National Real Estate Exam Prep Questions and Answers Graded A+

National Real Estate Exam Prep Questions and Answers Graded A+ John, Maria and Mark are joint tenants. Mark dies. Maria sells her share to Jane. John and Jane are: a. Joint Tenants b. Tenants by Partition c. Sole Owners d. Tenants in Common d. tenants in common John owns lakefront property. He has been granted water rights to the lake. He has: a. Riparian Rights b. Appropriative Rights c. Littoral Rights d. Prior Appropriation c. littoral rights Mary's parents gave her a life estate on a house. John is the remainderman. Mary leased the property to Bob for 5 years. During the lease, Bob died. What happens to the property? a. When the tenant dies the property goes to John. b. When the tenant dies the property goes to Mary's parents. c. When the tenant dies the property goes to Mary's heirs. d. When the tenant dies the property goes to Mary. d. when the tenant dies the property goes to Mary Joe received payment from his title insurance company to compensate him for a defect in his title. Subsequently he was awarded a judgment against the seller, and collected the funds from the seller, to compensate him for the same defect. The title company has claimed the right to a refund from Joe. What clause in the title policy allows the title company to make this claim? a. Subordination b. Arbitration c. Subrogation d. Defeasance c. Subrogation A buyer who wants to be sure that he is getting a good title to a property should rely on: a. An attorney's opinion of title b. A title insurance policy c. A general warranty deed d. A title commitment based on the abstract of title from the title company c. A general warranty deed At closing a seller learns that he has an unsatisfied M&M Lien on his property. This is most likely the result of: a. Property Taxes b. A fence that was built on the property, but not paid for c. An IRS claim d. A home improvement loan b. A fence that was built on the property, but not paid for An appraiser has valued a single-family rental in a neighborhood where almost all the homes are leased. What approach did he most likely use to determine the value for this property? a. The Income Approach b. The Cost Approach c. The Sales Comparison Approach d. The GRM a. The Income Approach Which of the following situations would require an appraisal? a. A seller wants to be sure to price his home competitively. b. A buyer wants to make a fair offer on a listed property. c. A parent wishes to gift a property to a child. d. A court ordered partition is dividing a joint