national

A clause in a mortgage which makes the mortgage payable in full upon the sale of the property is a/an Select one: A. alienation clause B. subordination clause C. novation clause D. subjugation clause

A

A man buys a house and receives the deed to the property but does not record it in the public records. Which of the following statements is true? Select one: A. The sale is valid between the parties but invalid as to subsequently recorded deeds regarding third parties. B. The sale is invalid. C. The sale is invalid between the parties but valid as to the public records. D. The sale is valid between the parties and valid regarding third parties.

A

A type of deed which grants title free of defects past and present is known as a Select one: A. general warranty deed B. special warranty deed C. bargain and sale deed D. quitclaim deed

A

A vendor's lien is a: Select one: A. specific voluntary lien B. specific involuntary lien C. general voluntary lien D. general involuntary lien

A

An addition to an existing will is called a: Select one: a. codicil. b. probate c. devise. d. dower.

A

An appurtenant easement that arises when an owner has no access to the street except across his neighbor's land is called: Select one: A. easement by necessity B. easement in gross C. natural servitude D. right of use

A

An encroachment constitutes actual notice. Select one: True False

A

Every fourth township line serves as a Select one: A. correction line B. datum point C. bench mark D. arpent

A

First hand information regarding a property such as physical occupation or having a survey done is Select one: A. actual notice B. constructive notice C. notice D. acknowledgment

A

Funds for FHA loans are provided by Select one: A. qualified lending institutions B. any governmental agency C. FHA only D. FDIC only

A

If a property is sold for an illegal purpose, that contract is Select one: A. void B. voidable C. unenforceable D. valid

A

In which type of partnership is each partner responsible for the debts up to the limits of his own private resources? Select one: A. general partnership B. limited partnership

A

Real property can be categorized as Select one: A. residential, commercial, agricultural, industrial, and special purpose B. residential, business, agricultural, industrial and commercial C. residential, agricultural, mixed use, industrial, and commercial D. residential, commercial, agricultural, and industrial

A

Tenancy by the entirety is most similar to Select one: A. joint tenancy B. tenancy in common C. community property D. ownership in severalty

A

The Habendum Clause specifies the type of estate being transferred. Select one: True False

A

The person benefiting from an easement appurtenant is called the Select one: A. dominant estate B. servient estate

A

The rights associated with ownership of real property are called Select one: A. the "Bundle of Rights" B. Separable Rights. C. Owners' Rights

A

The simplest form of co-ownership in which each owner holds title to a specific share of the property but it is said to be "undivided" is called: Select one: A. tenancy in common. B. Joint tenancy C. Tenancy by the entirety D. Community property

A

There are four determinants of value. Each of these must be present in order to have value. They are Select one: A. demand, utility, scarcity, and transferability B. demand, utility, situs, and transferability C. demand, utility, supply, and title D. demand, utility, value, and balance

A

Two types of property taxes are ad valorem taxes and: Select one: a. special assessments. b. eminent domain. c. specific liens. d. general taxes.

A

Which clause in a deed contains the actual words of conveyance? Select one: A. granting clause B. vesting clause C. execution clause D. acknowledgment

A

Which method of determining value is generally the best one and the most used? Select one: A. Sales Comparison B. Replacement Cost C. Reproduction Cost D. Gross Rent Multiplier

A

Which of the following groups is NOT protected by fair housing laws? Select one: A. homosexuals B. alcoholics C. persons with AIDS D. Muslims

A

Which of the following is a physical characteristic of land? Select one: A. indestructibility B. scarcity C. fixity of investment D. situs

A

Which of the following is the LEAST likely cause for depreciation? Select one: A. decreasing land value B. physical depreciation C. functional depreciation D. being next to a busy highway

A

Which of the following statements is true concerning subagency in Louisiana? Select one: A. It can be created by written agreement. B. It is illegal. C. The salesperson is the subagent of the broker. D. The salesperson is the subagent of the seller.

