Midterm 1. Review
68) An arrangement to sell one product only if the buyer purchases another product as well is called a) a tie-in agreement. b) a fee-for-services. c) a buydown provision. d) an allocation of customers.
a) a tie-in agreement.
40) A metes-and-bounds description is NOT required in rectangular survey system descriptions when a) a tract is too large to be described by quarter sections. b) describing an irregular tract. c) a tract is too small to be described by quarter-sections. d) a tract does not follow the lot or block lines of a recorded subdivision or section.
a) a tract is too large to be described by quarter sections.
86) Who are the parties to a listing agreement? a) Buyer and seller b) Seller and broker c) Seller and sales associate d) Buyer and sales associate
b) Seller and broker
29) Shareholders in a cooperative receive shares of stock that entitle them to a a) common element lease. b) trust deed. c) proprietary lease. d) corporate deed.
c) proprietary lease.
73) Sales associates in a real estate brokerage are compensated based on this formula: 35% of the commission earned on any sale, less a $200 per-transaction desk rental. Sales associates are responsible for paying 75% of all marketing and sales expenses for any property they list, and a $75 per-transaction fee to cover the monthly expenses of advertising and marketing the brokerage's services. If a sales associate sold a house for $500,000, with a 6% commission, how much would the associate be paid if the sale incurred $800 in marketing and advertising costs? a) $9,625 b) $9,700 c) $10,225 d) $10,500
a) $9,625
22) A patient died in a nursing home. The deceased left no heirs and had not written a will. What happens to the deceased's $250,000 estate? a) It escheats to the state or county. b) The nursing home gets to keep it. c) It will be split between the nursing home and the county. d) It can be paid over to the deceased's church.
a) It escheats to the state or county.
56) What limits are set by the covenants in a general warranty deed? a) No limits are set. b) The covenants are limited to matters that occurred during the time the grantor owned the property. c) The covenants are limited to the matters that occurred within the last 10 years. d) The covenants are limited to the matters that occurred before the grantor owned the property.
a) No limits are set.
28) A will provided that the local banker take care of the deceased's estate until the deceased's children reach age 25. What kind of trust is this? a) Testamentary trust b) Living trust c) Land trust d) Trust deed
a) Testamentary trust
23) Which of these must exist for an appurtenant easement to exist? a) Two adjacent parcels, different owners b) Two adjacent parcels, one owner c) Landlocked property that requires passage to the street d) Long-time unauthorized usage
a) Two adjacent parcels, different owners
71) What is the practice called when a consumer selects specific services to use and only pays the real estate professional for those services? a) Unbundling services b) Tie-in agreement c) Discounted services d) Allocation of markets
a) Unbundling services
104) When is an offer considered to be accepted? a) When the broker notifies the buyer that the seller has accepted the offer b) When the buyer gives a signed receipt to the broker to show the buyer has received the acceptance c) The moment the seller accepts the buyer's offer d) One business day after the offer is accepted and signed by the seller
a) When the broker notifies the buyer that the seller has accepted the offer
101) Which of these is NOT typically a factor in determining the amount of the earnest money deposit? a) Whether it is an amount sufficient to cover the broker fees b) Whether It Is an amount sufficlent to discourage the buyer from defaulting c) Whether it is an amount sufficient to compensate the seller for taking the property off the market d) Whether it is an amount sufficient to cover any expenses the seller might incur if the buyer defaults
a) Whether it is an amount sufficient to cover the broker fees
4) A property owner who does not want to deal with the everyday tasks of managing a rental property can hire a) a property manager. b) an appraiser c) a home inspector. d) a developer
a) a property manager.
103) If a contract does NOT contain a time or date for performance, it should be executed within a) a reasonable time. b) one week. c) two weeks d) one month.
a) a reasonable time.
87) A broker just explained the value of signing an exclusive agency listing with a broker who is a member of the multiple listing service. The broker is trying to overcome the misconceptions of the seller who asked about a) an open listing. b) an option listing. c) an exclusive right-to-sell listing. d) a net listing.
a) an open listing.
