midterm

Which of the following statements would NOT correctly describe easements?

an easement in gross must have a dominant tenement

G and J entered into a contract to purchase that is subject only to G's getting financing. The contract would BEST be described as

an executory contract

A standard form policy of title insurance does not protect against loss resulting from:

Encroachments

A developer was able to buy two adjoining single-family lots for $20,000 each. He combined the lots into one parcel with a value of $90,000. The developer's action reflects the process of

plottage

Which of the following terms are NOT related?

police power-deed restriction

What is the maximum amount that can be recovered from the real estate guarantee fund on any one claim?

$20,000

. In negotiating a single real estate transaction, a particularly unscrupulous salesperson violates three (3) separate sections of the license law. If found guilty, the real estate commission may impose a maximum fine of:

$25,000

A married woman's dower rights may be terminated by her husband's execution of a deed. 2. A demise is a gift of realty by will.

1 only

After completion of the real estate license preparation course, what period of time does the applicant have in which to pass the State examination and request issuance of his license?

1 year

Who of the following is NOT considered an agent?

A non-licensed personal assistant of an agent

Contracts subject by law to a "three-day attorney review" include:

Any contract of sale prepared by a broker or salesperson

Broker A listed B's house for sale. The next day, A was contacted by C and D about the availability of homes in the city. On the following day, A showed B's house to C and D. Which of the following statements correctly describes this situation?

B is a client of A and C & D are AS customers

Which of the following is a similarity between an exclusive-right-to-sell listing and an exclusive agency listing?

Both give the responsibility of representing the seller to just one broker.

Which of the following statements would NOT be a material fact to be disclosed by a seller's agent?

Buyer's ability to make a lower offer

A purchased a fee-simple interest in one of 40 units in a property development. A also received a 2 percent share of the ownership in all of the grounds and facilities outside the units. A owns which of the following types of property?

Condominium

Which of the following statements does NOT correctly describe a legal life estate?

During his or her life estate the life tenant is generally answerable to the holder of the future interest.

Which of the following is not essential in the formation of a contract

Earnest money

To sue successfully for a commission in court, a. Broker must:

Established the agency in writing.

An owner gave an exclusive right-to-sell listing to broker L, an exclusive agency listing to broker M and an open listing to broker N. Broker N sold the house and collected a commission while the other listings were still in effect. Which of the following statements is correct?

L and M are each entitled to full commission

commissions and fees paid by the seller to a listing agency are deteremined by

Negotiations between the seller and the listing licnesee

Buyer S and seller T have entered into a binding offer to purchase. Which of the following would correctly describe the rights of the parties at this point in the transaction?

S holds equitable title.

f a husband and wife own an apartment building and the husband owns an undivided three fourths interest and the wife owns a one-fourth interest, what type of tenancy exists?

Tenancy in common MORE THAN ONE AND DIFFERENT INTREST

Which of the following statements concerning branch offices is correct?

The branch office must be open to the public during normal business hours.

Assuming single agency, which of the following statements BEST describes a material fact to be disclosed by a seller's agent back to the seller?

The buyer's ability to make a higher offer

A salesperson listed a home for sale and transferred to another brokerage firm two weeks later. Which of the following statements describes the status of the listing?

The listing will stay with the former broker of the salesperson.

Two unrelated people own a three-unit apartment building as tenants in common. One wants to sell but the other does not. Which of the following statements describes the legal rights of the party who wants to sell?

The party may request a court to partition the building. BRINGS UP A PARTNERSHIP

The "consumer information statement" (CIS) discloses:

The various agency relationships existing between brokers and the public

the "executory period" is the:

Time between the signing of the contract and the closing of the sale

When property transfers from one party to another, recording the deed provides what is called

To cover the bank's service charges or check fees

Broker Q listed W's house, which was sold by a broker from another company, Y. Which of the following would NOT describe Y's role in the transaction?

Y was a subagent of the seller

A state wants to build a publicly owned convention center to attract private development in its largest city. Can the state use eminent domain to acquire the land?

Yes, if just compensation is paid to the owners of the land.

Your brother agrees to sell his home as a "FSBO" to his neighbor. Your brother and his buyer agree that you will be paid a commission of ½% if you will prepare the contracts. You will have no other obligations to the parties. Which of the following is true?

You are engaging in the unauthorized practice of law

If you are acting as only the seller's agent, and another broker represents the buyer, what is your obligation to the buyer, if any?

You have an obligation of "Fair Dealing" toward the Buyer

You have just given an option to buy your restaurant to a friend. Which of the following statements is NOT correct?

Your friend must pay a fee of some kind for the option right.

Which of the following is personal property?

a beneficiary's rights under a trust involving real property

When the contract for the sale of real property includes the sale of certain removable fixtures, such a refrigerators and furniture, upon delivery of the deed the seller should also deliver:

a bill of sale PERSONAL PROPERTY

your neighbor has given you revocable permission to go hunting on his farm. you have

a license

Which of the following verbal contracts would not be subject to the Statute of Frauds:

a two year lease for rental of a condominium apartment

An option, prior to being exercised, is an example of a(n)

a unilateral contract

Which of the following requires the recorded summary of a property to be updated and an attorney to render a report about the quality of title?

abstract and opinion

Copies (or summations of) the various documents relating to the title to a particular piece of land is referred to as the:

abstract of title

under the terms of a typical real estate listing the salesperson serves as

agent for the broker

a wifes dower rights..

