REAL ESTATE U Final Exam Study Questions with Correct Answers Already Graded A+

REAL ESTATE U Final Exam Study Questions with Correct Answers Already Graded A+ 1. supply - ANSWER The amount of goods offered for sale within a given market at a given price during a given time period. 2. General Agent - ANSWER A property manager is an example of what type of agent? 3. Special Agent - ANSWER A real estate agent is an example of what type of agent? 4. Sales contract, lease contract for greater than a year, purchase contract for a multi family property. - ANSWER Which of the following real estate contracts must be in writing... 5. A lease under 1 year - ANSWER Which of the following contract is NOT required to be in writing... 6. PETE - ANSWER Which of the following acronyms can be used to describe government powers with regard to real property. 7. Easement in Gross - ANSWER Which of the following easements is commonly used by utility companies... 8. Grantor - ANSWER Where a few simple determinable ends, the interest will revert to the... 9. Involuntary Lien - ANSWER A lien imposed against property without consent of an owner is referred to as an... 10. eminent domain - ANSWER the right of government to acquire property for necessary public use by condemnation is known as... 11. Easements - ANSWER A right acquired by one party to use land of another party for a special purpose is known as... 12. Right of Survivorship - ANSWER The right of a surviving tenant or tenants to succeed the entire interest of the deceased tenant is known as... 13. Community Property - ANSWER Property acquired by husband and/or wife during a marriage when not acquired as the separate property of either spouse... 14. Tenancy in Common - ANSWER An ownership of realty by two or more persons, each of whom has an undivided interest without the "right of survivorship" is known as... 15. Severalty Ownership - ANSWER property owned by one person only is referred to as... 16. Time, title, interest - ANSWER Which of the following is required to create a joint tenancy? 17. Interest, possession, title - ANSWER A joint tenancy is terminated when which of the following cease to exist? 18. Foreclosure - ANSWER Co-ownership in a property can be terminated by which of the following? 19. Ownership is divided equally among the owners. - ANSWER How is ownership is a community property between a husband and wife divided? 20. Salesperson's Sponsoring Broker - ANSWER a real estate salesperson closes on a transaction, who pays the salespersons commission? 21. General Agent - ANSWER An agent with full authority over one property of the principle. EX: Property Manager. 22. Supply - ANSWER The amount of goods offered for sale within a given market at a given price during a given period. 23. Specific Agent - ANSWER Agent with limited authority to act on behalf of the principal, such as a listing. EX real estate agent. 24. Market Comparison Approach - ANSWER A means of comparing similar type properties, which have recently sold, to the subject property. Commonly used in comparing residential properties. 25. General Uses of Real Property - ANSWER 1. Residential, Commercial, & Industrial. 26. Principal - ANSWER The employer of an agent; one of the main parties in a real estate transaction, such as a buyer, borrower, seller, or lessor. 27. Commercial Property - ANSWER Properties with 5 or more dwelling units. Property that produces rental income or that is used in business 28. Personal Property - ANSWER All property that isn't land & not permanently attached to land. (MOVABLE) 29. Which of the following is considered a legal test for determining if an item is a fixture or not...? - ANSWER Intention of the parties, adaption of the item, & Mode and permanence of how the item was attached 30. The transfer of personal property is typically done using a...? - ANSWER Bill of Sale 31. Mineral rights are typically considered dominant to which of the following rights...? - ANSWER Surface rights 32. Mobile homes not permanently attached to the land are generally considered...? - ANSWER Personal Property 33. Which of the following is an advantage to owning a home...? - ANSWER Tax benefits Pride of ownership Potential for asset appreciation