ASREB Practice Exam Questions With 100% Correct
Answers.
A 3.45-acre lot sells for 50 cents per square foot. What was the selling price?
a. $37,570
b. $75,141
c. $76,230
d. $78,712
b. $75,141
A blind ad refers to an ad that
a. provides no price
b. provides no address
c. gives no indication that the property is listed with a broker
d. gives no indication that the property has been sold or not
c. gives no indication that the property is listed with a broker
A borrower is required to put 10% down for the purchase of a property. The 10%
down would be considered
a. equity
b. boot
c. tax shelter
d. leverage
a. equity
A broker, acting as a property manager, would be what type of agent?
a. special
b. general
c. implied
d. ostensible
b. general
A buyer pays 20% down and obtains a real estate mortgage. The buyer makes no
further payments. What clause would the lender now exercise?
a. alienation
b. habendum
c. novation
d. acceleration
d. acceleration
When a new home is still under construction, the County Assessor may
a. increase the assessed value ratio
b. increase the full cash value
c. decrease the tax rate
d. appeal the limited property value
b. increase the full cash value
A contract has been signed, but title has not yet passed. The contract is
a. executed
b. executory
, c. recorded
d. estopped
b. executory
A handicapped person is leasing a house that requires a modification. Which of
the following is TRUE about the modifications?
a. the lessor may forbid handicapped modifications
b. the lessor can require the lessee to reasonably restore the property at the end
of the lease
c. the lessor must pay for the modifications
d. the lessor can increase the rent due to the risk of the handicapped person
b. the lessor can require the lessee to reasonably restore the property at the end of the
lease
A holdover tenant would have a(n)
a. estate at sufferance
b. estate at will
c. freehold estate
d. remainder estate
a. estate at sufferance
Which of these property qualifications is used for vacant land?
a. Class 1
b. Class 2
c. Class 3
d. Class 4
b. Class 2
A house costs $100,000. The buyer is making a down payment of $32,000 and
getting a $68,000 loan. If there are 4 points, how much money will be paid out of
the closing for the points?
a. $400
b. $1,280
c. $2,720
d. $4,000
c. $2,720
A lender refuses to loan or limits loans in a certain minority neighborhood. This
action is called
a. steering
b. blockbusting
c. redlining
d. territory allocation
c. redlining
A lessee puts in a bookcase for commercial use; at the end of the lease the
bookcase is removed. The bookcase would be considered:
a. real property
b. trade fixture
c. appurtenant
d. chattel real
b. trade fixture
Answers.
A 3.45-acre lot sells for 50 cents per square foot. What was the selling price?
a. $37,570
b. $75,141
c. $76,230
d. $78,712
b. $75,141
A blind ad refers to an ad that
a. provides no price
b. provides no address
c. gives no indication that the property is listed with a broker
d. gives no indication that the property has been sold or not
c. gives no indication that the property is listed with a broker
A borrower is required to put 10% down for the purchase of a property. The 10%
down would be considered
a. equity
b. boot
c. tax shelter
d. leverage
a. equity
A broker, acting as a property manager, would be what type of agent?
a. special
b. general
c. implied
d. ostensible
b. general
A buyer pays 20% down and obtains a real estate mortgage. The buyer makes no
further payments. What clause would the lender now exercise?
a. alienation
b. habendum
c. novation
d. acceleration
d. acceleration
When a new home is still under construction, the County Assessor may
a. increase the assessed value ratio
b. increase the full cash value
c. decrease the tax rate
d. appeal the limited property value
b. increase the full cash value
A contract has been signed, but title has not yet passed. The contract is
a. executed
b. executory
, c. recorded
d. estopped
b. executory
A handicapped person is leasing a house that requires a modification. Which of
the following is TRUE about the modifications?
a. the lessor may forbid handicapped modifications
b. the lessor can require the lessee to reasonably restore the property at the end
of the lease
c. the lessor must pay for the modifications
d. the lessor can increase the rent due to the risk of the handicapped person
b. the lessor can require the lessee to reasonably restore the property at the end of the
lease
A holdover tenant would have a(n)
a. estate at sufferance
b. estate at will
c. freehold estate
d. remainder estate
a. estate at sufferance
Which of these property qualifications is used for vacant land?
a. Class 1
b. Class 2
c. Class 3
d. Class 4
b. Class 2
A house costs $100,000. The buyer is making a down payment of $32,000 and
getting a $68,000 loan. If there are 4 points, how much money will be paid out of
the closing for the points?
a. $400
b. $1,280
c. $2,720
d. $4,000
c. $2,720
A lender refuses to loan or limits loans in a certain minority neighborhood. This
action is called
a. steering
b. blockbusting
c. redlining
d. territory allocation
c. redlining
A lessee puts in a bookcase for commercial use; at the end of the lease the
bookcase is removed. The bookcase would be considered:
a. real property
b. trade fixture
c. appurtenant
d. chattel real
b. trade fixture
