REALESTATEEXAM|QUESTIONS&100%C
j j j j j j j
ORRECTANSWERS(VERIFIED)|LATESTU
j j j j j
PDATE | GRADEA+ j j j
Manyjstatesjdeterminejthejorderjofjwaterjrightsjaccordingjtojwhichjusersjofjthejwaterjholdjajre
cordedjbeneficialjusejpermit.jThisjallocationjofjwaterjrightsjisjdeterminedjby:
A. accretion
B. riparianjtheory
C. littoraljtheory
D. thejdoctrinejofjpriorjappropriation
Answer:jD.jAlljtermsjrelatejtojwaterjrights,jwithj"riparian"j-
j thejrightjtojusejwaterjadjacentjtojone'sjpropertyj-
beingjthejmostjcommonjinjsectionsjofjthejU.S.jwherejwaterjisjabundant.jHowever,jinjthejstat
j
esjwherejwaterjisjmorejscarce,jajformjofj"priorjappropriation"japplies.jAlsojknownjasj"firstjinjti
mejisjfirstjinjright,"jitjgrantsjwaterjrightsjtojdivertjajspecificjamountjofjwaterjfromjajspecificjsour
cejtojirrigatejajspecificjpiecejofjproperty.jThosejrightsjarejthenjassignedjajpriorityjbasedjonjw
henjthejrightjwasjfirstjusedjorjappliedjfor.jInjperiodsjofjpeakjdemand,jtheyjgivejthosejwhosejcl
aimjisjthejoldestjthejrightjtojgetjtheirjwaterjfirst.
Ajrealjestatejlicenseejhasjajbuyerjagencyjagreement.jW hatjisjthejsellerjinjthisjsituation?
A. ajcustomer
1
,B. ajclient
C. ajfiduciary
D. anjagent
Answer:jA.jThere'sjanjimportantjdistinctionjbetweenjclientjandjcustomer.jUnlessjtherejisjajs
pecificjagreementjtojthejcontrary,jlicenseesjrepresentjonlyjonejsidejinjajtransaction.jInjthisjc
ase,jit'sjthejbuyerjwhojisjthejclientjandjit'sjthejlicensee'sjobligationjtojnegotiatejajdealjthat'sjinjt
hatjperson'sjbestjinterests,jnotjthejonejthat'sj"fairest"jtojbothjparties
Thejfastestjwayjtojcalculatejonejmonth'sjinterestjonjajrealjestatejloanjwithjanjinterestjratejofj7.
2%jinterestjperjannuljisjtojmultiplyjthejprincipaljbalancejby:
A. 0.006
B. 0.6
C. 7.2%jandjdividejbyj12
D. 12jandjdividejbyj7.2%
Answer:jA.jByjdividingjthej7.2%jratejbyj12jfirst,jyoujcanjfindjonejmonth'sjinterestjbyjmultiplyin
gjthejloanjamountjbyj.006;j7.2%jdividedjbyj12j=j.006,jratejforjonejmonth.
Anjoptionorjandjanjoptioneejmakejajcontractjforjanjoptionjonjajcommercialjpiecejofjproperty.jI
fjthejoptioneejdecidesjtojexercisejhisjoption,jwhenjmustjhejperform?
A. Hejmustjexercisejhisjoptionjwithinj6jmonthsjunderjstatejlaw
B. Hejmustjexercisejhisjoptionjunderjthejtermsjofjthejoptionjcontract
C. Hejmustjexercisejhisjoptionjwhenjthejoptionorjdemandsjit
2
,D. Hejcanjexercisejhisjoptionjwheneverjhejwants
Answer:jB.jOptionsjarejgenerallyjconcernedjwithjonlyjtwojthings:jtimejandjprice.jWhateverjt
hejpartiesjagreejtojinjthosejregardsjdefinesjthejtermsjofjthejoptionjandjthejobligationsjofjthejp
arties.
Thejrightjtojcontroljone'sjpropertyjincludesjalljofjthejfollowingjEXCEPT:
A. thejrightjtojinvitejpeoplejonjthejpropertyjforjajpoliticaljfund-raiser
B. thejrightjtojexcludejthejutilitiesjmeterjreader
C. thejrightjtojerectj"nojtrespassing"jsigns
D. thejrightjtojenjoyjpridejofjownership
Answer:jB.jThisjrightjtojenterjandjworkjonjajpropertyjisjgrantedjtojutilityjcompaniesj(water,jse
wer,jgasjandjelectric)jasjwelljasjtelephonejandjcablejcompanies.jEssentially,jifjajcompanyjpr
ovidesjajservicejandjownsjthejequipmentj(e.g.,jphonejandjcablejlines),jtheyjarejusuallyjgrant
edjanjeasement.
