MD Real Estate Final Review
Property A and property B share a common wall along the property boundary. To ensure that neither owner destroys the wall, the property owners of A and B should create A. An easement by necessity B. A perpetual encroachment C. A license D. A party wall easement
A party wall easement
The scope of authority granted by a listing agreement generally allows the agent to A. Create contractual obligation's for the client B. Negotiate the selling price between client and customer C. Hire inspectors, architects, and other individuals to prepare the property for marketing D. Advertise and show the property
Advertise and show the property
A town is replacing a sidewalk that serves five homes. The length of the sidewalk is 200 feet. Mary's property has 38 feet of front footage. If the cost of the project to be paid by a special assessment is $7,000, what will Mary's assessment be? A. $1,400. B. $1,330. C. $184. D. $1,840
$1,330. Step 1: Calculate the cost per foot by taking the total cost and dividing it by the total amount of feet ($7,000 / 200 = $35) Step 2: If it will be $35 per foot, now we need to calculate how much it will cost for Mary's property which has 38 feet ($35 x 38 = $1,330) which will give you your answer of $1,330 is Mary's assessment.
A property has sold for $127,000. The listing agreement calls were a commission of 7%. The listing broker and selling broker agree to share the commission equally. What will the listing agent receive the agent is scheduled to get a 40% share? A. $4445 B. $3556 C. $2667 D. $1778
$1778
The property is being appraise using the income capitalization approach. Annually, it has an estimated gross income of $30,000, they can see in credit losses of $1500, and operating expenses of $10,000. Using a capitalization rate of 9%, what is the indicated value (to the nearest $1000)? A. $206,000 B. $167,000 C. $222,000 D. $180,000
$180,000
A rental house has monthly gross income of $1200. A suitable gross income multiplier derive from market data is 14.1. What estimate a sale price (to the nearest $1000) is indicated? A. $169,000 B. $102,000 C. $203,000 D. $173,000
$203,000
The Guaranty Fund must have a balance of at least _______ at all times $300,000 $250,000 $500,000 There is no minimum balance required.
$250,000
A house sold for 350,000. The seller paid a brokerage commission of 6%, legal fees of $600, and had other closing cost of $3000. What are the net proceeds from the sale? A. $343,000 B. $329,000 C. $346,400 D. $325,400
$325,400
If a borrower obtains an interest only loan on $75,000 add an annual interest rate of 8%, what is the monthly interest payment? A. $720 B. $625 C. $42 D. $500
$500
A sale transaction closes on April 1, the ninety-first day of the tax year. The day of closing belongs to the seller. Real estate taxes for the year, not yet billed, are expected to be $3,150. According to the 365-day method, what is the seller's share of the tax bill? A. $776.71 B. $785.34 C. $959.54 D. $2,364.66
$785.34 Step 1: Calculate the daily tax rate by dividing the annual amount by 365 ($3,150 / 365 = $8.63013) Step 2: Since it's not billed yet, we will take the daily amount and multiply it by 91 days ($8.63013 x 91 = $785.3418) Round to the nearest answer of $785.34.
