PSI STATE study material

7. A sale is to be closed on June 23. Real estate taxes of $3,760 for the current year have not been paid. What is the amount of real estate tax proration to be credited to the buyer? (Use a 30-day month for calculation.) 1. $1,566.65 2. $1,806.86 3. $1,879.98 4. None of these

$1,806.86

22. You bought a home one year ago for said to be increasing in value at a rate of 8% $115,900. Property in your neighborhood is annually. If this is true, what is the current value of your real estate? 1. $125,172 2. $134,444 3. $144,063 4. None of these

1. $125,172

28. A home is valued at $103,000. Property in this city is assessed at 80% of its value, and the local tax rate is $3.60 per $100. What is the amount of the owner's monthly taxes? 1. $247.20 2. $824 3. $2,966.40 4. None of these

1. $247.20

29. Which person would NOT be protected under the familial status definition according to the federal fair housing law? 1. A 19-year-old girl living with her mother 2. A 17-year-old boy living with his father 3. A 14-year-old girl living with a person who is seeking legal custody of her 4. A 21-year old woman who is pregnant

1. A 19-year-old girl living with her mother

3. Which of the following statements concern- ing encumbrances is NOT true? 1. All encumbrances are liens. 2. All liens are encumbrances. 3. Restrictions beneficial to the grantee are encumbrances. 4. An easement is a physical encumbrance.

1. All encumbrances are liens

36. All of the following agencies are included in the secondary mortgage market EXCEPT 1. FHA. 2. FNMA. 3. GNMA. 4. FHLMC.

1. FHA.

42. You listed a home that was subsequently shown by six cooperating outside brokers. are How many seller-agency relationships involved in this transaction?ogied 1. One 2. Six 3. Seven 4. None of these

1. One

7. The highest form of ownership interest a person may hold in real estate is 1. life estate. 2. fee simple. 3. legal life estate. 4. base fee.

2. fee simple.

48. A broker listed a residential property under a valid written listing agreement. After the sale was completed, the owner refused to pay the broker's fee. Which of the following can the broker do? 1. She can take the seller to court and sue for the commission. 2. She is entitled to a lien on the sell- er s property for the amount of the commission. 3. She can go to court and stop the transac- tion until she is paid. 4. She can collect the commission from the buyer.

1. She can take the seller to court and sue for the commission.

8. Two unrelated people own a three-unit apart- ment 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? 1. The party may request a court to parti- tion the building. 2. The party may require the co-owner to sell. 3. The party may record a lis pendens on the property. 4. The party may refinance the mortgage in her or his own name, thus eliminating the co-owner's interest in the property.

1. The party may request a court to parti- tion the building.

20 All of the following scenarios would be considered discriminatory under federal fair housing laws EXCEPT 1. a man owns and lives in his four-unit apartment building, and he refuses to rent to families with children. 2. a landlord charges higher security depos- its to tenants with children. 3. a landlord places all families in selected buildings in his apartment complex. 4. a landlord refuses to rent to a pregnant woman.

1. a man owns and lives in his four-unit apartment building, and he refuses to rent to families with children.

17. All of the following agency relationships could be used to describe a cooperating bro- ker in a real estate transaction EXCEPT 1. a subagent. 2. an exclusive buyer's broker. 3. a selling broker. 4. a non-exclusive buyer's broker.

1. a subagent.

34. You have a mortgage in which you same payment each month for principal and interest, with the principal payment increas- ing and the interest payment decreasing from month-to-month. This is called a(n) 1. amortized mortgage. 2. term mortgage. 3. reverse annuity mortgage. 4. partially amortized mortgage.

1. amortized mortgage.

62. Personal property is generally conveyed by a 1. bill of sale. 2. certificate of title. 3. quitclaim deed. 4. trust deed.

1. bill of sale.

23. A restaurant opened in a neighborhood and was enjoying substantial profits. Within a year, another restaurant was built across the street and resulted in the first restaurant los- ing, in the next year, 30% of its profits. This is an example of the principle of 1. competition. 2. conformity. 3. highest and best use. 4. progression.

1. competition.

25. In the appraisal of a public building, an appraiser would use the 1. cost approach. 2. income capitalization approach. 3. sales comparison approach. 4. gross rent multiplier.

1. cost approach.

