Practice Exam 2

Which federal law requires that finance charges be stated as an annual percentage rate 1. Truth in lending Act 2. RESPA - real estate settlement procedures act 3. Equal credit opportunity act - ECOA 4. Fair Housing Act

1. Truth in lending Act

At closing the selling price is 1. debit to the buyer 2. debit to the seller 3. credit to the buyer 4. greater than the amt of the loan

1. debit to the buyer

A real estate transaction has a closing date of Nov 15 the seller who is responsible for costs up to and including the date of settlement has already paid the property taxes of $11,160 for the calendar yr on the closing statement the buyer will be 1. debited $1,395 2. debited $9,765 3. credited $1,395 4. credited $9,765

1. debited $1,395

Which step is among those an appraiser would use in preparing a real property appraisal using the cost approach 1. estimate the replacement cost of the improvements 2. deduct for the depreciation of the land and bldgs 3. determine the original cost and adjust for depreciation 4. review the sales prices of comparable properties

1. estimate the replacement cost of the improvements

A buyer makes an offer on a property and the seller accepts three weeks later the buyer announces the deal's off and refuses to go through with the sale if the seller is entitled to keep the buyer's earnest money deposit there MOST likely is what kind of clause in the sales contract 1. liquidated damage clauses 2. contingent damage clauses 3. actual damage clause 4. revocation clause

1. liquidated damage clauses

The section in a purchase contract that would provide for the buyer to forfeit any earnest money if the buyer fails to complete the purchase is known as a provision for 1. liquidated damages 2. punitive damages 3. hypothecation 4. subordination

1. liquidated damages

A squatter moved into an abandoned home and lived there for some yrs ultimately the squatter was granted title to the property by a court which element is NOT basic to acquiring title in this manner 1. permission of the true owner 2. open and notorious use 3. occupancy for a period of time prescribed by state law 4. occupancy hostile to the best interests of the true owner

1. permission of the true owner

Against a recorded deed from the owner of record the party with the weakest position is 1. person with a prior unrecorded deed and who is not in possession 2. person in possession with a prior unrecorded deed 3. tenant in possession with none mths remaining on the lease 4. painter who is half finished painting the house at the time of the sale and who has not yet been paid

1. person with a prior unrecorded deed and who is not in possession

Which activity is NOT a violation of the real estate settlement procedures act RESPA 1. providing a closing disclosure to a borrower four days before the closing 2. accepting a kickback on a loan subject to RESPA requirements 3. requiring the buyer to use a particular title insurance company 4. accepting a fee or charging for services that were not performed

1. providing a closing disclosure to a borrower four days before the closing

A man conveys a life estate to his son under the terms of the man's conveyance the property will pass to the man's nephew on his son's death which interest in the property BEST describes that of the nephew's during the son's lifetime 1. remainder 2. reversion 3. life estate pur autre vie 4. redemption

1. remainder

The capitalization rate on a property reflects among other things which factor 1. risk of investment 2. replacement cost of the improvements 3. real estate taxes 4. debt service

1. risk of investment

A renter has 6 mths remaining on her apt lease the monthly rent is $875 the renter moves out of the apt for four mths and a friend moves in the friend pays the renter a mthly rental of $700 and the renter continues paying the full rental amt under her lease to the landlord this is an ex. of 1. subletting 2. assignment 3. rescission & renewal 4. surrender

1. subletting

A woman owned a property that she conveyed to a man so long as no real estate broker or salesperson ever sets foot on the property if a broker or a salesperson visits the property ownership will revert to the woman based on these two conveyances which is TRUE 1. the man hold the property in fee simple determinable 2. the man hold the property in fee simple defeasible subject to a condition subsequent 3. the man may not transfer ownership of the property without the woman's permission 4. the woman has retained a right of re-entry with regard to the property

1. the man hold the property in fee simple determinable

A real estate professional listed an agricultural property at an 8% commission rate after the sale of the property and the settlement had taken place the seller discovered the real estate professional had been listing other properties at a 6% commission rate based on this info which is TRUE 1. the real estate professional has done nothing wrong because a commission rate is always negotiable between the parties 2. if the real estate professional inflated the usual commission rate for the area the real estate professional may be subject to discipline by the state real estate commission 3. the seller is entitled to rescind the transaction based on the principle of lack of reality of consent 4. the seller is entitle to a refund from the real estate professional of 2%

1. the real estate professional has done nothing wrong because a commission rate is always negotiable between the parties