A Married couple who owns a house as tenants by the entireties wants to give a broker the exclusive authorization to sell the house. Who must sign the listing agreement to make a valid contract A. Either owner B. Both owners and all mortgage lien holders C. Both owners and the broker D. Either owner in the broker
Both owners and the broker
A bilateral ConTrac is one in which A. Both parties promise to do something in exchange for the other parties performance B. Both parties receive equal consideration C. Both parties agree to perform a service D. One party promises to do something if the other party performs first
Both parties promise to do something in exchange for the other parties performance
Among the duties of a broker who is acting as a transaction broker or facilitator, is A. Preserving the confidentiality of information received from either party by not telling the other party B. Hoping the two parties arrive at a deal that is closest to achieving the objectives of each party C. Disclosing material facts that affect the value of the property to both parties D. Choosing to obey the instructions of one party in informing the other party of the decision
Disclosing material facts that affect the value of the property to both parties
If the owner of property A has a court-ordered easement to drive across property B because it's the only way for A to have access to a public road, the easement is a(n) a. easement by prescription b. personal easement c. easement by necessity d. easement in gross
Easement by necessity
A a municipality wants to build a water treatment facility, and requires some privately owned land to do so. What procedure enables the municipality to buy the property, even against the owners wishes? A. Estoppel B. Escheat C. Alienation D. Eminent domain
Eminent domain
If a tenant occupies a lease property without the consent of the landlord after a lease expires, the type of estate the results is called A. Estate at sufferance B. A holdover Estate C. An adverse leasehold D. A hostile leasehold
Estate at sufferance
From an agent's point of you, the most desirable form of listing agreement is a(n) A. Exclusive agency B. Exclusive right to sell C. Open D. Net
Exclusive right to sell
The practice of competing brokers any local market agreeing on a standard commission rate is a violation of A. Fair trade and anti-trust laws B. The law of agency C. Contract law D. The uniform commercial code
Fair trade and anti-trust laws
In what kind of a state does ownership revert to the grantor of the estate if usage fails to conform to a stated condition in the grant? A. Fee simple absolute B. Life estate with reversion C. Life estate with condition subsequent D. Fee simple defeasible
Fee simple defeasible
Which of the following is true of a Nuncupative will? A. It is in the testator's hand writing B. Generally, it does not need to be signed in order to be valid C. It is valid for the transfer of real property even if it is not witnessed D. Generally, it is not valid for the transfer of real property
Generally, it is not valid for the transfer of real property
Which of the following is true of a nuncupative will? A. It is in the testator's handwriting. B. Generally, it does not need to be signed in order to be valid C. It is valid for the transfer of real property, even if it is not witnessed. D. Generally, it is not valid for the transfer of real property.
Generally, it is not valid for the transfer of real property.
The type of lease in which the landlord pays all of the operating expenses of the property is a(n) A. Gross Lease B. Proprietary lease C. Indexed lease D. Net lease
Gross Lease
Deed restrictions generally concern A. the form of ownership in which a property may be held B. how long a property must be owned before it can be legally transferred C. what groups of people are legally excluded from future ownership of a property D. How a property may be used and what structures may be built on it.
How a property may be used and what structures may be built on it.
Cost recovery is allowed as a federal tax reduction on A. Principal residence B. Income properties C. Land D. Land and improvements
Income properties
How does documentation manage risk? A. It shows the public that the office is well-managed. B. It serves as evidence that laws have been complied with. C. It relieves agents of the need to remember details. D. It keeps office staff too busy to interfere with transactions.
It serves as evidence that laws have been complied with.
If an owner of real property dies without leaving a will and with no legal heirs, what will generally happen to the property? A. It will revert to the state or county by escheat B. It will transfer to the descendant's executor C. It will be divided equally among adjoining property owners D. It will become a public easement
It will revert to the state or county by escheat
Homestead, dower and courtesy, And Elective shares are example of A.Conventional life estate B. Legal life estate C. Estate created by an owners agreement D. Fee simple absolute
Legal life estate
Mary is selling her house. Betty wants to buy it. Margaret intends to help Mary and Betty with the sale contract. In return, Mary will send her son to paint Margaret's house. Which of the following circumstances will probably allow Margaret to help Mary and Betty without holding a real estate license? A. Margaret and Mary are sisters. B. Betty is Mary's daughter. C. Margaret is Mary's attorney. D. Margaret works in the office of a licensed broker.
Margaret is Mary's attorney.
