Real Estate Agent Practice Exam: Quiz!

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  • 1/100 Questions

    A BUYER DEFAULTS ON A LOAN, THEREFORE THE LENDER WOULD BE ABLE TO CAUSE THE PROMISSORY NOTE TO BECOME DUE AND PAYABLE. THIS CLAUSE IS A/AN:

    • Subordination clause
    • Escalator clause
    • Acceleration clause
    • Alienation clause
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About This Quiz

How much do you know about being a real estate agent? Are you studying for an exam? This quiz can help. A real estate agent assists people with the buying or selling of property. They possess the skill and expertise necessary to either market the property or sell for the best possible outcome. If you want to put your knowledge to the test, look no further than this quiz.

Real Estate Agent Practice Exam: Quiz! - Quiz

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  • 2. 

    LEGALLY AND TECHNICALLY PROPERTY IS DEFINED AS:

    • The rights and interests which a person has in the thing owned

    • Freehold estate

    • Only personal property

    • Things that buyers and sellers own

    Correct Answer
    A. The rights and interests which a person has in the thing owned
    Explanation
    Ownership of real property is legally and technically defined as their right and interests of the thing owned

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  • 3. 

    TO MINIMIZE RISK, A LENDER LOOKS AT:

    • Loan-to-value ratio

    • Divorce, personal problems, etc

    • Loan portfolio

    • None of the above

    Correct Answer
    A. Loan-to-value ratio
    Explanation
    A lender looks at the loan-to-value ratio to minimize risk. This ratio compares the amount of the loan to the appraised value of the asset being financed. A lower loan-to-value ratio indicates a lower risk for the lender, as it means the borrower has a larger equity stake in the asset. By considering this ratio, the lender can assess the borrower's ability to repay the loan and the potential for loss in the event of default.

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  • 4. 

    YOU SELL A NOTE WITH A FACE VALUE OF P500,000 FOR P400,00. YOU ARE:

    • Discounting the note

    • Amortizing the note

    • Committing an act requiring a real estate license

    • Committing fraud

    Correct Answer
    A. Discounting the note
    Explanation
    Any time you sign a note or sell a note and the amount you receive is less than the account stated on the face of the note you are “discounting the note”.

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  • 5. 

      AN “ABLE BUYER” MEANS ONE:

    • Financially able

    • Having the ability to obtain the necessary funds to purchase real property

    • Having the ability to obtain necessary financing

    • Any of the above

    Correct Answer
    A. Any of the above
    Explanation
    Any of these would indicate an “able” buyer

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  • 6. 

    FEE SIMPLE ESTATE REFERS TO:

    • The greatest interest a person can own in land

    • An easy way to transfer title

    • A common way to hold title

    • An expensive way to transfer title

    Correct Answer
    A. The greatest interest a person can own in land
    Explanation
    Fee simple estates: often defined as the greatest interest a person can own in land. The next estate would be a life-estate. Thirdly, one could own a lease hold estate which involves possession solely.

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  • 7. 

    PERSONAL PROPERTY PROVIDES DIFFICULTIES FOR REAL ESTATE BROKERS BECAUSE IS:

    • Could become real property

    • Can be hypothecated

    • Can be alienated

    • All of the above

    Correct Answer
    A. All of the above
    Explanation
    This re-emphasizes a former question that personal property can be hypothecated, alienated and can become real property. It can be placed as security, sold and it can become a fixture when affixed to real property

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  • 8. 

    IN PORTFOLIO RISK MANAGEMENT, A LENDER CONSIDERS:

    • Diversification

    • Liquidity

    • Reserves

    • All of the above

    Correct Answer
    A. All of the above
    Explanation
    In portfolio risk management, a lender determines what type of loans to have in his portfolio. Factors are: How quickly can I sell these loans? What are my reserves? How diversified are these loans? Are they all business? Are they all residential? Are they a mixture of business and residential?

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  • 9. 

    A VALID ESCROW REQUIRES W/C OF THE FFG:

    • Escrow instructions with no conditions

    • A binding contract between the buyer and seller and the condition delivery of transfer instruments to a third party

    • The services of a licensed real estate broker

    • None of the above

    Correct Answer
    A. A binding contract between the buyer and seller and the condition delivery of transfer instruments to a third party
    Explanation
    These are required for a valid escrow

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  • 10. 

