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What is not a specific lien? - ansjudgment Lien What is not an encumbrance on real property? - anshomestead right the physical characteristics of land include: - ansindestructibility what restrictive covenants is most likely to be enforceable? - ansprohibits use for anything other than single-family dwelling. What would a landlocked property owner most likely ask the court for? - anseasement by necessity restrictive covenants are enforced by - anslegal action by other owners Mary is interested in a parcel of real estate owned by Kathy. Mary has a title report that shows the property is encumbered by several liens. The lien with the highest priority is the lien: - ansfirst recorded What is not a characteristic of a fee simple estate? - ansfree of encumbrances A valid deed does not require a: - anssignature of the grantee "to have and to hold,"most likely would be included in a: - ansHabendum clause A seller who will only defer the title he is giving against others who claim an interest through or under him would give a: - ansspecial warranty deed title is transferred by deed at the time of: - ansdelivery and acceptance Which of the following actions would not prevent a claim of adverse possession? - ansordering the adverse user to desist Standard coverage in a title insurance policy does not insure against: - ansquestions of survey Razing a hotel to build an office building is most likely an example of the principles of: - ansHighest and best use the appraisal on a quality single-family residence would be least influenced by: - ansprojected rental income What is the function of a real estate appraiser? - ansto estimate market value A loss in value because of lesser-value homes being built in the area would relate to the principle of: - ansregression Market value is best defined as: - ansthe maximum price a willing informed buyer would pay to a willing informed seller An element that does not create value is: - anscost A broker has just received a full price offer on one of her own listings. Minutes later, she receives an identical offer from another office. How should she proceed with the presentation of the offers? - ansall offers should be presented at the same time. A type of listing in which many brokers may be employed simultaneously is known as an: - ansopen listing An owner gave an exclusive listing to broker Joe and open listing to broker Mary. Mary sold the property and was paid a full commission. What is the status of the commission. - ansJoe gets a full commission. In order to collect a commission under an exclusive right to sell listing, it is not necessary for a broker to prove: - ansthe broker was the procuring cause A buyer gives a post-dated check with an offer. The broker. The broker should: - ansinform the seller as to the form of the deposit A broker's authority includes: - ansonly that authority granted or implied an agency relationship can be created by? - ansthe action of a salesperson Dual agency is best described as: - ansrepresenting buyers and sellers
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under what condition would a listing not terminate? - ansSalesperson dies A salesperson was presenting the buyer's offer to the seller and at the same time teh buyer calls the salesperson to cancel his offer. What is the status of the buyer's offer? - ansOffer is void How can a buyer best be assured of getting his earnest money back if his loan is not approved? - ansplace a contingency clause in the contract a voidable contract is: - ansvalid until voided A written agreement whereby the seller agreed to convey title to a house for $80,000 and the buyer agreed to purchase the house for $80,000 with the sale to be completed within 30 days is: - ansan express bilateral executory contract Failure to meet the requirement set forth in a contract is a: - ansbreach liquidation damages would refer to: - ansforfeiture of a deposit A contract could be best described as an - ansoffer and acceptance between parties to do or not do some legal act a contract was ambiguous in that numbers written as words differed from the numerals. Which takes precedence? - answords take precedence over numerals Smith enters into a binding contract to buy lot 3 in subdivision x from brown. Before closing, brown receives a higher offer for the lot and refuses to convey it, offering smith instead an adjacent similar lot. What can happen now? - ansSmith can sue for specific performance under the contract and force brown to convey lot 3. A property is listed for sale at $90,000. A comparative market analysis shows that its market value is about $75,000. The wiring and plumbing are substandard and the lot, supposedly 150 feet deep, has not been surveyed. What representation could a listing agent make to a prospective buyer without a violation? - ansHe could say the house has "charm". A broker should not tell a prospective purchaser: - ansThat people of a different race live next door Property buyers have concern about environmental risks associated with purchasing property due to the strict liability established in federal and state legislation. The federal act known as Superfund is the: - ansComprehensive Environmental Response, Compensation, & Liability Act if a parcel of real estate is near a toxic waste site the agent would be obligated to: - ansdisclose the fact A Phase I environmental assessment includes all of the following procedures except: - anspollution cleanup A colorless, odorless gas which is a hazard to health and is found in homes throughout the United States is: - ansRadon A real estate salesperson advised a prospective buyer that the property the buyer was considering was scheduled for annexation into the city limits. This disclosure constituted which of the following: - ansRequire disclosure to buyer a broker is instructed not to show a property while the owner, who is white, is away. While the owner is out of town, a black couple requests to be shown the property. The broker should: - ansrefuse to show the property A broker wants to advertise a property in a black neighborhood in a paper aimed at black readership. To do so, the broker must: - ansalso advertise in a paper (or papers) of general circulation
