Real Estate Agent Hardest Quiz: Trivia!

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1. Physical Characteristics of a Real Estate

Explanation

The physical characteristics of real estate are that it is immobile, indestructible, and unique. Real estate, which includes land and any permanent structures on it, cannot be moved from one location to another. It is also indestructible in the sense that it cannot be destroyed or consumed like other goods. Lastly, each piece of land is unique, with its own location, size, and features, making it different from any other piece of land. Therefore, all of the given options accurately describe the physical characteristics of real estate.

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About This Quiz
Real Estate Agent Hardest Quiz: Trivia! - Quiz

Do you understand what it takes to be a real estate agent? Would you like to try this quiz? A real estate representative is someone who helps people... see morewith either selling their property or purchasing a property. The property is typically a house or some other item. A real estate agent weighs the pros and cons of purchasing a property. If you intend to learn more about what a real estate agent does, check out
this quiz.
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2. AN ADDITION TO LAND RESULTING IN THE FORMATION OF A GRADUAL BUILD UP BY NATURAL CAUSES. THE PARTY WHO    WOULD BENEFIT FROM THIS WOULD BE:

Explanation

The question describes accretion, and the land that accretes from a river belongs to the adjoining landowner.

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3. SAM INHERITED ROLLING HILLS FROM HIS UNCLE. THE FIRST THING HE DID WITH THE VACANT PROPERTY WAS TO REMOVE ALL THE TOPSOIL, WHICH HE SOLD TO A LANDSCAPING COMPANY. SAM THEN REMOVED A THICK LAYER OF LIMESTONE AND SOLD IT TO A CONSTRUCTION COMPANY. FINALLY, HE DUG 40 FEET INTO THE BEDROCK AND SOLD IT FOR GRAVEL. WHEN SAM DIED, HE LEFT ROLLING HILLS TO HIS DAUGTHER, PAT. WHICH OF THE FOLLOWING STATEMENTS IS TRUE?

Explanation

Pat inherits exactly what Sam owned just before his death: a location on the earth’s surface, everything below it to the center of the earth and the space above it toward the heavens.

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4. A BUYER OF A RESIDENCE, PRIOR TO THE CLOSE OF ESCROW, ASKS THE BROKER FOR PERMISSION TO MOVE INTO THE PROPERTY. THE BROKER SHOULD:

Explanation

Prior to the escrow, the seller is still the owner, therefore, the broker should get written consent from the owner before allowing a buyer to take possession.

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5. THE BUYER AND THE SELLER OF A HOME ARE DEBATING WHETHER A CERTAIN ITEM IS REAL OR PERSONAL PROPERTY. THE BUYER SAYS IT IS REAL PROPERTY AND SHOULD CONVEY WITH THE HOUSE; THE SELLER SAYS IT IS PERSONAL PROPERTY AND WOULD NOT CONVEY WITHOUT A SEPARATE BILL OF SALE. IN DETERMINING WHETHER AN ITEM IS REAL OR PERSONAL PROPERTY, A COURT WOULD NOT CONSIDER WHICH OF THE FOLLOWING?

Explanation

Common law standards for determining whether an installation is a fixture – and so to be treated as real property – or a chattel, an item that would not convey – in such a dispute are: the intention of the person installing it; how uniquely related the item is to the property in which it is installed; the damage its removal would cause; the agreement of sale; and the relationship of the parties. The original cost of the installation, although important to one or the other of the parties, is not to be considered in this decision.

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6. In the Sales Comparison Approach or Direct Market Comparison Approach to value the probable sales price of a building may be estimated  by:

Explanation

The correct answer is considering sales of similar properties. In the Sales Comparison Approach, the value of a building is estimated by comparing it to the sales prices of similar properties in the market. This approach assumes that similar properties in the same market will have similar values. By analyzing the sales of comparable properties, an appraiser can determine a probable sales price for the subject property. This approach is commonly used in real estate appraisal to determine the market value of a property.

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7. THE LEGITIMACY OF ZONING LAWS REST UPON:

Explanation

Zoning laws have been held by the courts to be a valid exercise of the police power of the city or country

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8. An easement created when a person has been using a roadway without permission for over 20 years is called an: 

Explanation

An easement created when a person has been using a roadway without permission for over 20 years is called an easement by prescription. This type of easement is acquired through continuous and uninterrupted use of another person's property for a specific period of time. It is similar to adverse possession, where a person can gain ownership of a property by openly and continuously occupying it without permission for a certain period of time. In the case of an easement by prescription, the person gains the right to use a specific portion of another person's property, such as a roadway, without permission.