    WHEN A STREAM SUDDENLY TEARS LAND AWAY FROM ITS BANK, IT IS CALLED:

    • Absorption

    • Accretion

    • Allusion

    • Avulsion

    Correct Answer
    A. Avulsion
    Explanation
    Avulsion is distinguished from erosion (the gradual removal of the soil by air or water)

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  • 11. 

    REGARDING A MORTGAGE ON PERSONAL PROPERTY, WHAT CAN ONE DO WITH IT?

    • Alienate

    • Hypothecate

    • Assess

    • All of the above

    Correct Answer
    A. All of the above
    Explanation
    All of the options mentioned in the question are possible actions that can be taken regarding a mortgage on personal property. "Alienate" refers to transferring ownership of the property, "Hypothecate" means using the property as collateral for a loan, and "Assess" involves determining the value of the property for taxation or other purposes. Therefore, all of these options are valid actions that can be taken with a mortgage on personal property.

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  • 12. 

    PLACING TWO OR MORE CONTIGUOUS UNITS UNDER COMMON OWNERSHIP FOR THE PURPOSE OF INCREASING THE VALUE PER UNIT IS KNOWN AS:

    • Terminus ownership

    • Severalty ownership

    • Plottage

    • Disassemblage

    Correct Answer
    A. Plottage
    Explanation
    Placing two or more contiguous units under common ownership in order to increase the units value is known as plottage.

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  • 13. 

    WHICH OF THE FOLLOWING pHRASES WILL BEST DESCRIBE THE NATURE OF A BROKER’S DUTY TO KEEP HIS PRICIPAL INFORMED:

    • Ethical conduct

    • Continuing responsibility

    • Fiduciary obligation

    • Business practice standards

    Correct Answer
    A. Fiduciary obligation
    Explanation
    A fiduciary obligation is a relationship of trust & confidence. The broker has loyalty to his principal and must keep him fully informed.

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  • 14. 

    A BUYER DEFAULTS IN MAKING PAYMENTS ON A LOAN, THEREFORE THE LENDER’S ACTION PROBABLY WOULD RESULT IN:

    • Subordination

    • Escalation

    • Acceleration

    • Alienation

    Correct Answer
    A. Acceleration
    Explanation
    Acceleration indicates the right to declare the entire sum of a note to be due and payable immediately. Most trust deeds contains several acceleration clauses.

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  • 15. 

       “A” OWNS A FARM. “B” BOUGHT THE PROPERTY BEHIND THE FARM A YEAR AGO. “B” USES “A” FARM TO DRIVE ACROSS FOR INGRESS AND EGRESS. “A” CHAINED OFF THESE ROADS FOR THREE DAYS. THIS RELATED TO:

    • Condition

    • Restriction

    • Easement

    • Covenant

    Correct Answer
    A. Easement
    Explanation
    By chaining off the road. “A” would be preventing “B” from obtaining an easement by prescription

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  • 16. 

    THE OWNERSHIP OF PERSONAL PROPERTY IS TRANSFERRED BY USING A:

    • Grant deed

    • Financing statement

    • Trust deed

    • Bill of sale

    Correct Answer
    A. Bill of sale
    Explanation
    A bill of sale is a legal document that transfers ownership of personal property from one party to another. It is commonly used when selling or buying items such as vehicles, furniture, or electronics. Unlike other options listed, such as a grant deed or trust deed which are primarily used for transferring real estate ownership, a bill of sale specifically applies to personal property. Therefore, it is the appropriate choice for transferring ownership of personal property.

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  • 17. 

    A PRIMARY JUSTIFICATION FOR ZONING ORDINANCES IS TO:

    • Maintain conformity to buildings in the zoned area

    • Prevent an oversupply of certain types of businesses

    • Promote public health, safety, morals and general welfare

    • Control the quality of building construction

    Correct Answer
    A. Promote public health, safety, morals and general welfare
    Explanation
    Zoning laws are exercise of the police powers w/c are for the public health, safety, morals and general welfare. No compensation need be paid in exercise of police power, as they are for public protection.

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  • 18. 

     A SECOND OFFER RECEIVED ON A PROPERTY PRIOR TO THE SELLER’S DECISION ON THE FIRST OFFER SHOULD BE:

    • Evaluate by the broker against the first offer

    • Submitted immediately

    • Held pending a decision on the first offer

    • Turned back to the offeree if it doesn’t provide better terms

    Correct Answer
    A. Submitted immediately
    Explanation
    All offers must be submitted immediately.