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Carla leases a building and installs shelves, cabinets, a refrigerator, and other articles for the use in the business. Therefore: - ansCarla can remove the equipment installed before her lease expires. What is the purpose of the management agreement? - ansto define the scope of responsibilities and authorities of the manager A salesperson knows that the buyer's closing costs on a specific sale transaction are likely to be $1,500. The buyer wants to make an offer but is concerned about coming up with enough money for the down payment and closing costs. In order to help the buyer decide to make the offer, the salesperson says that the seller usually pays all the closing costs. This comforts the buyer and she makes the offer, only to find out about the $1,500 in closing costs that she is going to have to pay. What ethical or legal violation, if any, has the salesperson most likely committed? - ansunderestimating closing costs to induce the buyer to make an offer A real estate salesperson advises her buyer-client to take title ot the house the married couple acquired as joint tenants. The salesperson: - anscould be held liable for the unlawful practice of law a salesperson acted in an unethical manner. His Broker: - ansmay be liable for a failure to supervise A broker and an owner discussed several types of listing agreements and decided upon an exclusive right to sell. The broker drafted the listing , but the owner did not sign it. The broker subsequently produced a willing buyer and demanded the commission from the owner based upon the exclusive right to sell. The commission is: - ansNot due because the agreement was not signed by the owner to be enforceable. A broker listed a widow's property for a 7% commission. Later, the widow discovered that the broker had been listing other property at a 6% fee. Based on these facts: - ansBroker has done nothing wrong A broker sold an apartment building to a syndicate in which the broker was a member without informing the seller of his interest. Before closing, the owner discovered the broker's interest and refused to sell. What will probably result if the broker files suit to collect a commission? - ansRelease of the owner's commission to the broker. A broker who desires to be compensated if another person sells the property during the listing period should acquire an: - ansExclusive right to sell listing A broker with an open listing can help protect her commission by: - ansNotifying the owner in writing that she is negotiating with a particular prospect. A broke would be least likely to advertise an: - ansOpen listing A commission is earned by a broker when the: - ansBroker finds a ready, willing and able buyer. A licensee who acts as the broker for a corporation in a: - ansdesignated broker A listing is a contract between the: - ansSeller and broker A listing which requires the seller to pay the listing broker a commission if the property is sold is an: - ansexclusive right to sell listing A property is listed by broker Tom at $92,000 with $30,000 down. Broker Jim brought a full price cash offer that the owner rejected. Broker Jim is entitled to: - ansNothing A salesperson can be compensated for an act within the scope of the real estate law by: - ansHis or her own broker
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A salesperson has acted in an unethical manner. His broker: - ansMay be liable for a failure to supervise. A salesperson is the representative of the: - ansBroker A salesperson knows that the buyer's closing costs on a specific sales transaction are likely to be $1,500. The buyer wants to make an offer, but is concerned about coming up with enough money for the down payment and the closing costs. In order to help the buyer decide to make the offer, the salesperson says that the seller usually pays all the closing costs. this comforts the buyer and he makes the offer, only to find out later about the $1,500 in closing costs that he will have to pay. What ethical or legal violations, if any, has the salesperson most likely committed? - ansUnderestimating closing costs to induce the buyer to make an offer. A salesperson who is responsible to his broker only as the results of his work is: - ansAn independent contractor A type of listing in which many brokers may be employed simultaneously is know as: - ansOpen A valid exclusive right to sell listing contract: - ansRequires the seller to pay the broker a commission if the broker performs in accordance with the terms of the listing contract An authorization to sell is a mutual agreement between the broker and the principal and it is considered to be: - ansA contract for personal and professional services An exclusive agency may not be terminated: - ansby the principal when the broker is making the principal's payments to avoid foreclosure An exclusive right to sell agency could not be terminated prior to the expiration date when the: - ansAgency is coupled with an interest. An owner gave an exclusive right to sell listing to