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9. THE REAL ESTATE COMMISSION FOR A PROPERTY THAT IS IN PROBATE IS SET BY:

Explanation

Commissions for property sold in probate are set by the individual court district.

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10. A PERSON WHO HELD A LIFE ESTATE LEASED A PROPERTY FOR FIVE YEARS AND THEN DIED. THE NEW OWNERS ORDERED THE LESSEE TO MOVE OUT. THE LEASE WAS:

Explanation

The correct answer is "Valid until the man died". This is because a life estate lease is a type of lease that grants the tenant the right to use and occupy a property for the duration of their life. In this case, the person who held the life estate leased the property for five years but then passed away. Since the lease was tied to the person's life, it would be valid until their death, after which the new owners would have the right to order the lessee to move out.

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11. Which of the following is an example of economic obsolescence?

Explanation

In the neighborhood is the key phrase, outside the property lines

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12. THE VALUE OF THE BEST PROPERTY IN THE NEIGHBORHOOD WILL BE ADVERSELY AFFECTED BY THE PRESENCE OF COMPARATIVELY SUBSTANDARD PROPERTY", IS A STATEMENT RELATING TO VALUE AND IS KNOWN AS THE PRINCIPLE OF:

Explanation

The principle of regression states that the worth of a greater valued property is reduced by the proximity of many lesser valued properties of the same type.

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13. IN A TYPICAL PERCENTAGE LEASE, RENT IS CALCULATED AS A PERCENTAGE OF:

Explanation

A percentage lease is typified by the rent being calculated as a percentage of gross sales.

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14. BROKER JOJO, AS AN AGENT, SHOWED A PROPERTY TO JUN. JUN SIGNED A DEPOSIT RECEIPT WHICH CONTAINED THE FOLLOWING WORDS: "BUYER TO ACCEPT THE PROPERTY IN AN "AS IS" CONDITION". BROKER JOJO KNEW THAT THE PLUMBING IN THE PROPERTY WAS IN MAJOR STATE OF DISREPAIR WITH PARTS MISSING, BUT HE DID NOT TELL JUN. THE PROBLEM WITH THE PLUMBING WOULD NOT BE APPARENT TO AN ORDINARY, PRUDENT PERSON. IF JUN SUED THE SELLER FOR DAMAGES FOR FRAUD, THE COURT SUIT WOULD PROBABLY BE:

Explanation

The Real Estate Commissioner and the courts are very protective of consumers. Therefore, they will not allow an “as is” clause to be valid except for obvious defects, which any reasonable and prudent person could discover.

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15. NO PRUDENT PERSON WOULD PAY MORE FOR A PARCEL OF REAL PROPERTY THAN THE PRICE OF A REASONABLY CLOSE ALTERNATIVE, WHICH IS AVAILABLE WITHOUT UNDUE DELAY", REFERS MOST NEARLY TO THE PRINCIPLE OF:

Explanation

The principle of substitution, in essence, states that “no prudent person would pay more for a parcel of real property than the price of a reasonably close alternative which is available without undue delay”.

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16. ALL OF THE FOLLOWING ARE GOOD AND VALID REASONS FOR AN APPRAISER TO MAKE A SEPARATE SITE AND IMPROVEMENT EVALUATION, EXCEPT:

Explanation

The appraiser’s fee would have nothing to do with a separate site and improvement evaluation

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17. Two brothers owned a property and decided to list it with Agent Tejasi. Thirty minutes before the listing appointment,   one  of the brothers was called out of town on an emergency. So, a friend signed the listing contract for him. Tejasi  had no idea that the person signing was not the owner. The status of the listing contract is:

Explanation

Void. The listing must be signed by the parties who have the authority to sell.

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18. Agnes, Zelma and Jayne are sisters and own a property as joint tenants. Jayne sold her share to  Maggie. Upon closing, Maggie is a:

Explanation

Tenant in common with Agnes and Zelma. Joint tenancy requires the unities of time, title, interest and possession. When Jayne sells her property to Maggie, the unity of time and title is breached. Agnes and Zelma are still joint tenants, but Maggie would be a tenant in common with them.