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  • 19. 

    WHEN A BROKER MISREPRESENTS HIS PRINCIPAL’S PROPERTY TO A BUYER, HE COULD CAUSE HIS PRINCIPAL TO BE SUBJECT TO:

    • A court action for damages by the buyer

    • A rescission of the sale by the buyer

    • Civil responsibility for compensating the buyer to misinterpretation of the broker

    • Any of the above

    Correct Answer
    A. Any of the above
    Explanation
    The principal is responsible for his agent’s actions. If misrepresentation occurs, there should be a rescission of the sale or civil court action for damages.

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  • 20. 

    THE PRINCIPAL DIFFERENCE BETWEEN REAL PROPERTY AND PERSONAL PROPERTY IS:

    • Mobility

    • Value

    • Permanence

    • Length of life

    Correct Answer
    A. Mobility
    Explanation
    The principal difference between real property and personal property is mobility. Real property refers to land and any structures permanently attached to it, such as buildings, while personal property refers to movable items that can be easily transported, such as furniture or vehicles. The key distinction is that real property is immovable, while personal property can be moved from one location to another.

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  • 21. 

    A SALESMAN RECEIVES A DEPOSIT TOGETHER WITH A WRITTEN OFFER TO PURCHASE AND DELIVERS THEM TO THE EMPLOYING BROKER WHO PRESENTS IT TO THE SELLER. THE SELLER SIGNS AND ACCEPTS THE OFFER. WITHOUT THE CONSENT OF THE SALEMAN AND THROUGH NO FAULT OF HIS OWN, THE BUYER AND SELLER INSTRUCT THE SALEMAN’S EMPLOYING BROKER TO RETURN THE DEPOSIT. WHICH OF THE FOLLOWING IS TRUE?

    • The salesman’s employing broker may retain one-half of the deposit and must give one-half to the seller

    • The broker may sue the seller but must return the deposit

    • The broker may retain one-half of the deposit and must return only one-half to the buyer

    • The broker may retain the deposit to compensate him for his efforts

    Correct Answer
    A. The broker may sue the seller but must return the deposit
    Explanation
    Once the offer has been accepted, the deposit money belongs to the seller. If the seller instruct the broker to return the deposit, the broker must do so. The broker has probably earned a commission and may sue the seller for the amount but may not hold the deposit money.

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  • 22. 

    Novation is most closely related to:

    • Realization of an unexpected profit

    • Creation of an existing agreement

    • Substitution of a new contract for an old one

    • Modification of a contract

    Correct Answer
    A. Substitution of a new contract for an old one
    Explanation
    Novation is a legal term to describe replacing an old contract with a new contract.

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  • 23. 

    THE LENDER’S FIRST LINE OF DEFENSE IN MAKING A LOAN IS:

    • Loan-to-value ratio

    • Borrower's income

    • Value of the property

    • None of the above

    Correct Answer
    A. Loan-to-value ratio
    Explanation
    The lender's first line of defense in making a loan is the loan-to-value ratio. This ratio represents the percentage of the property's value that the lender is willing to loan to the borrower. It is a measure of the risk associated with the loan, as a higher loan-to-value ratio indicates a higher risk for the lender. By considering the loan-to-value ratio, the lender can assess the borrower's ability to repay the loan and the likelihood of default. Therefore, it is an important factor in determining whether the lender will approve the loan or not.

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  • 24. 

    AFTER ACQUIRED TITLE IS CONVEYED IN ANY TRUST DEED FOR THE BENEFIT OF THE BENEFICIARY. IT CONVEYS:

    • Personal property later affixed to the real property so as to become real property

    • Improvement built on the land after title is acquired

    • Additional land acquired afterward by the trustor

    • All of the above

    Correct Answer
    A. All of the above
    Explanation
    “After acquired title” refers to title to fixtures or other real property items, that become part of the land that is securing the existing trust deed. If a lot serving as security for a loan made in ten years ago has land affixed to it, that land becomes encumbered with the lien made ten years ago. If additional improvements, such as swimming pool, added bedroom, or new landscaping are added to the real property, they to become encumbered with a trust deed lien made ten years ago.

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  • 25. 

    THE FOLLOWING IS REAL PROPERTY:

    • Planted trees

    • Leasehold

    • Chattel real

    • Debts

    Correct Answer
    A. Planted trees
    Explanation
    The chattel real is another name for a leasehold indicating it is personal property interest in the real property. Debts such as those evidenced by a note and deed of trust are personal property. Planted tress indicate the tree has been affixed to the land, therefore, it is real property.

