Real Estate National Exam Questions And
Correct Answers, 100% Verified Solution
How does a creditor who has obtained a judgement get satisfaction against a
debtor who will not pay?
Writ of Execution
The economic characteristics of land are?
Scarcity, location, and durability
What lease would best suit couples needs who are looking for temporary
housing?
Month-to-Month lease
The land description T3N, R4W Principal Meridian refers to what type of property
description?
Rectangular survey
Crops that require annual planting are generally considered to be?
Personal Property
A distinguishing characteristic of owning property by land trust is that?
The identity of the legal owner is kept confidential
A lawsuit for reverse condemnation may be brought by the?
Homeowner
If conditions for purchase are included in a deed and these conditions are
violated, what is the penalty?
Return of the property to the original owner
When more than one approach to value is applied to a property and different
indications of value are produced, how should the final estimate of value be
determined?
Reconciliation
A borrower has defaulted on the mortgage. The mortgage contains an
acceleration clause. This permits the lender to?
Demand immediate payment of the entire note
Too much leverage may result in?
Negative cash flow
A managing broker can be held responsible for?
All real estate activities of salespersons
Earnest money should be deposited into a trust account when?
In a timely manner
Why was the Jones vs Mayer decision of 1968 important?
By upholding the Civil Rights Act of 1866
A landlord may refuse to rent to a tenant who?
Has ever been convicted of selling illegal drugs
The buyer is assuming a mortgage presently on the property in the amount of
$110,000. What is the adjustment made at the closing?
Credit buyer $110,000, debit seller $110,000
In most states, foreclosed property is sold through?
Public auction
, Depreciation is calculated based on?
Cost of the building only
A judgement has been properly recorded. Any subsequent purchasers have
actually examined the record or not, have been given?
Constructive notice
An agreement to purchase which has not been closed is?
An executory contract
An agency agreement between a property owner and a property manager is
usually created by?
A management agreement
Homes built before 1978 require?
the buyer to acknowledge disclosure of the presence of any known lead paint
What is the first step to take when mold actions are found?
Identify and remedy the cause of the problems
When a principal authorizes an agent to perform to a particular act or transaction,
it is an example of?
Specific agency
A broker earns his commission when?
The seller accepts the offer
A benefit of a deed of trust is?
Foreclosure is usually simpler and faster
The purpose of usary laws is to regulate?
Interest rates charged by lenders
The FHA functions most like an?
Insurance company
A loan that requires a borrower to pay interest only until the due date and then to
pay the entire principal of the maturity date is called the?
Term loan
A deed restriction is applicable to the activities of?
Present and future owners
New sidewalks installed only on one side of the street will probably be paid for
by?
Special assesement
What would be needed to be obtained for permission to build a grocery store in
an area zoned residential?
Conditional use permit or zoning ordinance.
What is used to increase the lenders yield on a real estate loan?
Origination fee
A competitive market analysis is performed when?
Pricing property
Contracts made by a minor are?
Void
What is usary?
Collecting more interest than is allowed by law
All liens are?
Encumbrances
Correct Answers, 100% Verified Solution
How does a creditor who has obtained a judgement get satisfaction against a
debtor who will not pay?
Writ of Execution
The economic characteristics of land are?
Scarcity, location, and durability
What lease would best suit couples needs who are looking for temporary
housing?
Month-to-Month lease
The land description T3N, R4W Principal Meridian refers to what type of property
description?
Rectangular survey
Crops that require annual planting are generally considered to be?
Personal Property
A distinguishing characteristic of owning property by land trust is that?
The identity of the legal owner is kept confidential
A lawsuit for reverse condemnation may be brought by the?
Homeowner
If conditions for purchase are included in a deed and these conditions are
violated, what is the penalty?
Return of the property to the original owner
When more than one approach to value is applied to a property and different
indications of value are produced, how should the final estimate of value be
determined?
Reconciliation
A borrower has defaulted on the mortgage. The mortgage contains an
acceleration clause. This permits the lender to?
Demand immediate payment of the entire note
Too much leverage may result in?
Negative cash flow
A managing broker can be held responsible for?
All real estate activities of salespersons
Earnest money should be deposited into a trust account when?
In a timely manner
Why was the Jones vs Mayer decision of 1968 important?
By upholding the Civil Rights Act of 1866
A landlord may refuse to rent to a tenant who?
Has ever been convicted of selling illegal drugs
The buyer is assuming a mortgage presently on the property in the amount of
$110,000. What is the adjustment made at the closing?
Credit buyer $110,000, debit seller $110,000
In most states, foreclosed property is sold through?
Public auction
, Depreciation is calculated based on?
Cost of the building only
A judgement has been properly recorded. Any subsequent purchasers have
actually examined the record or not, have been given?
Constructive notice
An agreement to purchase which has not been closed is?
An executory contract
An agency agreement between a property owner and a property manager is
usually created by?
A management agreement
Homes built before 1978 require?
the buyer to acknowledge disclosure of the presence of any known lead paint
What is the first step to take when mold actions are found?
Identify and remedy the cause of the problems
When a principal authorizes an agent to perform to a particular act or transaction,
it is an example of?
Specific agency
A broker earns his commission when?
The seller accepts the offer
A benefit of a deed of trust is?
Foreclosure is usually simpler and faster
The purpose of usary laws is to regulate?
Interest rates charged by lenders
The FHA functions most like an?
Insurance company
A loan that requires a borrower to pay interest only until the due date and then to
pay the entire principal of the maturity date is called the?
Term loan
A deed restriction is applicable to the activities of?
Present and future owners
New sidewalks installed only on one side of the street will probably be paid for
by?
Special assesement
What would be needed to be obtained for permission to build a grocery store in
an area zoned residential?
Conditional use permit or zoning ordinance.
What is used to increase the lenders yield on a real estate loan?
Origination fee
A competitive market analysis is performed when?
Pricing property
Contracts made by a minor are?
Void
What is usary?
Collecting more interest than is allowed by law
All liens are?
Encumbrances
