pearson vue sample test Questions with accurate answers, 100% Accurate, rated A+

Document Content and Description Below

pearson vue sample test Questions with accurate answers, 100% Accurate, rated A+ a. the landlord must have intentionally withheld required repairs or maintenance – ✔✔-In order for a tenan... t to claim relief for constructive eviction: a. the landlord must have intentionally withheld required repairs or maintenance b. any defects must be deemed to present a health hazard to the tenants c. the tenant must prove continuous residence in the premises d. the defect must be related to either heating or water systems c. bill of sale - ✔✔-A buyer purchases a furnished condominium apartment as an investment. The document that evidences the buyer's ownership of the furniture is a: a. special warranty deed b. homeowner's insurance policy c. bill of sale d. buyer's inventory a. fiduciary - ✔✔-A broker who enters into a property management contract is considered a: a. fiduciary b. principal c. trustee d. trustor b. equitable interest - ✔✔-A buyer's interest in real property, acquired at the moment the seller and the buyer enter into a sales contract, is known as: a. legal title b. equitable interest c. fee simple determinable d. an option to purchase a. at their initial meeting - ✔✔-The appropriate time for a selling broker to explain the agency relationship to a prospective buyer is: a. at their initial meeting b. after the buyer has viewed a number of properties c. when the buyer is prepared to sign a purchase agreement d. at closing a. $576 - ✔✔-A broker is asked to lease 1,200 square feet of warehouse space at $6 per square foot per year. If the broker's commission will be 8 percent of the first year's rental income, the MAXIMUM amount payable is: a. $576 b. $691 c. $720 d. $960 c. market area - ✔✔-A geographic region in which similar properties compete with the subject property for potential buyers is called a: a. municipality b. political district c. market area d. demand unit a. The price that willing buyers have recently paid for similar structures - ✔✔-In the absence of a formal appraisal report, which of the following choices is the MOST appropriate for setting a listing price in a new, rapidly selling neighborhood? a. The price that willing buyers have recently paid for similar structures b. The cost of reproducing the structure plus the original lot value c. The price that is an average of the cost of reproducing the structure and the recent sales prices d. The price that is an average of the listed prices of the most recently sold similar properties a. Similar utility and current material - ✔✔-Which of the following factors would be included in the description of replacement cost? a. Similar utility and current material b. Similar utility and replica of material c. Different utility and current material d. Different utility and replica of material d. Advertise the property for sale. - ✔✔-Under an exclusive right-to-sell listing, a broker has the authority to take which of the following actions on behalf of a seller? a. Accept any bona fide offer. b. Accept only those offers that meet the seller's list price. c. Pay for any needed repairs to the property and submit the bills to the seller for reimbursement. d. Advertise the property for sale. c. percentage - ✔✔-Under a lease for a commercial property, a tenant agrees to pay $4,000 per month plus 3% of the gross monthly sales. This type of lease is called a: a. net b. triple net c. percentage d. ground c. Environmental Protection Agency - ✔✔-The agency that is charged with enforcing the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) in the case of an owner who allows the dumping of wastes on a property is the: a. Housing and Urban Development b. Federal Emergency Management Agency c. Environmental Protection Agency d. Occupational Safety and Health Administration b. a shopping center - ✔✔-A percentage lease would MOST often be used for tenants in: a. an apartment complex b. a shopping center c. industrial warehouses d. doctors' offices a. Advise the prospective buyers to get a lead-based paint inspection. - ✔✔-A license holder is showing a home built in 1972 to buyers who notice paint flaking on the woodwork. How should the license holder proceed? a. Advise the prospective buyers to get a lead-based paint inspection. b. Contact the listing agent for direction before taking the next step. c. Talk with the broker about how to repair the damage. d. Suggest that the prospective buyers speak to the sellers about reducing the price. c. $2,940 - ✔✔-A lot was purchased as an investment for $10,500 and sold a year later at a loss of 20%. If the owner paid a 10% commission, what was the owner's net loss on the sale? a. $2,820 b. $2,920 c. $2,940 d. $3,150 b. Check with local law enforcement authorities about the crime rate. - ✔✔-A broker lists a property. A potential buyer tells the broker that he has heard that the crime rate in the neighborhood is increasing. Which of the following is the broker's BEST response to the buyer? a. The crime rate in the neighborhood is no higher than in any other area. b. Check with local law enforcement authorities about the crime rate. c. Any information about the crime rate must come directly from the sellers. d. The crime rate is not a defective property condition and need not be disclosed. b. It establishes a fiduciary relationship. - ✔✔-Which of the following statements about the law of agency is CORRECT? a. It refers specifically to insurance. b. It establishes a fiduciary relationship. c. It does not require a high degree of loyalty and fidelity from an agent. d. There is no employment relationship. c. lender against existing, undiscovered title defects - ✔✔-A lender's title policy will protect the: a. lender against default in loan payments b. borrower against default in loan payments c. lender against existing, undiscovered title defects d. borrower against unrecorded liens a. acceleration clause - ✔✔-The provision in a mortgage or deed of trust that gives the lender the rights to call the entire balance due upon a default in any payment is called a(n): a. acceleration clause b. prepayment penalty clause c. prepayment privilege clause d. right of redemption clause c. Operating expenses - ✔✔-In order for a property manager to determine net operating income on a property, which of the following fees is subtracted from the effective gross income? a. Debt service b. Advances to owners c. Operating expenses d. Reserve for replacements a. assessed value - ✔✔-The value placed on land and buildings by a governmental unit for use in levying annual real estate taxes is called the: a. assessed value b. market value c. appraised value d. economic value c. $93,750 - ✔✔-If a buyer makes a 20% down payment and obtains a $75,000 mortgage, what is the sales price of the property? a. $82,500 b. $90,000 c. $93,750 d. $97,500 d. protection against defects that occurred while the grantor held title - ✔✔-A special warranty deed provides: a. maximum title protection for a buyer b. covenants of quiet enjoyment to the grantee c. protection against foreclosure by a lender d. protection against defects that occurred while the grantor held title d. Advertising property for sale only to members of a specific national origin - ✔✔-Which of the following acts is illegal under Federal Fair Housing law? a. Advertising property for sale only to military people b. Providing special loan programs for low-income people c. Refusing to sell a home to a person with a poor credit history d. Advertising property for sale only to members of a specific national origin d. adjustable-rate mortgage - ✔✔-A loan that provides for increases and decreases in the interest rate during its term is known as a(n): a. equity sharing mortgage b. graduated-payment mortgage c. reverse mortgage d. adjustable-rate mortgage c. eminent domain - ✔✔-The right of local government officials to acquire title to real estate for public purposes by condemnation is based on the power of: a. taxation b. escheat c. eminent domain d. land-use planning c. market value - ✔✔-The price for which a property will sell if offered openly under normal conditions is known as: a. cash value b. mortgage loan value c. market value d. assessed value b. easement - ✔✔-The condition which allows a property owner to convey a right to another party while retaining full legal title is a(n): a. covenant b. easement c. encroachmen [Show More]

Last updated: 1 year ago

Preview 1 out of 17 pages