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Mississippi Real Estate Exam|| ACTUAL EXAM
QUESTIONS AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) |A+ GRADED||NEWEST
EXAM!!!
Legislation that was specifically designed to provide for a
national policy of fair housing was the: - ANSWER-Fair
Housing Act of 1968.
True or False
Appraisers are not bound by the fair housing laws. -
ANSWER-False
Panic selling for financial gain by insinuating that a
minority group is moving into a neighborhood is known as
- ANSWER-blockbusting.
What is the penalty for a second fair housing offense
within the past 5 years? - ANSWER-$27,500
What are the 7 protected classes? - ANSWER-race, color,
religion, national origin, sex, familial status, handicapped
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What act prohibits discrimination on the basis of race,
color, nationality, sex, marital status or age
in the granting of credit? - ANSWER-Equal Credit
Opportunity Act
What is the penalty for a first offense fair housing
violation? - ANSWER-$11,000
A violation of the Fair Housing Law is - ANSWER-
misdemeanor
To protect himself from Fair Housing suits, an agent
should - ANSWER-keep accurate records of what property
he shows to whom.
Who may be exempt from the Fair Housing Act of 1968? -
ANSWER-unlicensed owners
The sellers have agreed to give the buyer a carpet
allowance to replace the family room carpet. They will
allow $19.95 per square yard for carpet plus $5 per square
yard for pad and installation. If the family room is 22'6"x
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15', how much will it cost the sellers (to the nearest cent)?
- ANSWER-$935.63
The Department of Housing and Urban Development
estimates that most private homes built before 1978
contain potentially dangerous levels of lead. Because of
this, some Federal agencies, such as FHA, - ANSWER-
require the buyer to acknowledge disclosure of the
presence of any known lead paint
A tenant rented an apartment, signing a 15-month lease.
After the lease expired, the tenant paid 1 month's rent and
got a receipt. What kind of leasehold goes the tenant
have? - ANSWER-Holdover tenancy
How does a creditor who has obtained a judgment get
satisfaction against a debtor who will not pay? - ANSWER-
Writ of execution
Timeshare ownership programs MOST often use which of
the following ownership forms? - ANSWER-tenancy in
common
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In every real estate transaction, a legal description of the
real estate MUST appear in the transaction documents.
What kind of legal description should be used in MOST
transactions? - ANSWER-the same one used in prior
transfers of the parcel, verified by a surveyor
A landowner wishes to build a neighborhood grocery store
on a busy street in an area zoned for residential use.
Which of the following would MOST likely be used to
obtain permission for this store? - ANSWER-Conditional
use permit or zoning varience
An environmental impact statement typically describes the
effects of a proposed project on factors such as -
ANSWER-public health and safety
Although states make specific laws governing water rights
and the rights in land that borders water, most states
generally follow one of two basic doctrines regarding water
rights. Either riparian and littoral rights are automatically
conveyed with property, or all water rights are controlled
by the state under the doctrine or prior appropriation. The
doctrine of prior appropriation is MOST likely to be
followed in states where - ANSWER-water is scarce
Mississippi Real Estate Exam|| ACTUAL EXAM
QUESTIONS AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) |A+ GRADED||NEWEST
EXAM!!!
Legislation that was specifically designed to provide for a
national policy of fair housing was the: - ANSWER-Fair
Housing Act of 1968.
True or False
Appraisers are not bound by the fair housing laws. -
ANSWER-False
Panic selling for financial gain by insinuating that a
minority group is moving into a neighborhood is known as
- ANSWER-blockbusting.
What is the penalty for a second fair housing offense
within the past 5 years? - ANSWER-$27,500
What are the 7 protected classes? - ANSWER-race, color,
religion, national origin, sex, familial status, handicapped
,2|Page
What act prohibits discrimination on the basis of race,
color, nationality, sex, marital status or age
in the granting of credit? - ANSWER-Equal Credit
Opportunity Act
What is the penalty for a first offense fair housing
violation? - ANSWER-$11,000
A violation of the Fair Housing Law is - ANSWER-
misdemeanor
To protect himself from Fair Housing suits, an agent
should - ANSWER-keep accurate records of what property
he shows to whom.
Who may be exempt from the Fair Housing Act of 1968? -
ANSWER-unlicensed owners
The sellers have agreed to give the buyer a carpet
allowance to replace the family room carpet. They will
allow $19.95 per square yard for carpet plus $5 per square
yard for pad and installation. If the family room is 22'6"x
,3|Page
15', how much will it cost the sellers (to the nearest cent)?
- ANSWER-$935.63
The Department of Housing and Urban Development
estimates that most private homes built before 1978
contain potentially dangerous levels of lead. Because of
this, some Federal agencies, such as FHA, - ANSWER-
require the buyer to acknowledge disclosure of the
presence of any known lead paint
A tenant rented an apartment, signing a 15-month lease.
After the lease expired, the tenant paid 1 month's rent and
got a receipt. What kind of leasehold goes the tenant
have? - ANSWER-Holdover tenancy
How does a creditor who has obtained a judgment get
satisfaction against a debtor who will not pay? - ANSWER-
Writ of execution
Timeshare ownership programs MOST often use which of
the following ownership forms? - ANSWER-tenancy in
common
, 4|Page
In every real estate transaction, a legal description of the
real estate MUST appear in the transaction documents.
What kind of legal description should be used in MOST
transactions? - ANSWER-the same one used in prior
transfers of the parcel, verified by a surveyor
A landowner wishes to build a neighborhood grocery store
on a busy street in an area zoned for residential use.
Which of the following would MOST likely be used to
obtain permission for this store? - ANSWER-Conditional
use permit or zoning varience
An environmental impact statement typically describes the
effects of a proposed project on factors such as -
ANSWER-public health and safety
Although states make specific laws governing water rights
and the rights in land that borders water, most states
generally follow one of two basic doctrines regarding water
rights. Either riparian and littoral rights are automatically
conveyed with property, or all water rights are controlled
by the state under the doctrine or prior appropriation. The
doctrine of prior appropriation is MOST likely to be
followed in states where - ANSWER-water is scarce