broker "A", and exclusive agency listing to broker "B" and an open listing to broker "C". Broker "C" sold the house and collected a commission while the other listings were still in effect. Which of the following is correct? - ans"A" and "B" are each entitled to a full commission. An owner gave an exclusive listing to broker Joe and an open listing to broker Mary. Mary sold the property and was paid a full commission. Who gets the commission? - ansJoe is due a full commission An owner would most likely appoint multiple agents under: - ansopen listings Arizona law requires which of the following to appear on the face of the listing contract? - ansExpiration date ARMLS is a multiple listing service dealing with: - ansMember brokers who share information Avery Brown listed his property for sale with broker Steve Bennett, stipulating that he, the seller, wanted to receive $39,000 from a sale after all expenses or charges were deducted. Broker Bennett can sell the property for any amount over the $39,000 and keep the difference. This type of listing is: - ansDiscouraged by the Arizona Department of Real Estate Each brokerage is operated by a: - ansDesignated broker Elizabeth is a salesperson with 123 reality and is about to change firms. Should she contact all her clients and tell them she will represent them at her new firm? - ansNo. The listings belong to the broker, not the salesperson. If a commission amount or percentage is not stated in the listing agreement: - ansThe broker would not be entitled to a commission
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A contract for the purchase of real estate made by 17- year-old person who intends to reside in the property is: - ansVoidable A contract was ambiguous in that number written as words differed from the numerals. Which takes precedence? - ansWords take precedence over numerals? A legal procedure brought about by one party to a contract to enforce the terms of the contract is: - ansSpecific performance... A new contract is substituted for an existing one and the parties are relieved of responsibility, is an example of: - ansNovation A property is listed for sale with an agent for $190,000; buyer submits an offer of $185,000. True or False, can the buyer withdraw his offer at any time prior to acceptance by the seller? - ansTrue A unilateral contract is enforceable against: - ansOptionor A valid contract could be unenforceable because of: - ansThe Statue of Limitations A void contract is a contract that is: - ansNot capable of enforcement A wavier is a: - ansUnilateral Contract A written agreement whereby the seller agreed to convey title to a house for $180,000 and the buyer agreed to purchase the house for $180,000 with the sale to be completed within 30 days is: - ansAn express bilateral executory contract All transfers of real property must be in writing as required by the: - ansStatue of Liberties An exclusive right to sell listing is an: - ansExecutory listing An offer to purchase states that it would be kept open for acceptance for three day. The day after making the offer, and before acceptance, it is withdrawn. The real estate agent should inform the offeror that: - ansHe may withdraw without penalty An offer to purchase contract becomes a binding contract between seller and purchaser: - ansAt the time the purchaser has been notified of the seller's written acceptance of the offer to purchase An option could be described as an: - ansUnilateral Contract An option does not become a binding contract upon both parties until the: - ansOption is exercised Assuming a sales contract does not address the issue of death; which action applies if the seller dies prior to the settlement? - ansThe contract remains valid and enforceable Assuming that no written provision addresses the death of either party, a purchase contract where the seller dies after the contract is formed, but before settlement: - ansIs binding on the heirs of the seller Commingling would occur when a licensee: - ansPuts earnest money deposits in his personal account Damages for a breach of contract in excess of the actual loss suffered would be: - ansPunitive damages Duress applied to a party to a contract makes the agreement: - ansVoidable Equitable title under an executory purchase contract would refer to: - ansBuyer's Interest Every contract must include: - ansAn offer and acceptance Failure to meet the requirement set forth in a contract is a: - ansBreach If upon receipt of an offer to purchase under certain terms the seller makes a counter offer, the prospective purchaser is: - ansRelieved of his/her original offer
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If, upon receiving an offer to purchase under certain terms and conditions, the seller makes a conditional acceptance, the offeror is: - ansRelieved from the original offer unconditionally Joe and Don agree that Joe will purchase Don's house for $125,000 cash on June 30th. This is an example of: - ansBilateral, Express, Executory Licensed real estate brokers are given authority to draw those documents necessary in the course of their work by? - ansArizona Constitution Oral testimony can be accepted as evidence for each following example except: - ansExplaining the contract means other than stated "R" submits a purchase agreement to "T" who accepts it and makes minor changes. Then "R" dies. What is the status of the contract? - ansVoid because the changes were not initialed by the purchaser The "time is of the essence" clause in a contract means: - ansMust be accepted within the time stated The earnest money given with an offer to purchase and held in the broker's trust account is