A seller lists her home with a real estate professional for $220,000 but tells the real estate professional who is acting as the seller's agent "I've got to sell quickly because of a job transfer. If necessary I can accept a price as low at $175,000" the real estate professional tells a prospective buyer to offer $180,000 because the seller is desperate to sell the seller accepts the buyer's offer in this situation which is TRUE 1. the real estate professional's action did not violate any agency relationship with the seller because the real estate professional did not actually reveal the seller's lowest acceptable price 2. the real estate professional's action did not violate any agency relationship with the seller because the real estate professional did not actually reveal the seller's lowest acceptable price 3. the real estate professional acted properly to obtain a quick offer on the seller's property in accordance with the seller's instructions 4. the real estate professional violated established fiduciary duties toward the buyer by failing to disclose that the seller would accept a lower price than the buyer offered

1. the real estate professional's action did not violate any agency relationship with the seller because the real estate professional did not actually reveal the seller's lowest acceptable price

After an offer is accepted the seller finds that the real estate professional was the undisclosed agent for the buyer as well as the agent for the seller the seller may: 1. withdraw without obligation to the real estate professional or the buyer 2. withdraw but be subject to liquidated damages 3. withdraw but only with the concurrence of the buyer 4. refuse to sell but be subject to a suit for specific performance

1. withdraw without obligation to the real estate professional or the buyer

A man died and his estate was distributed according to his will as follows. 54% to his spouse, 18% to his children, 16% to his grandchildren and the remainder to his college the college received $79,000 how much did the man's children receive 1. $105,333 2. $118,500 3. $355,500 4. $658,333

2. $118,500

A buyer bought a hose for $225,000 the house which had originally sold for $148,250 appraised for $210,500 based on these facts if the buyer applies for an 80% mortgage what will be the amt of the loan 1. $118,600 2. $168,400 3. $180,000 4.$196,750

2. $168,400

A parcel of vacant land 80ft wide and 200ft deep was sold for $500 per front ft how much money would a real estate professional receive as a 60% share of a 10% commission: 1. $1,600 2. $2,400 3. $6,000 4. $4,000

2. $2,400

An FHA insured loan in the amt of $157,500 at 4 1/2% for 30 yrs closed on July 17 the first mthly payment is due on Sept 1 using a 360 day yr and assuming that interest is being paid for the day of closing what was the amt of the interest payment the buyer had to make at the settlement 1. $19.69 2. $275.63 3. $295.35 4. $315.04

2. $275.63

According to an appraisal prepared for a loan approval a property is worth $425,000 the previous homeowner bought the property for $290,000 and added $50,000 in improvements for a total of $340,000 the property sold in foreclosure for $325,000 which amt represents the property's market price 1. $290,000 2. $325,000 3. $425,000 4. $340,000

2. $325,000

If a storage tank that measures 12ft x 9ft x 8ft is designed to store gas that costs $1.82 per cubic ft what does it cost to fill the tank to 1/2 of its capacity 1. $685 2. $786 3. $864 4. $1,572

2. $786

To net the owner $90,000 after a 6% commission is paid what would the lists price have to be: 1. $95,400 2. $95,745 3. $95,906 4. $96,000

2. $95,745

A rectangular lot is worth $193,600 this value is equivalent of $4.40 per sq ft if one lot dimension is 200ft what is the other dimension 1. 110ft 2. 220ft 3. 400ft 4. 880ft

2. 220ft

Under circumstance would MOST likely be legal under the provisions of the federal Fair Housing Act 1. a lender refuses to make loans in areas where more than 25% of the population is Hispanic 2. a private social club that discriminates against no protected group in granting membership refuses to rent a suite in its members only vacation facility to Nigerian family who are not members of the club 3. a church excludes Middle Easterners from membership and rents its nonprofit housing to church members only 4. a real estate professional directs prospective buyers away from areas where they are likely to feel uncomfortable because of their race

2. a private social club that discriminates against no protected group in granting membership refuses to rent a suite in its members only vacation facility to Nigerian family who are not members of the club

After a storeowner's spouse died he could no longer maintain the store a woman who wished to open a store agreed to move into the entire space and pay for the remaining seven yrs on the lease the landlord agreed to the arrangement this is known as a lease 1. assumption 2. assignment 3. surrender 4. breach

2. assignment

The landlord of an apt bldg neglected to repair the bldg plumbing system as a result the apts did not receive water if a tenant's unit becomes uninhabitable what is the MOST likely result 1. suit for possession 2. claim of constructive eviction 3. tenancy at sufferance 4. suit for negligence