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19. ABLE ADDED SOME CABINETS TO THE HOME HE OWNS. THE CABINETS ARE PERMANENTLY ATTACHED TO THE HOME. THE CABINETS HAVE BECOME REAL PROPERTY BECAUSE  ABLE HAS:

Explanation

By permanently attaching the cabinets to the home, Able has incorporated them into the land. This means that the cabinets have become part of the real property and are no longer considered personal property.

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20. You are a real estate agent selling a house. You know that it has rusted pipes and that the seller is keeping this a secret. What is your professional responsibility in this situation?

Explanation

If the seller will not disclose the defect, you must tell any buyers yourself, even if this means the sale falls through.

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21. THE FOLLOWING IS TRUE WITH RESPECT TO RIPARIAN RIGHTS IS THAT:

Explanation

Riparian is from the Latin which means river. Riparian rights are rights belonging to property that are adjacent to rivers and streams.

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22. Capitalization is the process by which annual net operating income is used to:

Explanation

Capitalization is the process of converting the annual net operating income into an estimated value. This is done by dividing the net operating income by the capitalization rate. The capitalization rate is determined based on various factors such as market conditions, risk, and return expectations. By estimating the value of the property through capitalization, it helps in determining its worth in the market and making informed investment decisions.

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23. WHICH OF THE FOLLOWING IS GENERALLY NOT RECOGNIZED AS A TEST FOR A FIXTURE:

Explanation

This is a negative question that asks which of the choices given is not a recognized test of a fixture. The time in which a fixture is installed is not a test of a fixture. The four tests of a fixture would be adaptability of the object to the property to which it is attached. If you cut venetian blinds for a give window, the blinds are adaptable to those specific windows. The manner of attaching is also a test. If you grout a mirror to a bathroom wall, it shows the intention of making it a permanent attachment. The intent of the person is a key test. Time is not a test.

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24. WHICH OF THE FOLLOWING TYPES OF LENDERS WOULD HAVE THE GREATEST PERCENTAGE OF AND THE MOST FUNDS INVESTED IN REAL ESTATE MORTGAGES?

Explanation

Savings and loan associations place a greater percentage of their funds into real estate loans. These loans, namely, are in the single-family dwelling area. As to life insurance companies, they prefer long term, high valued commercial properties. Commercial banks, due to the liquidity requirements, prefer short term loans such as construction loans, although here too, funds are available for the home loan maker

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25. SINGLE FAMILY HOME VALUES ARE LEAST PROTECTED IN NEIGHBORHOODS WHERE THERE IS:

Explanation

In an area where average quality homes are being constructed among high quality homes, there would tend to be a decrease in the overall neighborhood property values.

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26. RECORDED TITLE TO A PARCEL OF REAL PROPERTY WAS VESTED IN MARY WILSON, A SINGLE WOMAN. AFTER HE MARRIAGE TO JOHN ROBERTS, SHE EXECUTED A DEED TO THE PROPERTY ONLY IN THE NAME OF MARY ROBERTS, A MARRIED WOMAN. THE DISCREPANCY IN THE GRANTOR'S NAME IS:

Explanation

A cloud on title is a relatively unimportant condition affecting title. The discrepancy in names would cause such a cloud on title.

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27. Which of the following best describes the trustor?

Explanation

The trustor refers to the person who borrows money on a loan. In a loan agreement, the trustor is the individual or entity that receives the funds from the lender and is responsible for repaying the loan amount. This term is commonly used in trust deeds or mortgages where the trustor pledges a property as collateral for the loan. The trustor is not the same as the trustee, beneficiary, or vendor in a land contract, as they have different roles and responsibilities in those contexts.

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28. From the reproduction or replacement cost of a building the appraiser deducts depreciation, which represents:

Explanation

The correct answer is "Loss of value due to any cause." Depreciation, in the context of building appraisal, refers to the decrease in value of a building over time due to factors such as wear and tear, obsolescence, or damage. This deduction accounts for the loss of value that can occur due to any cause, whether it be physical deterioration, functional obsolescence, or external factors impacting the property. It is important for appraisers to consider depreciation when determining the value of a building, as it reflects the actual condition and marketability of the property.

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29. In the income capitalization approach to value:

Explanation

In the income capitalization approach to value, the capitalization rate must be estimated. This rate is used to convert the expected income generated by the property into an estimate of its value. It takes into account factors such as the risk associated with the investment, the expected return on investment, and market conditions. By estimating the capitalization rate, investors can determine the present value of future income streams and make informed decisions about the value of the property.