said to belong to: - ansThe buyer The money that the salesperson receives from the buyer as escrow deposit should be: - ansDeposited in the agency trust account the offeror dies just prior to the offeree acceptance of the offer. The contract is: - ansunenforceable The person who signs to show acceptance of the sales contract is the: - ansOfferee The provision in a purchase contract that provides that the buyer shall forfeit the deposit if the buyer fails to complete the purchase is know as: - ansliquidation damages The Statue of Frauds was passed to prevent: - ansPerjury The Statue of Frauds became a law in England in 1677 and has since been enacted in all states of the U.S. It requires that: - ansReal Estate contract be written To create a binding contract for real property, the acceptance of the ofer must be signed by the: - ansOfferee under contract law the following is required for a valid contract: - ansOffer must be accepted Under the Statue of Frauds, what is not covered? - ansAn agreement between two brokers to split commissions. Voidable could best be described as: - ansValid unless voided When all parties to a contract have agreed to its terms, this is referred to as: - ansMeeting of the minds True or False, an optionee has a legal right to return of consideration if option is not exercised
- ansFalse What would not terminate an offer: - ansA request by offeree for more time for acceptance Which of the following must be included in an Arizona Real Estate Purchase Contract? - ansState the form of earnest money deposit A broker has a listing on a vacant lot of 100 feet wide by 125 feet deep that is for sale at $ per front foot. The commission at 8% of the sales price is: - ans$2, A broker's commission was 8% of the first $75,000 of the sales price of a house and 6% on the amount over $75,000. What was the total selling price of the property if the broker received a total commission on $9,000? - ans$125, A salesperson receives $5,684.50 commission from the sale of a house after the deduction of a 45% brokerage fee and a $425 fee for administrative services was deducted from the total
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The agreement does not specify it, but a home seller can most likely remove: - ansThe freestanding fireplace screen The characteristics of land that causes the real estate market to be essentially a local market is the physical characteristic of: - ansImmobility The government may acquire private land for the public welfare through the right of: - ansEminent domain The nonhomogeneity of land: - ansresults from the uniqueness of every parcel of real estate The process for implementing the taking of private property for public use wherein just compensation is paid to the owner is called: - ansCondemnation The property of a person who dies intestate and has no heirs will escheat to: - ansState Government The quality of the location of land and consequently the value of the land can be changed by:
- ansImprovements to the land that result in accessibility not previously available Tom sells a piece of land for $74,400. If Tom netted $67,890 after paying a broker's commission, what was the rate of commission paid? - ans8.75% Under the Uniform Commercial Code, the document used to create an interest in personal property is: - ansA security agreement What best describes chattel? - ansPersonal Property What is it called if property passes back to the state? - ansEscheat When property is taken for public use and compensation is given, then the following term would be sued to describe what has happened: - ansEminent Domain What is not an example of police power? - ansTaking land for a parkway Which of the following has the greatest effect on real property value? - ansLocation Which of the following is an example of the private control of land use? - ansRestrictive Covenants Three examples of police power are? - ans1.Control Land Use 2.Control Rents
- Condemn as unfit for occupancy Three ways to determine whether and item is a fixture? - ans1.Method of Attachment 2.Intent of the annexor 3.Adaptability of item Which of the following is personal property? - ansMortgage note. What three items are included in a bundle of rights? - ans1.Encumbrances 2.Quiet Enjoyment 3.Control A 660' by 660' parcel contains what percentage of the land contained in 1,320' by 1,320' parcel? - ans25% A datum plane is used by? - ansSurveyors A farmer owns the W1/2 of the NW1/4 of the NW1/4 of a section. The adjoining property can all be purchased at $2,300 per acre. To own all of the NW1/4 for the section would cost the farmer: - ans$322, A five-acre rectangular parcel is divided into six equal lots, each having a depth of 250'. The width of each lot is approximately? - ans145.2'
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A four-sided parcel of land has 2,640 feet on one side. At the right angles to this side is a side 5,280 feet long. Parallel to the shorter side is a side of 5,280 feet. The ends of the two parallel sides of 2,640 feet and 5,280 feet are connected. The resulting acreage is: - ans480 acres A government check is described in what three ways? - ans1.Contains 16 townships 2.Is used as a north-south correction due to the curvature of the earth. 3.Corrects the north-south line by 200 feet in each government check. A legal description reads, starting at the NW corner of a section 3 and proceeding in a straight line to the SW corner of section 8, thence in a straight line due East for two miles, thence North to the point of beginning. How many acres are represented by the legal description? - ans1,280 acres A lot measuring 300 feet by 726 feet is purchased by a builder for $640,000. 