2. claim of constructive eviction

An apt manager decides not to purchase flood insurance instead the manager installs raised platforms in the basement storage areas and has the furnace placed on eight inch legs this form of risk management is known as: 1. avoiding the risk 2. controlling the risk 3. retaining the risk 4. transferring the risk

2. controlling the risk

At closing how will a proration of prepaid water, gas & electric charges be reflected 1. debit to the seller credit to the buyer 2. debit to the buyer credit to the seller 3. debit to the buyer only 4. credit to the seller only

2. debit to the buyer credit to the seller

at closing prorations for unpaid real estate taxes are shown as a 1. credit to the seller and a debit to the buyer 2. debit to the seller and a credit to the borrower 3. credit to both the seller and the buyer 4. debit to both the seller and the buyer

2. debit to the seller and a credit to the borrower

A purchaser offers to buy a seller's property by signing a purchase contract the seller accepts the offer what kind of title interest does the buyer have in the property at this point 1. legal 2. equitable 3. defeasible 4. no title interest

2. equitable

A real estate professional obtained a listing agreement to act as the agent in the sale of a house an unrepresented buyer has been found for the property and all agreements have been signed as agent of the seller the real estate professional is responsible for which activity 1. completing the buyer's loan application 2. making sure the buyer receives copies of all documents the seller is required to deliver to the buyer 3. ensuring the buyer is qualified for the new mortgage loan 4. scd the buyer's inspection of the property

2. making sure the buyer receives copies of all documents the seller is required to deliver to the buyer

A real estate professional representing a seller is asked by the client to make sure that the deed to the buyer does not reveal the actual sales price in this case the real estate professional: 1. must inform the client that only the actual price of the real estate may appear on the deed 2. may ask that a deed be prepared that shows only nominal consideration of $10 3. should inform the seller that either the full price should be stated in the deed of all references to consideration should be removed from it 4. may show a price on the deed other than the actual price provided that the variance is not greater than 10% of the purchase price

2. may ask that a deed be prepared that shows only nominal consideration of $10

An insurance company agreed to provide a developer with financing for a shopping center at 7% interest plus an equity position what type of loan is this: 1. package 2. participation 3. open end 4. blanket

2. participation

Which of the following BEST describes the capitalization rate under the income approach to appraising real estate 1. rate at which a property increases in value 2. rate of return a property earns as an investment 3. rate of capital required to keep a property operating most efficiently 4. maximum rate of return allowed by law on an investment

2. rate of return a property earns as an investment

In some states by paying the debt after a foreclosure sale the delinquent borrower has the right to regain the property under which of the following 1. novation 2. redemption 3. reversion 4. recovery

2. redemption

In one commercial bldg a tenant intends to start a small health food shop an identical adjacent bldg houses a showroom leased to a major national retailing chain both tenants have long term leases with identical rents if the appraiser uses a capitalization rate for the store leased to the national retailing chain that is lower than the rate for the other bldg which is TRUE 1. the indicated value of the chain's property will be lower than the indicated value of the food shop property 2. the indicated value of the chain's property will be higher than the indicated value of the food shop property 3. the appraiser would then be compelled to make use of the sales comparison approach to value 4. it would indicate the appraiser believes a bldg occupied by a chain store tenant is more valuable than an identical one occupied by a health food shop

2. the indicated value of the chain's property will be higher than the indicated value of the food shop property

A real estate professional received a deposit along with a written offer from a buyer the offer stated the offeror will leave this offer open for the seller's acceptance for a period of 10 days on the 5th day and before acceptance by the seller the offeror notified the real estate professional that the offer was withdrawn and demanded the return of the deposit which is TRUE 1. the offeror can't withdraw the offer it must be held open for the full 10 day period as promised 2. the offeror has the right to withdraw the offer and secure the return of the deposit anytime before being notified of the seller's acceptance 3. the offeror can withdraw the offer and the seller and the real estate professional will each retain 1/2 of the forfeited deposit 4. while the offeror can withdraw the offer the real estate professional is legally entitle to declare the deposit forfeited and retain all of it in lieu of lost commission

2. the offeror has the right to withdraw the offer and secure the return of the deposit anytime before being notified of the seller's acceptance

The state wants to acquire a strip of farmland to build a highway does the state have the right to acquire this land for public use 1. yes the state's right is called condemnation 2. yes the state's right is called eminent domain 3. yes the state's right is call escheat 4. no under the U.S. Constitution private property may never be taken by state govt or by the federal govt