19) A large undeveloped parcel of land borders a road on the lower edge. The owner sells the lower portion of the property and the buyer builds a home on it. Several years later, the owner sells the upper-portion of the property to a different buyer. The second buyer's property does not border any road. For that buyer to gain access to the road, the buyer must claim an easement a) by necessity. b) in gross. c) by prescription. d) by restriction.
a) by necessity.
36) Air lots, condominium descriptions, and other vertical measurements may be computed from the U.S. Geological Survey a) datum b) benchmark c) principal meridian. d) base line
a) datum
70) An Important purpose of the E-Sign Act is to a) give contracts created electronically the same legal standing as those executed on paper. b) require stringent security measures for email communication. c) prevent notarization of electronically transmitted agreements. d) require all parties to use electronic contracting if the seller prefers it.
a) give contracts created electronically the same legal standing as those executed on paper.
65) All of these are ways for a broker to charge for services EXCEPT a) standard community rate. b) flat fee. c) hourly rate. d) commission based on a percentage of the selling price.
a) standard community rate.
9) A tenant farmer built a chicken coop and a tool shed. These buildings belong to the a) tenant b) owner of real estate c) owner, but the owner must reimburse the tenant d) tenant, but the tenant must pay additional rent for them
a) tenant
14) The Law of the Sea identifies a country's a) territorial waters b) inland lakes c) navigable rivers d) water table
a) territorial waters
54) All of these are reasons for probate EXCEPT a) to ensure that the heirs do not fight among themselves. b) to confirm that the will is valid. c) to determine the exact assets of the deceased person. d) to identify how the estate will be disbursed.
a) to ensure that the heirs do not fight among themselves.
43) which road or roads run east and west? a) wolf and jasmine b) carney and Goodrich c) wolf only d) Goodrich only
a) wolf and jasmine
92) A seller agreed to a 5% commission on a sale price of $175,000. The brokerage split with salespeople is 30/70, with 30% remaining with the company. How much is the sales associate's share if the sales associate both lists and sells the property? a) $2,625 b) $6,125 c) $8,750 d) None of these
b) $6,125
39) How many acres are contained in a parcel described as follows: The NE 4 of the NW 4; the N 2 of the NW 4, NE 4, of Section 10? a) 40 acres b) 60 acres c) 70 acres d) 74 acres
b) 60 acres
67) Although state laws vary regarding internet advertising, which of these is a typical element of state policy or law? a) Email sent by a real estate licensee needs to include the licensee's name, phone number, and real estate license number. b) Ads must contain true, current information and avoid misleading the potential client or customer. c) On a website containing their ads, real estate licensees only need to identify themselves as a broker or salesperson on the site's home page. d) It is acceptable for only the sales associate's name (without the broker's name) to be shown in an ad.
b) Ads must contain true, current information and avoid misleading the potential client or customer.
12) A buyer particularly liked the ornate brass lighting fixtures in a house and immediately made an offer, which the seller accepted. O moving day, the buyer discovered that the seller had replaced all the ornate brass lighting fixtures with plain steel ones. Which of these is MOST likely a correct assumption? a) Seller: "As long as I replaced them with something of comparable value, I can take them with me." b) Buyer: "Lighting fixtures are normally considered to be real property." c) Seller: "The lighting fixtures were personal property when I bought them at the store, so they're personal property forever." d) Seller: "The lighting fixtures belong to me because I installed them."
b) Buyer: "Lighting fixtures are normally considered to be real property."
