Exam (elaborations)
NATIONAL PORTION OF REAL ESTATE PRACTICE EXAM QUESTIONS AND ANSWERS
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NATIONAL PORTION OF REAL ESTATE PRACTICE EXAM QUESTIONS AND ANSWERS
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NATIONAL PORTION OF REAL ESTATEPRACTICE EXAM QUESTIONS AND
ANSWERS
If iia ii17 iiyear iiold iisigns iia iicontract iiis iithe iicontract: ii- iiCorrect iiAnswers ii-voidable
A iiproperty iiowner iiadvertises iiproperty iiavailable iifor iilease iiwith iia iiswimming iipool.
iiThe iiproperty iiowner iimay ii- iiCorrect iiAnswers ii-a.Require iithe iifamilies iito iilive iiin iia
iispecific iiarea iiaway iifrom iithe iipool.
b.Refuse iito iirent iito iifamilies iiwith iichildren.
c.Require iithe iiparents iito iisupervise iitheir iichildren iiwhen iithey iiare iiin iithe iipool.
d.be iirequired iito iihire iia iilifegaurd ii
C.
Agency iimeans iithe iibroker iiowes iito iitheir iiclient's iicertain iiduties. iiWhich iiof iithe
iifollowing iiis iiNOT iitrue? ii- iiCorrect iiAnswers ii-A. iiLoyalty
B iiHonesty
C. iiIndemnification ii
D. iiaccounting
C.
If iithe iiinterest iifor iifour iimonths iion iia iiloan iiof ii$80,000 iiwas ii$3200, iiwhat iiwas iithe
iiannual iirate iiof iiinterest? ii- iiCorrect iiAnswers ii-12%
In iiorder iito iiestablish iinet iioperating iiincome iiin iithe iiincome iiapproach iito iivaluation,
iiwhich iiof iithe iifollowing iiwould iibe iideducted iifrom iieffective iigross iiincome? ii- iiCorrect
iiAnswers ii-A. iiTaxes
B. iiMortgage iiinterest
C. iiBuilding iidepreciation ii
D. iiCapital iiimprovements ii
A
,A iihouse iihas iia iimarket iivalue iiof ii$ ii110,000. iiThe iiassessed iivalue iiis ii30% iiof iithe
iimarket iivalue. iiIf iithe iimill iilevy iiis ii52 iimills, iiwhat iiis iithe iiyearly iitax iion iithe iihouse? ii-
iiCorrect iiAnswers ii-$1,716
110,000 iix ii.052 iix ii.3 ii= ii$1,716
***annual iitax ii= iiassessed iivalue iix iitax iirate ii(mill)
What iiwould iimost iilikely iicause iihousing iiprices iito iifall? ii- iiCorrect iiAnswers ii-A. iiThe
iisale iiof ii3 iiluxury iihomes iiin iia iineighborhood ii
B. iiA iicompany iihiring ii250 iiengineers ii
C. iiSharp iiincrease iiin iiinterest iirates
D. iiA iireduction iiin iibuilding iiactivity
C
The iiInternal iiRevenue iicode iiprovides iifor iitax-deferred iiexchange iionly iiof: ii- iiCorrect
iiAnswers ii-A. iiResidential iiproperty
B. iiCommercial iiproperty ii
C. iiUrban iiproperty
D. iiLike iikind iiproperty ii
**tax-deferred iiexchange ii= ii1030
Subordination iiclause? ii- iiCorrect iiAnswers ii-Allows iia iichange iiin iithe iiorder/priority iiof
iimortgages
A iibuyer iimade iian iioffer iito iipurchase iia iiproperty. iiThe iiowner iiresponded iiwith iia
iicounteroffer. iiWhile iithe iibuyer iiwas iireviewing iithe iicounteroffer, iithe iiowner iireceived
iia iibetter iioffer. iiThe iiowner iican iiaccept iithe iisecond iioffer iiif: ii- iiCorrect iiAnswers ii-A.
iiThe iiowner iiwithdraws iithe iicounteroffer iibefore iiit iiis iiaccepted ii
B. iiThe iiowner iigives iithe iifirst iibuyer iinotice iithat iianother iioffer iiwas iireceived iiand iian
iiopportunity iito iirevise iithe iibid
C. iiThe iifirst iibuyer iiis iiinformed, iiin iiwriting, iiof iithe iiowner's iiintent iito iiaccept iianother
iioffer
D. iiIt iisatisfies iior iiexceeds iiall iiterms iiincluded iiin iithe iicounteroffer
A
Building iiordinances iimay iispecify iiand iiregulate: ii
A. iiUse iiof iiland ii
B. iiZoning
C. iiMaterial iiused iiin iiplumbing
D. iiEasements ii- iiCorrect iiAnswers ii-C. iiMaterial iiused iiin iiplumbing
, Seller iiis iigiving iithe iibuyer iia iicontingency iibut iidoesn't iiwant iito iibe iistopped iifrom
iiselling iiforever. iiThe iiseller iishould iiconsider:
A. iiIncreasing iithe iiearnest iimoney ii
B. iiGet iiproof iiof iibuyer iifinancing ii
C. iiRefusing iithe iicontingency ii
D. iiCountering iiwith iian iiescape iiclause ii- iiCorrect iiAnswers ii-D. iiCountering iiwith iian
iiescape iiclause
Which iiof iithe iifollowing iiclauses iiin iia iiconventional iimortgage iiinstrument iientitles iithe
iilender iito iiaccelerate iithe iiloan iiif iithe iiloan iiis iiassumed?
A. iiPrepayment ii
B. iiDue-on-sale
C. iiRight iito iisell
D. iiDefeasance ii- iiCorrect iiAnswers ii-B. iiDue-on-sale ii
***allows iia iilender iito iiaccelerate iithe iiloan iiand iidemand iiimmediate iipayment
An iiagreement iiof iisale iibecomes iienforceable iiwhen iisigned iiby: ii
A. iiThe iibuyer
B. iiThe iiseller
C. iiThe iibuyer iiand iilisting iibroker
D. iiBoth iibuyer iiand iiseller ii- iiCorrect iiAnswers ii-D. iiBoth iibuyer iiand iiseller
Just iibefore iithe iiclose, iithe iibuyer iinoticed iia iibroken iiwindow iiand iia iiman-door
iihanging iiby iione iihinge iiin iithe iidetached iigarage, iiher iiinspector iihad iimissed iithese iias
iihe iiconsidered iioutbuildings iias iioutside iithe iiscope iiof iithe iiinspection. iiWhat iiis iithe
iibuyer's iirecourse?
A. iiSeller iimust iifix iiwindow ii
B. iiBuyer's iiresponsibility iibecause iishe iihad iimissed iithe iiinspection iideadline ii
C. iiThe iiinspector iiis iiat iifault
D. iiBuyer iimay iiterminate iithe iiagreement iior iinegotiate iithe iiinspection iideadline ii-
iiCorrect iiAnswers ii-B. iiBuyer's iiresponsibility iibecause iishe iihad iimissed iithe iiinspection
iideadline
A iitenant iileased iiproperty iiand iiagrees iito iipay iitaxes iiand iiinsurance. iiThis iiis iia: ii
A. iiGross iilease ii
B. iiVariable iilease
C. iiNet iilease ii
D. iiGround iilease ii- iiCorrect iiAnswers ii-C. iiNet iilease
Gross iilease/fixed iilease ii- iiCorrect iiAnswers ii-Tenant iipays iifixed iirent; iilandlord iipays
iiall iiexpenses ii(utilities, iitaxes, iispecial iiassessments)
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