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  • 26. 

    A FIXTURE WOULD BE DEFINED AS SOMETHING:

    • Incorporated into the land

    • That is made part of the chattel real

    • Referred to by actions but not referred to in the sales contract

    • Used in an extraordinary way with the land

    Correct Answer
    A. Incorporated into the land
    Explanation
    An item or object that is incorporated into the land means that it is permanently attached or fixed to the land in a way that it cannot be easily removed without causing damage. This could include things like buildings, fences, or even trees. By being incorporated into the land, the item becomes a part of the real property and is no longer considered personal property.

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  • 27. 

    A LOAN FOR WHICH INTEREST-ONLY PAYMENT ARE MADE IS:

    • A straight note

    • Amortized

    • Partially amortized

    • A graduated payment note

    Correct Answer
    A. A straight note
    Explanation
    A straight note has no payment of principal on the installment basis and principal is due at maturity. When interest only is paid, the no principal is paid until maturity.

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  • 28. 

    THE FOLLOWING IS NOT A TEST FOR A FIXTURE:

    • Annexation

    • Agreement

    • Cost of the item

    • Intention

    Correct Answer
    A. Cost of the item
    Explanation
    Again, know the test of a fixture: 1. The adaptability of the item, 2. The intention of the person attaching, 3. The method of attachment or an agreement between the parties. The cost of the item is not the test of a fixture

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  • 29. 

    Which of the following best represents market value?

    • An appraiser’s written opinion of value.

    • Willing buyer and willing seller

    • Sales price

    • Listing price

    Correct Answer
    A. Willing buyer and willing seller
    Explanation
    This is the very core issue of market value

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  • 30. 

    A MINORITY PURCHASER ENTERS YOUR OFFICE AND STATES THEY ARE LOOKING FOR, AND INTERESTED IN, PURCHASING A PARTICULAR PROPERTY IN A MINORITY NEIGHBORHOOD. YOU COULD LEGALLY ASSUME THAT:

    • This person is testing you

    • They are interested in that particular property

    • They are interested in owning a home in an all minority neighborhood

    • They cannot qualify to own property in a higher priced area

    Correct Answer
    A. They are interested in that particular property
    Explanation
    Should any prospective purchaser enter your office requesting to see a particular property, you would assume they were interested in that particular property.

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  • 31. 

    WHERE A BROKER SHOW A CLIENT’S PROPERTY TO A PROSPECTIVE BUYER THAT IS LISTED WITH THE BROKER UNDER AN OPEN LISTING, THE BROKER SHOULD:

    • Make up an office memorandum

    • Confirm the showing to the buyer

    • Notify the seller as to the prospect’s identity

    • Notify the local real estate board

    Correct Answer
    A. Notify the seller as to the prospect’s identity
    Explanation
    Notifying the seller as to the prospect’s identity establishes the broker’s right to collect a commission as “procuring cause”. It provides the only effective way of establishing that right.

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  • 32. 

      AN ATTORNEY DREW UP A CONTRACT BETWEEN A BUYER AND A SELLER FOR THE PURCHASE OF A PROPERTY. THE AGREEMENT INCLUDED A LIQUIDATED DAMAGES CLAUSE CALLING FOR THE PAYMENT OF P20,000 IN THE EVENT THE BUYER SHOULD DEFAULT. PRIOR TO THE CLOSE OF ESCROW, THE BUYER DECIDED THAT THE HOME WOULD NOT SUIT HIS FAMILY AND CANCELED THE PURCHASE. IF THE SELLER WERE TO SUE FOR SPECIFIC PERFORMANCE, HE WOULD MOST LIKELY BE:

    • Successful because of the P20,000 is not adequate considering the value of the property

    • Successful because the reason for canceling by the buyer was not strong

    • Unsuccessful because the seller agreed to accept the P20,000 as liquidated damages in the contract

    • Unsuccessful because an attorney drew the contract

    Correct Answer
    A. Unsuccessful because the seller agreed to accept the P20,000 as liquidated damages in the contract
    Explanation
    Since both buyer and seller agreed to the liquidated damages, the seller has agreed that if the buyer defaults, his sole claim will be to the P20,000.

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  • 33. 