50) Which of these is a guarantee that the grantor has the right to convey the property? a) Covenant against encumbrances b) Covenant of seisin c) Covenant of further assurance d) Covenant of quiet enjoyment
b) Covenant of seisin
46) A seller conveys property to a buyer by a written document that contains five covenants protecting the buyer's title. What is the seller's role in this transaction? a) Grantee b) Grantor c) Devisor d) Devisee
b) Grantor
44) Beginning at the intersection of the west line of Carney Street and the north line of Wolf Road, running west 140 feet, then north 120 feet, then north 50 degrees east 120 feet, then following the southeasterly curvature of the south line of Jasmine Lane for 100 feet, then south 120 feet to POB.To which lot does this description refer? a) Lot 15, Block B b) Lot 8, Block A c) Lot 7, 8, and 9, Block A d) Lot 8 and 9, Block A
b) Lot 8, Block A
64) A qualified buyer makes a written offer on a property on March 6 by completing and signing a sales agreement. Later that day, the seller accepts and signs the agreement, keeping one copy. The seller's broker gives a copy on March 8. The seller's deed is delivered on May 1. The of the signed agreement to the buyer deed is recorded on May 7, and the buyer takes possession on May 15. When is the broker's commission payable if this is a usual transaction? a) March 8 b) May 1 c) May 7 d) May 15
b) May 1
35) In a tenancy in common, if the fractions of ownership are NOT stated in the deed, how are they determined? a) The tenants need a judicial decision to determine the fractional shares. b) The tenants are presumed to hold equal shares. c) The tenants settle the issue through binding arbitration. d) The tenants must terminate the tenancy in common through partition.
b) The tenants are presumed to hold equal shares.
98) On March 7, a buyer anda seller execute a contract for the purchase of the seller's property. Closing is set for June 10. On April 15, the property is struck by lightning and destroyed by the resulting fire. If the Uniform Vendor and Purchaser Risk Act has been adopted by the state in which the property is located, which party bears liability for the loss? a) Under the act, the buyer and the seller share the loss equally. b) Under the act, the seller bears the loss alone. c) The act does not apply. The buyer bears the loss alone, as the holder of equitable title. d) Under the act, neither the buyer nor the seller bears the loss. A state fund covers the loss.
b) Under the act, the seller bears the loss alone.
94) A seller accepted all the terms that the buyer offered, making only one small change in the amount of the earnest money. At the moment, these agreements constitute a) an offer. b) a counteroffer. c) an acceptance. d) an executed contract.
b) a counteroffer.
25) The holder of a life estate is called a) an encumbrance. b) a life teant. c) a remainderman. d) a successor,
b) a life teant.
97) A buyer wants to take over the seller's mortgage. The lender releases the seller from the obligation, substituting the buyer as the party liable for the debt. This new agreement is called a) an assignment. b) a novation. c)a conversion. d) a consideration.
b) a novation.
5) All of these are examples of government policies that can affect the real estate market EXCEPT a) the Federal Reserve Board's discount rate. b) a shortage of skilled labor or building materials. c) land-use controls, such as zoning d) federal environmental regulations
b) a shortage of skilled labor or building materials.
26) When two or more individuals decide to buy a property together, it results in a a) cooperation b) co-ownership c) community effort d) joint venture.
b) co-ownership
1) In terms of real estate investment, another name for depreciation is a) leverage b) cost recovery c) liquidity d) intrinsic value
b) cost recovery
57) To serve as public notice, a deed is recorded in the a) city where the owner lives, b) county or, in some states, the town where the property is located. c) state capital. d) largest city in the state.
b) county or, in some states, the town where the property is located.
105) The amount of the earnest money in a sales contract should a) cover any expenses the buyer might incur if the seller defaults. b) discourage the buyer from walking away from the agreement. c) pay the broker's commission. d) pay for any required inspections.
b) discourage the buyer from walking away from the agreement.
21) The state's authority to enact legislation to protect the public is passed through to municipalities and counties through a) police power. b) enabling acts. c) licensing laws. d) processing papers.
b) enabling acts.
95) A real estate broker announces to the firm's sales associates that the top-selling sales associate each quarter will receive a $1,000 bonus. This constitutes an a) implied bilateral contract. b) express unilateral contract. c) implied unilateral contract. d) express bilateral contract.
b) express unilateral contract.