14. The broker has listed an owner's home. This agreement will be terminated by all of the following EXCEPT 1. death of the listing salesperson. 2. death of the owner. 3. death of the broker. 4. bankruptcy of the broker.

1. death of the listing salesperson.

10. All of the following statements correctly describe a legal life estate EXCEPT 1. during his or her life estate, the life ten- ant is generally answerable to the holder of the future interest. 2. the life tenant may not commit any acts that would permanently injure the property. 3. there may be a reversionary interest. 4. there may be a remainder interest.

1. during his or her life estate, the life ten- ant is generally answerable to the holder of the future interest.

45. You are working as a buyer's broker for a client. All of the following would describe your role as a buyer's broker EXCEPT 1. you should show the buyer proper- ties only in which your commission is protected. 2. should counsel the buyer about developing accurate objectives. 3. you should search for the best properties for your buyer to inspect, widening the marketplace to include homes for sale by owners (FSBOS). 4. you should help the buyer prepare the strongest offer.

1. you should show the buyer proper- ties only in which your commission is protected.

1. All of the following would be considered real property EXCEPT 1. mineral rights. 2. a leasehold estate. 3. fixtures. 4. air

2. A leasehold Estate

27. Which of the following is NOT a stage in the noappraisal process? 1. State the problem. 2. Analyze the tax consequences of the bo property owner. 3. Reconcile the data for the final value estimate. 4. Analyze and interpret the data.

2. Analyze the tax consequences of the property owner.

54. Which of the following is a similarity between an exclusive-right-to-sell listing and an exclusive-agency listing? 1. Under both, the seller avoids paying the brokerage a commission if the seller sells the property without the help of the brokerage. 2. Both give the responsibility of represent- ing the seller to just one brokerage firm. 3. Both are net listings. 4. Under both, the seller authorizes one specific salesperson to show the property.

2. Both give the responsibility of represent- ing the seller to just one brokerage firm.

9. Which of the following types of depreciation is generally incurable? 1. Physical deterioration 2. Economic or external obsolescence 3. Functional obsolescence 4. Physical depreciation

2. Economic or external obsolescence

35. Which agency is involved in purchasing dgovernment-related loans? 1. Fannie Mae 2. Ginnie Mae 3. Freddie Mac 4. The "Fed"

2. Ginnie Mae

18. An appraiser is trying to determine the value of an income property by capitalizing the income stream. Which of the following fac- tors will the appraiser use? 1. Mortgage interest 2. Net income 3. Replacement cost 4. Income taxes

2. Net income

2. The servient estate in an easement appurte- nant is the property 1. owned by the landlord. 2. on which the easement is placed. 3. owned by the tenant. 4. that benefits from the easement.

2. On which the easement is placed

13. In an exclusive-right-to-sell ment, how many brokers are involved? 1. Two 2. One 3. As many as the owner/lister 4. As many salespeople his or her office chooses as the broker has in

2. One

56. Which of the following types of clauses gov- erns the right of a listing broker to collect a commission from an owner who waits until the listing period expires and then personally contracts to sell the property to a party the broker had shown the property to during the listing period? 1. Alienation 2. Protection 3. Defeasance 4. Habendum

2. Protection

38. You mortgaged your property and just made the final payment. Recording which of the following documents will provide notice tha the mortgage lien has been removed? 1. Reconveyance deed 2. Satisfaction of mortgage 3. Alienation of the mortgage instrument 4. Reversion of the deed

2. Satisfaction of mortgage

4. Which of the following is NOT a specific lien? 1. Mortgage lien 2. State inheritance taxes 3. Real estate taxes 4. Mechanic's lien

2. State inheritance taxes

12. A state wants to build a publicly owned con- to attract private in its largest city. Can the state use eminent development domain to acquire the land? 1. No, because private investments would ufe not be allowed. 2. Yes, if just compensation is paid to the owners of the land. 3. No, because eminent domain can only be used for highway expansion. 4. Yes, if the owners hold fee-simple inter- est in the land.

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

53. An option, prior to being exercised, is an example of 1. an assignable contract. 2. a unilateral contract. 3. a bilateral contract. 4. an executed contract.

2. a unilateral contract.

63. The movement of land caused by an earth- quake would be an example of 1. accretion. 2. avulsion. 3. erosion. 4. hypothecation.

2. avulsion.

