Exam (elaborations)
Real Estate National Exam | Questions With Correct Answers
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- Real Estate
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- Real Estate
Real Estate National Exam | Questions With Correct Answers
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Real Estate National Exam | QuestionsWith Correct Answers
How does a creditor who has obtained a judgement get satisfaction against a
debtor who will not pay? Correct Ans - Writ of Execution
The economic characteristics of land are? Correct Ans - Scarcity,
location, and durability
What lease would best suit couples needs who are looking for temporary
housing? Correct Ans - Month-to-Month lease
The land description T3N, R4W Principal Meridian refers to what type of
property description? Correct Ans - Rectangular survey
Crops that require annual planting are generally considered to be? Correct
Ans - Personal Property
A distinguishing characteristic of owning property by land trust is that?
Correct Ans - The identity of the legal owner is kept confidential
A lawsuit for reverse condemnation may be brought by the? Correct Ans -
Homeowner
If conditions for purchase are included in a deed and these conditions are
violated, what is the penalty? Correct Ans - Return of the property to
the original owner
When more than one approach to value is applied to a property and different
indications of value are produced, how should the final estimate of value be
determined? Correct Ans - Reconciliation
A borrower has defaulted on the mortgage. The mortgage contains an
acceleration clause. This permits the lender to? Correct Ans - Demand
immediate payment of the entire note
, Too much leverage may result in? Correct Ans - Negative cash flow
A managing broker can be held responsible for? Correct Ans - All real
estate activities of salespersons
Earnest money should be deposited into a trust account when? Correct
Ans - In a timely manner
Why was the Jones vs Mayer decision of 1968 important? Correct Ans -
By upholding the Civil Rights Act of 1866
A landlord may refuse to rent to a tenant who? Correct Ans - Has ever
been convicted of selling illegal drugs
The buyer is assuming a mortgage presently on the property in the amount of
$110,000. What is the adjustment made at the closing? Correct Ans -
Credit buyer $110,000, debit seller $110,000
In most states, foreclosed property is sold through? Correct Ans -
Public auction
Depreciation is calculated based on? Correct Ans - Cost of the building
only
A judgement has been properly recorded. Any subsequent purchasers have
actually examined the record or not, have been given? Correct Ans -
Constructive notice
An agreement to purchase which has not been closed is? Correct Ans -
An executory contract
An agency agreement between a property owner and a property manager is
usually created by? Correct Ans - A management agreement
Homes built before 1978 require? Correct Ans - the buyer to
acknowledge disclosure of the presence of any known lead paint
What is the first step to take when mold actions are found? Correct Ans -
Identify and remedy the cause of the problems
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