Mr.jBrown,jlicensedjbroker,jtookjanjofferjfromjMr.jGreenjonjlandjforj$6,000jwithjthejfollowingj
terms:j$2,000jdownjandjpurchasejmoneyjtrustjdeedjandjnotejforjthejbalance,jpayablej$70jp
erjmonthjincludingjinterestjatj7.2%.jIfjthejofferjwasjacceptedjbyjthejseller,jwhatjisjthejbalancej
ofjthejloanjafterjthejfirstj3jmonthsjpayment?
A. $3,186
B. $3,467
C. $3,861
D. $3,790
3
, Answer:jC.j$6,000jpricej-j$2,000jdownj=j$4,000jfirstjtrustjdeed.j$4,000jxj.006j=
$24.00jinterestjfirstjmonth.j$70j-j$24j=j$46.00jappliedjtojprincipal.j$4,000j-j$46j=
$3,954jbalancejafterjfirstjmonth.j$3,954jxj.006j=j$23.72jinterestjsecondjmonth.j$70j -
$23.72j=j$46.28jappliedjtojprincipal.j$3954j-
j $46.28j=j$3907.72jbalancejafterjsecondjmonthj$3,907.72jxj.006j=j$23.45.j$70j-
$23.45j=j$46.55jappliedjtojprincipal.j$3,907.72
j
-j$46,55j=j$3,861.17.
Whenjcanjajlandlordjevictjajdisabledjblindjorjdisabledjtenantjfromjthejpremises?
A. Ifjthejtenantjgetsjajdogjandjthejapartmentjpolicyjdoesjnotjallowjpets
B. Ifjthejtenantjinsistsjonjajhandicappedjparkingjplace
C. Ifjthejtenantjmakesjmodificationsjtojhisjunitjatjhisjexpense
D. Ifjthejtenantjhasjloudjpartiesjandjmakesjtoojmuchjnoise
Answer:jD.jThejlawjrequiresj"reasonablejaccommodation"j-
forjexample,jallowingjajguidejdogjforjajblindjpersonjevenjifjthere'sjaj"nojpets"jpolicy.jHowever
j
,jthatjdoesjnotjmeanjthatjalljrulesjarejsuspended.jNoise,jsafety,jandj"usejofjpremisesjpolicies
"jmayjstilljbejenforced.
WhichjofjthejfollowingjtypesjofjownershipjCANNOTjbejcreatedjbyjoperationjofjlaw,jbutjmustjb
ejcreatedjbyjthejparties'jexpressedjintent
A. communityjproperty
B. tenancyjinjcommon
C. condominiumjownership
D. tenancyjbyjthejentireties
4
j j j j j j j
ORRECTANSWERS(VERIFIED)|LATESTU
j j j j j
PDATE | GRADEA+ j j j
Manyjstatesjdeterminejthejorderjofjwaterjrightsjaccordingjtojwhichjusersjofjthejwaterjholdjajre
cordedjbeneficialjusejpermit.jThisjallocationjofjwaterjrightsjisjdeterminedjby:
A. accretion
B. riparianjtheory
C. littoraljtheory
D. thejdoctrinejofjpriorjappropriation
Answer:jD.jAlljtermsjrelatejtojwaterjrights,jwithj"riparian"j-
j thejrightjtojusejwaterjadjacentjtojone'sjpropertyj-
beingjthejmostjcommonjinjsectionsjofjthejU.S.jwherejwaterjisjabundant.jHowever,jinjthejstat
j
esjwherejwaterjisjmorejscarce,jajformjofj"priorjappropriation"japplies.jAlsojknownjasj"firstjinjti
mejisjfirstjinjright,"jitjgrantsjwaterjrightsjtojdivertjajspecificjamountjofjwaterjfromjajspecificjsour
cejtojirrigatejajspecificjpiecejofjproperty.jThosejrightsjarejthenjassignedjajpriorityjbasedjonjw
henjthejrightjwasjfirstjusedjorjappliedjfor.jInjperiodsjofjpeakjdemand,jtheyjgivejthosejwhosejcl
aimjisjthejoldestjthejrightjtojgetjtheirjwaterjfirst.
Ajrealjestatejlicenseejhasjajbuyerjagencyjagreement.jW hatjisjthejsellerjinjthisjsituation?
A. ajcustomer
1
,B. ajclient
C. ajfiduciary
D. anjagent
Answer:jA.jThere'sjanjimportantjdistinctionjbetweenjclientjandjcustomer.jUnlessjtherejisjajs
pecificjagreementjtojthejcontrary,jlicenseesjrepresentjonlyjonejsidejinjajtransaction.jInjthisjc
ase,jit'sjthejbuyerjwhojisjthejclientjandjit'sjthejlicensee'sjobligationjtojnegotiatejajdealjthat'sjinjt
hatjperson'sjbestjinterests,jnotjthejonejthat'sj"fairest"jtojbothjparties
Thejfastestjwayjtojcalculatejonejmonth'sjinterestjonjajrealjestatejloanjwithjanjinterestjratejofj7.