A

You can not use the Cost Approach to appraise land. Select one: A. True B. False

A

A Bill of Sale is used for: Select one: a. real estate. b. personal property. c. chattel only. d. None of the above.

B

A brief summary of all recorded instruments which have affected the title to a property is called a/an Select one: A. attorney B. abstract of title C. chain of title D. certificate of title

B

A buyer purchases a property "as is". The seller and the broker both knew that the house had bad wiring but did not tell the buyer. Which of the following statements is true? Select one: A. Since the buyer knew he was purchasing the property in "as is" condition he can do nothing. B. Selling "as is" does not relieve the seller or the agent of the duty to disclose material defects. C. If the buyer purchases "as is" it is his duty to have the property inspected.

B

A contract that is signed by a 16 year old is Select one: A. void B. voidable C. illegal D. enforceable

B

A general warranty deed absolutely guarantees good title regardless of flaws of title, unrecorded claims, undisclosed encumbrances, or fraud. Select one: True False

B

A license can be inherited. Select one: True False

B

A statement saying that a person signing the document has done so of his own free will and that he is the person whose signature appears on the document is a/an Select one: A. constructive notice B. acknowledgment C. verification D. affirmation

B

A stockholder's use of a unit in a co-operative is secured by: Select one: a. a deed. b. a proprietary lease. c. a residential lease. d. a corporate lease.

B

A type of seller financing used in connection with a Purchase Money Mortgage is a: Select one: a. mechanic's lien b. vendor's lien c. vendee's lien d. seller's lien

B

A written instrument by which title to real property is formally transferred from one party to another is a Select one: A. grant B. deed C. dedication D. vendee

B

Acquiring property through natural or artificial causes, or acts of God is a type of involuntary transfer which is called Select one: A. devise B. accession C. succession D. none of the above

B

An easement granted for a utility, pipeline, railroad, or water line would most likely be a/an Select one: A. easement appurtenant B. easement in gross C. easement by necessity D. right of use

B

Anything man-made that is added to the land such as homes, buildings, fences or sidewalks is known as Select one: A. movables. B. improvements. C. fixtures.

B

If a contract is not legal and is not binding on either party it is said to be Select one: A. valid. B. void. C. voidable. D. unenforceable.

B

In which type of deed does the grantor guarantee the title only during the time that he actually owned the property? Select one: A. general warranty deed B. special warranty deed C. quitclaim deed D. bargain and sale deed

B

Mechanic's liens do NOT take priority over other mortgages. Select one: True False

B

One may lose his legal rights if he inexcusably fails to exercise them within a reasonable time period under the concept of Select one: A. rescision. B. laches. C. breach. D. menace.

B

Ownership of a condominium unit is best described as Select one: A. Ownership of the unit to the boundaries and joint ownership of the common areas. B. Fee simple title in the unit and a specified undivided interest in the common areas. C. Joint ownership of the unit and the common areas. D. Tenancy in common in the unit and common ownership of the other areas.

B

Ownership of real estate by a corporation would be Select one: A. in trust B. in severalty C. co-ownership D. joint tenancy

B

Personal property that has become real property is known as Select one: A. attachment B. fixture C. littoral D. fixity

B

Tenancy by the entirety is ownership by Select one: A. joint tenants B. a husband and wife C. a single person D. two or more persons

B

The distance between township lines is Select one: A. 1 mile B. 6 miles C. 16 miles D. 36 miles

B

Three owners own a property as joint tenants. One of the owners sells his interest to a fourth party. The fourth party is a Select one: A. joint tenant B. tenant in common C. owner in severalty D. none of the above

B

Title insurance generally covers defects that Select one: A. are known to the buyer B. are in the public records C. are listed in the deed D. none of the above

B

Townships are created by Select one: A. baselines and meridians B. range lines and township lines C. section lines D. arpents

B

Two businessmen own a business as tenants in common. One of the men decides to sell his interest in the business. Which of the following is true? Select one: A. He can not sell unless his partner agrees. B. He can sell his interest because he owns a separate legal title to an undivided interest in the business. C. He can sell, but the new owner would be a joint tenant. D. He can not sell without going to court.

