Practice Exam
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| show | At least 21 years old
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| Instate succession of real property will occur if the property’s owner’s | show 🗑
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| show | Bill of sale
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| A right or privilege associated with ownership of a piece of real property is: | show 🗑
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| show | Void
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| Agents sometimes find potential buyers while on floor duty. Floor duty is the practice of: | show 🗑
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| show | Fee estate
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| show | has a qualified fee simple
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| A tenancy in common can terminate by: Th | show 🗑
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| show | Amendment
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| P enters int a purchase and sales agreement with Seller H. Shorty thereafter, a title search reveals that H will not be able to deliver marketable title to P because there are some title defects that cannot be corrected. P demands that her earnest mone | show 🗑
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| The Real estate Commissioner: | show 🗑
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| show | Government survey method
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| A broker sells the house that he owns to another person. The broker represented himself in the sale and disclosed the fact that he is a broker to the buyer and put this in writing. Later that month, the broker represents a buyer and a seller in the sale | show 🗑
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| Broker Williams has a listing o Falk’s house. After an offer has been presented and accepted and delivered back to the buyer ad buyer’s agent, a latter offer arrives with a better price than the first. What should Broker Williams do? Broker… | show 🗑
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| show | Anything on the original offer
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| A broker receives more that bona fide offer on a property, at approximately the same time. The broker should present: | show 🗑
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| show | Tenants in common
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| show | Specific
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| An item of functional obsolescence is considered incurable is the | show 🗑
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| show | Assigning one agent to handle all the telephone calls and brokerage office visits for a period of time
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| show | Does not own the land
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| A tenancy in common can terminate by: | show 🗑
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| Which is the following estates is a freehold estate? | show 🗑
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| show | prescription
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| show | Government surety method
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| show | Stock in a corporation
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| An estate in real estate: | show 🗑
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| An agency terminates because the Buyer’s agent helps the buyer to successfully purchase a home. The agency terminates because of : | show 🗑
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| A federal law that pertains to loan transactions, including residential, real estate loans and prohibits discrimination based on race, color, religion, national origin, sex or material status, or because the applicant receiving public assistance, is the: | show 🗑
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| P enters into a purchase and sale agreement with Seller H. Shortly thereafter, a title search reveals that H will not be able to deliver marketable title to P because there are some title defects that cannot be corrected. P demands that her earnest money | show 🗑
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| show | all offers
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| Jim gives a life estate to Sarah, in which she will keep her estate interest as long as Carl is alivce. When Carl dies, title wil pass to Mark, the reaminerman. Sarah's interest is best described as a / an: | show 🗑
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| show | Diffenent method of transfer of title.
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| show | bring a court action because six-month leases need not be in writing to be enforceable. A lease of less than a year is enforceable
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| show | a historical summary of the publicly recorded documents that affect a title
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| show | Usually title is conveyed from one person (the grantor) to another (the grantee) by means of a written instrument called a deed
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| show | Limits the use of property by all owners of that property including future owners.
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| show | A nonpossessory interest in land. It is the right to use land that is owned or leased by someone else for some special purpose. It entails only a limited user privilege and not privileges associated w/ownership.
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| Estate | show 🗑
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| Estate for years | show 🗑
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| Estate from year to year | show 🗑
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| Fee simple estate | show 🗑
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| Freehold estate | show 🗑
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| Future Estates | show 🗑
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| General Warranty Deed | show 🗑
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| show | is different than a free hold estate because it expires on a definite date and implies only the right to possess and use the property owned by another for a period of time.
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| Lessee | show 🗑
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| Lessor | show 🗑
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| show | It is possible to have a freehold estate that has fewer ownership rights than a fee simple estate. This is an example. It is a freehold estate that lasts only as long as the life of the owner of the estate or the life of some other person.
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| show | Give unpaid contractors, workers, and material suppliers the right to attach a lien on the real estate to which they added their labor or materials. To obtain pmt owed them, they may foreclose such liens by forcing a judicial sale and pd from proceeds.