20% of the land is used for streets and improvements at a total cost of $200,000, and the rest is subdivided into half-acre lots. How much must each lot sell for in order for the builder to realize a 20% return on the total investment? - ans$126, A metes and bounds description must: - ansCommence and finish at the same identifiable point A metes and bounds legal description reads "from the point of beginning 1,200' south then 1,500' west then 600' north then in a straight line back to the point of beginning." The parcel of land contains how many square feet? - ans1,350,000 square feet A metes and bounds legal description includes all of the following? - ans1.Metes as lengths 2.A point of beginning 3.Bounds as directions A range is a strip of land: - ansSix miles wide running north and south A rectangular lot with an apartment on it is worth $193,000. The value is $4.40 per square foot for the lot. If the lot is 200' deep, what is the width? - ans220' A rectangular survey must include which of the following? - ansTownship lines A roof with four sloping sides rising to a ridge is called a: - ansHip A roof with two sloping sides rising to a ridge is called a: - ansGable A square mile contains how many acres? - ans A township was divided by a straight line from the NW corner of section 6 to the SE corner of section 36. Each of the two parcels contains how many acres? - ans11, A triangular lot measures 350 feet along the street and 425 feet in depth on the side that is perpendicular to the street. If a broker sold the lot for $1.50 per square foot and his commission rate was 9% what was the amount of commission earned? - ans$10,040. An acre of land contains: - ans43,560 square feet Assume a metes and bounds description starts in the center of a section and thence goes in a straight line to the northwest cornet of the section, thence south 2,640' along the west section line and thence in a straight line to the point of beginning. The parcel so described would contain: - ans80 acres Correction lines are 24 miles apart and were originated to: - ansOvercome the effect of the earth's curvature Footings, foundation, and floor, all poured in one place, is called: - ansMonolithic Slab Horizontal rows of townships are known as: - ansTiers How many half-acre lots can be obtained from a parcel of land 660 feet by 1320 feet after removing 15% for streets? - ans
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A property has a net income of $30,000. An appraiser decides to use a 12 percent capitalization rate rather than ten. This will result in: - ansA $50,000 decrease in appraised value. An appraisal is valid for: - ansThe appraisal is valid for: An appraiser making an appraisal for a lender would be more interested in: - ansNeighborhood forces outside the property itself. A appraiser received figures from a CPA on past rent receipts and operating expenses. The appraiser should: - ansAdjust the figures provided for future occurrences An appraiser would not define excess land as any land: - ansThat produces excess income An appraiser would not determine cost of replacement by using: - ansObserved condition method An appraiser, using the cost approach to value, has the most difficulty in determining the: - ansAccumulated depreciation Depreciation is divided into three types; physical deterioration, functional obsolescence, and:
- ansEconomic obsolescence Depreciation is most important to an appraiser using the: - anscost approach Ellen's home recently appraised at $105,000, it has depreciated 30% in the three years since it was purchased. What was the original cost? - ans$150, Functional obsolescence would not be caused by: - ansThe proximity of a nuisance Functional obsolescence consists of: - ansLoss of value due to defective or outdated building design In appraising a building, the appraiser would consider all of the following: - ansLocation Vacancy Factor Replacement cost In preparing an estimate of value for a twenty five unit apartment building, and appraiser will most likely use the: - ansIncome approach In using the market comparison approach, the appraiser assumes: - ansNo two properties are identical Kristina bought a house for $60,000. Six months later she had to move and sold it for $54,600. Her percentage loss is calculated by using what? - ans$5,400 divided by $60, Land and improvements must be appraised separately when using the: - ansCost approach Lash listed his property for sale at $100,000. If his cost was 80% of the listed price, what will his percent of profit on the investment be, if it sells for the listed price? - ans25% Loss of value due to negligent care of the property is called: - ansPhysical deterioration Paul owns a property free and clear valued at $30,000 on which he plans to build a building and lease it at an annual rent of $65,000. Operating expenses are estimated to be $11,000 per year. If an eight percent net return is expected on the total investment, what will be the cost of the improvements? - ans$645, Razing a hotel to build an office building is most likely an example of the principle of: - ansHighest and best use The advisability of including a tennis court with a planned apartment building MAY be determined by the principle of: - ansContribution The appraisal of a quality single-family residence would be least influenced by: - ansProjected rental income