B

he period of time over which a particular property is expected to be useful is called Select one: A. effective life B. economic life C. total life D. highest and best use

B

A buyer becomes obligated when Select one: A. he signs the purchase agreement B. the seller accepts the purchase agreement C. the agent presents him with the accepted contract D. the offer is presented.

C

A determinable fee estate is ownership with Select one: A. a set length of time B. a lease C. conditions D. life estate

C

A property tax that is imposed only on a specific segment of the community to pay for improvements for that segment is called a Select one: A. lien B. specific lien C. special assessment D. spot zoning

C

A township has a theoretical area of Select one: A. 1 square mile B. 640 acres C. 36 square miles D. 48 square miles

C

A township has a theoretical area of Select one: A. 1 square mile B. 640 acres C. 36 square miles D. 48 square miles

C

A type of ownership which has conditions placed on it is known as a: Select one: A. qualified fee estate B. determinable fee estate C. Both A and B D. Neither A nor B

C

An easement appurtenant involves Select one: A. one tract of land B. two tracts of land C. at least two tracts of land D. one or more tracts of land

C

How old a property property "looks", that is, the age based on what condition the property is in is called: Select one: A. total economic life B. economic life C. effective age D. actual age

C

Mr. Baker and Mr. Adams are partners in a business which sells golf balls. Mr. Baker owns 60% of the business and Mr. Adams holds 40%. Who must sign in order to sell the business? Select one: A. Mr. Baker B. Mr. Adams C. both D. neither

C

Ownership by a husband and wife in which the husband and wife each have separate, equal ownership in anything acquired by the marriage is called Select one: A. joint tenancy B. tenancy by the entirety C. community property D. tenancy in common

C

Subdivision restrictions are also known as: Select one: a. restrictive conditions. b. easements. c. restrictive covenants. d. ordinances.

C

The basic goals of a property manager are to produce income and Select one: A. collect rents B. provide for maintenance C. maintain the value of the property D. negotiate leases

C

The form in which a residential appraisal is usually done is called the: Select one: A. letter B. narrative C. checksheet D. reconciliation

C

The gradual exposure of land behind a receding waterline is called Select one: A. erosion B. alluvion C. reliction D. dereliction

C

The method by which personal property becomes real property is Select one: A. accretion B. fixation C. attachment D. acknowledgment

C

The principle which is the basis for the Income Approach to value is Select one: A. substitution B. supply and demand C. anticipation D. externalities

C

Two investors buy a building as joint tenants. One of the investors dies. Which of the following is true as to ownership of the building? Select one: A. The dead investor's interest goes to his heirs B. The remaining investor owns the building as a co-owner with the heirs. C. The remaining investor owns the building in severalty. D. The heirs and the remaining investor are now joint tenants.

C

Two investors can own an investment property in unequal shares as Select one: A. joint tenants B. tenancy by the entirety C. tenants in common D. tenancy in severalty

C

What is the BEST feature of the metes and bounds method of describing land? Select one: A. It is particularly good for very large tracts of land. B. It is particularly good for lots in a subdivision. C. It can be used to describe land of any shape. D. It is the cheapest way.

C

Which of the following statements would be true of both joint tenancy and tenancy by the entirety? Select one: A. The owner's interest in the property can be willed. B. They both have an ownership interest which can be sold to another party by only one of the owners. C. They both have the right of survivorship D. Ownership can be conveyed with the signature of only one party.

C

Which of the following statements would be true of both joint tenancy and tenancy by the entirety? Select one: A. The owner's interest in the property can be willed. B. They both have an ownership interest which can be sold to another party by only one of the owners. C. They both have the right of survivorship. D. Ownership can be conveyed with the signature of only one party.