Among the fiduciary duties imposed on a real estate agent is the requirement to A. Refuse offers the agent knows will be unacceptable to the principal B. Present all offers to the principal C. Advise the principal against excepting an offer that is below full price D. Advise a prospect that the principal will not except the prospects offer in order to elicit a better offer
Present all offers to the principal
If the man is increasing, what would be the likely effect on real estate prices in an area where the municipality has it declared a moratorium on new construction? A. Prices would level off B. Prices would continue to follow the trying to preceded the moratorium C. Prices would fall D. Prices would rise
Prices would rise
The lot and block system of description is used for A. rural properties B. Any property in an Incorporated . area C. Rectangular properties D. Properties in a subdivision
Properties in a subdivision
A real estate professional who oversees the day-to-day operation of a specific property on behalf of the owner is a(n) A. Property manager B. Asset manager C. Maintenance technician D. Management consultant
Property manager
What is the purpose of a home warranty? A. Protect the lender against loss of collateral B. Protect the homeowner against costs arising from major system failures C. Provide funds to rebuild the home in case of natural disaster D. Ensure the lender that the homeowner will make mortgage payments
Protect the homeowner against costs arising from major system failures
The agency that administers and in forces license laws in each state is the A. State Department of revenue B. US attorney's office C. Real estate commission, council or similar board D. US circuit court or courts of appeal
Real estate commission, counsel or similar board
A real estate tax lien, a federal income tax lien, a judgment lien, and a mortgage lien are recorded against the property. Which lien will be paid first when the property is sold? A. Real state tax lien B. Federal income tax lien C. Judgment lien D. Mortgage lien
Real estate tax lien
The fundamental components of the metes and bounds system are A. Parallels, baselines, and meridians B. Boundaries, distances, and a baseline C. Reference points, angles, and distances D. Lot numbers, sections, and ranges
Reference points, angles, and distances
The valuable consideration necessary to make a contract valid must be A. Money B. Something tangible C. Something specifically offered in exchange for something else D. Anything of equal value with whatever is received an exchange
Something specifically offered an exchange for something else
Riparian rights concern which of the following bodies of water A. Lakes B. Seas and oceans C. Streams and rivers D. Navigable lakes
Streams and rivers
A tenant transfers a portion of the leasehold interest to another party. The document that accomplishes this transfer is a(n) A. Deed B. Assignment C. Sublease D. Reconveyance
Sublease
A lien holder can change the priority of a junior lien by agreeing to A. Change the date of recording B. Lower the amount of the claim C. Vacate the lien D. Subordinate the lien
Subordinate the lien
In which of the following contact situations with the sellers agent be expected to disclose his agency relationships? A. The agent is showing the clients property to prospective buyer B. The agent tells an acquaintance at a party about the clients property C. The agent answer question about the clients property for a telephone caller responding to a newspaper ad D. The agent is showing a potential buyer houses in a certain price range in the multiple listing book
The agent is showing the clients property to a prospective buyer
To avoid violating the Real Estate Settlement Procedures Act, parties who are providing services to the buyer or seller in a transaction must A. be paid before the closing date for any service they provide. B. inform the closing agent of the cost of their services at least one week before the closing date. C. receive payment only from the funds held in escrow, not directly from buyer or seller. D. disclose in writing any business relationships they have with other parties involved in the transaction.
disclose in writing any business relationships they have with other parties involved in the transaction.
The "bundle of rights" refers to a set of rights A. enjoyed by the owner of a property B. that is inseparable from a parcel of real estate C. guaranteed to citizens by the Declaration of Independence D. specified in a deed or land contract
enjoyed by the owner of a property
In a suit for damages by reason of default, the damaged party may claim liquidated damages if A. The contract stated a specific amount due to a damaged party B. The contract stated that a defaulting party cannot profit from the contract C. The default party owns property that can be foreclosed to pay the damages D. The contract stated that he damage party could take legal action to enforce the contract
The contract stated a specific amount due to a damaged party
Which of the following conditions is necessary for customer to qualify as "ready, willing, and able" A. The customers offer must be accepted B. The customers must be legally capable of completing the transaction C. The customer must have a commitment to a lender D. The customer must have no business relationship with the agent
The customer must be legally capable of completing the transaction
One of the major considerations in planning where to allow growth is A. The number of developers asking for permits B. The effect of development on traffic patterns C. The median age of the community D. The number of housing starts reported for neighboring communities
The effect of development on traffic patterns
Breach breach of contract is A. A termination of the contract but mutual consent of the parties B. Financial damage suffer by a party because another party has nullified a contract provision C. A lawsuit to force a party to discharge the contract D. The failure of a party to perform according to the terms of the contract
The failure of a party to perform according to the terms of the contract
The agency relationship is defined by A. The realtor code of ethics B. The laws of agency C. The law of real estate contracts D. The agreement between a principal and an agent
The laws of agency
If a joint tenant sells his or her interest to an outside party, A. The new owner becomes a joint tenant B. The new owner is a tenant in common C. The joint tenancy terminates and all owners become tenants in common D. The joint tenancy terminates in the owners must create a new joint tenancy to include the new owner
The new owner is a tenant in common
Which of the following actions is allowed under federal fair housing laws? A. A broker, following the instructions of the seller, advertises the property as for sale to Christian families only. B. A home seller, acting without a broker, places a "for sale-- mature, single men only" sign in front of the house. C. The owner of four rental houses advertises one of the properties for rent "to married couples, no children, no pets." D. The owner of a duplex who resides in one of the units refuses to rent the other unit to a non-Christian.
