of six months; and the leasehold will expire at the end of the sixth month. Marilyn has what type of leasehold estate?	Estate for years
A lease that provides for periodic increases of rent at regular intervals is called a	Graduated Lease
J rents from T and include lease a provision that a portion of rental proceeds will be set aside in Eaccount. Monies used later specified time to serve as John's down payment, if J opt to purchase the property at a specified price. Wha type provision ?	lease option provision
Which of the following is a nonfreehold estate that does not require advance notice of termination	Estate for years
John and Cindy decide that John should move with Cindy, since she owns home. The 2 of them decide that J will pay C monthly rent in the amount of $450 on the first of each month; and there will be no written lease. John has what type of leasehold estate?	Periodic Estate
A & J dating ; and together they decide that Julie should move in with Art, since he owns his home. J will not pay rent to A. 2 of them decide that they will "work it out" with other money. J has what type of leasehold estate?	Estate at Will
An estate whereby a party lives in a unit after the lease expires, but before paying rent for a future estate is called	Estate of sufferance
Depreciation is used by real estate appraisers when using which approach to value?	Cost Approach
When an appraiser uses the income approach to value, the appraiser must calculate the annual net income of a property. The formula for net operating income is gross operating income _____________.	less annual operating expenses
An appraiser has been employed to estimate the market value of a parcel of vacant land. The resulting appraisal report would NOT include reference to	The list price of the parcel
Appraiser order to include high & best use of property, local economic conditions, & provide thorough analysis of subject property & surrounding geographic area. Job called for in-depth explanations, but for showing data included appraiser's work file.	Narrative Report
For a deed to be valid, it must be:	Signed by the grantor
A clause in a statute or contract providing that if any particular part of the statute or contract is found to be void or unenforceable, that part will be carved out and the balance enforced to the extent possible.	Severability clause
an agreement between two parties not to hold one of them liable for future legal action or fines.	The broker indemnification clause.
An amount of consideration having no bearing on the real value of a contract would be called a	nominal consideration
The provision in a promissory note that gives the lender the right to call the entire balance due upon a default in any payment is called _____________.	an acceleration clause
Which clause declares the listing to be the complete and final agreement between the parties?	Integration Clause

Created by: Melvinjr189

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