2%jinterestjperjannuljisjtojmultiplyjthejprincipaljbalancejby:
A. 0.006
B. 0.6
C. 7.2%jandjdividejbyj12
D. 12jandjdividejbyj7.2%
Answer:jA.jByjdividingjthej7.2%jratejbyj12jfirst,jyoujcanjfindjonejmonth'sjinterestjbyjmultiplyin
gjthejloanjamountjbyj.006;j7.2%jdividedjbyj12j=j.006,jratejforjonejmonth.
Anjoptionorjandjanjoptioneejmakejajcontractjforjanjoptionjonjajcommercialjpiecejofjproperty.jI
fjthejoptioneejdecidesjtojexercisejhisjoption,jwhenjmustjhejperform?
A. Hejmustjexercisejhisjoptionjwithinj6jmonthsjunderjstatejlaw
B. Hejmustjexercisejhisjoptionjunderjthejtermsjofjthejoptionjcontract
C. Hejmustjexercisejhisjoptionjwhenjthejoptionorjdemandsjit
2
,D. Hejcanjexercisejhisjoptionjwheneverjhejwants
Answer:jB.jOptionsjarejgenerallyjconcernedjwithjonlyjtwojthings:jtimejandjprice.jWhateverjt
hejpartiesjagreejtojinjthosejregardsjdefinesjthejtermsjofjthejoptionjandjthejobligationsjofjthejp
arties.
Thejrightjtojcontroljone'sjpropertyjincludesjalljofjthejfollowingjEXCEPT:
A. thejrightjtojinvitejpeoplejonjthejpropertyjforjajpoliticaljfund-raiser
B. thejrightjtojexcludejthejutilitiesjmeterjreader
C. thejrightjtojerectj"nojtrespassing"jsigns
D. thejrightjtojenjoyjpridejofjownership
Answer:jB.jThisjrightjtojenterjandjworkjonjajpropertyjisjgrantedjtojutilityjcompaniesj(water,jse
wer,jgasjandjelectric)jasjwelljasjtelephonejandjcablejcompanies.jEssentially,jifjajcompanyjpr
ovidesjajservicejandjownsjthejequipmentj(e.g.,jphonejandjcablejlines),jtheyjarejusuallyjgrant
edjanjeasement.
Mr.jBrown,jlicensedjbroker,jtookjanjofferjfromjMr.jGreenjonjlandjforj$6,000jwithjthejfollowingj
terms:j$2,000jdownjandjpurchasejmoneyjtrustjdeedjandjnotejforjthejbalance,jpayablej$70jp
erjmonthjincludingjinterestjatj7.2%.jIfjthejofferjwasjacceptedjbyjthejseller,jwhatjisjthejbalancej
ofjthejloanjafterjthejfirstj3jmonthsjpayment?
A. $3,186
B. $3,467
C. $3,861
D. $3,790
3
, Answer:jC.j$6,000jpricej-j$2,000jdownj=j$4,000jfirstjtrustjdeed.j$4,000jxj.006j=
$24.00jinterestjfirstjmonth.j$70j-j$24j=j$46.00jappliedjtojprincipal.j$4,000j-j$46j=
$3,954jbalancejafterjfirstjmonth.j$3,954jxj.006j=j$23.72jinterestjsecondjmonth.j$70j -
$23.72j=j$46.28jappliedjtojprincipal.j$3954j-
j $46.28j=j$3907.72jbalancejafterjsecondjmonthj$3,907.72jxj.006j=j$23.45.j$70j-
$23.45j=j$46.55jappliedjtojprincipal.j$3,907.72
j
-j$46,55j=j$3,861.17.
Whenjcanjajlandlordjevictjajdisabledjblindjorjdisabledjtenantjfromjthejpremises?
A. Ifjthejtenantjgetsjajdogjandjthejapartmentjpolicyjdoesjnotjallowjpets
B. Ifjthejtenantjinsistsjonjajhandicappedjparkingjplace
C. Ifjthejtenantjmakesjmodificationsjtojhisjunitjatjhisjexpense
D. Ifjthejtenantjhasjloudjpartiesjandjmakesjtoojmuchjnoise
Answer:jD.jThejlawjrequiresj"reasonablejaccommodation"j-
forjexample,jallowingjajguidejdogjforjajblindjpersonjevenjifjthere'sjaj"nojpets"jpolicy.jHowever
j
,jthatjdoesjnotjmeanjthatjalljrulesjarejsuspended.jNoise,jsafety,jandj"usejofjpremisesjpolicies
"jmayjstilljbejenforced.
WhichjofjthejfollowingjtypesjofjownershipjCANNOTjbejcreatedjbyjoperationjofjlaw,jbutjmustjb
ejcreatedjbyjthejparties'jexpressedjintent
A. communityjproperty
B. tenancyjinjcommon
C. condominiumjownership
D. tenancyjbyjthejentireties
4