2. yes the state's right is called eminent domain

A farmer owns the W1/2 of the NW1/4 of the NW1/4 of a section the adjoining property can be purchased for $300 per acre owning all of the NW1/4 of the section would cost the farmer 1. $6,000 2. $12,000 3. $ 42,000 4. $48,000

3. $ 42,000

A property manager leased a store for three yrs the first yr the store's rent was $1,000 per mth and the rent was to increase 10% per yr thereafter the manager received a 7% commission for the first yr 5% for the second yr and a 3% for the balance of the lease what was the total commission earned by the property manager 1. $840.40 2. $1,613.10 3. $1,935.60 4. $2,785.40

3. $1,935.60

If a borrower takes out a $90,000 loan at 7 1/2% interest to be repaid at the end of 15 yrs with interest paid annually what is the total interest that the borrower will pay over the life of the loan 1. $10,125 2. $80,000 3. $101,250 4. $180,000

3. $101,250

An investment property now worth $180,000 was purchased seven yrs ago for $142,000 at the time of purchase the land was valued at $18,000 assuming a 27 1/2 yr life for straight line depreciation purposes what is the present book value of the property 1. $95,071.00 2. $108,071.25 3. $110,436.37 4. $126,000.78

3. $110,436.37

A broker's employment agreement with a sales associate provides a commission share 65% to the sales associate what is the sales associate's compensation if the sales price of a property is $895,000 the broker is entitled to a 6 1/2% commission and there is no cooperating broker 1. $16,621.43 2. $34,905.00 3. $37,813.75 4. $ 58,175.00

3. $37,813.75

The mthly rent on a warehouse is $1 per cubic yd assuming the warehouse is 36ft x 200ft x 12ft high what is the annual rent 1. $3,200 2. $9,600 3. $38,400 4. $115,200

3. $38,400

A purchaser buys a house for $234,500 by making a $25,000 cash down payment and taking out a $209,500 mortgage for 30 yrs the lot value is $80,000 if the purchaser wants to depreciate the property over a period of 27 1/2 yrs what will be the annual depreciation amt using the straight line method 1. $3,818.18 2. $4,79.09 3. $5,618.18 4. $7,444.44

3. $5,618.18

In the preceding question what would the interest portion of the payment be 1. $17.19 2. $257.81 3. $515,63 4. $618.75

3. $515,63

A $100,000 loan at 6% could be amortized with mthly payments of $644 on a 15 yr basis or payments of $600 on a 30 yr basis the 30 yr loan results in total payments of what percentage of the 15 yr total payments 1. 106% 2. 158% 3. 186% 4. 154%

3. 186%

A property has a net income of $30,000 an appraiser decides to use a 12% capitalization rate rather than a 10% rate on this property the use of the higher rate results in 1. a 2% increase in the appraised value 2. a $50,000 decrease in the appraised value 3. a $50,000 decrease in the appraised value 4. no change in the appraised value

3. a $50,000 decrease in the appraised value

The owner of a house wants to fence the yard for the family pet when the fence is erected the fencing material s become real estate through 1. severance 2. subrogation 3. annexation 4. attachment

3. annexation

A married couple files their income taxes jointly last yr they sold their home for $340,000 seven yrs ago when they were first married they bought the house for $250,000 and have lived in it ever since based on the facts which is TRUE 1. under current tax law the couple will owe a capital gains tax this yr on their $90,000 gain 2. current tax law permits the couple to exclude up to $250,000 in capital gain from their income tax 3. because their gain is less than $500,000 the couple will owe no capital gains tax this yr 4. under current tax law the couple will be entitled to a penalty free withdrawal of up $10,000 from a 401k retirement acct to use as a down payment

3. because their gain is less than $500,000 the couple will owe no capital gains tax this yr

An easement terminates 1. automatically 2. when the owner of the servient tenement wishes to do so 3. if the owners of the dominant and servient tenements become one of the same 4. when a property owner dies

3. if the owners of the dominant and servient tenements become one of the same

A woman conveys the ownership of an office bldg to a nursing home the nursing home agrees that the rental income produced by the bldg will pay for the expenses of caring for the woman's parents when both her parents have died ownership of the bldg will revert to the woman the estate held by the nursing home is: 1. remainder life estate 2. legal life estate 3. life estate pur autre vie 4. temporary leasehold estate

