CHAMPIONS SCHOOL OF REAL ESTATE SALESPERSON NATIONAL PREP EXAM 1 WITH ANSWERS 2023

CHAMPIONS SCHOOL OF REAL ESTATE SALESPERSON NATIONAL PREP EXAM 1 WITH ANSWERS 2023. John owns the dominant estate with an easement appurtenant. John sells the property. What happens to the easement? a. A commercial tenant's lease will expire at the end of the month. It is terminated by the sale. b. It belongs to the buyer. c. (Its ownership must be negotiated outside the sale. d. John retains ownership of the easement. Appurtenant - In real property law, this describes any right or restriction that goes with that property, such as an easement to gain access across the neighbor's parcel, or a covenant (agreement) against blocking the neighbor's view. ii. A broker has a one-on-one relationship with a client. This is an example of: a. brokerage. b. agency. c. independent contractor status. d. a partnership. iii. When a broker sponsors a license holder, the license holder usually remains an independent contractor. If a broker moves an independent contractor to employee status, the broker MUST: a. pay payroll taxes for the license holder. b. require the license holder to make a full-time commitment. c. provide automobile liability insurance for the license holder. d. pay for the license holder's board and MLS fees. iv. Which of the following statements about general partners is FALSE? a. General partners are involved in running the partnership on a daily basis. b. General partners have unlimited liability for the debts of the partnership. c. General partners have liability that will not exceed their initial investment. d. General partners are part owners of the partnership. General partners have general duties (run the day to day operations) and general liability which may exceed their initial investment. v. A type of business ownership where the member or manager is not generally held liable for the debts, obligations or liabilities of the company is a(n): a. sole proprietorship. b. Limited Liability Company. c. Sub-Chapter S Corporation. d. partnership. LLCs are a good way to set up a partnership/corporation to limit a manager's personal liability for the debts of the company. vi. A young couple wants to purchase a home and take title so that if one spouse dies, the other immediately becomes the sole owner of the property. They ask their agent how to do this. The agent should: a. tell them to talk to an attorney about title concerns.