9. Your aunt died intestate and you inherited her house. The way in which you acquired the title to her house is by 1. curtesy. 2. descent. 3. escheat. 4. laches.

2. descent.

20. A person who receives real property by will is called a 1. trustee. 2. devisee. 3. testator. 4. hypothecator.

2. devisee.

12. A woman owns a tract of land that also is a servient tenement. The easement over, through, or under the tract is a(n) 1. lien. 2. encumbrance. 3. license. 4. encroachment.

2. encumbrance.

26. A four-bedroom house with one bathroom would be an example of 1. physical deterioration. 2. functional obsolescence. 3. economic obsolescence. 4. environmental obsolescence.

2. functional obsolescence.

44. A salesperson presented an offer that was accepted and received an earnest money should payment for $2,000. The salesperson should 1. hold the payment until the buyer has received a financing commitment. 2. give the earnest money to his broker. 3. open up a trust account and deposit the payment in it. 4. deposit the payment in the seller's checking account.

2. give the earnest money to his broker.

49. Commissions and fees paid by the seller to a listing agency are determined by 1. standards promulgated by the local board of REALTORS®. 2. negotiations between the seller and the listing licensee. 3. applying the prevailing customary fees charged in that area. 4. an industry index computed monthly from multiple-listing service data.

2. negotiations between the seller and the listing licensee.

5. You have entered into a lease that requires you to pay 20% of the owner's expenses. Your lease would be an example of a 1. variable lease. 2. net lease. 3. percentage lease. 4. gross lease.

2. net lease.

8. The giver of an option is called the 1. vendor. 2. optionor. 3. vendee. 4. optionee.

2. optionor.

57. 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 1. within 72 hours after acceptance. 2. prior to the buyer's acceptance. 3. prior to removal of all contingencies in the offer. 4. prior to closing.

2. prior to the buyer's acceptance.

3. You are showing a property described as being in the "nicest neighborhood in town" when, in fact, other neighborhoods are arguably as nice. A statement such as this is MOST likely to be categorized as 1. fraud. 2. puffing. 3. misrepresentation. 4. professional negligence.

2. puffing.

1. A grantor in a deed that creates wishes to convey title to a grantee the least protection for the grantee. The grantor should give the grantee a 1. bargain and sale deed. 2. quitclaim deed. 3. general warranty deed. 4. special warranty deed.

2. quitclaim deed.

15. Strict liability under Superfund means that 1. each of the individual owners is per- sonally responsible for the damages in whole. 2. the owner is responsible to the injured party without excuse. 3. the liability is not limited to the person who currently owns the property but also includes people who have owned the site in the past. 4. the owner is not responsible to the injured party unless it can be proved that the owner was aware of the problem.

2. the owner is responsible to the injured party without excuse.

10. Three investors decided to pool their say- ings and buy a motel for $330,000. If one invested $90.000 and the second contributed of ownership was $50,000, what percentage left for the third investor? 1. 14.1 2. 27.3 3. 57.6 4. None of these

3. 57.6

2. Of the following liens, which generally would be given the highest priority? 1. A judgment issued last year 2. A mortgage recorded four years ago 3. A special assessment 4. A mechanic's lien for work begun two months ago

3. A special assessment

28. An appraiser uses the cost approach in appraising a home. The appraiser should NOT use which of the following types of information? 1. Physical deterioration 2. Cost of replacement of house 3. Depreciation of land 4. Economic obsolescence

3. Depreciation of land

33. If the Federal Reserve Board raises its dis- count rate, which of the following is likely to occur? 1. Mortgage money will become more available. 2. Interest rates will stay the same. 3. Mortgage money will become less available. 4. Interest rates will decline.

3. Mortgage money will become less available.

52. On July 1 an owner and a salesperson entered into a six-month exclusive-right-to- sell agreement for a residential property. On July 15, the owner rejected a low offer and fired the listing agent. On August 1, there was a house fire that required extensive kitchen repairs. On September 12, the owner entered into another exclusive-right-to-sell agreement with a salesperson from a dif- ferent agency. On January 1, the property was still unsold. On which date was the first listing agreement MOST likely to terminate and why? 1. July 15, because the salesperson was dismissed 2. August 1, because the listed property suffered material damage 3. September 12, because the owner breached the first listing agreement by signing a second 4. January 1, because the first listing agree- ment ended at midnight on December 31

3. September 12, because the owner breached the first listing agreement by signing a second

69. Which of the following is NOT a category protected by federal fair housing laws against discrimination in housing? 1. Race 2. National origin 3. Sexual orientation 4. Familial status

3. Sexual orientation

6. If 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? 1. Leasehold estate 2. Joint tenancy 3. Tenancy in common 4. Tenancy by the entirety

3. Tenancy in common

66. Brokers who violate the Sherman Antitrust punished by a maximum fine of 1. $10,000. 2. $25,000. 3. $50,000. 4. $1 million.

