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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
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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 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
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written evidence of a personal promise to repay money borrowed is a: - ansnote Which of the following contracts does not have to be in writing to be enforced? - ansone-year lease starting immediately Regarding a lease assignment, the: - ansassignee becomes primarily liable under the lease and the assignor retains secondary liability. a situation in which the grantor becomes the lessee of the grantee is known as: - anssale and leaseback 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
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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 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
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Upon the death of a broker, his daughter, also a broker wishes to take over his clients. She must: - ansRenegotiate all of the listings What does the Sherman Antitrust Act prohibit brokers from doing? - ansSetting standard commission rates When a license is issued to a corporation, who is entitled to act as the designated broker? - ansOne officer of the corporation When an open listing is given to six brokers, they: - ansEach has the opportunity to earn the entire commission True or False, A net listing is illegal in Arizona? - ansFalse A buyer withdraws her full price offer prior to acceptance. The earnest money deposit would:
- ansBe returned in full to buyer A client refuses to sell his property when presented with an offer according to the terms of a valid listing. The client: - ansDoes not have to sell A contract could best be described as an: - ansOffer and acceptance between competent parties upon consideration to do or not do some legal act 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
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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 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
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Condemnation of private property for public use is called the right of: - ansEminent Domain An Economic characteristic of real property would be? - ansSitus If a salesperson listed and sold a property for $190,000 and received 60% of the 7% commission paid to her employing broker, how much did the salesperson receive? - ans$7, In the absence of any agreement in the sale contract, which most likely would be considered personal property? - ansFuel in an Oil tank "It would not be an appurtenance" describes which of the following? - ansTrade Fixtures Items of personal property are called: - ansChattels Patents, copyrights, trademarks are best described as: - ansIncorporeal Physical characteristics of real estate include: - ansIndestructibility Police power is the government's right to: - ansEnact laws for the common good Public land-use controls exist in the form of: - ansZoning Laws Real estate includes: - ansFixtures Real estate is best defined as: - ansLand, the buildings on it, and anything permanently attached to the land and/or buildings and all appurtenances "T" earns 8% commission on the first $75,000 of sales for the month and 3% for all sales over that amount. If "T" sold houses totaling $162,100 for the month, how much more would "T" have earned at a straight 6% commsission. - ans$1,113. Taking property for public use utilizing the condemnation process is under the: - ansPower of eminent domain The ability of the state to enact and enforce zoning ordinances is based on: - ansPolice Power 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
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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' 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
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Terminology, such as ranch, contemporary, Spanish, adobe, or Santa Fe, all refer to: - ansArchitectural designs The "elevation" of a house is the: - ansPictorial view of the front of the house Three descriptions of a section: - ans1.One square mile 2.One mile square 3.5,280 feet on each side The lowest structural horizontal member of a frame house, resting on top of the foundation is a: - ansMudsill or sill The primary survey line running east and west in a rectangular survey is: - ansBaseline the rectangular survey system: - ansIs used primarily in the west and midwest the shortest distance between sections 5 and 32 of the same township would be: - ans4 miles The S1/2 of NW1/4 of SE1/4 of SW1/4 of NW1/4 of a section contains: - ans1 1/4 acres The uprights used in a construction, to which drywall is affixed are called: - ansStuds The W1/2 of the NW1/4 of the NW1/4 of the SE1/4 of the SW1/4 of a section is to be paved for parking at a cost of $1.20 per square foot. The total paving cost will be: - ans$65, To determine the square footage of a residence, licensees should: - ansMeasure the exterior and deduct "non-livable" areas to fence the north 1/2 of the north 1/2 of the SE 1/4 of a section would take how much fencing? - ans1 1/4 mile What do topographical lines on maps indicate? - ansContours What holds up the second story of a two-story house? - ansJoists When planning major remodeling of the interior of a home, which of the following is the most important factor? - ansLoad bearing walls Which of the following is used for foundation footings? - ansConcrete What sections are contiguous to section 7 of a township? - ans12 and 17 A duplex that rents for $1,250, is in an area of a smaller duplex in similar condition that rents for $440 per unit and just sold for $132,000. Using this information, the larger duplex would have a value of: - ans$187, A loss in value because of a lesser value homes being built in an area would be an example of the principal of: - ansRegression A political factor influencing value would be: - ansRent Control 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