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30. One method an appraiser can use to determine a building reproduction cost involves the estimated cost of the raw materials needed to build the  structure, plus labor and indirect cost. This is called the:

Explanation

The quantity survey method is a way for an appraiser to determine the building reproduction cost. It involves estimating the cost of raw materials, labor, and indirect costs needed to build the structure. This method is based on a detailed analysis of the quantities and costs of all the materials and labor required for construction. It provides a more accurate and comprehensive estimate compared to other methods such as the square foot method, cubic foot method, or unit-in place method.

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31.   IN ORDER FOR A DEED OF TRUST TO VALID AND ENFORCEABLE , IT MUST CONTAIN A CLAUSE REQUIRING THE TRUSTOR TO:

Explanation

A”, “B”, and “C” might give the lender on a trust deed the right to foreclose, but they do not affect the validity of the deed.

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32. IF A MAN HAS A FREEHOLD ESTATE, WHICH OF THE FOLLOWING WOULD RESULT IN HIS HAVING A LESS THAN-FREEHOLD ESTATE:

Explanation

A less-than-freehold estate is a landlord/tenant arrangement. Of the choices offered, only a sale-leaseback would result in a less-than-freehold estate.

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33. WHICH OF THE FOLLOWING IS AN ADVANTAGE OF THE MARKET DATA APPROACH TO VALUE IN THE APPRAISAL PROCESS:

Explanation

The market data approach to appraising is the simplest of the three approaches. It is the easiest to learn and to use. It is the oldest approach.

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34. Real property can be converted into personal property through?

Explanation

Real property can be converted into personal property through severance. Severance refers to the act of separating or removing an object or asset from real property, thereby transforming it into personal property. This can occur when an item that was previously attached or affixed to the land, such as a fixture or building, is detached or removed. Once severed, the item becomes personal property and can be owned, transferred, or sold independently from the real property.

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35. It refers to the acquisition of lots varying ownership, through purchase on expropriation for the purpose ofplanned and rational development  and socialized housing program without individual boundary restrictions:

Explanation

Land assembly refers to the process of acquiring multiple parcels of land with varying ownership in order to facilitate planned and rational development and socialized housing programs without individual boundary restrictions. This involves purchasing or expropriating the land to create larger contiguous plots that can be used for specific purposes. This practice allows for more efficient land use and development, as well as the implementation of comprehensive urban planning strategies.

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36. A provision in a mortgage contract which releases the property from the encumbrance when the obligation is fully paid is:

Explanation

A defeasance clause is a provision in a mortgage contract that releases the property from the encumbrance when the obligation is fully paid. This means that once the borrower has completely paid off their mortgage, the encumbrance on the property is removed, and the borrower becomes the sole owner of the property free from any mortgage-related restrictions or claims. The defeasance clause ensures that the borrower's rights to the property are fully restored upon fulfillment of their payment obligations.

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37. The acquisition of land in advance of actual need based on present value for future planned development is referred to in the Urban Land Reform  Law as:

Explanation

Land banking refers to the acquisition of land in advance of actual need based on present value for future planned development. It involves purchasing and holding onto land for future use or development, often with the intention of selling it at a higher price in the future. This strategy allows for strategic control over land resources and can be used to promote planned urban development and prevent speculative activity. The Urban Land Reform Law recognizes land banking as a means to ensure efficient land use and promote sustainable urban growth.

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38. WHICH OF THE FOLLOWING ACTIONS OR EVENTS WOULD RESULT IN THE TERMINATION OF A SALES ESCROW?

Explanation

Escrow instructions are an agreement between buyer and seller, and cannot be unilaterally canceled without the consent of the other. Death would not terminate their agreement, but the instructions would be a contract normally binding upon the heirs.

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39. AN ALIENATION CLAUSE PROVIDES THAT:

Explanation

Also called Due on Sale. It states that the lender may demand the loan plus accrued interest be paid in full in the event the property is sold. The purpose of this clause is to prevent a buyer from assuming or taking title subject to an existing loan w/o the consent of the lender.