    A LOAN CREATED WITH MORE THAN ONE BORROWER IS USUALLY ADDED TO THE PROMISSORY NOTE FOR THE PROTECTION OF THE LENDER:

    • Beneficially

    • Jointly and severally

    • Universally

    • Unconditionally

    Correct Answer
    A. Jointly and severally
    Explanation
    When there is more than one borrower on the note, the promise and obligation to pay that balance is the responsibility jointly of all the co-borrowers, and also each individual is severally liable for the full debt. Severally, in law, means individually.

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  • 34. 

    ALL OF THE FOLLOWING ARE FACTORS GENERALLY CONSIDERED WHEN DETERMINING WHETHER AN ITEM OF PERSONAL PROPERTY HAS BECOME REAL PROPERTY, EXCEPT:

    • Agreement between the parties

    • Permanence of the installation

    • Cost of the article

    • Relationship of the parties

    Correct Answer
    A. Cost of the article
    Explanation
    The five tests of a fixture are: Intention of person attaching it, method of attachment. Adaptability of the item, agreement of the parties, and relationship of the parties.

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  • 35. 

    THE FOLLOWING IS REAL PROPERTY, A:

    • Harvested crop of wheat

    • Bearing wall in a single family dwelling

    • Built-in refrigerator in a mobile home which is not attached to a foundation

    • Trade fixture attached in such a way that can be remove without damage

    Correct Answer
    A. Bearing wall in a single family dwelling
    Explanation
    A bearing wall is a wall that is fixed and bears the weight of the structure. It is classified as real property. Choice “C” refers to a built-in refrigerator in a mobile home. The mobile home is personal property and the refrigerator attached to it is personal property. Choice “D” states a trade fixture can be removed, such as a meat case in a meat market. Trade fixtures are classified as personal property. Choice “A” refers to a harvested crop in the soil.

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  • 36. 

    THE BENEFICIARY OF A SECOND TRUST DEED SOLD HIS INTEREST IN THE PROPERTY FOR LESS THAN THE UNPAID BALANCE OF THE NOTE. THIS IS MOST COMMONLY DESCRIBED AS:

    • Leveraging

    • Liquidating

    • Discounting

    • Subrogating

    Correct Answer
    A. Discounting
    Explanation
    This is a definition of discounting

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  • 37. 

    WHICH OF THE FOLLOWING IS A PERSONAL PROPERTY INTEREST:

    • Fixture

    • A mortgage securing a promissory note

    • Mineral rights

    • Trees in nature

    Correct Answer
    A. A mortgage securing a promissory note
    Explanation
    A mortgage securing a promissory note is considered a personal property interest because it is a legal document that provides security for a loan. It is a contractual agreement between a borrower and a lender, where the borrower pledges their personal property (such as a house or land) as collateral for the loan. This means that if the borrower fails to repay the loan, the lender has the right to foreclose on the property and sell it to recover the debt. Therefore, a mortgage securing a promissory note is a personal property interest because it involves the rights and ownership of personal property.

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  • 38. 

    IF THE LOAN-TO-VALUE RATIO IS LOW:

    • The equity in property is high

    • The equity is not affected

    • The equity in the property is low

    • None of the above

    Correct Answer
    A. The equity in property is high
    Explanation
    Loan to value ratio is the ratio of the loan to the appraised value. If a 90% loan to value ratio is given by a lender, that indicates a 10% down payment, and a beginning equity of 10%. If the loan to value ratio is 60%, the down payment is 40% and the beginning equity is 40%. The lower the loan, the higher the equity.

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  • 39. 

    A LICENSED REAL ESTATE BROKER WORKING UNDER A TYPICAL EXCLUSIVE LISTING INCURS SEVERAL EXPENSES. HE IS NOT ENTITLED TO BE REIMBURSED FOR THESE EXPENDITURES, UNLESS:

    • The buyer has demanded that these expenses be incurred as a condition of continuing with the transaction

    • Such expenditures were authorized by the principal

    • It was necessary for him to incur the expenses in order to close the sale

    • The broker was representing the best interests of the principal in consummating the sale

    Correct Answer
    A. Such expenditures were authorized by the principal
    Explanation
    A seller is not obligated to reimburse the expenses of the broker unless those expenses are authorized by the seller.

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  • 40. 