The owner of a duplex who resides in one of the units refuses to rent the other unit to a non-Christian.
Which of the following is true of the connection between compensation and the agency relationship? A. In agreement to give and receive conversation create an agency relationship B. If an agency relationship exists, The principal must provide valuable consideration to the agent C. The relationship is independent of any compensation arrangement D. If an agency relationship exist, the agent is entitled to compensation
Their relationship is independent of any conversation arrangement
Which of the following is true? A. A township is the area and enclosed by principal meridians in base parallels B. A townships sections are 6 miles apart C. There are 36 townships in a section D. There are 36 sections in a Township
There are 36 sections in a Township
Title can be voluntarily transferred by A. grant, deed, and will. B. escheat, deed, and covenant. C. title certificate, will, and deed. D. sale contract, deed, and warrant of seizin.
Title certificates, will, and deed
Why would a property owner file a quiet title suit A. To force the grantor to defend the title against a third-party claim B. To terminate a co-ownership see when one co-owner is unwilling C. To keep the owners name out of the title records D. To have an encumbrance removed if the lienholder cannot prove its validity
To have an encumbrance removed if the lienholder can I prove it's validity
A break in the chain of title to a property results in A. a clouded title B. a title plant C. a lien of indeterminate ownership D. a duplicate title
a clouded title
The right to zone land and the right to acquire ownership of land by eminent domain are both examples of A. a public interest B. a possessory interest C. an encumbrance D. an estate in law
a public interest
The right of a property owner to redeem his or her property after a tax sale is called A. a legal right of rescission B. an equitable right to acquire title C. a right of homestead exclusion D. a statutory right of redemption
a statutory right of redemption
Under the Uniform Residential Landlord and Tenant Act, if a lease does not state a clear expiration date, the lease is regarded as A. invalid B. a tenancy from period to period C. a tenancy at will D. a tenancy for years
a tenancy from period to period
The lead-based paint disclosure requirement A. applies to all properties. B. applies to residential properties built before 1978 C. applies to the seller of a property, not to the seller's agent D. is mandatory for the seller of a property but optional for the seller's agent.
applies to residential properties built before 1978
A name used in advertising by a licensed broker, associate broker, or salesperson that is different from the licensee's full legal name and includes a first name, nickname, or last name is called a designated name. registered name. alias. trade name.
designated name.
The risks that attend recommending service providers can be effectively reduced or transferred by A. presenting a broad range of choices and letting the consumer make a selection. B. recommending all the relevant providers listed in the telephone directory. C. recommending only those providers who are willing to work on a commission split D. recommending service providers who have performed well in the past.
presenting a broad range of choices and letting the consumer make a selection.
If licensees working for competing firms are overheard discussing commission rates, they are at risk for being charged with A. commingling. B. price fixing C. insider trading D. redlining.
price fixing
The general task of a property manager is to A. produce the highest net return for the owner while safeguarding the property. B. find and retain tenants at the least expense to the owner. C. relieve the owner of all responsibility for operating and maintaining the property. D. negotiate rents and regulations between the tenants and the landlord
produce the highest net return for the owner while safeguarding the property
The classes protected against discrimination by the Fair Housing Act of 1968 are A. race only. B. religion and gender only. C. race, color, religion, and national origin D. age and gender only
race, color, religion, and national origin
If the state licensing authority finds that a consumer's complaint against a licensee is justified, the authority may A. issue a money judgment against the licensee B. sentence the licensee to jail. C. suspend or revoke the license as well as report the case to an appropriate judicial authority. D. negotiate a financial settlement with the complainant on behalf of the real estate commission.
suspend or revoke the license as well as report the case to an appropriate judicial authority.