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| Nonpossessory Interest | show 🗑
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| Ownership Rights | show 🗑
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| Personal Property | show 🗑
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| show | The right of a person to the possession, use, enjoyment, and disposal f his or her property.
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| Quitclaim deed | show 🗑
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| show | Things that are not movable such as land and improvements permanently attached to the land.
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| show | Ownership rights associated with the real estate.
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| show | Not uniform among states, these acts in general provide a publicly accessible system for assessing and establishing claims or interests in real estate as against all other parties. And provide a set of rules for resolving priority disputes.
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| show | Exists when the grantor of a present estate with fewer ownership rights than the grantor's own estate conveys to a third person the reversionary interest the grantor or the grantor's heirs would have in the property upon termination of grantee's estate
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| show | Exists when the holder of an estate in land (grantor) conveys to another person ( grantee) a present estate int he property that has fewer ownership rights than the grantor's own estate and retains for the grantor or the grantor's heirs right 2 take back
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| show | Although a lender may not possess or use the real estate, the mortgage document provides the lender with evidence of a secured interest. This reduces the quantity of the rights possessed by the owner.
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| show | Makes same warranties as a general warranty deed except that it limits their application to defects and encumbrances that occurred only while the grantor held title to the property. But warranties don't apply to previous owners.
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| Title | show 🗑
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| Title Assurance | show 🗑
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| P=%xT | show 🗑
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| Loan Factor | show 🗑
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| Debit | show 🗑
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| Credit | show 🗑
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| show | Loan to value ratio-the percent of the price that the buyer is borrowing-high LTV means low down payment
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| show | 43, 560
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| show | Multiply the length of one side by the length of the other side
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| To convert square footage to acreage | show 🗑
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| To convert acreage to square feet | show 🗑
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| If you are given the dimension only (300x200) the first number is considered to be | show 🗑
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| show | multiply the total sales commission by the appropriate percentage that either the broker or sales associate is entitled to receive.
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| show | Selling price= Sellers net + Closing cost divided by / 100% - Commission rate
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| show | Step one: Reproduction Cost / Economic Life X Effective Age = Total Depreciation / (means divided by) Step two: Reproduction cost - Total Depreciation (and step 1) + Land value = Depreciated Value of the Property
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| Income Capitalization Approach | show 🗑
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| Gross Rent Multiplier Approach | show 🗑
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| Discount points | show 🗑
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| Amortization | show 🗑
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| show | 1. Loan amount x Annual interest rate = Annual interest / by 12= monthly interest amount 2.Deduct Monthly interest from total monthly payment amount 3. Principal balance of loan - principal portion of payment = New loan balance
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| Transfer tax | show 🗑
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| GA Residential Mortgage tax | show 🗑
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| Intangible tax | show 🗑
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| show | The time at which an offer to purchase is accepted. The fact that it was accepted must be relayed to the person that made an offer in order for all parties to be bound to the contract.
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| Ad Valorem Tax | show 🗑
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| show | A mortgage whose interest rate over the life of the loan is not necessarily the same as the original interest rate at the loan inception.
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| Agent | show 🗑
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| What is an agency? | show 🗑
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| show | A person who acts on behalf of a real estate broker in performing any act authorized to be performed by the broker.
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| show | Any person who, for another, and who, for a fee or commission,
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| show | The Georgia Real Estate Commission
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| show | The real estate commissioner, not the same as the "commission member"
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| What is a Community Association? | show 🗑
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| What is a firm? | show 🗑
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| What is a licensee? | show 🗑
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| What are ministerial acts? | show 🗑
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| What is the authority of the Georgia Real Estate Commission based upon? | show 🗑
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| show | 1) issuing licenses 2) disciplinary actions 3) passing rules and regulations 4) establishing fees
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| Real Estate Investment Trust (REIT) | show 🗑
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| Regulation Z | show 🗑
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| Remainderman | show 🗑
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| show | The water rights of a landowner whose property is adjacent to or crossed by a river (or any body of water). Compare: Appropriative Rights; Littoral Rights.