are inchoate until the death of the husband

The movement of land caused by an earthquake would be an example of

avulsion

Personal property is generally conveyed by a

bill of sale

In a real estate transaction, the broker may serve as agent for any of the following EXCEPT:

both owner and purchaser with owner's permission

Salesperson A for broker B has listed a home. Salesperson C for broker D is acting as a buyer's agent and trying to sell the same home to his buyer. Salesperson C is primarily responsible to

broker D

Broker Evans has an exclusive right-to-sell listing on a property. All of the following are true EXCEPT:

broker Evans is a general agent for the owner

After an offer is accepted, the seller finds out that the broker was the undisclosed agent for the buyer as well as the agent for the seller.

can withdraw without obligation to broker or buyer.

the primary tests of fixtures include all expect

cost

Adam, Bob, and Carol are joint tenants. Adam died in 1988. Bob sold his interest to Dave in 1991. How is title now held?

dave and carol in equal shares as tenants in common

the broker has listed a owners home. this agreement will be terminated by all of the following except

death of the listing agent

All of the following would be public oland use controls except

deed restrictions

a person who receives real property by will is called

devisee

which of the following statements correctly describe the status of dual agency

dual agency is not allowed unless all parties agree

A woman owns a tract of land that also is a servient tenement. The easement over, through, or under the tract is a(n)

encumberance anything negative

A written agreement between owner and agent giving the agent the right to collect a commission of the property is sold during the term of his agreement:

exclusive authorization to sell

An owner may sell through his own efforts without the obligation to pay a commission under the terms of any of the following EXCEPT:

exclusive right to sell

n theory, which of the following types of deeds gives a property buyer the MOST protection against problems that may arise with the title?

general warranty

A salesperson presented an offer that was accepted and received an earnest money payment for $2,000. The salesperson should

give the earnest money to his broker

Which of the following is a physical characteristic of land?

immobility

a contract in which the intentions of the parties are shown by thier conduct is

implied contract

which if the following is not considered real property

leasehold estate

A price below which the owner will not sell, or at which the broker will not receive a commission:

net listing

A "transaction broker" usually represents

no one

the real estate comminssion may waive the statement exam for...

nobody

Which of the following would NOT be classified as a latent defect?

nonconforming use of property something you cant see

A buyer has entered into an agency agreement with more than one buyer's agent but only owes compensation to the one who puts an actual transaction together. This arrangement is known as a(n)

nonexlusive agency agreement

The servient estate in an easement appurtenant is the property

on which the easement is place

In an exclusive-right-to-sell listing agreement, how many agents are involved?

one

a listing which emplys many brokers simultaneously is an

open listing

You wrote an offer on a house for $214,000. The seller gave you a counteroffer for $218,000. The seller may withdraw the counteroffer any time

prior to the buyer's acceptance.

McDonald left his home to his church "for so long as it be used for religious purposes". The estate thus created is a:

qualified fee

A gave B a deed with no express or implied warranty. The deed was MOST likely a

quitclaim deed

A man forged his wife's name on a deed and sold their home. The wife subsequently was able to have the title insurance company give her a check for one-half the market value of the home. Which type of deed would the wife usually give to the title company upon receipt of the check?

quitclaim deed

Which of the following terms would include the interests, benefits, and rights inherent in the ownership of real estate?

real property

When an agent receives a written offer on a listing that he feels is less than the owner should accept, he should do all of the following EXCEPT:

refuse the offer

A broker was offered a listing by homeowners who stated that they would not sell to a minority. The broker should

refuse to accept the listing based on this condition.

One of the covenants in a general warranty deed promises that the grantor has title and the right to convey. This is the covenant of

seisin. YOU OWN IT

The agency relationship between the broker and his or her seller-client is

special

When a listing agreement includes a broker protection clause, the clause

states that the owner will pay a commission to the listing broker if the property is sold to a buyer with whom the broker negotiated during the listing term within a specific time after the listing expires.

In describing real property in a deed, a grantor may NOT use which of the following means of identification?

street address

What is a salesperson's relationship to an owner-client of the broker?

subagent

assemblage is the opposite of

subdivision

A wife and husband may NOT hold title to their home as

tenants at will

For a valid agency contract to exist, all of the following must be present EXCEPT:

the agent must be licensed

In the usual, residential real estate sale, the selling salesperson is paid by:

the broker

You have entered into an installment land contract for the sale of your home. Which of the following is NOT correct?

the buyer will hold legal title during the term of the contract.

a standard policy of title insurance will normally guarantee

the competency of the prior grantor

D has a property that is a servient tenement in an easement appurtenant. D is considering selling his property to F. Which of the following statements would NOT correctly describe their potential transaction?

the easement is very likely to prevent D from selling his property to F

A contractual obligation normally comes into existence when:

the offeree signs the contract document

a broker should tel a prospective buyer everything about a property except

the owner will accept less than the listing price

A contract in which one party promises to do something if the other party performs a specific act is a(n)

unilateral contract

A gave C an option to buy her home for $225,000. C has 30 days to inform A as to wherather he will exercise his option. At this point in the transaction the option contract is connsidered to be a

unilateral contract

a verbal or oral contact to sell real estate is

valid if timely preformed, unenforceable , not subject to specific performance

You had an exclusive-right-to-sell listing with a seller and you showed the property to a prospective buyer during the listing term. The seller openly negotiated with this prospective buyer and asked him to wait until the listing had expired to buy the property so there would be a commission savings on the transaction. You found out that the property was sold to the prospective buyer within a month of the time the listing expired. Are you entitled to a commission? Why or why not?

yes; because you were the procuring cause of the sale.

you are working as a salesperson for a broker and have just sold a home. You will receive your share of the commission on the sale from

your broker.

You are a licensee holding an open house on one of your listings. An old friend sees the sign and stops in, and ultimately asks you to write an offer to purchase. At this point, without any discussion about agency, which of the following statements about agency is correct?

your friend is a customer