    A THIRD PARTY WHO TAKES A PROMISSORY NOTE THAT IS COMPLETE AND REGULAR AND HAS NO KNOWLEDGE OF ANY DEFECTS IS KNOWN AS A/AN:

    • Endorser

    • Maker

    • Payee

    • Holder in due course

    Correct Answer
    A. Holder in due course
    Explanation
    The party that accepts the endorsement note from the original payee, without knowledge of any defects is known as the holder in due course.

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  • 41. 

    IN GENERAL, WHEN THE SUPPLY OF A CERTAIN COMMODITY INCREASES:

    • Price tends to rise

    • Price tends to drop

    • Demand for it tends to rise

    • Demand for it tends to drop

    Correct Answer
    A. Price tends to drop
    Explanation
    If demand is constant and supply increases, sellers compete with each other by lowering prices

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  • 42. 

    WHICH OF THE FOLLOWING ITEMS WOULD MOSTLY LIKELY TO APPEAR AS A CREDIT ON THE SELLER’S CLOSING STATEMENT?

    • Prepaid taxes

    • An assumed loan

    • Title insurance premium

    • Delinquent assessment lien

    Correct Answer
    A. Prepaid taxes
    Explanation
    If the seller has prepaid the taxes, they would expect to get the unused portion back which will be a credit. The seller usually pays for the title insurance and delinquent assessment liens. The assured loan is a debit to the seller.

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  • 43. 

    PRESCRIPTION  IS:

    • Equitable title

    • Legal title

    • A grant

    • The right of use on the land

    Correct Answer
    A. The right of use on the land
    Explanation
    Prescription relates to an easement, which is a real property right acquired through court action providing for the right to use the land of another

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  • 44. 

      WHICH OF THE FOLLOWING IS NOT A NECESSARY ELEMENT IN THE FORMATION OF A CONTRACT:

    • Offer

    • Acceptance

    • Consideration

    • Performance

    Correct Answer
    A. Performance
    Explanation
    Two parties may enter into a contract, but they might not fulfill (perform) their obligations.

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  • 45. 

    A CONTRACT WHICH, ACCORDING TO THE STATUTE OF FRAUDS, MUST BE IN WRITING IN ORDER TO MAINTAIN A COURT ACTION FOR ENFORCEMENT IS:

    • The employment of a business opportunity broker to sell the stock, fixtures and goodwill of a business

    • The employment of a business opportunity broker to find a business to be purchased by his principal

    • The employment of a broker to exchange leases on properties zoned for retail business

    • Any agreement which is not to be performed within one year

    Correct Answer
    A. Any agreement which is not to be performed within one year
    Explanation
    Statement of fact

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  • 46. 

    COMPARING AN INSTALLMENT NOTE TO A STRAIGHT NOTE, THE STRAIGHT NOTE WILL HAVE:

    • A total effective interest rate greater that if the loan were an installment loan

    • Equal annual principal reduction payments

    • No principal payments during the term of the loan except on the last payment

    • None of the above

    Correct Answer
    A. No principal payments during the term of the loan except on the last payment
    Explanation
    The straight note will have no principal payments during the term of the loan except on the last payment. This means that the borrower will only make interest payments throughout the loan term and will pay off the principal amount in full on the final payment. In contrast, an installment note would require the borrower to make regular principal reduction payments along with interest payments throughout the loan term. Therefore, the straight note does not involve any principal payments until the final payment, making it different from an installment note.

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  • 47. 

    A PROPERTY IS DEEDED TO JOJO LEGASPI, ET UX. THE LATIN pHRASE “ET UX” AS SO USED, MEANS

    • An others

    • Amount over and above

    • And wife

    • Without recourse

    Correct Answer
    A. And wife
    Explanation
    This is a definition of “ET UX”

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  • 48. 

      WHICH OF THE FOLLOWING IS NOT ONE OF THE FOUR IMPORTANT ELEMENTS OF VALUE:

    • Scarcity

    • Appreciation

    • Utility

    • Transferability

    Correct Answer
    A. Appreciation
    Explanation
    The four elements of value are Demand Utility, Scarcity, and Transferability (DUST)

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  • 49. 

    WHICH OF THE FOLLOWING IS PERSONAL PROPERTY?

    • A sub-lease

    • Mineral rights

    • Trees in nature

    • A fixture

    Correct Answer
    A. A sub-lease
    Explanation
    A sublease is personal property (personal property interest)

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Quiz Review Timeline (Updated): Mar 22, 2023 +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Mar 22, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Feb 15, 2013
    Quiz Created by
    Zaldyt
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