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| show | Water rights allocated by government permit according to an appropriation system. It is not necessary to own property beside the body of water in order to apply for an appropriation permit.
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| show | Water rights of a landowner whose property is adjacent to a lake or contains a lake. Compare: Appropriative Rights; Riparian Rights.
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| Ratification | show 🗑
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| show | A description on a deed that includes the property’s location on a plat map.
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| show | Deposits of oil and gas are transitory and ever-changing (fugacious). Because of this, California follows the rule of capture, which states that oil and gas are not considered to be owned until pumped to the surface and reduced to possession.
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| show | sence of a valid will, the decedent's property will pass to his or her heirs through the process of intestate succession.
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| The instrument used to transfer possession of personal property is a: | show 🗑
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| A right or privilege associated with ownership of a piece of real property is: | show 🗑
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| How is real property most different from personal property? | show 🗑
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| Jim gives a life estate to Sarah, in which she will keep her estate interest as long as Carl is alive. When Carl dies, title will pass to Mark, the remainderman. Sarah's interest is best described as: | show 🗑
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| show | Void: Explanation: A contract that lacks one of the essential elements, such as a lawful objective, is considered void.
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| The land description method that makes reference to sections, townships, and ranges is the: | show 🗑
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| A federal law that pertains to loan transactions, including residential real estate loans, and prohibits discrimination based on race, color, religion, national origin, sex, or marital status, or because the applicant receives public assistance, is the: | show 🗑
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| show | Stock in a corporation: A cooperative tenant holds stock in the corporation that owns the cooperative.
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| An agency terminates because the buyer's agent helps the buyer to successfully purchase a home. The agency terminates because of: | show 🗑
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| show | Mutual agreement or partition action
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| show | responsible to her employer for results only? Employee
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| A person who is authorized, in writing, to act legally for another person is: | show 🗑
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| An easement is considered to be: | show 🗑
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| In Georgia, a net listing is: | show 🗑
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| A listing agreement provides for the payment of a commission to the broker even if the owner sells the property without the broker's help. This type of listing agreement is called: | show 🗑
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| Which of the following are NOT appurtenances that pass with the transfer of real property? | show 🗑
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| A residential subdivision of single homes would MOST LIKELY be separated from an industrial park by which of the following: | show 🗑
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| show | A. having an open house B. visiting local neighborhoods to ask homeowners if they know of anyone looking to buy C. assigning one agent to handle all the telephone calls and brokerage office visits for a period of time D. calling homeowners to see if they
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| show | A. Fee estate B. Estate for years C. Estate at will D. Estate at sufferance
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| show | Martha has the right to withdraw offer
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| Which of the following persons would be responsible to her employer for results only? | show 🗑
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| show | A 56-year-old executive with nine years remaining until retirement
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| A seller who was recently divorced received ownership of the property through the divorce proceeding. She wants to sell the property but her ex-husband's name is on the original deed and she is unable to locate him,. Her BEST action would be to: | show 🗑
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| J is the listing agent for Seller Q. J shows Q's property to Buyer T. Which of the following is true? | show 🗑
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| show | Escheat to the state: Property escheats to the state after a person dies intestate and no heirs can be located, or when it is abandoned.
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| show | The taking must be for a public purpose: Under the power of eminent domain, government agencies can take private property for a public use, upon payment of just compensation to the owner.
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| What is the difference between a latent defect and a patent defect? | show 🗑
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| A contract that obligates one party only if the other party elects to perform is: | show 🗑
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| show | C. Tenants must be given ten days in which to conduct an inspection, although they may waive this right: Buyers, but not tenants, have a ten-day window in which to request an inspection for lead-based paint.
