Exam (elaborations)
Champion Real Estate - Exam Prep (Q&A)
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Champion Real Estate - Exam Prep (Q&A)
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Champion Real Estate - Exam Prep (Q&A)Community property is that owned by:
a. the church
b. parent and child if the child is over 21
c. the city or community
d. husband or wife when purchased with community funds Correct Ans -
d. husband or wife when purchased with community funds
When real estate under lease is sold, the lease:
a. expires within 30 days, unconditionally
b. is broken
c. remains binding on the new owner unless otherwise stipulated in the lease
itself
d. must be renewed Correct Ans - c. remains binding on the new
owner unless otherwise stipulated in the lease itself
Income approach for an appraisal would be most widely used:
a. on a newly opened subdivision
b. on commercial and investment property rented to tenants
c. on property heavily mortgaged
d. on property heavily insured Correct Ans - b. on commercial and
investment property rented to tenants
The right to cross over property owned by another is called:
a. adverse possession
b. an easement
c. a homestead
d. a lien Correct Ans - b. an easement
Taxes on real estate automatically become:
a. a lien
b. an easement
,c. a relinquishment
d. a mortgage Correct Ans - a. a lien
Deeds are recorded in the:
a. City hall
b. County courthouse
c. State capitol building
d. Tenancy in common Correct Ans - b. County courthouse
Real property owned by the husband or wife prior to marriage is:
a. community property
b. separate property
c. personal property
d. tenancy in common Correct Ans - b. separate property
Eminent domain is:
a. the action of taking property for public use
b. a written agreement
c. the right to take property for public use
d. evidenced by zoning Correct Ans - c. the right to take property for
public use
The deed which states that the title conveyed is good from the sovereignty of
the soil to the
grantee and that no one else can successfully claim the property is a:
a. special warranty deed
b. general warranty deed
c. quit claim deed
d. bargain and sale deed Correct Ans - b. general warranty deed
One who acquires property under a deed is:
a. an optionee
b. a vendor
c. a grantee
, d. a trustee Correct Ans - c. a grantee
The tax on a given piece of real estate is determined by multiplying the tax
rate of the assessing
body by the:
a. selling price
b. appraised value of the property
c. assessed valuation
d. market value less depreciation Correct Ans - c. assessed valuation
The law which requires certain contracts to be in writing to be enforceable is
called the:
a. written instrument act
b. statute of limitations
c. statute of frauds
d. license act Correct Ans - c. statute of frauds
To ascertain the exact boundary lines of property, one should obtain a:
a. title insurance policy
b. survey, with corners staked, by a licensed surveyor
c. warranty deed
d. bill of sale Correct Ans - b. survey, with corners staked, by a licensed
surveyor
Amortization is the process of:
a. liquidation of debts by installments
b. depreciation
c. appraisal
d. appreciation Correct Ans - a. liquidation of debts by installments
An attorney-in-fact is the holder of:
a. a certificate as an attorney-at-law
b. a power of attorney
c. an appointment by court order
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