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The appraisal of real estate is based upon three approaches; market data, replacement cost, and: - ansIncome The approach that considers amenity values is the: - ansMarket comparison approach The existence of a water filtration plant in a residential area, may subject homes in the area to: - ansEconomic obsolescence The first step in appraising unimproved property would be to determine the: - ansHighest and est use The gradual decay of decline in value of property from natural causes is called: - ansDepreciation The last lot in a subdivision sold for three times the price paid for the first lot. This is most likely to be an example of: - ansSupply and Demand The market comparison method has the least validity: - ansWhen there have been few sales The market data approach to value is normally used in estimating the value of: - ansVacant Land The most essential approach to value in residential appraisals is considered to be the: - ansMarket data approach The principle of supply and demand predicts: - ansDemand increasing when price decreases The purpose of the income approach is to: - ansConvert net income to market value The reason that the gross rent multiplier is not an accurate estimate of value is that it fails to consider: - ansUnusual expenses To estimate effective gross income, one would deduct which of the following from the calculation of gross income for the property? - ansA vacancy and collection loss factor Using all three methods of appraisal and assigning different weights to each method is known as: - ansReconciliation Value is best described as: - ansThe present worth of future benefits Which method would be used to determine the present value of future income? - ansIncome approach Which method would most likely be used by licensees in estimating the value of single- family residences? - ansMarket comparison Which of the following is not considered in the market data approach to value? - ansAcquisition cost to present owner Which of the following is based on historical cost and reduced by the accumulated depreciation for tax or accounting purposes? - ansBook Value Which of the following refers to "economic life"? - ansThat period during which the building contributes value to the land. With fixed rents and a capitalization rate of 8%, an increase in taxes of $4,000 would result in the value of a property: - ansDecreasing by $50, A broker allowed a person to appear to act as her agent. The broker cannot deny the agency now because of: - ansEstoppel A broker brought a qualified buyer to the seller. However at the close of escrow, the seller refused to pay the commission. What should the broker do? - ansTurn the earnest money over to the seller, and wait for the court to decide A broker must not tell a prospective buyer: - ansThat the owner will accept less than the listing price.
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An agent has an offer on a property listed by another real estate company. No one in the listing brokerage is available within 24 hours. The salesperson must: - ansGet written permission from the seller to present the offer An agent who can do any act the principal is capable of delegating would be an: - ansUniversal agent An agent's duties to the principal include all of the following except: - ansLegal Advice An exclusive agency listing would not establish an: - ansAgency by implication An instrument authorizing one person to act for another is called: - ansPower of attorney An intentional misstatement of a material fact that a party relies on to their damage is: - ansFraud An offer has been accepted on a 10-acre parcel, when the broker learns that the buyer has been buying up land in the area at a much higher price. The broker should: - ansNotify the seller of the facts Commission sharing is an agreement between: - ansCooperating brokers In a dual agency, the broker: - ansWorks for both the buyer and seller In a subagency, the selling salesperson is responsible to the: - ansSelling Broker In order to be able to accept compensation from both the buyer and seller the broker must: - ansHave written permission from both parties Is it possible for a broker to collect a commission from both parties to a transaction: - ansWith full disclosure to both parties and with their written consent. John Jamison, a salesperson with Taylor Realty, lists the property of Charles and Loretta Simpson for sale at $52,000. The Simpson's have told Mr. Jamison that they are pressed to sell and would accept a purchase price of $49,000. Jamison shows the property to Randy Evans and tells Evans he can purchase the property fro $49,000. Jamison has: - ansViolated his relationship with his client. "Puffing" relates to exaggerations not made as representations of fact. Puffing is: - ansLegal but discouraged Salesman "J" shows property to buyer "T". On another particular day, salesman "J" tells buyer "T" that he has found a house that is perfect for him. The agency relationship would best be described as... - ansImplied Agency Sue listed her house with a broker, she told the broker that the house had termite infestation and some structural damage, but the repairs had just been completed. What is the broker obligated to do? - ansInform potential buyers The holder of a general power of attorney, in dealing with real property of his or her principal, could not: - ansBuy the property The owner tells the broker that there is a sewer on the property, A buyer purchases the property and discovers there is only a septic tank on the property. Who is liable? - ansThe broker The phrase which best describes the nature of a broker's duty to keep a principal fully informed is: - ansFiduciary oblication The relationship between the seller and a listing broker is that of: - ansPrincipal and agent Which of the following may a broker disclose to a prospective purchaser without permission?