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| When must a selling agent give a copy of the agency disclosure form to the buyer? | show 🗑
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| Zelinski, a real estate agent, entered into an exclusive right to sell listing with Green. A few weeks later, Zelinski found a ready, willing, and able buyer who made a full price offer. Green refused to accept the offer. Green: | show 🗑
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| show | Encumbrance on real property: Easements are a type of encumbrance. They're nonfinancial encumbrances that affect the use of a property, not liens (financial encumbrances).
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| A voidable contract is one that: | show 🗑
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| show | All the above: A brokerage that does not collect part of the salesperson's commission may instead charge a monthly desk fee to cover office operating costs.
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| Bo gives a life estate to Joe, who then sells his interest in the property to Moe. Joe shortly thereafter dies unexpectedly. Who receives possession of the property? | show 🗑
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| show | Federal Fair Housing Act (as amended in 1988)
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| Agents sometimes find potential buyers while on floor duty. Floor duty is the practice of: | show 🗑
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| Which of the following estates is a freehold estate? | show 🗑
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| show | Mutual agreement or partition action
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| show | Includes the absolute and exclusive right to possession
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| The owner of a property with a condition subsequent: | show 🗑
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| show | Martha has the right to revoke her offer and get her money back at any time before Lou accepts the offer
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| Under the 1988 amendments to the Federal Fair Housing Act, which of the following individuals qualifies on the basis of his or her age to live in housing that is exempt from the prohibition against excluding children? | show 🗑
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| show | tenancy in common: Unity of possession is a key characteristic of tenancy in common. Each tenant's interest in undivided, so each co-tenant may occupy the entire property.
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| show | can require the tenant to pay for the modifications plus restore the property at the end of the lease (although the owner must allow the tenant to make the modifications)
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| Agency law is concerned with the duties and rights among: | show 🗑
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| If an improvement illegally extends onto a neighboring property, it is considered: | show 🗑
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| When a counteroffer is made: | show 🗑
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| show | General warranty deed: A general warranty deed essentially warrants that the grantor has good title and will defend it against all adverse claims.
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| Private restrictions on land may be created by: | show 🗑
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| Mutual assent to a real estate contract is indicated by: | show 🗑
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| show | Adverse possession
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| show | Require real estate contracts to be in writing in order to be legally enforceable.
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| Which of the following relationships BEST describes a general agency? | show 🗑
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| show | Scarcity
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| show | percolation test
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| show | A broker who requires that the independent contractors within his company follow a set rate of commission without deviation
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| show | Water rights
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| show | If Severance. part of the real estate is severed from the structure or the land, it becomes personal property. The process is known as severance
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| show | Conditional use
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| show | servient tenement. Because the man's property serves the neighbor, it is the servient tenement (parcel).
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| A buyer purchased a home under a land contract. Until the contract is paid in full, the buyer | show 🗑
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| show | 6 percent
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| A Licensee does not show non-Asian clients any properties in several Asian neighborhoods. The licensee bases this practice on the need to preserve the cultural integrity of Asian communities. Which statement is TRUE regarding the licensee's policy? | show 🗑
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| A seller signed an exclusive-right-to-sell agreement with a licensee. If the seller finds a suitable buyer with no assistance, the licensee is entitled to | show 🗑
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| show | C) the entire principal amount is due at the end of the term. In a term (straight) loan, the periodic payments are made on interest only. The entire original principal will come due at the end of the terms of the loan.
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| show | B) Rate of return an income property will produce.
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| show | B) commingling. The broker has commingled the deposit with the broker's personal funds.
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| Local zoning ordinances may regulate all of e following EXCEPT the | show 🗑
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| show | C) $115,00
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| show | Open listing
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| A woman grants a life estate to her son-in-law and stipulates that upon his death, the title to the property will pass to her grandson. This second estate is known as a | show 🗑
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| show | debit to the buyer, credit to the seller. Prepaids are items that a seller has paid in advance, and the prorated amount not used should be credited back to the seller and debited to the buyer.