80) A house was the scene of a drug arrest and a violent murder last year. When it was listed on the market, many people considered it to be a a) latent property. b) stigmatized property. c) damaged property d) property with a material defect
b) stigmatized property.
52) In one state, transfer tax is $1.20 for each $300 (or fraction of $300) of the sales price of any parcel of real estate. If a seller's property sold for $250,000, what will be the amount of the transfer tax due? a) $97.00 b) $999.99 c) $1,000.80 d) $1,250.50
c) $1,000.80
38) A buyer Is willing to pay $1,200 per acre for the SE 4 of the SE 4 of the SE % of Section 11. How much will the buyer pay for the land? a) $3,000 b) $6,000 c) $12,000 d) $24,000
c) $12,000
ago, a buyer purchased a 20) The homestead exemption in a state is $20,000. Four years home for $158,000 and then experienced hard times. At a court-ordered sale, the property is purchased for $160,000. If the homeowner has an outstanding mortgage balance of $135,000 and credit card debts amounting to $24,360, how much is protected by the homestead exemption? a) $640 b) $2,140 c) $20,000 d) $26,500
c) $20,000
53) In one state, the transfer tax is $0.80 per $500 or fraction thereof. There is no tax charged on the first $500 of the price. What tax must the seller pay if the property sells for $329,650? a) $525.60 b) $526.40 c) $527.20 d) $528.00
c) $527.20
72) The sales associate's agreement with the broker was a 40/60 split 40% of the commission. The seller was charged 5.5%. How much did the sales associate with the broker keeping receive if the associate listed and sold a house for $279,500? a) $6,149.00 b) $7,686.25 c) $9,223.50 d) $15,372.50
c) $9,223.50
42) Which lot in block A has the most Frontage on jasmine lane? a) 1 b) 2 c) 7 d) 11
c) 7
83) When a broker places trust funds of others into the company's operating account and then withdraws funds for the firm's use, what illegal practice has taken place? a) Escrowing b) DBA accounting c) Conversion d) Asset-liability management
c) Conversion
47) Which of these is an example of involuntary alienation? a) Sale b) Gift c) Escheat d) Will
c) Escheat
60) Which of these would be covered in a standard title insurance policy? a) Defects discoverable by physical inspection b) Unrecorded liens c) Forged documents d) Easements and restrictive covenants
c) Forged documents
66) After license laws are enacted by the legislature, who is responsible for adopting administrative regulations? a) A subcommittee that reports to the legislature b) A local association of REALTORS® c) Licensing authority (division, commission, etc.) d) Brokers and salespeople appointed by the governor
c) Licensing authority (division, commission, etc.)
37) Which township section number is directly north of Section 7? a) Section 1 b) Section 5 c) Section 6 d) Section 8
c) Section 6
85) When may a broker's agreement to represent a property buyer be terminated? a) The property buyer dislikes all of the properties shown by the broker. b) Only agreements between brokers and sellers can be terminated. c) The broker and buyer mutually agree to cancel the agreement. d) None of these
c) The broker and buyer mutually agree to cancel the agreement.
31) In February, a seller conveyed an undivided one-half interest in a parcel of land to a buyer. In March, the seller conveyed the remaining one-half interest to a different buyer. The deed to the second buyer included this statement: "This buyer is to be a joint tenant with the buyer of the other half-interest in the parcel." Both deeds were recorded. Based on these facts, which of these statements is TRUE? a) The second buyer and first buyer hold title to the land as joint tenants under the terms of the two conveyances from the seller. b) The second buyer and first buyer own the land by partition. c) The second buyer and first buyer are tenants in common. d) The second buyer owns a half-interest in the land as a joint tenant; the first buyer owns a half-interest in the land as a tenant in common.
c) The second buyer and first buyer are tenants in common.
