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Test ?s No Math
| Question | Answer |
|---|---|
| A bill of sale is used to transfer the ownership of: a. real property b. fixtures c. appurtenances d. personal property | D Personal Property |
| The use of borrowed money to finance a purchase with a small down payment is called: a. An encroachment b. leverage c. capital gain d. appreciation | B Leverage |
| Agent helps both buyers and sellers with paperwork for transferring property. The realtor is not an agent of either party and may not disclose either party's confidential info to each other. | Transactional agent. |
| A real estate sales associate shows properties listed for sale with the brokerage to a prospective buyer. The buyer has refused buyer representation. The buyer is the real estate brokerage's a. client b. customer c. principal d. fiduciary | B Customer |
| A buyer and seller are both clients of a real estate broker. Which of the following is TRUE: a. The real estate broker owes neither party the fiduciary duties of an agent. b. The real estate broker owes the fiduciary duties of an agent to both. | B. Owes the fiduciary duties of an agent to both. |
| A broker who represents a seller under an exclusive agency listing receives 2 offers at same time from two different brokers. The broker should: a. submit both offers at the same time b. submit the offers from their sales associate first | A. Submit both offers at the same time. |
| A real estate broker is helping a buyer and a seller fill out a sales contract but is not representing either party. The real estate broker is a. a traditional broker b. a designated broker c. a atransactional broker d. an unlicensed broker | C A transactional broker |
| A listing agreement provides that a seller under which the seller will receive 22K from the sale of a lot and the listing broker will receive any sale proceeds over that amount. This type is: a. gross listing b. net listing c. legal pay d. exclu | B. Net listing. Illegal in TN |
| What reason would a listing agreement be automatically terminated? a. no reasons at all b. after signing agreement, no offers, works with another c. Seller died after signing agreement b4 offers presented d. Seller wants to lower price of home | C. The seller's death after signing the agreement |
| The main purpose of police power is to: a. ensure the health, safety and welfare of community b. demonstrate the authority of state c. set limits on the amount and kinds of businesses in a given area | A ensure the ehalth, safety and welfare of community |
| For land to be taken by the government under its right of eminent domain, which of the following must apply? a. statutory dedication b. adverse action c. public purpose d. constructive notice | C Public purpose |
| A property owner conveys a life estate to her son and stipulates that upon her death the estate will pass to her granddaughter. She has a. reversionary interest b. remainder interest c. estate for years d. legal life estate | B. A remainder interest |
| A property owner conveys a house to a parent and stipulates that upon parent's death he will recapture ownership. Interest owner has is: a. remainder interest b. curtesy estate c. reversionary interest d. legal life estate | C. Reversionary interest |
| A person who acquired ownership that can be willed to a devisee, with provision that land must always be used for recreational purposes has: a. fee simple b. restricted estate c. estate can't be sold d. fee simple subject to condition subsequent | D. Fee simple estate subject to condition subsequent |
| An owner divides a parcel into several lots, one w/ no street access. Which is TRUE: a. easement by necessity b. municipality construct street access c. owner must create an easement by condemnation d. easement by prescription | A. Easement by necessity |
| The road to a home is long but a more direct route is accross a neighbor's land. Homeowner has used more direct route for years and has never seen neighbor. What easement: a. necessity b. prescription c. condemnation d. license | B. Prescription |
| One of two joint tenants sells the interest to a 3rd party. What is the relationship of the other joint tenant and the new owner? a. joint tenants b. no relationship c. tenants in common d. remaining joint tenant owns 2/3rds and new owner 1/3 | C. They are tenants in common |
| Tenancy with survivorship means: a. tenancy interest will be inherited b. tenant's heirs are survivors c. tenancy interest will pas to surviving tenant upon death of tenant d. this is not a legal tenancy | C. The tenancy interest will pass to the surviving tenant(s) upon the death of a tenant. |
| Which of the following is an example of involuntary alienation? a. selling a preoprty to pay off debts b. having a piece of land sold for delinquent taxes c. giving a piece of land to the park district d. plant crops on unused land | B. Having the land sold for delinquent taxes is an example of involuntary alientation. |
| Grantee is to a deed as devisee is to a: a. will b. trust c. estate d. leasehold | A. Will |
| What will heppen to real estate when dead owner does not have a will or heirs? a. ownership will escheat b. ownership will pass by devisee c. ownership will revert to previous owner d. courts seaize ownership | A. Ownership will escheat |
| A person owned a parcel of land. Subsequent to the owner's death court determined distribution to land according to state law. a. escheat b. condemnation c. probate d. adverse possession | C. Probate |
| The type of deed in which the grantor defends the title back to its beginning is a: a. trustee's b. quitclaim c. special warranty d. general warranty | d. General warranty deed |