Two individuals can own a house as tenants by the entireties if A. they so elect at the time of acquiring title B. they are blood relatives C. they are married D. they incorporate
they are married
If there is cause to believe a property for sale has been contaminated in some way, the transaction parties would be wise to A. have an environmental site assessment performed. B. begin Phase 4 remediation immediately. C. ask the local government for an environmental impact statement D. contact the local health department.
have an environmental site assessment performed.
The amount a claimant may recover from the Guaranty Fund is limited to punitive damages and monetary losses incurred by the client in a single transaction. the claimant's monetary losses plus attorney fees. the claimant's monetary losses plus interest and attorney fees. monetary losses from the original transaction only.
monetary losses from the original transaction only.
An inactive license must be reactivated within _________ of becoming inactive, or the license will expire. 90 days 3 years 1 year 60 days
3 years
How many members of the Maryland Real Estate Commission must have held real estate licenses for at least 10 years immediately before appointment to the Commission? 9 4 5 6
5
All records and documents are to be kept for _______ after the transaction closing date. 1 year 3 years 5 years 7 years
5 years
Condominium resellers must provide the buyer a resale certificate package within 15 days of the transaction closing and allow the buyer ______ after receiving the package, or until settlement, if that happens first, to cancel the sales contract. 5 days 30 days 15 days 7 days
7 days
A borrower of a $95,000 interest-only loan makes annual interest payments of $8,312.50. What interest rate is the borrower paying? A. 8.75% B. 7.29% C. .729% D. 9.125%
8.75%
How many acres are there in the S 1/2 of the north west 1/4 of section 3 A. 20 acres B. 40 acres C. 80 acres D. 160 acres
80 acres
Which of the following individuals is required to hold a Maryland real estate license? A home builder selling a newly constructed house An individual selling real estate under a power of attorney A consultant to an individual who subdivides and sells real estate lots An auctioneer selling real estate at public auction
A consultant to an individual who subdivides and sells real estate lots
A seller paid a $100 item in advance. At closing, the seller has "used" only $75 of this item. What should appear on the closing statement? A. A debit to the buyer and credit to the seller for $25. B. A debit to the buyer for $25 and a credit to the seller for $75. C. A debit to the buyer for $25 and a credit to the seller for $100. D. A debit to the buyer and credit to the seller for $75.
A debit to the buyer and credit to the seller for $25. Step 1: Subtract the seller's use of $75 from the total amount paid ($100 - $75 = $25) It would be a credit of $25 to the seller and a debit of the buyer.
Which of the following circumstances is the most likely scenario for a ground lease? A. A PUD developer wants to acquire a necessary parcel that separates two parcels she already owns B. A farmer wants to expand his productive acreage without buying more land C. A fast food company wants to place a restaurant in an existing building without buying either land or improvements D. The railroad wants to build a bridge over a private owned access road
A farmer wants to expand his productive acreage without buying more land
If the duration of the owners rights in the state cannot be determined, the owner possesses A. An indeterminate legal Estate B. A lease fee simple estate C. A freehold estate D. Leasehold Estate
A freehold Estate
The CAN-SPAM Act requires commercial emails to include an opt-out request and must process the request within 24 hours of receiving the request. 3 business days of receiving the request. 10 business days of receiving the request 30 days of receiving the request.
