real estate practice questions

A seller and a buyer agreed on the price and terms on the sale of a house. Both seller and buyer signed the sales contract. Before closing, the seller and buyer agreed to change the closing date. Which of the following would both parties need to sign?

Addendum

What does an appraisal actually do?

An appraisal simply estimates value

When a loan is transferred from one lender to another, this is known as:

Assignment

A condominium development with a long standing established homes association would be governed by the:

Association of unit owners

As required by the license law, all interpretations of the license act shall be done by the:

Attorney General of Kansas

Which of the following terms BEST describes the practice of encouraging owners to move from an area due to minorities moving in making the neighborhood more integrated?

Blockbusting

When ownership is conveyed through the transfer of shares of stock, this is:

Cooperative

A buyer's new loan would show up on the closing statement as a:

Credit to the buyer

What type of interest does the buyer receive in the property after the seller accepts the offer?

Equitable

A buyer made an offer on a house and the seller accepted the offer as written. The buyer wanted some of the seller's personal property to remain with the house. The personal property would transfer to the buyer under which of the following conditions?

If it was included in the contract

Which of the following would have the greatest influence on appraisal value?

Local economic conditions such as employment, etc. play a major factor in property values

A person owned a property next to a stream. The owner's rights to use the stream are referred to as:

Riparian

A licensed Florida broker is doing seminars on Florida property at dinners in various places in Kansas. Some people have asked her if they can purchase the properties. Which is true regarding her need for a Kansas license?

She needs a Kansas license to market Florida properties in Kansas

A broker found a ready, willing and able minority who offered full price for a house. The seller refused to sell because the buyer was a minority. The broker could legally do all of the following EXCEPT:

Show the property only to non-minorities

A court ordered that a transaction be completed. The BEST term to describe this legal situation is:

Specific performance

A fixture would be defined as:

an item that is attached to a building

In a contract for deed, when does the buyer receive the deed to the property?

When the payment obligation is paid in full

A person obtained a $75,000 loan with the lender charging a 1% loan origination fee. What was the amount of the fee?

$750 $75,000 x .01

A tenant was leasing a property which rented for $300 per month. On March 20th, the tenant notified the landlord that the tenant was leaving April 20th. The tenant had pre-paid the $300 per month rent on March 1st. The landlord charged the tenant a pro-rated amount of rent for April and a $600 penalty for terminating the lease. What was the total amount owed by the tenant?

$800 The tenant owes 20 days of rent for April (April 1 - April 20). $300 divided by 30 days = $10 per day x 20 days equals $200 prorated April rent. $200 + $600 penalty

Which of the following is NOT a fixture?

Above ground pool

Mold issues would most likely be associated with a property:

In a low-lying area with high humidity

A person was employed by a utility company to acquire easements on behalf of the utility. Which of the following statements is true?

No license would be required if the person acquired gross easements, not appurtenant easements

A natural occurrence whereby radioactive gases in the ground decay and then possibly infiltrate structures is called:

Radon gas

Which of the following acts would be permitted under the 1968 Federal Fair Housing Act?

Not renting a house to someone because they have a poor credit history

In a contract for deed, when does the buyer obtain legal title?

When the contract terms are satisfied

Which of the following statements is true regarding a condominium?

The owners have an undivided interest in the common areas