National - Real Estate Exam Practice Questions (Set One), Questions with answers, Rated A Which of the following is a lien on real estate? a. recorded easement b. recorded mortgage c. encr... oachment d. dead restriction - ✔✔b. recorded mortgage Which approach to value would MOST likely be useful to real estate brokers estimating the value of a single-family residence for sale in a subdivision? a. cost approach b. income approach c. market comparison approach d. gross rent multiplier - ✔✔c. market comparison approach A license is an example of? a. easement b. encumbrance c. condemnation d. police power - ✔✔b. encumbrance If the holder of an easement owns adjacent land and his physical use of the land is benefited by the easement, he is said to have: a. easement in gross b. prescriptive easement c. easement appurtenant d. license - ✔✔c. easement appurtenant A sales contract was signed by a minor. Which term describes this contract? a. voidable b. breached c. discharged d. void - ✔✔a. voidable A real estate broker hired by an owner to sell a parcel of real property must comply with? a. any and all instructions of the owner b. any and all instructions of the buyer c. concept of caveat emptor d. law of agency - ✔✔d. law of agency Which of the following could always be found by searching the county land records? a. encroachments b. rights of parties in possession c. inaccurate surveys d. mechanics' liens - ✔✔d. mechanics' liens An ordinary life estate? a. cannot be sold b. greatest estate in real property c. inheritable estate d. cannot be "wasted" - ✔✔d. cannot be "wasted" A real estate professional receives a check for earnest money from a buyer and deposits the money in the real estate professional's interest-bearing checking account over the weekend. This action exposes the real estate professional to a charge of: a. commingling b. novation c. subrogation d. accretion - ✔✔a. commingling An owner of land that borders a non-navigable stream: a. owns the land up to the mean high water mark b. owns the entire stream and the land under it c. owns the land under the water to the exact center line of the waterway d. does not own the stream since it is a public waterway - ✔✔c. owns the land under the water to the exact center line of the waterway in order to measure elevation, you need a? a. recorded plat b. correction line c. datum d. range line - ✔✔c. datum A borrower takes out a mortgage loan that requires monthly payments of $875.70 for 20 years and a final payment of $24,095. This is what type of loan? a. wraparound b. accelerated c. balloon d. variable - ✔✔c. balloon You can convey real property to? a. drunkard, a narcotics addict, a minor b. corporation, mentally incompetent person c. both of the above d. neither of the above - ✔✔c. both of the above If a borrower computed the interest charged for the previous month on a $260,000 loan balance as $1,300, what is the borrower's interest rate to the nearest half percent? a. 6% b. 6½% c. 5% d. 5½% - ✔✔a. 6% The most common method of disposing of solid waste materials, by layering them between several feet of soil, are? a. landfills b. storage tanks c. encapsulations d. electromagnetic - ✔✔a. landfills A real estate professional signs a contract with a buyer. Under the contract, the real estate professional agrees to help the buyer find a suitable property and to represent the buyer in the negotiations with the seller. The buyer may not sign an agreement with any other real estate professional. What kind of agreement has this real estate professional signed? a. exclusive buyer listing agreement b. exclusive buyer representation agreement c. open buyer agency agreement d. option contract - ✔✔b. exclusive buyer representation agreement The principals in a sales contract are? a. broker and seller b. broker and buyer c. buyer and his wife d. buyer and seller - ✔✔d. buyer and seller A grantor conveys property by delivering a deed. The deed contains five covenants. This is MOST likely a? a. general warranty deed b. quitclaim deed c. special warranty deed d. deed in trust - ✔✔a general warranty deed All of the following have been proven to pose health hazards EXCEPT: a. asbestos fibers b. carbon monoxide c. radon d. lead-based paint - ✔✔c. radon The protected categories in the 1968 law with later amendments include: a. race, color, religion, national origin, sex, disability, and families with children b. race only c. the same ones as the 1866 law d. race, color, religion, and national origin only - ✔✔a. race, color, religion, national origin, sex, disability, and families with children Title insurance: a. mandatory when a home is purchased b. not considered evidence of title c. always written to cover any future appreciation in value d. required (at least the mortgagee type) if there is a loan used in the purchase of the home - ✔✔d. required (at least the mortgagee type) if there is a loan used in the purchase of the home A real estate professional does not show non-Asian clients any properties in several traditionally Asian neighborhoods. The real estate professional bases this practice on the need to preserve the cultural integrity of Asian immigrant communities. Which statement is TRUE regarding the real estate professional's policy? a. the real estate professional's policy is steering and violates federal and state fair housing laws regardless of motivation. b. because the real estate professional is not attempting to restrict the rights of any single minority group, the practice does not constitute steering. c. the real estate professional's policy in steering, but is does not violate the fair housing laws because cultural preservation is the motive, not exclusion or discrimination. d. the real estate professional's policy has the effect, but not the intent, of steering. - ✔✔a. the real estate professional's policy is steering and violates federal and state fair housing laws regardless of motivation. A contract that binds one party to its terms but which is unenforceable against the other party is best described as: a. void contract b. voidable contract c. invalid contract d. partially binding contract - ✔✔b. voidable contract All of the following are used in calculating income rate value (IRV) except: a. property value b. rate of return c. net annual income d. depreciation factor - ✔✔d. depreciation factor A woman grants a life estate to her son-in-law and stipulates that, upon his death, the title to the property will pass to her grandson. The grandson's interest is known as a(n): a. remainder b. reversion c. estate at sufferance d. estate for years - ✔✔a. remainder A percolation test: a. needed to qualify a buyer for financing b. required to determine radon levels c. must be passed to determine if a lot will sustain a septic system d. necessary if a house can be installed with an outside water spigot - ✔✔c. must be passed to determine if a lot will sustain a septic system A primary benefit of property held in joint tenancy is: a. ownership by a maximum of two people b. the fractional interests of the owners, which can be different c. the fact that additional owners may be added later d. the right of survivorship - ✔✔d. the right of survivorship A licensed real estate sales associate has a written contract with the employing broker that specifies that the sales associate will not be treated as an employee for federal tax purposes. The sales associate's entire income is from sales commissions rather than an hourly wage. Based on these facts, the sales associate will be treated by the IRS as: a. real estate assistant b. employee c. subagent d. qualified real estate agent - ✔✔d. qualified real estate agent A woman conveys the ownership of an office building to a nursing home. The nursing home agrees that the rental income produced by the building will pay for the expenses of caring for the women's parents. When both her parents have died, ownership of the office building will revert to the woman. The estate held by the nursing home is a: [Show More]
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