10 business days of receiving the request
Which of the following situations is likely to represent any illegal nonconforming use A. A homeowner in a residential zone converts her residence to rental offices B. A homeowner built an attached garage in a neighborhood where all the garages are detached C. A store owner remodels a storefront in accordance with regulation and then the zoning is changed to residential D. A new zoning ordinance outlaws two-story addition's after a home owner completes the addition
A homeowner in a residential zone converts her residence to rental offices
The property transferred by a will it's called the A. Devise B. Demise C. Device D. Assigns
Devise
How does an actual eviction occur? A. A landlord obtains a court order to force the tenant to vacate the leased premises B. The landlord's agents forcibly remove the tenant from the premises. C. A tenant declares a landlord in default and vacates the leased premises D. A landlord declares a tenant in default and takes possession of the leased premises.
A landlord obtains a court order to force the tenant to vacate the leased premises
How much time does a seller have to accept a buyer's offer? A. Forty-eight hours from the time of the offeror's signing of the offer B. Twenty-four hours from the time of the offer's delivery to the seller C. As long as the seller wants D. A "reasonable" time, or until the expiration date of offer
A "reasonable" time, or until the expiration date of offer
An improvement is A. A modification of land to make it more useful B. A modification of a structure to enhance its value C. A structure intended as a permanent attachment to land D. A parcel of land that has been prepared for development
A structure intended as a permanent attachment to land
What is a buffer zone? A. A transitional zone between a residential zone in a commercial zone B. Area area zone as a public park C. A temporary zone created to allow users to come into compliance with a change in zoning D. He's going around the boundaries of a municipality
A transitional zone between a residential zone and a commercial zone
to obtain a change of the zoning for a particular property, for example, from residential to commercial, a property owner would ask the zoning board for a(n) A. Amendment B. Special exception C. Plat approval D. Special ordinance
Amendment
In addition to creating contract obligations, a listing agreement creates A. An agency relationship with fiduciary obligations B. A general partnership with financial obligations C. A joint venture D. A temporary business entity subject to corporation regulations
An agency relationships with fiduciary obligation's
What is a "fixture?" Any item of personal property located within the boundaries of a parcel of real estate An item of personal property that has been converted to real property An item of real property temporarily placed on land for the purpose of conducting a business An item of personal property that has been left in one location for a period of one year
An item of personal property that has been converted to real property
A sales person, without an oral or written listing agreement, brings potential buyers to the seller. The seller says, you can bring me bars if you want, but I'm not paying you a commission. The sales person then continues to direct buyers to the property. Which of the following is true about the situation? A. There is no agency relationship, and therefore the seller will owe no commission if one of the sales persons buyers buys the property B. An applied agency has been created, with obligations to perform for both seller and agent. C. The seller and agent have any illegal, undisclosed agency relationship D. The agent has an open listing with no commission agreement, and therefore no fiduciary duties to the seller
And employee agency has been created, with obligations to be preformed for both seller and agent
Under the Equal Credit Opportunity Act, a lender, or a real estate agent who assists a seller in qualifying a potential buyer, may not A. Tell a rejected loan applicant the reason for the rejection B. Ask the buyer/borrower about his/her religion or national origin C. Ask the buyer/borrower to explain gaps in his/her employment history D. Use a credit report if the loan application dispute any information in the report
Ask the buyer/borrower about his/her religion or national origin
If the price of an item is increasing, one can usually assume that A. The demand for the item is increasing in relation to the supply of the item B. The demand for the item is increasing in relation to supply of the item C. Supply the the item is increasing D. Demand for the item and supply of the item are increasing
Demand for the item is increasing in relation to supply the item
By sue me for a specific performance, a leasehold tenant might A. Force a landlord to provide improvements that were promised but not delivered B. Change the obligation to pay rent as it is stated in the lease C. Invalidate the lease D. Cancel the lease and receive damages for the landlord idefault
Force the landlord to provide improvements that were promised but not delivered
John Dunbar hires Betty Jones to sell his house, with the condition that he will not be the first one in the neighborhood to sell to members of a certain ethnic group. What should Betty do about this condition? A. Inform Dunbar that the condition is illegal and that she cannot comply with it. B. Note the condition on the listing agreement and have Dunbar initial it C. Pretend that she did not hear the condition and proceed to market the property to all groups. D. Inform Dunbar that she will try to discourage members of that group from looking at the property, but that she cannot control cooperating brokers.