- ansWhy the property is not desirable Which of the following is not an agency relationship? - ansSalesperson-buyers
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Which of the following is not essential to the creation of an agency relationship? - ansAn agreement to pay consideration A city can originate zoning building codes to control the use of the land for the welfare of the greatest number of people through the: - ansright of police power A deed restriction does not permit the building of a fence. The buyer erects a fence for his dog. The neighbors would enforce the deed restriction by: - ansA civil court action A deed restriction would be best described as an: - ansEncumbrance A driveway that extends illegally onto a neighbors property is an: - ansEncroachment A man wants to build a garage next to his home, but the side setback from the zoning does not allow the construction. He should obtain a: - ansZoning Variance A planning commission is generally concerned with all except: - ansConstruction Methods A right of way across an adjoining property for purposes of ingress and egress is considered an: - ansEasement appurtenant A tract of land benefited by an easement is called a: - ansDominant estate "A" sells property on which a recorded easement exists. "A" makes no mention of the easement during negotiations. Therefore, the easement: - ansRuns with the land All of the following are specific liens except: - ansInternal Revenue Taxes An appurtenant easement on the servient tenement's property would: - ansGo with the real property An easement created through continued use of a property is called: - ansA prescriptive easement An easement in gross: - ansIs attached to a person, not a property An easement in gross is a: - ansPersonal right to use the property An easement is not terminated by: - ansA sale where the deed does not reference the easement An interest in real estate that was created by the deed is known as: - ansAn easement appurtenant Before a person can move into a newly completed building: - ansAn occupancy certificate must be obtained Buildings that were erected before the enactment of a zoning ordinance and do not comply with the zoning limitations are called: - ansNon-conforming uses Deed restrictions are created by: - ansGrantors Failure to assert a right within a reasonable period may cause the court to determine that the right to assert it is lost due to: - ansLaches Frank is the owner of the legal right to cross over the land of Ross. The land of Ross is referred to as: - ansA servient tenement John Wilson sells a 40-acre parcel of land to Walter Frank. If Mr. Wilson wants to retain the right to cross the parcel to reach another tract behind the parcel, he must include which of the following in the deed? - ansAn easement Restrictive covenants are enforced by: - ansLegal action by other owners The following is not required to obtain an easement by prescription: - ansKnowledge by the owner The following right is least likely to transfer with the sale of land: - ansLicense The following would be a lien against real estate except a: - ansRestrictive Covenant The following would be a specific lien on a real property: - ansA Special assessment
Your Essential Guide to Comprehensive Test
Questions, Key Topics, and Verified Solutions!
Ann Ultimate Exam Study Guide to Success.