96) A buyer offers the full $215,000 asking price for a house. The offer contains this clause: "Possession of the premises on August 1." The seller is delighted to accept the offer and signs the contract. First, however, the seller crosses out "August 1" and replaces it with "August 3," because of a business trip scheduled for the first of the month. The seller immediately books a moving company.. What is the status of this agreement? a) Because the seller changed the date of possession rather than the amount of the offer, the seller and buyer have a valid contract. b) The seller has accepted the buyer's offer. Because the reason for the change was out of the seller's control, the change is of no legal effect once the seller signed the contract. c) The seller has rejected the buyer's offer and made a counteroffer, which the buyer is free to accept or reject. d) While the seller technically rejected the buyer's offer, the seller's behavior in scheduling movers creates an implied contract between the parties.
c) The seller has rejected the buyer's offer and made a counteroffer, which the buyer is free to accept or reject.
27) What form of ownership is employed when one person transfers ownership to someone else to hold and manage for a third person? a) Joint venture b) Joint tenancy c) Trust d) Severalty
c) Trust
62) In real estate, a sales associate is always a) an independent contractor. b) an employee of a licensed broker. c) a licensee who performs real estate activities on behalf of a broker. d) a combination office manager, marketer, and organizer with a fundamental understanding of the real estate industry, who may or may not be licensed.
c) a licensee who performs real estate activities on behalf of a broker.
10) A new owner of a condominium received the right to use a parking space in the multi-unit building. This right is an example of a) an improvement b) a fixture c) an appurtenance d) a chattel
c) an appurtenance
99) All of these are essential to a valid real estate sales contract EXCEPT a) offer and acceptance. b) consideration c) an earnest money deposit, held in an escrow account. d) legally competent parties.
c) an earnest money deposit, held in an escrow account.
16) A freehold estate lasts for a) 99 years b) no longer than 100 years c) an indeterminable time. d) the number of years specified when the owner takes possession.
c) an indeterminable time.
13) A right or privilege tied to real property, although not necessarily part of the property, is called a(n) a) emblement b) trade fixture c) appurtenance d) deed
c) appurtenance
30) In a large high-rise condominium, each unit is owned by individual owners. The elevators, parking garage, and swimming pool are called a) community property. b) separate property. c) common elements. d) proprietary elements.
c) common elements.
32) Fee simple ownership of a cottage in a lakefront community includes an undivided percentage interest in a parking lot, a golf course, and a swimming pool, all located in the development. Based on these facts alone, the ownership interest is probably BEST described as a a) time-share estate. b) time-share use. c) condominium. d) cooperative
c) condominium.
34) A company is a legal entity, created by charter under the laws of the state. The company is managed and operated by a board and is permitted to buy and sell real estate. When one of its directors dies, the company continues to operate. Because of its structure, the company's income is subject to double taxation. The company is best described as a a) partnership b) condominium trust c) corporation d) limited liability company
c) corporation
18) If the government acquires privately owned real estate through a condemnation suit, it is exercising its power of a) escheat b) reverter c) eminent domain. d) defeasance
c) eminent domain.
82) The seller's agent is aware that a new landfill has been approved for development on a disclose this information to a buyer. This could be an example of a) negligent misrepresentation. b) a latent defect. c) fraudulent misrepresentation. d) unnecessary disclosure
c) fraudulent misrepresentation.
61) In the states in which it has been adopted, the Marketable Title Act a) establishes standardized forms for abstracts of title. b) disqualifies use of an attorney's opinion of title as acceptable evidence of title. c) limits the time beyond which title records must be searched. d) provides a certification system for qualifying title insurance companies.
c) limits the time beyond which title records must be searched.
41) The end of a metes-and-bounds land description is always a a) monument. b) benchmark. c) point of beginning. d) base line.
c) point of beginning.
77) A broker is showing a house to a prospective buyer. The broker points out the rustic charm of the sagging front porch and refers to a weed-choked backyard as a delightful garden. The broker is engaging in a) intentional misrepresentation. b) negligent misrepresentations. c) puffing d) fraud
c) puffing
49) The type of deed that imposes the least liability on the grantor is a a) special warranty deed. b) bargain and sale deed. c) quitclaim deed. d) general warranty deed.
c) quitclaim deed.