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40. ABLE OWNED A FARM PROPERTY ON WHICH HE HAD A GROWING CORN CROP. BEFORE HARVEST, HE SOLD THE PROPERTY TO BAKER. IT WAS HIS INTENTION TO HARVEST THE CROP AFTER THE SALE EVEN THOUGH THIS WAS NOT STATED IN THE SALES AGREEMENT. THE FOLLOWING WOULD BE TRUE REGARDING THE CORN CROP:

Explanation

Growing crops on land are presumed to go with the land when the land is sold unless other agreements have been made

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41. Negligent misrepresentation occurs when:

Explanation

A broker should have known that a statement about a material fact was false. There are many definitions of the word misrepresentation. The basic definition is that a party made a decision based on information he/she/they thought was true, but it was not. Was it a mistake and no one could have reasonably known? Was it intentional? Was it fraud? Negligent misrepresentation occurs when it is determined that this is information that the licensee “should have known and did not know”.

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42. Property held by the owner as inventory or stock in a trade for a buy and sell business, or used on connection withtrade, business or source of income is:

Explanation

An ordinary asset refers to property that is held by the owner as inventory or stock in a trade for a buy and sell business or used in connection with trade, business, or a source of income. Unlike capital assets, which are typically held for investment purposes, ordinary assets are actively used or sold in the normal course of business operations. This distinction is important for tax and accounting purposes, as the treatment of ordinary assets may differ from that of capital assets.

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43. WITH REGARD TO APPRAISAL TECHNIQUES, ALL OF THE FOLLOWING ARE CORRECT, EXCEPT:

Explanation

The cost approach tends to set the upper limits of value.

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44. THE  REMEDY OF UNLAWFUL DETAINER ACTION IS USED BY OFFENDED:

Explanation

The lessor is the landlord who is entitled to the reversionary interest in the property in the event the tenant has breached the lease and refuses to give up possession

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45. A TRUE STATEMENT REGARDING FLOOD WATERS IS THAT FLOOD WATERS:

Explanation

Flood waters (water from a downpour, river overflowing its bank) one may protect himself against such flood by building a dike, or sand bagging or other methods of diverting the water to other property owners.

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46. WHEN LEGAL TITLE IS TRANSFERRED AS THE RESULT OF THE SALE OF REAL ESTATE ENCUMBERED BY A DEED OF TRUST, IT IS ALWAYS NECESSARY:

Explanation

Unless the loan documents contain an alienation clause, the buyer may assume the loan. However, whenever real property is sold, the grantor must deliver a deed

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47. A FLOOD HAZARD AND DRAINAGE REPORT MAY BE REQUIRED IN THE FILING FOR THE SUBDIVISION FINAL PUBLIC REPORT. IF A HAZARD EXISTS, THE DEGREE OF HAZARD MUST BE REPORTED. THE THREE DEGREES OF FLOOD HAZARD ARE:

Explanation

This is a statement of fact regarding flood hazards.

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48. AN EASEMENT ON REAL PROPERTY CAN BE TERMINATED BY:

Explanation

Termination of an easement results from express release which may be a quitclaim deed, signed by the holder of the dominant tenement, or by mutual agreement of the parties involved.

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49. Permission to use  another's  property that may be withdrawn at will is:

Explanation

A license is a permission granted by the owner of a property to someone else to use their property. It is a revocable permission, meaning that the owner can withdraw or terminate the license at any time. This distinguishes it from other options listed, such as an easement appurtenant (which is a permanent right to use someone else's property) or a deed restriction (which is a limitation placed on the use of a property). An encroachment, on the other hand, refers to a situation where someone's property extends onto another person's property without permission, so it is not applicable in this context.

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50. WHICH OF THE FOLLOWING WOULD NOT TERMINATE AN OFFER TO PURCHASE REAL PROPERTY?

Explanation

The offeror communicates notice of revocation after the offeree has properly posted acceptance would not terminate an offer to purchase real property. Once the offeree has properly accepted the offer by posting their acceptance, a binding contract is formed. At this point, the offeror cannot revoke the offer. The offeror's communication of revocation would be ineffective as the acceptance has already been made. Therefore, this action would not terminate the offer.

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51. THE COVENANT OF QUIET ENJOYMENT MOST DIRECTLY RELATES TO:

Explanation

The covenant of quiet enjoyment refers to the right of a tenant or property owner to possess and enjoy their property without interference or disturbance from others. This includes the right to use the property for its intended purpose without any nuisances or encroachments from neighboring properties. Therefore, the covenant of quiet enjoyment most directly relates to the possession of real property, ensuring that the owner or tenant has the right to peacefully possess and enjoy their property without any disruptions.