3. life estate pur autre vie

When a man died a deed was found in his desk drawer although the deed had never been recorded it was signed dated and acknowledged the deed gave the man's house to a local charity the will however provided as follows "I leave all of the real and personal property that I own to my beloved niece" in this situation the house MOST likely will go to the: 1. charity because acknowledgement creates a presumption of delivery 2. charity because the man's intent was clear from the deed 3. niece because the deed was never delivered to or accepted by the charity 4. niece because the deed had not been recorded

3. niece because the deed was never delivered to or accepted by the charity

When a mortgage lender provides the buyer with statements of all fees and charges the seller will incur the lender is complying with requirements that originated under which federal law 1. equal credit opportunity act - ECOA 2. truth in lending act - Regulation Z 3. real estate settlement procedures act - RESPA 4. fair housing act

3. real estate settlement procedures act - RESPA

The equal credit opportunity act - ECOA makes it illegal for lenders to refuse credit to or otherwise discriminate against which applicant 1. parent of twins who receives public asst. & can't afford the mthly mortgage payments 2. new homebuyer who does not have a credit history 3. single person who receives public asst. 4. unemployed person with no job prospects and no identifiable source of income

3. single person who receives public asst.

A country music singer who owns a cattle ranch enters into a sale and leaseback agreement with a local dentist which statement is TRUE: 1. the singer retains title to the ranch 2. the dentist receives possession of the property 3. the dentist is the lessor 4. the singer is the lessor

3. the dentist is the lessor

A seller is interested in selling a house as quickly as possible and believes that the best way to do this is to have several real estate professionals compete against each other for the commission the listing agreements with four different real estate professionals specifically promise that if one of them finds a buyer for the property the seller will be obligated to pay a commission to that real estate professional only what type of agreement has the seller entered 1. executed 2. discharged 3. unilateral 4. bilateral

3. unilateral

A conventional mortgage loan closed on July 1 for $165,000 at 3.75% interest amortized over 25 yrs at $875.06 per month using a 360 day yr and interest paid in arrears what would the principal amt be after the monthly payment was made Aug 1 1. $164,936.30 2. $164,484.38 3. $164,142.94 4. $164,658.57

4. $164,658.57

A bldg owner pays a property manager an 8 1/2% commission based on the unit's annualized rent for each new tenant last yr the manager signed 5 new tenants three at $795 per mth one at $1,200 per mth one at $900 per mth what was the total amt of the property manager new tenant commission for the yr. 1. $381.23 2. $2,952.90 3. $3,685.47 4. $4,74,70

4. $4,74,70

If a home that cost $324,500 three yrs ago is now valued at 127% of its original cost what is its current market value 1. $364,750 2. $395,000 3. $424,500 4. $434,975

4. $434,975

What is the amount of tax payable if a property's assessed value is $185,000 and the tax rate is 40 mills in a community in which an equalization factor of 110% is used 1. $4,625.00 2. $5,087.50 3. $7,400.40 4. $8,140.00

4. $8,140.00

Which phrase when placed in a print advertisement would MOST nearly comply with the requirements of the truth of lending act - regulation Z 1. 5 1/2% interest 2. 5 1/2% rate 3. 5 1/2% annual interest 4. 5 1/2% annual percentage rate

4. 5 1/2% annual percentage rate

Maria, Frank & Judy are joint tenants. Judy sells her interest to Laura and then Frank dies as a result which is TRUE 1. Frank's heirs are joint tenants with Laura & Maria 2. Franks's heirs and Maria are joint tenants but Laura is a tenant in common 3. Maria is a tenant in common with Laura and Frank's heirs 4. Maria and Laura are tenants in common

4. Maria and Laura are tenants in common

In a township which statement is TRUE 1. Section 31 lies to the east of Section 32 2.Section 18 is by law set aside for school 3. Section 6 lies in the northeast corner of the township 4. Section 16 lies to the north of Section 21

4. Section 16 lies to the north of Section 21

Which situation does NOT violate the federal Fair Housing Act: 1. the refusal of a property manager to rent an apt to a Muslim couple who are qualified 2. the general policy of a loan company to avoid granting home improvement loans to individual living in transitional neighborhoods 3. the intentional neglect of a real estate professional to show an Asian family any property listings in neighborhoods other than those with a majority of Asian residents 4. a widow's insistence on renting her spare bedroom only to another widowed woman

4. a widow's insistence on renting her spare bedroom only to another widowed woman

