the physical rights to real estate generally include all of the following except:

The oldest method used to describe real estate is the:

A metes and bounds method

if a property has an assessed value of $120,000, a market value of $130,000, a taxable value of $95,000, and has taxes of $1,900 per year, what is the effective tax rate?

A. 1.4 percent (1,900 / 130,000)

Evidence of good title can be evidenced by:

A. Torrens certificate

the general term to describe a voluntary transfer of property between private entities is:

A. a private grant

The spreading of rumors to homeowners by a broker, that a neighborhood is changing in its racial or socioeconomic composition, to secure listings is termed:

A. blockbusting

In addition to the elements required of a valid contract, real estate sales contract must be:

A. in writing

One of the primary benefits of the exclusive right of sale listing is that:

A. it provides the seller exposure on the MLS

the right of government to enforce zoning and growth control measures come under the governments authority known as:

A. police power

The body comprised of prominent brokers and non-brokers (public interest members) that is responsible for monitoring and setting the rules and regulations applied to the brokerage profession in a given state is called the:

A. real estate commission

the future interest in an ordinary life estate is called the:

A. remainder

a real estate agent typically works in the capacity know as a(n):

A. special agent

--- exist when rights of possession transfer with oral instead of written agreements

A. tenancies at will

When all owners of homes having different values pay property taxes at the same percentage rate of their home value, this is an example of:

A. vertical equity

A tax rate of 23.6 mills applied to a non-homestead property (assume the homestead exemption is $25,000) assessed at 103,500 would require the owner to pay property taxes of:

B. 2,442.60 (103,500 x .0236)

which of the following is not a valid rationale for employing a broker?

B. Brokers allow the seller to avoid costly attorney fees.

A form of ownership of real estate with fee simple ownership of individual units, and ownership as tenants in common of the common areas is termed:

B. a condominium

What is the tax rate for a community with a budget for the coming year of $560 million? Income from non-property tax sources is expected to be $115 million and the net taxable base is $26 billion

C. 17 mills. (560 million - 115 million) / 26 billion

a tax of 26.52 mills applied to a homestead property (the ghomestead exemption is $25,000) assessed at $254,120 would require the owner to pay a property tax of:

C. 6,076.26 (254,120 - 25,000) x .02652

which of the following is a responsibility of the fiduciary's to the principal?

C. all of the above

The right of the owner to pay unpaid taxes plus interest and penalties prior to the public sale of the property and therefore reclaim full title to the property is known as:

C. equity of redemption

An owner's legal right to control entry to real property and to use the property as collateral for loans is a part of an owner's right of:

C. exclusive possession

an instrument used to transfers the rights that a specific party has in the property, not rights in the property itself is the:

C. quitclaim deed

states which follow the traditional ownership-in-place concept:

C. recognizing the ownership of oil and gas as part of land ownership.

the common law public registration systems used to maintain all elgal instruments affecting title to real estate include all of the following, except:

C. tangible and intangible property books

If a closing occurs on April 10 of a 365-day year, how will the year's accrued property tax of $1,000 be prorated?

C. the buyer is credited and seller debited 273.97

If a substantial error has been made, such as the square footage of the property being substantially overstated:

C. the contract is invalid due to lack of mutual assent

if an individual enters into a contract for sale with a minor:

C. the contract is valid, but may be declared invalid at the option of the minor

The require elements of a valid deed generally include all of the following, except:

C. the signature of the grantee

which of the following is not a test of the court used to resolving disputes about fixtures?

C. the test of expectation

In some states, an agent may assist both the seller and the buyer in completing a transaction, but does not represent either party. This broker may be termed a:

C. transactional broker

the south 1/2 of the southwest 1/4 of section 12 contains how many acres?

D. (640 acres x 1/4x 1/2)

The southeast most section of a township is numbered:

D. 36

All states recognize that oil and gas are personal business property and cannot be transferred with land ownership transfers

False

An agency relationship in which the broker is an agent for both a seller and a buyer is termed transactional agency.

False

An escrow agent is another term for the agent responsible for organizing and handling the loan application

False

Dual agency is the typical agency relationship that exists between the broker, buyer, and the seller in the purchase of a home.

False

If a 20-foot wide easement crosses another property allowing the Smiths to gain access to their otherwise landlocked property, the Smith's have what is termed a servient estate.

False

Joint tenancy does not include the right of survivorship

False

On most residential transactions, the salesperson's commission is paid by the seller. If another salesperson identifies the buyer, their commission is generally paid by the buyer.

False

Some states allow homeowners to deduct specified amounts from their home assessments before calculating their property tax bill. The largest of these deductions is generally the disability exemption.

False

The broker holds the buyer's earnest money deposit in the firm's bank account, on behalf of the seller, until closing.

False

The broker is termed the principal in the seller-broker agency relationship created by the listing contract

False

The exchange of property rights through adverse possession grants an individual the right to use another's property, but does not involve the transfer of ownership

False

The transfer of real property must involve consideration on the part of both the grantor and the grantee

False

To obtain a real estate salespersons license, in most states an individual must have at least one year of experience working in a real estate brokerage firm.