91) An example of personal property that a seller may leave with the real estate and which, therefore, must be identified on the listing agreement is a) a built-in dishwasher. b) the door key. c) stacked firewood d) a ceiling light fixture.
c) stacked firewood
78) The seller's agent has certain duties to the client-principal. All of these are duties of the principal EXCEPT a) cooperating with the agent. b) compensating the agent. c) suggesting marketing strategies to the agent. d) dealing with the agent in good faith.
c) suggesting marketing strategies to the agent.
90) In most states, a broker's license can be suspended or revoked if the broker a) breaches the terms of the listing agreement. b) cancels the listing agreement without cause. c) takes a listing that does not include a date on which the listing expires. d) does not include an automatic extension clause in the listing agreement.
c) takes a listing that does not include a date on which the listing expires.
75) An agent representing the seller has a duty to disclose to the principal all of these EXCEPT a) offers that are ridiculously low. b) the buyer's financial ability to offer a higher price. c) the agent's advertising budget. d) the buyer's intention to resell the property for a profit.
c) the agent's advertising budget.
48) All of these are necessary to a valid deed EXCEPT a) recital of consideration. b) words of conveyance. c) the grantee's signature. d) delivery
c) the grantee's signature.
3) The idea that no two parcels of land are exactly alike is called a) immobility b) subdivision c) uniqueness d) location
c) uniqueness
55) The granting clause in a special warranty deed generally contains the words a) "grantor conveys and warrants." b) "grantor grants, bargains, and sells." c) "grantor remises, releases, and quitclaims." d) "grantor remises, releases, alienates, and conveys."
d) "grantor remises, releases, alienates, and conveys."
93) The commission on the sale of a house was $16,500, which was based on a 7.5% commission rate. What was the final selling price of the house? a) $127,000 b) $145,000 c) $199,000 d) $220,000
d) $220,000
45) If a buyer is willing to pay $3 per square foot for lot 10, Block A, how much would the buyer be willing to pay for the land? a) $20,600 b) $24,000 c) $28,000 d) $32,400
d) $32,400
69) Even if a consumer has requested placement on the National Do Not Call Registry, a real estate professional may call the consumer up to how many months after the consumer's last purchase? a) 3 b) 6 c) 12 d) 18
d) 18
17) A notice is filed in the public record of pending litigation affecting the title to a property. This notice reflects which of these? a) Fee simple determinable b) Police power c) An encroachment d)A lis pendens
d) A lis pendens
81) What is a seller's agent required to disclose to prospective buyers about material defects in the property? a) Only information about material defects the seller has provided the agent b) Only information about material defects that the agent has personally observed c) Both information the seller has provided the agent, and material defects that the agent has personally observed d) All information about material defects that the agent knows or should know
d) All information about material defects that the agent knows or should know
58) Shortly after closing on a real estate purchase, the buyer discovered that there were serious flaws in the title that made it unlikely that the property could be resold in the future. What can the buyer do now? a) Because the title was flawed, the buyer can legally void the sale, and the seller must return any consideration. b) The buyer has no recourse. c) Because the seller conveyed unmarketable title, the buyer is entitled to a new title report. d) Because the buyer has accepted the deed, the only recourse is to sue the seller under any covenants contained in the deed.
d) Because the buyer has accepted the deed, the only recourse is to sue the seller under any covenants contained in the deed.
89) A broker is retiring and wants to submit the firm's listings to another broker. How can the broker do this? a) The broker must sign over the listings to the new broker. b) The new broker has to sign an acceptance agreement. c) Each sales associate must sign over the listings to the new broker. d) Each seller must agree to a new listing with the new broker.
d) Each seller must agree to a new listing with the new broker.