A buyer signs a buyer representation agreement under which the real estate professional will help this client find a three bedroom home in the $185,000-$200,000 price range a seller comes into the real estate professional's office and signs a listing agreement to sell a two bedroom condo for $170,000 based on these which is TRUE 1. the buyer is the real estate professional's client the seller is the real estate professional customer 2. the buyer is the real estate professional client 3. while both the buyer and the seller are clients the real estate professional owes fiduciary duties of an agent only to the seller 4. because both the buyer and the seller are the real estate professional clients the real estate professional owes the fiduciary duties of an agent to both

4. because both the buyer and the seller are the real estate professional clients the real estate professional owes the fiduciary duties of an agent to both

The rescission provisions of the truth in lending act - regulation Z apply to which transaction: 1. home purchase loans 2. construction lending 3. business financing 4. consumer credit

4. consumer credit

At closing the cost of the lender's title insurance policy required for a new loan is usually shown as which of the following 1. credit to the seller 2. credit to the buyer 3. debit to the seller 4. debit to the buyer

4. debit to the buyer

Which statement is FALSE regarding a capitalization rate 1. rate increase when the risk increases 2. increase in rate while other elements remain the same means a decrease in value 3. net income is divided by the rate to estimate value 4. decrease in rate while other elements remain the same results in decrease in value

4. decrease in rate while other elements remain the same results in decrease in value

A real estate professional is employed by a buyer when the real estate professional finds a property that the buyer might be interested in buying she is careful to find out as much as possible about the property's owners and why their property is on the market the real estate professional's efforts to keep the buyer informed of all facts that could affect a transaction is the duty of the: 1. accounting 2. loyalty 3. confidentiality 4. disclosure

4. disclosure

One real estate professional asked another "will I have to prove that I was the procuring cause in order to collect a commission if my seller sells the property without my help" the other real estate professional answer "No not if you have an" 1. option listing 2. open listing 3. exclusive agency listing 4. exclusive right to sell listing

4. exclusive right to sell listing

What type of lease establishes a rental payment and requires the lessor to pay for the taxes insurance maintenance on the property 1. percentage 2. net 3. expense only 4. gross

4. gross

It is discovered after a sale of a parcel of land that the land parcel is 10% smaller than the seller represented it to be the real estate professional who passed this info on to the buyer is: 1. not liable as long as the real estate professional only repeated the seller's data 2. not liable if the misrepresentation was unintentional 3. not liable if the buyer actually inspected the parcel 4. liable if the real estate professional knew or should have known of the discrepancy

4. liable if the real estate professional knew or should have known of the discrepancy

A search of the public record regarding title to a property is MOST likely to provide info about which item 1. encroachments 2. rights of parties in possession 3. inaccurate survey 4. mechanic's lien

4. mechanic's lien

If a veteran wishes to refinance a home by changing to a VA guaranteed loan and the lender insists on 3 1/2 discount points which option is available to the veteran 1. refinance with a VA loan provided the lender charges no discount points 2. refinance with a VA loan provided the lender charges no more than two discount points 3. be required to pay a maximum of 1% of the loan as an origination fee 4. proceed with the refinance loan and pay the discount points

4. proceed with the refinance loan and pay the discount points

A tenant's landlord plans to sell the bldg in which the tenant lives to the state so that a freeway can be built the tenant's lease has expired but the landlord permits the tenant to stay in the apt until the bldg is torn down the tenant continues to pay the rent as prescribed in the lease what kind of tenancy does the tenant have 1. holdover tenancy 2. month to month tenancy 3. tenancy at sufferance 4. tenancy at will

4. tenancy at will

A seller signed a 90 day listing agreement with a real estate professional two weeks later the seller was killed in an accident what is the present status of the listing agreement 1. the agreement is binding on the seller's estate for the remainder of the 90 days 2. the seller's intention to sell was clearly defined the agreement is still in effect and the real estate professional may proceed to market the property 3. the agreement is binding on the seller's estate only if the real estate professional can produce an offer to purchase the property within the remainder of the 90 days 4. the agreement was terminated automatically when the seller died

4. the agreement was terminated automatically when the seller died

After a buyer purchased a property from a seller they both decided to rescind the recorded transfer to do this what must happened 1. the buyer must return the deed to the seller 2. the parties must record a notice of rescission 3. the parties must simply destroy the original deed in the presence of witnesses 4. the buyer must make a new deed to the seller

4. the buyer must make a new deed to the seller

Which of the following is an example of external obsolescence 1. numerous pillars supporting the ceiling in a store 2. leaks in the roof of a warehouse making the premises unusable and therefore unrentable 3. coal cellar in a house with central heating 4. vacant abandoned and run down building in an area

4. vacant abandoned and run down building in an area