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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 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
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Obedience Disclosure Confidentiality Reasonable Care and Diligence Accounting A broker, in dealing with the public may not: - ansKeep silent about a material fact in the transaction A buyer gives a post-date check with an offer. The broker should: - ansInform the seller as to the form of the deposit A contract in which a property owner employs a broker to market the property creates an agency relationship between whom? - ansBroker and Seller A fibrous mineral used for fireproofing but which is considered to be an airborne carcinogen is: - ansAsbestos A lawsuit by a principal against a broker who failed to follow instructions will probably result in: - ansMoney damages A listing salesperson should do all of the following except: - ansAdvise prospective buyers of the lowest price the seller will accept. A Phase I environmental assessment includes all of the following except: - ansPollution Cleanup A prospective buyer knows the owner is considering an offer, She asks the broker the amount of the offer so she can exceed it. The broker should: - ansNotify the owner of the request. A real estate agent in an agency relationship must exercise all of the following except: - ansManagement A real estate salesperson advised a prospective buyer that the property the buyer was considering was schedules for annexation into the city limits. This disclosure constituted: - ansRequired disclosure to the buyer A real estate salesperson may not: - ansAccept a commission from another broker: A real estate salesperson is selling the listing of another broker, is directly responsible to: - ansHis or her broker A sales person associated with Lighthouse Realty effects a sale of a property listed by Point Hazard Realty. In this transaction the salesperson is an agent for which of the following? - ansLighthouse Realty A salesperson received 2 offers for a listed property within a 1-minute period. One offer was 2% less than the listed price and the other was 6% less than the listed price. What should the salesperson present to the seller? - ansBoth offers A salesperson's position to an owner-client of the broker is closest to that of: - ansSubagent An agency cannot be denied when the words or actions of one party led another to believe that an agency existed, would be an: - ansAgency by estoppel 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
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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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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 The legal right to enter anothers land is called an: - anseasement The right of a utility company to use properties is: - ansAn easement in gross The right to erect a billboard on anothers property is most likely a: - ansLicense The servient tenement is: - ansThe property on which the easement exists The use of property that continues in contravention of new zoning is: - ansA nonconforming use Treatment of nonconforming uses under new zoning does not include: - ansImmediate closure What would a landlocked property owner most likely ask the court to grant? - ansan easement by necessity When improvements are made accidentally on the land of another: - ansThe improver is allowed to remove the improvements, providing any damages to the property is repaired. Which of the following is an example of down zoning? - ansZoning from multiple family to single family use Which of the following restrictive covenants is most likely to be enforceable? - ansProhibits use for anything other than single family dwellings What would not terminate and easement? - ansNonuse of a prescriptive easement for six months. Which of the following is not a specific lien? - ansA judgment lien Which of the following is not an encumbrance on real property? - anshomestead right Which of the following liens would usually be classified as the prior lien? - ansThe current real estate tax assessment Which remedy would be most effective for a property owner whose request for rezoning has been refused by the city planning commission? - ansMake a presentation to the city council in spite of the planning commission. With the permission of Will, Tom has used a shortcut over Will's land for over 25 years in order to get to the highway. Tom has a: - ansLicense A fee simple subject to termination upon the occurrence of a specified event but does not terminate automatically, would be? - ansFee simple on condition subsequence A free hold estate would be: - ansAn estate in reversion A grantor for a life estate has a: - ansReversionary interest A gross lease is the type usually: - ansUsed for leasing apartment rentals. A lease for a definite period of time is least likely to be terminated by: - ansThe death of the lessor A lease may be verbal and not written if the lease term is less than: - ansOne year A lessor refused to sign the lease, but accepted monthly rent from the lessee who had taken possession. The: - ansLessee is on the periodic tenancy A life estate holder purchased the interest of the remainder man. The life tenant now holds? - ansA fee simple
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A person who receives a fee interest following the termination of a prior estate is called: - ansA remainder man A person with an interest in land having the right to impose conditions on its future use has: - ansA fee simple interest A provision in a lease provided that upon the expiration of its term the rents increase 250 percent/ The purpose of this clause is to prevent: - ansA tenancy at sufferance 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