4. $1 million.

51 A broker listed an owner's home and later received an offer from another licensee that met all of the listing terms and condi- tions. After considering the offer, the owner informed the broker that the owner no longer wished to sell and asked to be immediately released from the listing agreement. Which of the following statements BEST describes the broker's position in this situation? 1. The broker must release the owner with- out obligation. 2. The broker must tell the owner that the offeror may sue for specific performance. succeed in collecting an 3. The broker may earned commission from the owner 4. The that accompanied the offer as liquidated broker may keep the earnest money

3. The broker may earned commission from the owner.

61. You have entered into an installment land contract for the sale of your home. Which of the following statements is FALSE? 1. The buyer is the vendee. 2. The buyer will take possession when the contract is signed by both parties, if the contract so provides. 3. The buyer will hold legal title during the term of the contract. 4. The buyer will hold equitable title dur- ing the term of the contract.

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

6. Which of the following would NOT be con- sidered to be real property? 1. Trees 2. Buildings 3. Trade fixtures 4. Water rights

3. Trade fixtures

4. You are in your state, and you chairperson of the Democratic party also own an eight-unit apartment building you currently rent out. You are taking a rental application from a prospective tenant when she informs you that she works for the Republican party of your state. You inform her that all the apart- ments have been rented even though you know they have not been rented. Which of the following statements correctly describes this unethical situation? 1. You have violated Truth-in-Lending. 2. You have violated the federal fair hous- ing law. 3. You have exercised your rights as an owner of private property to discriminate. 4. You have violated RESPA.

3. You have exercised your rights as an owner of private property to discriminate.

24. You have just given an option to buy your restaurant to a friend. Which of the follow- ing statements is NOT correct? 1. Your friend is the optionee. 2. You are the optionor. 3. Your friend is obligated to buy your restaurant. 4. Your friend may pay a fee of some kind for the option right.

3. Your friend is obligated to buy your restaurant.

25. A broker listed a home under the condi- tion that the owner receive $210,000 from the sale, with the broker being able to sell the property for as much as possible and keep the difference as the commission. This unethical, if not illegal, agreement is an example of 1. an exclusive-agency listing. 2. an exclusive-right-to-sell listing. 3. a net listing. 4. an option listing.

3. a net listing.

19. A partial release clause generally is found in a 1. construction mortgage. 2. package mortgage. 3. blanket mortgage. 4. wraparound mortgage.

3. blanket mortgage.

37. All loans subject to the Real Estate Settle- ment Procedures Act (RESPA) require lenders to 1. charge the seller for all loan discount points. 2. document any reason for declining credi to a loan applicant. 3. deliver a settlement statement form to both buyer and seller. 4. allow the buyer to rescind the contract any time prior to the first payment due date.

3. deliver a settlement statement form to both buyer and seller.

18. Your neighbor has given you revocable permission to go hunting on his farm. You have a(n) 1. leasehold estate. 2. easement appurtenant. 3. license. 4. defeasible fee estate.

3. license.

31. You have been given oral permission to park in a friend's driveway while attending a foot- ball game. Their permission is a(n) 1. easement appurtenant. 2. encroachment. 3. license. 4. littoral right.

3. license.

47. A broker acting as the agent of a seller 1. can agree to a change in the listing price without the principal's approval. 2. may share her commission with the salesperson of another broker. 3. must report all offers to the principal unless instructed otherwise. 4. must maintain as confidential all infor- mation the principal says not to disclose.

3. must report all offers to the principal unless instructed otherwise.

13. The city in which you live has a zoning ordi- nance. The basis for the city to have such an ordinance is 1. eminent domain. 2. escheat. 3. police power. 4. riparian right.

3. police power.

