Exam (elaborations)
Real Estate __ 200 Questions And Answers
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- Real Estate
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- Real Estate
Real Estate __ 200 Questions And Answers
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Real Estate __ 200 Questions And AnswersThe rights of ownership of real property include all of the following EXCEPT
- Compatibility
An important characteristic of land is that it may be modified or improved at
some point in time. Depending on its type, an improvement may increase the
value of real estate greatly. All of the following are considered to be
improvements EXCEPT - Crops
A man leases a store space to open a restaurant. He installs ovens, booths,
counters, and other equipment. When would these items become real
property? - At lease expiration, if the man does not remove them
A real estate professional sells property listed by another brokerage firm in
the multiple listing service. The real estate professional has been working
with the buyer for many months but does not have an agency contract with
him. This real estate professional has fiduciary obligations to - the
seller.
A man's house has been listed for sale for more than one year and he is very
anxious to move into a retirement community. A real estate professional, who
is a subagent of the seller, tells a prospective buyer to make a low offer
because she is sure that the seller will accept it. Regarding the real estate
professional's conduct, which of the following is FALSE? - She acted
appropriately to sell the seller's property
A real estate professional who represents the seller is showing a house to a
prospective buyer-customer. The real estate professional knows that the
house has water problems in the basement. Which of the following is TRUE?
- Withholding the information prevents the buyer from making an informed
decision
What is the commission rate of 5% on a sale of $250,000? - $12,500
,A broker's newest sales associate lists a unit in a condominium building for
sale. In this transaction, the sales associate - acts on behalf of the
broker.
The commission on the sale of a house is $9,410, and 30% goes to the broker
who listed the property. Of the remainder, the broker whose sales associate
completed the transaction gets 45%, and the sales associate receives the
balance. How much does the sales associate who made the sale receive? -
$3,622.85
The type of real estate ownership that is MOST all-inclusive is a - fee
simple estate.
A father conveyed the family home to his daughter by will as a pur autre vie
estate for the life of her mother. If the daughter should die before the mother,
who gains possession of the property? - Daughter's heirs
A man owned two acres of land. He sold one acre to a neighbor and reserved
for himself an appurtenant easement over his neighbor's land for ingress and
egress. The man's land - is the dominant tenement
.A woman owns 50 acres of land with 500 feet of frontage on a desirable
recreational lake. She wishes to subdivide the parcel into salable lots, but she
wants to retain control over the lake frontage while allowing lot owners to
have access to the lake. Which of the following types of access rights would
provide the greatest protection for a prospective lot purchaser? -
Appurtenant easement
A homestead exemption protects against judgments - of unsecured
creditors
The owner of a secluded area adjacent to an ocean noticed that people from
town walked along the shore in front of his property. The owner learned that
the local citizens had been walking along this beach for several years. He went
to court to try to stop people from walking along the water's edge in front of
his property. The owner is likely to be - unsuccessful because the
owner's property extends only to the high-water mark and the public may use
the land beyond this point.
, In a limited partnership, - the general partners run the business.
Which of the following parcels of land is the smallest? - 5% of a
township
"Beginning at the SE corner of the NE¼ of the section, then due west 5,280
feet more or less to the SW corner of the NW¼, then north along the west line
of the section 2,640 feet, more or less, to the NW corner of said NW¼, then in
a straight line to the point of beginning." How many acres does this parcel
contain? - 160
.The current property taxes on a parcel are $1,743.25 and have not been paid.
If the sale is to be closed on August 12, what is the approximate tax proration
that will be charged to the seller based on a 360-day year? - $1,074
.A home mortgage loan closed on July 1 for $765,000 at 5.5% interest
amortized over 25 years at $4,697.77 per month. Using a 360-day year, what
would the principal amount be after the monthly payment was made August
1? - $763,808.48
.An appraiser estimated the replacement cost new of a building at $560,000.
The building has an estimated economic life of 40 years and an estimated
remaining life of 30 years. What is the current value of the building? -
$420,000
.Property purchased five years ago was assessed for tax purposes at 50% of
market value. The tax rate was $4.90 per $100 of assessed valuation. Today,
the taxes, imposed at the same tax and assessment rates, have increased by
$637. How much has the market value of the property increased assuming
straight-line appreciation? - $26,000.00
.Find the cost to build a fence 6 feet 6 inches high around a lot measuring 90
feet by 175 feet, if the cost of erecting the fence is $2.25 per linear foot and the
cost of material is $1.82 per square foot of fence? - $7,462.40
A business tenant pays 2% of his total gross sales volume as rent, with a
minimum base rental of $1,000 per month. In the past year, his sales totaled
$435,000. How much rent did he pay? - $12,000
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