A tenancy for years is: - ansType of lease A tenant stays in possession without permission of the landlord. The tenant has: - ansTenancy at sufferance A tenant who pays rent and some or all of the ownership charges has a lease called: - ansA net lease A verbal lease for nine months starting in six months would be: - ansUnenforceable A woman verbally agreed to a six-month lease, but prior to occupancy she changed her mind. Her verbal agreement is: - ansEnforceable Ale gave a life estate to Ben based on the life of Chuck. If Ben dies, who is entitled to possession? - ansBen's heirs Alex gives property to Ben for Ben's lifetime, then the property passes to Chuck. This is an example of: - ansEstate in remainder An estate at will is a: - ansTenancy of uncertain duration An owner of a fee simple estate gives title to his daughter, but reserves the right to occupy the property until he dies. The interest of the daughter is: - ansFee simple estate Bill occupies an apartment under written lease for one-year which expired May 1. he has paid his rent each month since then. In order to cancel this tenancy, landlord must serve tenant with: - ansOne month notice Definite duration refers to an: - ansEstate for years Gail leased a commercial building to Sam for ten years. After six months, Sam moved out without notice. Gail advertised for a tenant. Gail's actions most likely relate to: - ansMitigation of damages If a grantor wants to retain interest and convey the remainder to a son, how can this best be accomplished? - ansExecute and deliver the deed reserving a life estate If a man and his wife are the owner of real estate in joint tenancy, the kind of title or estate the wife would receive in the event of the death of her husband is: - ansA fee simple estate If you hold a free hold estate, you hold all the following except: - ansAn estate for years In a net lease the lessee may pay all of the following except: - ansMortgage principal and interest Mr. Smith is a tenant under a percentage net lease on commercial property. When the owner sells the real estate to an new buyer who plans to occupy the property, what happens to Mr. Smith's lease? - ansIt is still binding and Smith pays his rent to the new owner under the terms of the original lease. Subordination of right of possession best describes a: - ansLease Susan gives a life estate to Sally and upon the death of Sally the estate will go to Susan's grandchildern. The grandchildren's interest is a: - ansRemainder estate Tenant, Andrew's, lease has expired and his landlord has indicated that Andrew may remain until the sale of the building is closed. Andrew will be charged rent for the time he occupies the building. Andrew's tenancy is called a: - ansTenancy at will The greatest possible right of ownership a person can have is: - ansA fee simple estate The landlord under a lease: - ansSubordinates his or her interest The lessee most likely pays for fire insurance under a: - ansTriple net lease The owner of a property with a condition subsequent has: - ansA defeasible estate The ownership of a parcel of land as long as it is used as a church site is known as a: - ansDeterminable Fee
Your Essential Guide to Comprehensive Test
Questions, Key Topics, and Verified Solutions!
Ann Ultimate Exam Study Guide to Success.
The relationship of the assignee to the original lessor is one of: - ansTenancy To provide protection against inflation a lessor most likely would want the inclusion of a lease clause relating to: - ansThe CPI Under an assignment of a lease, the assignor become: - ansSecondarily responsible Upon the expiration of the lease, the lessor received the complete bundle of rights by: - ansReversion What is the advantage to the lessee in a commercial sale/leaseback? - ansDeductibility of rent What type of lease is best for a commercial tenant during an inflationary period? - ansA gross lease When economic rent exceeds contract rent, and economic decision of the lessee would be to:
- ansSublet When the word fee is used in connection with ownership of real property, it refers to: - ansAn estate of inheritance Which of the following is not a characteristic of a fee simple estate? - ansIt is free of encumbrances What is an example of a freehold interest? - ansLife estate What cannot be owned in a fee simple? - ansLeasehold property Which of the following contracts does not have to be in writing to be enforceable? - ansOne year lease starting immediately A corporate officer's authority to make an offer can be checked in the: - ansCorporate bylaws A limited partner is always: - ansLimited to liability A limited partner may not: - ansParticipate in management A method of ownership reserved only for husband and wife that does not exist in Arizona is:
- ansTenancy by the entirety A passive investor in a real estate syndication would most likely be a: - ansLimited partner A syndicate for real estate purposes would most likely be a: - ansLimited Partnership Alan leased leased to Bruce for 20 years. One year later Alan died intestate leaving no heirs. What will happen now? - ansThe state will acquire the property subject to lease rights of Bruce. An incorporated developer wants to raise capital for improvements without creating any liens or incurring new debt. The developer could: - ansSell Stock Angie Hobson, a married woman, and Todd Green, a single man, may not own real estate as:
- ansCommunity property Four brothers received title to a large tract of land from their grandfather who gave each brother a one-fourth undivided interest with equal rights to possession of the land. All four received their title on their grandfather's seventieth birthday. The brothers most likely hold title in which of the following ways. - ansJoint tenants It always takes a minimum of 100 people to form a: - ansReal estate investment trust One tenant in common may not: - ansPlace an easement over the property Ownership in severalty is ownership by: - ansOne person (or legal entity) Tenancy in common refers to: - ansOwnership by two or more persons The owner of a commercial office building transfers his interest to a trustee who manages the office building for the benefit of the trustor. What type of trust has been formed? - ansInter Vivos Trust