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52. AN ADVERTISEMENT FOR THE SALE OF REAL PROPERTY PLACED BY A REAL ESTATE BROKER IS PRIMA FACIE EVIDENCE OF FRAUDULENT AND MISLEADING INFORMATION WHEN:

Explanation

Prima facie means “on its face w/o further evidence”. Real estate law specifically states that no place an advertisement concerning a Note with an effective yield that does not also state the rate on the face of the note is PRIMA FACIE evidence of fraud.

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53.   A BROTHER AND SISTER PURCHASED PROPERTY AS JOINT TENANTS. LATER, THE SISTER MARRIED AND DEEDED HER INTEREST TO HERSELF AND HER HUSBAND:

Explanation

Joint tenancy requires the four equal unities of time, title, interest, and possession between two or more parties. Once any of the four unities are broken, it can no longer be a joint tenancy.

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54. The listing must be signed by the parties who have the authority to sell:

Explanation

The correct answer is "Deed". A deed is a legal document that transfers ownership of a property from one party to another. It must be signed by the parties who have the authority to sell the property, which typically includes the current owner or owners. The other options listed, such as mortgage, note, and sales contract, are related to the sale of a property but do not necessarily require the signatures of the parties with the authority to sell.

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55. WHEN A MORTGAGE COMPANY ADVERTISES A GRADUATED MORTGAGE, UNDER THE TRUTH-IN-LENDING ACT, THE ADVERTISEMENT MUST INCLUDE THE:

Explanation

The Truth-In-Lending law requires an advertisement concerning a graduated payment loan to distinctly illustrate the increases in monthly payment.

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56. THE FOLLOWING ARE CORRECT STATEMENTS CONCERNING AN OPTION, EXCEPT:

Explanation

The question is a negative question asking for a false statement concerning options. Answer “B” states: The “optionee must perform” which is false. The optionee receives and the optionor must perform. The optionee is the one who exercises the option. Answers “A”, “C”, and “D” are all correct. Regarding answer “B” there must be some consideration. It may be money or an act. In a lease option, it often states that there is the option to purchase the property for P1,000,000. The consideration is the leasing of the property. The leasing of the property is sufficient consideration upon the part of the optionee. An option must contain all the terms of the purchase similar to a deposit receipt. At the time of exercise, all that the optionee must do is state: “I will buy according to the option terms.”

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57. A person died testate. After an extensive search, no additional heirs were found. The person's real property would transfer by

Explanation

By devise. When a person dies testate, it means the person died with a will. Real property is devised or transferred by the will. If a person dies intestate, or without a will, the laws of descent and distribution are followed. Demise is to give up the right of possession in a lease. (Yes, it also means someone has died.) Escheat means the property reverts to the state when it is classified as abandoned. This may happen when someone dies intestate and no heirs can be found.

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58. DEED RESTRICTIONS ON A PIECE OF LAND ARE NOT PERMISSIBLE:

Explanation

Deed restrictions restrict the use of the property and are agreed to by the original grantor and grantee. Only when the state exercises its police power do we follow the criteria of promoting the public health, safety or welfare.

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59. Can personal property be converted into real property through what process?

Explanation

Accession is the process through which personal property can be converted into real property. It involves the act of adding or attaching personal property to real property in a way that it becomes a permanent part of the real property. This can occur through natural processes, such as the growth of plants or the accumulation of sediment, or through human actions, such as building structures on land. Once the personal property becomes part of the real property through accession, it is subject to the same legal rights and regulations as the real property itself.

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60. Which of the following makes use of a rate of investment return?

Explanation

The cost approach is a method used in real estate appraisal to estimate the value of a property by considering the cost to replace or reproduce it. This approach takes into account the current cost of materials, labor, and other factors necessary to recreate the property. It does not rely on market data or income generated by the property. Therefore, it does not make use of a rate of investment return.