C

he act of discharging one party to a contract by replacing him with another party is called Select one: A. subrogation B. substitution C. novation D. subjugation

C

A contract is signed between buyer and seller. The contract would become impossible to perform if Select one: A. the seller dies B. the buyer is under age. C. the buyer does not have the money D. the house burns down.

D

A husband and wife own their home as tenants in the entireties. The wife dies and names their two children to inherit her interest in the home. Which of the following statements is true? Select one: A. The children and their father own the home as joint tenants. B. The children and their father own the home as tenants in common. C. Only the children own the home. D. The children have no ownership in the home.

D

An unpaid swimming pool lien placed by the installer would be an example of Select one: A. voluntary general lien B. involuntary general lien C. voluntary specific lien D. involuntary specific lien

D

In the other 49 states a contract must be accompanied by Select one: A. good faith. B. intent. C. cause D. consideration.

D

Recording a transfer of property in the public records at the court house is known as Select one: A. public notice B. acknowledgment C. actual notice D. constructive notice

D

The acquisition of title to property by possession of the property for a statutory number of years is called Select one: A. eminent domain B. escheat C. voluntary transfer D. adverse possession

D

The desire to purchase along with the ability is called Select one: A. value B. competition C. supply and demand D. demand

D

The desire to purchase along with the ability is known as Select one: A. desire B. supply and demand C. substitution D. demand

D

The subject property is a 1500 sq.ft. home. Comparable one is 1450 sq.ft., selling price $85,000. Comparable two is 1475 sq.ft., selling price $88,000. Comparable three is 1550 sq.ft., selling price $93,000. Based on square foot alone, and using a value of $50 per square foot for adjustment, what would the value of the subject property be? Select one: A. 87,500 B. 89,250 C. 90,500 D. 89,083

D

Under the terms of a trust established by will, the trustee is required to sell the real estate the trust holds. The type of deed that will be delivered at the closing is a Select one: A. Deed of release B. Warranty deed C. Trustee D. Trust deed

D

What document should be the basis for the closing statement? Select one: A. listing agreement B. mortgage C. bill of sale D. purchase agreement

D

When a title company has made a payment to settle a claim covered by a policy, the title company then has a right to any remedy or damages available to the insured. This is called Select one: A. standard policy B. remediation C. fair coverage D. subrogation

D

Which estate is ALWAYS inheritable? Select one: A. life estate B. leasehold C. freehold D. fee simple

D

Which of the following is an example of police powers? Select one: A. eminent domain B. easement C. taxation D. environmental protection laws

D

Building codes are enacted to specify the standards for construction of new buildings and alteration or repairing of existing buildings. Building codes are enforced by Select one: A. the police B. fines C. requiring building permits D. zoning laws

D?

An agent showing trust and confidentiality to the client is an example of what type of relationship?

Fiduciary

The most complete form of ownership which lasts forever and may be passed on to one's heirs is called: Select one: A. fee simple or fee simple absolute B. freehold C. non-freehold D. qualified fee

a

Which clause in a deed contains the actual words of conveyance? Select one: A. granting clause B. vesting clause C. execution clause D. acknowledgment

a

An agency relationship in which the agent is given an interest in the subject of the agency, such as the property being sold is called

agency coupled with an interest

Another name for fructus industriales is Select one: A. Fructus naturals B. Emblements C. Trade fixtures D. Allodials

b

When the commission is shared between the listing broker and the selling broker, this is known as:

broker cooperation.

Mortgagee title policies protect against _________ loss? Select one: A. sellers B. buyers C. lenders D. all of the above

c

Ownership by a husband and wife in which the husband and wife each have separate, equal ownership in anything acquired by the marriage is called Select one: A. joint tenancy B. tenancy by the entirety C. community property D. tenancy in common

c