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ALABAMA REAL ESTATE FINAL EXAM STUDY GUIDE - 60 HOUR COURSE
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ALABAMA REAL ESTATE FINAL EXAM STUDY GUIDE - 60 HOUR COURSE
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ALABAMA REAL ESTATE FINAL EXAM STUDY GUIDE -60 HOUR COURSE
Which of the following ways of specializing is common in the real estate brokerage
business?
A. By type of mortgage financing required
B. By years of experience in the business
C. By type of property
D. By background of client - answer- C. By type of property
Which of the following is included in the legal concept of land?
A. A corn crop
B. A lake
C. A felled tree
D. An abandoned vehicle - answer- B. A lake
A property abuts a non-navigable stream. What does the property owner own?
A. Land to the low-water mark
B. Underlying land to the middle of the waterway
C. Land to the high water mark
D. All water to the middle of the waterway - answer- B. Underlying land to the middle of
the waterway
A retailer installs special display counters to exhibit her products. At the end of the lease
term, the retailer moves to another state, leaving the counters in the store. At this point
the counters are considered which of the following?
A. Trade fixtures, and therefore real property
B. Trade fixtures and therefore personal property
C. Real property, since the trade fixtures were abandoned
D. Personal property that must be returned to the retailer - answer- C. Real property,
since the trade fixtures were abandoned
How is a legal life estate created?
A. By an owner's voluntary grant
B. By operation of law
C. Through the four unities
D. Through a defeasible conveyance - answer- B. By operation of law
Which of the following is true of a homestead?
A. A homestead interest can be conveyed by one spouse
B. A homestead interest cannot be exempt from creditors
C. A homestead interest is a form of legal life estate
D. A homestead is any privately owned single-family residence - answer- C. A
homestead interest is a form of legal life estate
, A tract of land is described as the W 1/2 of the N 1/2 of the NE 1/4 Section 16. What is
its acreage?
A. 20 acres
B. 40 acres
C. 80 acres
D. 160 acres - answer- B. 40 acres
As an economic product, real estate is unique because
A. It has appreciation value
B. the demand must come to the supply
C. It is quick to respond to the supply-demand imbalances
D. Its appeal is predictable - answer- B. the demand must come to the supply
A critical determinant of commercial and residential property demand in a market is
A. availability
B. employment
C. existing supply
D. per capita income - answer- B. employment
If rents are declining in office properties in a market, it is likely that
A. unemployment is decreasing
B. the market is in equillibrium
C. Supply exceeds demand for space
D. Demand exceeds supply of space - answer- C. Supply exceeds demand for space
A major employer relocates, leaving many homes in an area vacant and unmaintained.
This is an example of
A. physical deterioration
B. functional obsolescence
C. incurable economic obsolescence
D. curable external obsolescence - answer- C. incurable economic obsolescence
Lenders use the loan-to-value ratio as a guideline in underwriting because
A. the property's value serves to measure the profitability of the loan
B. the loan amount needs to be less than the property's value
C. borrowers tend to inflate the true value of the property
D. a full-price loan over finances the borrower - answer- B. the loan amount needs to be
less than the property's value
In the past, borrowers were often surprised by unexpected financing costs and charges
at closing. The situation has been largely corrected through disclosure requirements
mandated by which of the following laws?
A. Equal Credit Opportunity Act
B. Truth in Lending Laws
C. National Disclosure Procedures Act
D. Federal Fair Housing Laws - answer- B. Truth in Lending Laws
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