Inform Dunbar that the condition is illegal and that she cannot comply with it.
By definition, personal property A. Includes real property B. Is any property that is not real property C. Is any property owned by an individual D. Is real property that is not attached to real estate
Is any property that is not real property
What is the purpose of an equalization factor in ad valorem taxation? A. It modifies a local tax rate to bring it into conformity with statutory tax rates. B. It changes the assessed value of an individual property to make it reflect the assessed values of other properties in the same neighborhood. C. It adjusts assessments in a locality to make them more consistent with an average level for the state or other higher level jurisdiction D. It adjusts the amount of the homestead exemption in a certain area to make it proportionally equivalent to the average homestead exemption in other areas.
It adjusts assessments in a locality to make them more consistent with an average level for the state or other higher level jurisdiction
How many clock hours of continuing education in excess of the required 15 may be rolled over to the next licensing term? 5 3 7.5 None
None
Which of the following is an essential element of the valid contract for the sale of real estate? A. Price based on certified appraisals B. Signature of the listing broker C. Offer and acceptance D. Social Security numbers of seller and buyer
Offer and acceptance
Which of the following is a dual agency situation A. Two agents share the exclusive rights to represent the same client B. One agent representing both sides of the transaction C. He's selling agent from one broker works with a listening agent from another broker to complete a transaction D. One agent represents to sellers at the same time
One agent representing both sides in a transaction
Among other provisions, the Superfund Act (CERCLA) and Superfund Amendment and Reauthorization Act of 1986 provided that A. Large development projects undergo an environmental impact survey immediately after completion of construction B. Industrial users of real estate comply with air quality standards C. The EPA would give financial help to homeowners to remedy any hazardous situations resulting from radon, asbestos, or lead based paint D. Parties responsible for improper disposal of hazardous waste could be charge for the cleanup cost
Parties responsible for improper disposal of hazardous waste could be charge for the cleanup cost
Mary carboy buy the house from Jim Schmidt's and at the same time obtains an option to purchase the adjoining vacant lot for $10,000 within one year. A few months later carboy informed Schnitz that she is ready to exercise her option, the fines that Schmitz has received an offer of $12,000 from another party. Schmidts states that he will except the offer and less car boy is willing to match the $12,000 offer. Which of the following is true of the situation? A. Schmidt sell the carboy for $10,000 B. Carboy must pay $12,000 or lose the property C. Schmidts me sell the carboy or the other party but the price cannot exceed $10,000 D. If the other party delivers payment before carboy does, the option is canceled
Schmidts muscle to carboy for $10,000
A condominium owner can A. Sell or mortgage the condominium unit without hindrance from individual owners of neighboring units B. Sell the interest in the physical unit separately from the interest in the common elements C. Exclude non-owners from the unit owners pro rata a portion of the common elements D. Exclusively possesses and use those portions of the common area strictly or functionally necessary for the operation of the unit
Sell or mortgage the condominium unit without hindrance from individual owners of neighboring units
A tenant in common can A. Sell, encumber or transfer his or her interest to an outside party without the consent of other tenants in common B. Use his or her interest in the estate to encumber the entire estate C. Sell, encumber or transfer his or her interest only to the other tenants in common D. Sell, encumber or transfer his or her interest only with the consent of all the other tenants in common
Sell, encumber or transfer his or her interest to an outside party without the consent of other tenants in common
The owner of a cooperative owns A. shares in a corporation or association and a proprietary lease any physical unit B. A fee Simple interest in a physical unit plus a tenancy in common elements C. A tenancy in common in a physical unit and the common areas D. A ground lease in the physical units Pro rata share of land in a proprietary lease in the unit
Shares in a corporation or association and a proprietary lease in a physical unit
When real property is held in a land trust, who controls the property A. The trustor B. The trustee C. The beneficiary D. The property manager appointed by the trustee
The beneficiary
To obtain a real estate salesperson's license, an individual must A. pass a state license examination. B. have previous experience as an assistant to a licensed salesperson. C. be currently employed by a licensed broker. D. be sponsored by a licensed salesperson.
pass a state license examination
