Pearson VUE Practice Test Questions with 100% Verified Answers

c. Bill of sale - 1A buyer purchases a furnished condominimum apartment as an investment. The document that evidences the buyer's ownership of the furniture is a a. Special warranty deed b. Homeowner's insurance policy c. Bill of sale d. Buyers inventory d. Accrued depreciation - Using the cost approach, an f calculates the current new replacement cost of a 15 year old structure. The next factor the appraiser will consider n completing this approach is: a. Land value b. Capitalization rate c. Net operating income d. Accrued depreciation c. 14320 - A buyer purchases a home for $55,000 and gets a commitment from a lender for an 80% loan. The lender has advised the buyer that 3 discount points will be charged. If additional closing costs are $2,000, how much total cash MUST the buyer have at closing? a. 1300 b. 13200 c. 14320 d. 15650 c. Always prohibited - Any referral of a settlement service provider for compensation is a. Only allowed on federally funded transaction b. Allowed when fully disclosed c. Always prohibited d. Only prohibited on federally funded transaction a. Earnest monies received from a clients properties in the agency's business account - A licensee is commingling trust funds by depositing: a. Earnest monies received from a clients properties in the agency's business account b. Earnest monies and rents received from a client's various properties in the same escrow/trust account c. Rents received from the licensee's own properties in a personal account d. Tenants security depositites received from various clients properties in the same escrow/trust account. b. 51200 - A lease calls for a commercial tenant to pay a guaranteed rental of $1,775 per month plus 6.5% of the gross income in excess of $325,000 per year. If the yearly gross income is $785,000, what is the annual rent? a. 51025 b. 51200 c. 52800 d. 72325 c. Built-in dishwasher - The lease of a restaurant terminates and the tenant wishes to move to another location. Which of the following items can the tenant remove from the restaurant as trade fixtures? a. Sprinkler system b. Radiators c. Built-in dishwasher d. Recessed ceiling lighting b. Equitable title - A buyer's interest in real property, acquired at the moment the seller and the buyer enter into a sales contract, is known as: a. Legal title b. Equitable title c. Fee simple determinable d. An option to purchase d. Nonconforming use - K owns and operates a small restaurant in an area recently annexed by a nearby city. As part of the annexation, the area was zoned for single-family residence, but K is allowed to continue operating the restaurant under the city's amended zoning ordinance. The allowance for K's continued operation is known as: a. Variance b. Spot zoning c. Conditional use