False

Trade fixtures, such as store display counters, mobile partitions, and cabinets used by tenants in a shopping center are fixtures, and therefore deemed to be part of the real estate

False

a property owner's effective tax rate is defined as the paid (or owed) divided

False

a unilateral contract results from a promise exchanged for another promise.

False

an implied contract involves an agreement evidenced by acts, conducts, in addition to an expressed written statement.

False

in most jurisdictions the local tax assessor is hired by the local county commission (or board of advisors)

False

in the U.S. property taxes can only be levied by the county governments, all other governments cannot raise funds via property taxes.

False

property taxes are generally viewed as progressive, because lower-income households may pay lower property taxes than high-income households relative to their respective incomes.

False

recording of both the mortgage and the deed is usually the seller's burden .

False

the principal meridian is the primary line running east and west from which all of other township lines in a state are described using the government rectangular survey system.

False

the recording fees associated with a new deed are generally the responsibly of the seller.

False

the right of the utility company to use particular part of an individuals property for the installation of their utility line is and example of an easement appurtenant.

False

A jurisdiction's tax base is equal to the total value of the jurisdiction's taxable property.

True

A party with a determinable fee estate receives, for example, through sale, gift, or will, an interest in real property that lasts for as long as some stipulation remains satisfied

True

Because plat maps contain sufficient detail about the boundaries of each lot, the description of the lots as part of "platted" parcels constitutes proper and legal description of real estate.

True

If Bill verbally gives Eddie the right to fish in Bill's pond. This right is termed a license.

True

If buyers of real estate assign the contract, new buyers, in effect, take their place but not all of their liability.

True

In states that license both brokers and salespersons, generally each real estate office must have a licensed real estate broker

True

Legal title passes from seller to buyer at the time of closing

True

One criticism of property taxes is that they are not necessarily related to an owner's ability to pay

True

Real Estate Settlement Procedures Act (RESPA), among other things, prohibits the payment of kickbacks to others involved in the transaction.

True

Riparian land describes land adjacent to non navigable bodies of water, and the landowners' rights to use the water constitute their riparian rights.

True

Some states hold that the first party to use a body of water for some beneficial economic purpose obtains a superior rights to the water use.

True

Tax capitalization is the term that suggests that increases (and decreases) in property taxes may serve to reduce (or increase) property value.

True

The method of evidencing good title that relies on the development and updating of the property abstract is termed the abstract and attorney's opinion

True

While most countries tax both land and the improvements, some countries such as Denmark and Argentina tax only the value of the land

True

a good faith estimate of the settlement costs must be provided to the borrower by the lender within three business days of the loan application.

True

a listing contract terminates if the specified period expires

True

an encroachment represents an encumbrance on a title.

True

if a buyer defaults on the contract for sale, a seller may retain all or a portion of the earnest-money deposits as liquidated damages

True

in states where tax certificates are issued, to avoid losing the property the owner must pay back the owner of the tax certificate.

True

in the Government Rectangular Survey System, the range and township lines are located at six-mile intervals.

True

in the listing agreement, brokers usually insist on a provision protecting their rights to a commission after the listing period expires if the property is sold to someone who learned about the property during the contract period.

True

the agency relationship that exists between the salesperson and his or her broker is known as subagency.

True

the duties of the principal in a fiduciary relationship are to be open, honest, and fair with the agent.

True

the most common method for evidencing good title in residential transactions involves the purchase of a title insurance policy.

True

the physical rights of real estate owners theoretically extend to the center of the earth in the shape of an introverted pyramid.

True

a disadvantage of the property tax is:

all of the above

the physical rights to real estate generally include all of the following, except:

easement rights

The street address is generally preferred over a recorded plat description in describing property in a contract for sale

false

A contract for sale generally creates:

the right of the seller to obtain reimbursement for any property expenses that have been paid for the period during which the property will be occupied by the buyer

A listing contract between a property owner and a broker that gives the broker the right to marker the property, but does not preclude the owners from listing the property with other brokers is termed:

B. an open listing

The completion of a real estate transaction occurs:

B. at a meeting called the closing

in calculating prorations for the settlement, the buy of the property is usually responsible for time in the property beginning on the:

B. day after closing

a listing contract that allows the owner to sell a property; however, the broker is still owed a commission is generally a(n):

B. exclusive right to sale listing

An estate having a duration set by private contract is known as a:

B. non-freehold estate

When a boundary of water recedes leaving dry land, ownership rights transfer through what is termed:

B. reliction

which of the following jurisdiction typically levy real property taxes?

B. school district

At closing the mortgagee's title insurance is typically paid by:

B. the buyer

The brokerage commission is usually paid:

D. at the time of closing

From the buyers' perspective, the type deed offering the most desirable features is the:

D. general warranty deed

If one co-owner dies and that owner's rights become divided among the surviving partners, rather than passed to the heirs of the deceased, the ownership interest:

D. has a right of survivorship

If one party in a sales contract attempts to perpetrate a fraud on the other party, this is a violation of which element required in a valid contract?

D. mutual assent

Equitable Title

D. passes from seller to buyer when the contract for sale is signed, but prior to closing

Taxes on property, in addition to ad valorem taxes, often used to finance streets, gutters, sewers, and sidewalks are termed:

D. special assessments

all of the following were taxes in common use in the British colonies of North America, except?

D. the property tax