24) The electric company has the right to extend its wires over 50 parcels of land. What right does the electric company have? a) Appurtenant easement b) Easement by necessity c) Easement by prescription d) Easement in gross
d) Easement in gross
63) A broker does not permit his sales associates to charge less than an 8% commission in any transaction. After reading a newspaper article about this broker's policy, the broker at another firm decides to also adopt the 8% minimum. Based on these facts, which of these statements is TRUE? a) The first broker's policy is price-fixing and violates the antitrust law. b) Although the first broker's policy was legal, the second broker's adoption of the minimum commission may constitute an antitrust violation if both brokers are in the same real estate market. c) Both brokers engaged in illegal price-fixing. d) Neither broker has committed an antitrust violation.
d) Neither broker has committed an antitrust violation.
84) A homeowner listed the home for sale with a broker. When the owner sold the home without the broker's assistance, no one was owed a commission. Based on these facts,what type of listing did the broker and the owner most likely sign? a) Exclusive-right-to-sell listing b) Net listing c) Multiple listing d) Open listing
d) Open listing
51) Which type of deed is used by a grantor whose interest in the real estate may be unknown? a) Bargain-and-sale deed b) Special warranty deed c) General warranty deed d) Quitclaim deed
d) Quitclaim deed
2) When the population of a town suddenly increases, which of these is MOST likely to occur? a) Rental rates will fall due to increased competition b) Demand for housing will decrease c) New housing starts will decrease d) Real estate prices will increase
d) Real estate prices will increase
6) Which of these is an example of an economic characteristic of land? a) Immobility b) Indestructibility c) Uniqueness d) Scarcity
d) Scarcity
74) A broker represents a seller but is currently working with a buyer to find a home. Assuming that no statute has replaced the traditional common law of agency, which of these correctly identifies the parties in this relationship? a) The broker is the buyer's agent; the seller is the broker's client. b) The buyer is the broker's client; the seller is the broker's principal. c) The seller is the broker's customer; the buyer is the broker's client, d) The broker is the seller's agent; the buyor is the broker's customer.
d) The broker is the seller's agent; the buyor is the broker's customer.
79) In a real estate sales transaction, who is the agent's principal? a) Seller b) Buyer c) Person who pays the commission d) Whoever hired the agent
d) Whoever hired the agent
59) A history of all recorded liens and encumbrances is revealed in the a) title insurance policy. b) unrecorded documents. c) chain of title. d) abstract
d) abstract
7) All of these are included in the bundle of rights EXCEPT a) possession b) control c) exclusion d) expansion
d) expansion
76) A person who is designated by the principal in a broad range of matters related to a particular transaction or activity is a a) facilitator b) special agent. c) designated agent. d) general agent.
d) general agent.
11) After suffering through a tornado and then flooding from the river, the buildings were gone. The land was still there. This is an example of a) uniqueness b) scarcity c) location d) indestructibility
d) indestructibility
100) In case the buyer decides not to buy for no legal reason, the contract may provide that the earnest money is there as a) actual damages. b) nominal damages. c) punitive damages. d) liquidated damages.
d) liquidated damages.
88) Buyer agents typically are compensated in any of these ways EXCEPT a) flat fee for service. b) percentage of selling price. c) hourly rate. d) percentage of list price.
d) percentage of list price.
15) A homeowner planted a rose bush on the is sold. The sales contract explicitly excludes the rose necessary because the rose bush ordinarily is considered to be bush from the sale. This provision is a) a trade fixture b) personal property c) an emblement d) real estate
d) real estate
8) Growing trees, fences, and buildings are all considered a) chattels. b) land c) fixtures d) real estate
d) real estate
33) All of these are characteristics of a tenancy by the entirety EXCEPT a) title may be conveyed only by a deed signed by both parties. b) the surviving spouse automatically becomes sole owner of the property upon the death of the other spouse. c) each spouse owns an equal, undivided interest in the property as a single, indivisible unit. d) the surviving spouse automatically owns one-half of the property acquired during the marriage.
d) the surviving spouse automatically owns one-half of the property acquired during the marriage.
102) If a contract seems to be valid, but neither party can sue the other to force performance, the contract is said to be a) voided b) breached c) rescinded d) unenforceable
d) unenforceable