| Which statement is TRUE regarding special warranty deed? a. grantor is making additional warranties beyond a warranty deed b. grantor's warranties are limited to time the grantor owned property c. grantor retains interest in ownership | B. Grantor's warranties are limited to the time the grantor owned the property. |
| The type of deed in which the granting clause states "grant, bargain and sell" is a: a. bargain and sale deed b. sale and warranty deed c. general warranty deed d. reconveyance deed | A. bargain and sale deed |
| A contract made by a person who has been legally declared insane is: a. valid b. void c. legal d. voidable | B. Void |
| An amount that is stipulated in a sales contract that serves to compensate a seller in the event of buyer default is called: a. actual damages b. liquidated damages c. escrow funds d. earnest money | B. liquidated damages |
| Breach of contract/ buyer may do all EXCEPT a. sue seller for specific performance b. rescind the contract and recover earnest money c. sue seller d. sue broker | D. the buyer can't sue the broker |
| A couple moves into a cooperative. The will: a. own their individual apartments b. own the common elements c. receive a 20 year lease to their apartment d. become shareholders in a corporation | D. become shareholders in a corporation |
| Which of the following is TRUE of condo ownership: a. Owner's interest in limited common elements can't be sold separately. b. the individual units can't be mortgaged. c. the corporation pays the real estate taxes d. ownership can't be willed | A. |
| A cooperative obtains the funds necessary to cover ongoing operating expenses and mortgage payments by: a. charging rent to shareholders b. selling common elements c. charging special assessments d. collecting regular assessments from shareholders | D. |
| The primary survey line running north and south in any area described by the rectangular survey system is: a. township line b. base line c. principal meridian d. range line | C. |
| A recorded subdivision plat is used in the: a: geodetic survey system b. lot and block system c. rectangular survey system d. metes and bounds system | B. |
| At the closing of a real estate transaction, prepaid homeowners association fees are typically: a. credit to buyer, debit to seller b. debit to buyer credit to seller c. credit to seller only d. credit to buyer only | B. debit to buyer, credit to seller |
| An owner of a ranch enters into a sale-and-lease back agreement with a buyer. Which statement is TRUE: a. buyer is lessor b. owner retains title c. buyer receives possession d. the owner is the lessor | A. |
| The idea that no two parcels of land are exactly alike is called: a. immobility b. subdivision c. uniqueness d. location | C |
| A property owner who does not want to deal with the everyday task of managing a rental property can hire: a. property manager b. appraiser c. home inspector d. developer | A |
| All of these are examples of government policies that can affect the real estate market EXCEPT: a. Federal Reserve Board's discount rate b. shortage of skilled labor or building materials c. land-use controls such as zoning d. environmental regs | B |
| In terms of real estate investment, another name for depreciation is: a. leverage b. cost recovery c. liquidity d. intrinsic value | B |
| Land, mineral and air rights in the land are included in the definition of: a. attachments b. real property c. subsurface rights d. improvements | B |
| Which of these is an example of an economic characteristic of land: a. immobility b. indestructibility c. uniqueness d. scarcity | D |
| Are lighting fixtures normally considered to be real property? | Yes |
| A right or privilege tied to real property, although not necessarily part of the property is called: a. embelement b. trade fixture c. appurtenance d. deed | C |
| If the government acquires privately owned real estate through a condemnation suit, it is exercising its power of: a. escheat b. reverter c. eminent domain d. defeasance | C |
| A patient dies in a nursing home. The deceased left no heirs and had not written a will. What happens to the deceased's 250K estate? a. it escheats to the state or county b. nursing home keeps it c. split between nursing home and county | A |
| Which of these cannot take title as a joint tenant with right of survivorship? a. spouses b. two friends who are business partners c. two relatives who share a house d. a corporation | D |
| A remarried couple asks you how to take title. What advice: a. tenants in common b. joint tenancy c. wait until realtor consults d. suggest consult with an attorney | D |
| 3 people purchase and operate a property as investment. 2 owners and 1 worker called "Property Group Partners" a. joint venture b. limited partnership c. general partnership d. limited liability company | B |
| M invested 50K in a limited partnership with 2 others. The building burned and caused 275K in damage. What is M's liability? a. None b. 50K c. $91,667 d. 100K | B (loses original investment) |
| All of these are ways to express a legal description EXCEPT: a. lot and block b. metes and bounds c. rectangular survey d. benchmarks | D |
| How many square feet are in an acre? | 43,560 |
| How many acres are in one square mile? | 640 |
| How many square miles in a township? | 36 |
| The end of a metes and bounds land description is always: a. monument b. benchmark c. point of beginning d. base line | C |
| Air lots, condo descriptions, and other vertical measurements may be computed from the US Geological Survey a. datum b. benchmark c. principal meridian d. base line | A |