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Physical Characteristics of a Real Estate
AN ADDITION TO LAND RESULTING IN THE FORMATION OF A GRADUAL BUILD UP...
SAM INHERITED ROLLING HILLS FROM HIS UNCLE. THE FIRST THING HE DID...
A BUYER OF A RESIDENCE, PRIOR TO THE CLOSE OF ESCROW, ASKS THE BROKER...
THE BUYER AND THE SELLER OF A HOME ARE DEBATING WHETHER A CERTAIN ITEM...
In the Sales Comparison Approach or Direct Market Comparison Approach...
THE LEGITIMACY OF ZONING LAWS REST UPON:
An easement created when a person has been using a roadway without...
THE REAL ESTATE COMMISSION FOR A PROPERTY THAT IS IN PROBATE IS SET...
A PERSON WHO HELD A LIFE ESTATE LEASED A PROPERTY FOR FIVE YEARS AND...
Which of the following is an example of economic obsolescence?
THE VALUE OF THE BEST PROPERTY IN THE NEIGHBORHOOD WILL BE ADVERSELY...
IN A TYPICAL PERCENTAGE LEASE, RENT IS CALCULATED AS A PERCENTAGE OF:
BROKER JOJO, AS AN AGENT, SHOWED A PROPERTY TO JUN. JUN SIGNED A...
NO PRUDENT PERSON WOULD PAY MORE FOR A PARCEL OF REAL PROPERTY THAN...
ALL OF THE FOLLOWING ARE GOOD AND VALID REASONS FOR AN APPRAISER TO...
Two brothers owned a property and decided to list it with Agent...
Agnes, Zelma and Jayne are sisters and own a property as joint...
ABLE ADDED SOME CABINETS TO THE HOME HE OWNS. THE CABINETS ARE...
You are a real estate agent selling a house. You know that it has...
THE FOLLOWING IS TRUE WITH RESPECT TO RIPARIAN RIGHTS IS THAT:
Capitalization is the process by which annual net operating income is...
WHICH OF THE FOLLOWING IS GENERALLY NOT RECOGNIZED AS A TEST FOR A...
WHICH OF THE FOLLOWING TYPES OF LENDERS WOULD HAVE THE GREATEST...
SINGLE FAMILY HOME VALUES ARE LEAST PROTECTED IN NEIGHBORHOODS WHERE...
RECORDED TITLE TO A PARCEL OF REAL PROPERTY WAS VESTED IN MARY WILSON,...
Which of the following best describes the trustor?
From the reproduction or replacement cost of a building the appraiser...
In the income capitalization approach to value:
One method an appraiser can use to determine a building reproduction...
  IN ORDER FOR A DEED OF TRUST TO VALID AND ENFORCEABLE , IT MUST...
IF A MAN HAS A FREEHOLD ESTATE, WHICH OF THE FOLLOWING WOULD RESULT IN...
WHICH OF THE FOLLOWING IS AN ADVANTAGE OF THE MARKET DATA APPROACH TO...
Real property can be converted into personal property through?
It refers to the acquisition of lots varying ownership, through...
A provision in a mortgage contract which releases the property from...
The acquisition of land in advance of actual need based on present...
WHICH OF THE FOLLOWING ACTIONS OR EVENTS WOULD RESULT IN THE...
AN ALIENATION CLAUSE PROVIDES THAT:
ABLE OWNED A FARM PROPERTY ON WHICH HE HAD A GROWING CORN CROP. BEFORE...
Negligent misrepresentation occurs when:
Property held by the owner as inventory or stock in a trade for a buy...
WITH REGARD TO APPRAISAL TECHNIQUES, ALL OF THE FOLLOWING ARE CORRECT,...
THE  REMEDY OF UNLAWFUL DETAINER ACTION IS USED BY OFFENDED:
A TRUE STATEMENT REGARDING FLOOD WATERS IS THAT FLOOD WATERS:
WHEN LEGAL TITLE IS TRANSFERRED AS THE RESULT OF THE SALE OF REAL...
A FLOOD HAZARD AND DRAINAGE REPORT MAY BE REQUIRED IN THE FILING FOR...
AN EASEMENT ON REAL PROPERTY CAN BE TERMINATED BY:
Permission to use  another's  property that may be...
WHICH OF THE FOLLOWING WOULD NOT TERMINATE AN OFFER TO PURCHASE REAL...
THE COVENANT OF QUIET ENJOYMENT MOST DIRECTLY RELATES TO:
AN ADVERTISEMENT FOR THE SALE OF REAL PROPERTY PLACED BY A REAL ESTATE...
  A BROTHER AND SISTER PURCHASED PROPERTY AS JOINT TENANTS....
The listing must be signed by the parties who have the authority to...
WHEN A MORTGAGE COMPANY ADVERTISES A GRADUATED MORTGAGE, UNDER THE...
THE FOLLOWING ARE CORRECT STATEMENTS CONCERNING AN OPTION, EXCEPT:
A person died testate. After an extensive search, no additional heirs...
DEED RESTRICTIONS ON A PIECE OF LAND ARE NOT PERMISSIBLE:
Can personal property be converted into real property through what...
Which of the following makes use of a rate of investment return?
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