29. A house that is the least expensive in its neighborhood has nevertheless grown signif- icantly in value over the years because of an increasing number of larger, more expensive houses being built nearby. This growth in value is an example of the principle of 1. regression. 2. competition. 3. progression. 4. highest and best use.

3. progression.

67. The Civil Rights Act of 1866 prohibits dis- crimination based on 1. handicap. 2. familial status. 3. race. 4. sex.

3. race.

31. A competitive market analysis reflects the use of the 1. cost approach. 2. income approach. 3. sales-comparison approach. 4. gross-rent-multiplier method.

3. sales-comparison approach.

40. In MOST states, the listing broker has a fidu- ciary duty with 1. the customer. 2. the listing salesperson. 3. the principal. 4. the buyer.

3. the principal.

65. A salesperson desires to advertise a property without including the brokerage name. This situation is allowed when 1. the salesperson is the listing agent. 2. the salesperson includes his or her name in the ad. 3. the salesperson is the actual owner and advertising as a for sale by owner. 4. the salesperson is willing to pay for the ad.

3. the salesperson is the actual owner and advertising as a for sale by owner.

11. All of the following are examples of a lease- hold estate EXCEPT 1. an estate for years. 2. periodic estate. 3. time-share estate. 4. estate from year to year.

3. time-share estate.

15. A drunken man signed an offer to purchase. The contract that he signed is 1. valid. 2. void. 3. voidable. 4. unenforceable.

3. voidable.

30. 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 1. the cooperating broker. 2. the seller. 3. your broker. 4. the buyer.

3. your broker.

50. A listing broker is considered to have earned from a principal when which of the following events occur? 1. An offer to purchase has been presented to the client. 2. Title has been transferred to the buyer. 3. The seller accepts and signs an offer to purchase. 4. A "ready, willing, and able buyer" signs a noncontingent or cash offer that meets the terms of the listing contract.

4. A "ready, willing, and able buyer" signs a noncontingent or cash offer that meets the terms of the listing contract.

11. Which of the following clauses gives a lender the right to declare the entire debt due and payable if the mortgaged property is either assumed without lender approval or sold with a contract for deed without lender approval? 1. Acceleration clause 2. Equitable redemption 3. Defeasance clause 4. Alienation clause

4. Alienation clause

60. In theory, which of the following types of deeds gives a property buyer the MOST protection against problems that may arise with the title? 1. Quitclaim 2. Bargain and sale 3. Special warranty 4. General warranty

4. General warranty

21. Which of the following is a requirement for a valid deed? 1. The grantee must sign the deed. 2. The consideration must be in dollars. 3. It must contain a subordination clause. 4. It must contain a granting clause.

4. It must contain a granting clause.

14. Which of the following terms are NOT related? 1. Freehold estate-fee simple 2. Grantor-person conveying title 3. Leasehold estate-personal property 4. Police power-deed restriction

4. Police power-deed restriction

30. You are preparing a competitive market analysis on a house that you hope to list for sale. Which of the following approaches to value will be used in the development of the estimated value? 1. Cost approach 2. Gross rent multiplier 3. Income approach 4. Sales comparison approach

4. Sales comparison approach

43. A salesperson listed a home for sale and transferred to another brokerage firm two weeks later. Which of the following state- ments describes the status of the listing? 1. The listing is terminated 2. The listing is transferred to the new brokerage. 3. The two brokerage firms will negotiate to decide who will hold the listing. 4. The listing will stay with the former brokerage firm of the salesperson.

4. The listing will stay with the former brokerage firm of the salesperson.

39. Salesperson Alvarez for broker Brooks has listed a home. Salesperson Cooke for broker Davidson is acting as a buyer's agent and is trying to sell the same home to his buyer. Salesperson Cooke is primarily responsible to 1. his own buyer. 2. salesperson Alvarez. 3. broker Brooks. 4. broker Davidson.

4. broker Davidson.

64. When property transfers from one party to another, recording the deed provides what is called 1. validation of the agreement between the parties. 2. a writ of attachment. 3. certificate of title. 4. constructive notice.

4. constructive notice.

21. Riparian rights would exist in a 1. condominium on a bay. 2. house on a bay. 3. hotel whose land abuts a large lake. 4. cooperative on a river.

4. cooperative on a river.