| A seller conveys property to a buyer by a written document that contains 5 covenants protecting the buyer's title. What is the seller's role in this transaction? a. Grantee b. Grantor c. Devisor d. Devisee | B |
| Which of these is an example of involuntary alienation? a. sale b. gift c. escheat d. will | C |
| The type of deed that imposes the least liability on the grantor is a: a. special warranty deed b. bargain and sale deed c. quitclaim deed d. general warranty deed | C |
| The grantin clause in a special warranty deed generally contains the words: a. grantor conveys & warrants b. grantor grants, bargains and sells c. grantor remises, releases, alienates & conveys d. grantor remises, releases & quitclaims | C |
| All of these are acceptable evidence of an owner's title EXCEPT: a. recorded deed b. abstract of title and attorney's opinion c. title insurance policy d. certificate of title | A |
| The reason that deeds and liens and other claims are recorded is to give what type of notice? a. constructive b. actual c. direct d. nominal | A |
| A history of all recorded liens and encumbrances is revealed in the: a. title insurance policy b. unrecorded documents c. chain of title d. abstract | D |
| A title insurance policy that protects the interest of a mortgage is called? a. leasehold policy b. lender's policy c. certificate of sale policy d. an ALTA policy | B |
| IRS requirements for conractor status EXCEPT: a. current real estate license b. specific hours stated in written agreement c. written agreement that individual will not be treated as employee for tax purpose d. a substantial $$ on sales | B |
| All of these are violations of federal antitrust laws EXCEPT: a. group boycott b. allocation of customers c. commission split d. tie in agreement | C |
| Even if a consumer has requested placement on the National Do Not Call Registry, a real estate agent may call the consumer up to how many months after consumer's last purchase? a. 3 b. 6 c. 12 d. 18 | D |
| An individual who is authorized and consents to represent the interests of another person is: a. customer b. principal c. agent d. facilitator | C |
| The agent's obligation to use skill and expertise on behalf of the principal arises under which of these common law duties? a. care b. obedience c. loyalty d. disclosure | A |
| If a house burns down before it sells and owner dies is the contract terminated? | Yes |
| A person who is designated by the principal in a broad range of matters related to a particular transaction or activity is a: a. facilitator b. special agent c. designated agent d. general agent | D |
| A broker is showing a house to a prospective buyer and points out rustic charm of sagging porch & the weedy backyard as a delightful garden. This is: a. intentional misrepresentation b. negligent misrepresentation c. puffing d. fraud | C |
| In a real estate sales transaction, who is the agent's principal? a. seller b. buyer c. person who pays the commission d. whoever hired the agent | D |
| A broker was hired to represent the seller, to market property and solicit offers to purchase. The broker is called: a. general agent b. special agent c. facilitator d. nonagent | B |
| All of these will terminate an agency relationship EXCEPT: a. the death of either party b. destruction of the property c. an offer made on the property d. expiration of the agreement | C |
| Which of these statements could be negligent misrepresentation? a. uneven floors mean building dates to colonial times b. low doorways are charming cape cod style c. simple design gives many decor options d. size of bedrooms are perfect for you | A |
| The seller's agent knows that a landfill has been approved for development nearby but does not disclose info to buyer. a. negligent misrepresentation b. latent defect c. fraudulent misrepresentation d. unnecessary disclosure | C |
| All of these are required for a joint tenancy EXCEPT: a. unity of title b. unity of ownership c. unity of time d. unity of possession | B PITT (possession, interest, time and title) |
| IN a tenancy in common, if the fractions of ownership are NOT stated in the deed, how are they determined? a. judicial decision b. presumed to hold equal shares c. binding arbitration d. terminate throough partition | B |
| In a buyer representation agreement, the broker acts as the agent of the buyer and must protect the buyer's interests: a. at all points b. only during property showings c. until agreement is signed d. only when negotiating on behalf of buyer | A |
| A homeowner listed the home for sale with a broker. When the owner sold the home without the broker's assistance, no one was owed commission. What type of listing? a. exclusive right to sell b. net c. multiple d. open | D Could also be called exclusive agency |
| A listing agreement is: a. contract between buyer and the seller b. contract to purchase real property c. employment agreement between the broker and the sales associate d. employment contract between the seller and the broker | D |
| All of the following are generally exempt from paying real estate taxes EXCEPT: a. For Profit assisted living b. municpal government c. charitable hospital d. private nonprofit school | A |
| In which type of contract is the promise of one party given in exchange for the promise of the other party? A. Bilateral B. Obligatory C. Unilateral D. Restricted | A |
| Refusal or failure to comply with the terms of a contract is: a. specific performance b. a breach c. not justification for failure to return earnest money d. acceptable if no harm results | B |
