Real Estate Salesperson License Exam
Questions with Complete Answers
A married couple purchases property and takes title as Tenants by the Entirety.
What is not true about this? - ANSWER-When the spouse dies their share will pass
to their heirs including but not limited to the surviving spouse.
The local government needs your land to build a new high school. They have the
right to take your land for the public good. What is this called? - ANSWER-Eminent
Domain
You have recently purchased property in an area regulated by zoning. It has come to
your attention that you have zoning violation on the property. What should you do? -
ANSWER-Request a variance from the zoning board
One of the property owners in a subdivision is violating the deed restrictions. What
can the other property owners do to get him to comply? - ANSWER-Seek an
injunction from the courts
Your property boarders a non-navigable waterway and you have riparian rights. You
have built a 10-foot pier at the waters edge. How do you measure your property? -
ANSWER-To the middle of the waterway
Mary, a single woman, ha snow children. She owns real property and dies intestate.
What happens to her real property? - ANSWER-The court will appoint an
administrator and it will be distributed to her heirs by the Law of Descent.
What is the best example of a buffer zone? - ANSWER-Garden apartments between
single family homes and retail shops.
All of the following apply to water rights except? - ANSWER-Prior appropriation
Main difference between Zoning and Master Planning? - ANSWER-Zoning laws are
implementation and Master Planning is a process.
A property owner has a gas station on his land. The zoning committee changes the
zoning to R-1. What must a property owner do? - ANSWER-Nothing. The property is
automatically considered a con-conforming use.
A property owner receives a notice that his land is an improvement district. What
does this mean? - ANSWER-He wil l receive an additional tax bill.
, A property owner has installed a chain link fence on his property. He has received an
official notice requiring the removal of this type of fence. This fence is most likely a
violation of? - ANSWER-Deed Restrictions or Deed Covenants
A single property is regulated by building codes, zoning, and deed restrictions. The
rules are in conflict with one another. Which must the property owner obey? -
ANSWER-Whichever rules are the most strict or limiting.
M.A.I. refers to what professional group? - ANSWER-Real Estate Appraisers
A builder is using inferior siding and paint in an effort to construct affordable housing.
This builder is an example of? - ANSWER-Functional Obsolescence
An appraiser has been asked to determine the market value of a home significantly
older than all other homes in the neighborhood. What approach should he use? -
ANSWER-Cost Approach using replacement cost
A builder is very successful and active in a new subdivision. Homes in the
subdivision are selling well, and the builder is making a good profile on the sale. The
new builders arrive and begin to sell in the same subdivision. All experience a lower
level of profit. Which principle of appraisal would this be? - ANSWER-Principle of
Competition
When measuring gross area the appraiser measures the? - ANSWER-Under roof
What is the best definition for market value? - ANSWER-Most probable price
In preparing an appraisal, which of the following would have the least impact on the
appraiser's estimate of value? - ANSWER-Physical Deterioration
An appraiser has been asked to determine the value of an old house in an up and
coming neighborhood. What method would he likely use to provide the most
accurate and reliable result? - ANSWER-Market Data Approach
What is the least important factor for a licensee preparing a CMA? - ANSWER-
Information from expired listings of unsold property in the area.
What does the term 'modular' refer to? - ANSWER-Prefabricated Housing
An appraiser is using the Market Data Approach to determine the value of a
residential property. What would not be true? - ANSWER-His comparable should not
be more than one year old
An appraiser has been hired to appraise a commercial office building that is fully
leased. What approach to appraisal will he use to determine his opinion of value? -
ANSWER-Income Approach
Foreclosure under a 'power of sale' clause ends when the Trustee delivers a ... -
ANSWER-Trustee's Deed
Questions with Complete Answers
A married couple purchases property and takes title as Tenants by the Entirety.
What is not true about this? - ANSWER-When the spouse dies their share will pass
to their heirs including but not limited to the surviving spouse.
The local government needs your land to build a new high school. They have the
right to take your land for the public good. What is this called? - ANSWER-Eminent
Domain
You have recently purchased property in an area regulated by zoning. It has come to
your attention that you have zoning violation on the property. What should you do? -
ANSWER-Request a variance from the zoning board
One of the property owners in a subdivision is violating the deed restrictions. What
can the other property owners do to get him to comply? - ANSWER-Seek an
injunction from the courts
Your property boarders a non-navigable waterway and you have riparian rights. You
have built a 10-foot pier at the waters edge. How do you measure your property? -
ANSWER-To the middle of the waterway
Mary, a single woman, ha snow children. She owns real property and dies intestate.
What happens to her real property? - ANSWER-The court will appoint an
administrator and it will be distributed to her heirs by the Law of Descent.
What is the best example of a buffer zone? - ANSWER-Garden apartments between
single family homes and retail shops.
All of the following apply to water rights except? - ANSWER-Prior appropriation
Main difference between Zoning and Master Planning? - ANSWER-Zoning laws are
implementation and Master Planning is a process.
A property owner has a gas station on his land. The zoning committee changes the
zoning to R-1. What must a property owner do? - ANSWER-Nothing. The property is
automatically considered a con-conforming use.
A property owner receives a notice that his land is an improvement district. What
does this mean? - ANSWER-He wil l receive an additional tax bill.
, A property owner has installed a chain link fence on his property. He has received an
official notice requiring the removal of this type of fence. This fence is most likely a
violation of? - ANSWER-Deed Restrictions or Deed Covenants
A single property is regulated by building codes, zoning, and deed restrictions. The
rules are in conflict with one another. Which must the property owner obey? -
ANSWER-Whichever rules are the most strict or limiting.
M.A.I. refers to what professional group? - ANSWER-Real Estate Appraisers
A builder is using inferior siding and paint in an effort to construct affordable housing.
This builder is an example of? - ANSWER-Functional Obsolescence
An appraiser has been asked to determine the market value of a home significantly
older than all other homes in the neighborhood. What approach should he use? -
ANSWER-Cost Approach using replacement cost
A builder is very successful and active in a new subdivision. Homes in the
subdivision are selling well, and the builder is making a good profile on the sale. The
new builders arrive and begin to sell in the same subdivision. All experience a lower
level of profit. Which principle of appraisal would this be? - ANSWER-Principle of
Competition
When measuring gross area the appraiser measures the? - ANSWER-Under roof
What is the best definition for market value? - ANSWER-Most probable price
In preparing an appraisal, which of the following would have the least impact on the
appraiser's estimate of value? - ANSWER-Physical Deterioration
An appraiser has been asked to determine the value of an old house in an up and
coming neighborhood. What method would he likely use to provide the most
accurate and reliable result? - ANSWER-Market Data Approach
What is the least important factor for a licensee preparing a CMA? - ANSWER-
Information from expired listings of unsold property in the area.
What does the term 'modular' refer to? - ANSWER-Prefabricated Housing
An appraiser is using the Market Data Approach to determine the value of a
residential property. What would not be true? - ANSWER-His comparable should not
be more than one year old
An appraiser has been hired to appraise a commercial office building that is fully
leased. What approach to appraisal will he use to determine his opinion of value? -
ANSWER-Income Approach
Foreclosure under a 'power of sale' clause ends when the Trustee delivers a ... -
ANSWER-Trustee's Deed