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| a house was for $247,900 A member of a minority group was interested. When the buyer asked for the price of the house, the licensee said $253,000 and that the seller was very firm. Under the federal Fair Housing Act of 1968, such a statement is | show 🗑
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| show | B) Limitation by religion and nationality in the sale of a single-family home where the property is not advertised by the listing broker.
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| show | C) $323,000,00. If the assessment, $274,550, is 85 percent of the market value, find the market value by dividing the assessment by 85 percent ($274,550÷85%=$323,000).
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| show | unity owners in the form of percentage undivided interests. Common areas, including amenities such as swimming, biking, and tennis areas, are owned by the unit owners in undivided percentage interests as tenants in common.
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| show | C) license. Personal, revocable, and unassignable permission to use another's land is a license.
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| Two men are joint tenants. One of the men sells his interest to another person. What is the remaining man's relationship to the new tenant regarding the property? | show 🗑
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| show | Functional obsolescence. Because suburban homes today are expected to have ample indoor plumbing, a home that does not suffers from functional obsolescence; it is lacking in the usual amenities of properties in its class.
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| Under the terms of a net lease, a commercial tenant would usually be directly responsible for paying all the following property expense EXCEPT | show 🗑
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| show | C) Buyer's and seller's. A signed offer already has the buyer's signature, but to be a ratified contract, both buyer's and seller's signatures are necessary.
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| show | B) Severalty. When two of three original joint tenants have died the surviving party owns the entire property in severalty.
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| In an option to purchase real estate, which statement is TRUE of the optionee? | show 🗑
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| show | B) general warranty deed. A (general) warranty deed contains covenants of seisin, further assurance, quiet enjoyment, freedom from encumbrances, and warranty forever.
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| All of the following will terminate an offer to purchase real estate EXCEPT | show 🗑
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| show | seller was under undue influence from the son, so the contract is voidable. Valid contracts are voluntary agreements. Undue influence is a solid basis for rescinding a contract
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| show | Fee simple determinable estate. The grantee's ownership can be terminated by tearing down the building. It can be reverted because of the words as long as. If the building were torn down, the property would revert to the ownership of the grantor.
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| show | C) tenancy for years. A rental tenancy that will expire on a fixed date is an tenancy for years.
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| Which of the following is a lien on real estate? | show 🗑
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| show | C) credit to the buyer only. Earnest money is a credit to the buyer (borrower). No notation is made for the seller.
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| show | B) Special warranty. This is a special warranty deed because the grantor accepts responsibility only for encumbrances that arose during the grantor's ownership.
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| A broker took a listing and later discovered that the client had been declared incompetent by a court. What is the current status of the listing? A known defect or a cloud on title to property may be cured by | show 🗑
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| show | C) is a shareholder in the corporation. Cooperative owners hold shares in the cooperative corporation.
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| A broker enters into a listing agreement with a seller in which the seller will receive $120,000 from the sale of a vacant lot and the broker will receive any sale proceeds exceeding that amount. This is what type of listing? | show 🗑
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| The Civil Rights Act of 1866 prohibits discrimination based on | show 🗑
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| A lien that arises as a result of a judgment, estate or inheritance taxes, a decedent's debts, or federal taxes is what type of lien? | show 🗑
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| Police powers include all of the following EXCEPT | show 🗑
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| show | B) bring a court action because six-month leases need not be in writing to be enforceable. A lease of less than a year is enforceable
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| show | A) Mortgagor. What is implied here is a mortgage loan. A lender (mortgagee) always receives a mortgage (document), the borrower (mortgagor) always gives one in order to get the loan.
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| Using the services of a mortgage broker, a buyer borrowed $25,000 from a private lender. After the loan costs were deducted, the buyer received $24,255. What is the face amount of the note? | show 🗑
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Created by:
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