| If an owner takes his property off the market for a definite period in exchange for some consideration but grants an individual the right to purchase within that period a. contract of sale b. right of 1st refusal c. installment agreement d. option | D |
| A contract made by a person who has been adjudicated insane is void on the theory that the person a. was purposefully deceptive b. is not a legal citizen c. is not competent as a matter of public record d. can perform under terms of contract | C |
| When grantors do Not wish to convey certain property rights they: a. must note the exceptions in a separate document b. may not do so because the deed conveys the entire premises c. may note the exceptions in the deed of conveyance | C |
| In a general warranty deed a very little protection is provided to buyer b grantor defends titel for only grantor c grantee defends the title against the grantee & all those who previously had title d grantor defends title back to its beginning | D |
| The clause in the deed that conveys the rights and privileges of ownership is called the: a. habendum clause b. appurtenance clause c. acknowledgement d. granting clause | D |
| Having a piece of land sold for delinquent taxes is an example of: a. voluntary alienation b. involuntary alienation c. revocation d. remainder | B |
| Under the Torrens system a. title passes when grantee's application for registration has been approved & real estate has been registered b. Torrens official performs as recorder of deeds c. original deed is mailed to buyer after registration | A |
| A licensee who encourages people to attend a sales presentation about licensed time shares. | Acquisition agent |
| A physical or environmental issue that diminshes value of property and must be disclosed. Can also cause health problems for owners and/or reduce structural integrity. | Adverse Fact |
| How long must a principle broker maintain records of the account on each transaction? | 3 years |
| Brokers must disburse monies within ______ days from date of written request of disbursement. | 21 |
| A vacaton lodging service (VLS) manages, markets books & rents residential units owned by others as furnished sleeping accommodations for paid travelers staying no more than ______ days. | 14 |
| Owner is overseas 2 years and hires a property manager. a. special agent b. universal agent c. general agent d. attorney in fact | C |
| Which of the following is required to have a real estate license: a. property manager b. executor c. trustee acting under a trust agreement d. resident manager | A |
| One bcomes a designated agent by: a. agreement w/ clienbt b. repping both parties in same transaction c. being appointed by managing broker d. individual choice by affiliate broker | C |
| Person in charge of vacation lodging service is a: a. principal broker b. designated agent c. affiliate broker d. managing broker | B |
| An unlicensed corp convicted of paying an officer of the corp a commission on a per transaction basis will be ineligible for a real estate firm license for a period of ____ from date of conviction: a. 6 months b. 60 days c. 90 days d. 1 year | D |
| All of the following are true except: a. E&O must be obtained before obtaining a real estate license b. it is mandatory that the real estate firm obtain e&o insurance c. all active licensees must have e&o even if they are not transacting business | B |
| One whose license has been suspended for more than 1 year for failing to timely renew e&o may not reinstate license. True of False | True- al license suspended for more than a year may not be reinstated |
| The TN REC is a divison of: a. Dept of Housing and Urban Dev b. Dept of Commerce and Insurance c. Dept of interior d. Dept of covenants, conditions & restrictions | B |
| Residential, commercial, mixed use, industrial, agricultural and special purpose are all types of ___________ property. | Real |
| Population, demographics and employment wage levels are factors affecting_______________. | Real Estate Demand |
| True or False: Mortgages are liens on real estate. | True |
| A testamentory trust is established before or after death of owner? | After |
| What does the statue of fraud require? | Contracts be in writing to be enforceable. |
| What is an example of voluntary alienation? | An owner sells his land to pay off debt. |
| *labor force, contstruction & material costs * government controls & financial policies * local government factors | Factors affecting real estate supply. |
| What is defined as the earth's surface to the center of the earth and the airspace above the land, including trees & water? | Land |
| What is defined as land plus permanent human made addition? | Real Estate |
| What is defined as re3al estate plus bundle of legal rights? | Real property |
| What are the bundle of legal rights? | Possession, control, enjoyment, exclusion and disposition PCEED |
| The legal term fur plants that do not require annual cultivation (ex. trees & shrubbery) are called | Fructus Naturales (natural fruits) |
| The legal term for plants or crops that require annual cultivation are legally known as | Fructus indistriales or emlements (fruits of labor) |
| What are the 5 basic legal tests of a fixture? (Hint MARIA) | 1) method of attachment 2) Adaptability 3) Relationship of parties 4) Intention 5) Agreement |
| The increase or addition of land by the deposit of sand or soil washed up naturally from a river, lake or sea is called: | Accretion |
| The sudden tearing away of land, as by earthquake, flood, volcanic action or sudden change in the course of a stream? | Avulsion |
| The gradual wearing away of land by natural forces such as wind, rain and flowing water? | Erosion |
Created by:
jenkasick