27. All of the following would be public land use controls EXCEPT 1. zoning. 2. environmental protection laws. 3. subdivision regulations. 4. deed restrictions.

4. deed restrictions.

23. An enforceable contract may contain any the following as consideration EXCEPT 1. money. 2. love. 3. affection. 4. duress.

4. duress.

24. A meatpacking plant has just been built one block from your house. The strong odors are lowering property values in your neighbor- hood. The loss in value would be classified as 1. functional obsolescence. 2. physical deterioration. 3. the principle of change. 4. external obsolescence.

4. external obsolescence.

59. A commercial lease that allows rent to be increased or decreased periodically based on changes in economic indicators is a(n) 1. graduated lease. 2. gross lease. 3. percentage lease. 4. index lease.

4. index lease.

16. All of the following correctly describes how real estate licensees should handle the possi- bility of hazardous substances on a property being sold EXCEPT 1. clients should be asked about the pos- sibility of hazardous substances on the property. 2. licensees should consider the conse- quences of potential liability. 3. licensees should be scrupulous in con- sidering environmental issues. 4. licensees should not disclose the prob- lem, because it might harm the seller.

4. licensees should not disclose the prob- lem, because it might harm the seller.

55. A buyer has entered into an agency ment with more than one buyer's agent but only owes compensation to the one who puts an actual transaction together. This arrange- ment is known as a(n) 1. multiple-listing agreement. 2. exclusive right agreement. 3. exclusive agency agreement. 4. nonexclusive agency agreement.

4. nonexclusive agency agreement.

46. According to the broker owes the principal law of agency, a real estate all of the follow- ing duties EXCEPT 1. exercising reasonable care. 2. acting in good faith. 3. conforming with the principal's legal instructions. 4. offering legal advice.

4. offering legal advice.

22. A developer was able to buy two adjoining single-family lots for $20,000 each. He com- bined the lots into one parcel with a value of $90,000. The developer's action reflects the process of 1. accession. 2. attachment. 3. exchange. 4. plottage.

4. plottage.

17. Sources of groundwater contamination do NOT include 1. waste disposal sites. 2. underground storage tanks. 3. use of pesticides in farming communities. 4. radon.

4. radon.

26. A broker was offered a listing by homeown- ers who stated that they would not sell to a minority. The broker should 1. accept the listing and allow the owners the right to choose the buyer. 2. file a complaint with the local board of REALTORS®. 3. accept the listing and ensure that no minorities are shown the property. 4. refuse to accept the listing based on this condition.

4. refuse to accept the listing based on this condition.

19. A claim based on adverse possession of property must NOT be 1. notorious. 2. оpen. 3. hostile. 4. secretive.

4. secretive.

5. When a listing agreement includes a broker protection clause, the clause 1. protects the broker against any lawsuits filed by the client. 2. allows the broker to buy the listed prop- erty if the broker is unable to sell it. 3. automatically extends the listing for six months if the broker is unable to see the property. 4. states that the owner will pay a commis- sion 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.

4. states that the owner will pay a commis- sion 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.

68. Broker Xavier is showing buyer Yang, an Asian, homes only in Asian neighborhoods. The broker may be guilty of 1. arbitrage. 2. blockbusting. 3. redlining. 4. steering.

4. steering.

32. First Bank holds a lien on a home on which already had a lien. The lend- ers s subsequently entered into an agreement in which First Bank moved into a first lien position. This is an example of a 1. hypothecation agreement. 2. disintermediation agreement. 3. reverse annuity mortgage. 4. subordination agreement.

4. subordination agreement.

58. You signed a lease for one year and took When the lease possession of an apartment. expired, you continued to live in the apart- ment without the owner's consent. Your tenancy would be considered to be a(n) 1. estate for years. 2. estate from year to year. 3. tenancy at will. 4. tenancy at sufferance.

4. tenancy at sufferance.

41. A broker was employed by an owner, as an agent, to sell her home. All of the following statements correctly describe the broker's relationship to the owner EXCEPT 1. the broker has become the seller's agent. 2. the broker owes fiduciary duty to the seller. 3. the broker is a special agent. 4. the broker is a general agent.

4. the broker is a general agent.

32. Charging a rate of interest in excess of the maximum rate allowed by law is 1. novation. 2. subordination. 3. laches. 4. usury.

4. usury.