Exam (elaborations)
Pearson Vue Real Estate Practice Exam Question and answers 100% correct 2023
- Module
- PEARSON
- Institution
- PEARSON (PEARSON)
Pearson Vue Real Estate Practice Exam Question and answers 100% correct 2023
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Pearson Vue Real Estate Practice ExamUnder the law of agency, a broker's responsibility to the principal is? - correct answer
Exercise Care, obedience, accounting and disclosure
Which of the following items would have to be disclosed to prospective buyers by the
listing broker? - correct answer A defect existing in the property being offered.
Under a sales contract, the legal remedy that MAY be used to force the seller to
consummate the sale is called? - correct answer Specific Performance
A homeowner who plans to travel for a year asks a real estate firm to rent the house for
this period and indicates a preference for a white family rather than a black family, "if at
all possible." Under the Federal Fair Housing Act, the broker should inform that these
instructions? - correct answer Can't be followed because they violate the act
Items permanently attached to real property are considered? - correct answer Fixtures
The income approach is most likely to be used when determining the value of an? -
correct answer Office building
A property manager works in the best interest of the? - correct answer Owner
An agreement that restricts the use and occupancy of real estate, is part of a
conveyance, and is binding on all subsequent buyers is called? - correct answer
Covenant
When a married couple takes title to a property as tenants in common, they have
elected a form of ownership that allows for? - correct answer Unequal shares of
Ownership
A loan that provides for increases and decreases in the interest rate during its term is
known as? - correct answer An ARM, adjustable-rate mortgage
A minority couple asks a licensee to show them a listed house. The licensee suggests
that they look at houses in areas with larger minority populations than that of the listed
house. What is the licensee guilty of? - correct answer Steering
In a real estate closing, the buyer generally pays for the? - correct answer recording of
a new mortgage
An illegal lending practice whereby a bank refuses to make mortgage loans in a certain
neighborhood based on the ethnic makeup of that area is known as? - correct answer
Red-lining
, Which of the following types of legal descriptions identifies a property by outlining its
boundaries in terms of a series of directions and distances? - correct answer Metes &
Bounds
In addition to real property, pledging a freestanding stove and refrigerator as security for
a loan is an example of which of the following mortgages? - correct answer Package
Which of the following clauses will put the priority of an existing mortgage or deed of
trust below that of a mortgage recorded later? - correct answer A subordination clause
According to the Federal Fair Housing Act, which of the following individuals is
permitted to reside in housing with a familial status exemption? - correct answer A 63-
year-old employed postal worker
Public regulations that control the specific uses of land in a given are area called? -
correct answer Zoning Laws
Which of the following documents is usually prepared when a real estate buyer also
purchases a sell riding lawn mower? - correct answer A Bill of Sale
A licensee pays for maintenance on a rental unit using a tenants security deposit. This
is an example of? - correct answer Conversion of Funds
A licensee preparing a Competitive Market Analysis (CMA) has information on a
comparable property that is similar in all respect to the subject property except that,
while the subject property is ten years old and has two baths, the comparable property
is five years old and has one bath. In this case, the licensee should adjust the? - correct
answer Sale price of the comparable property, down for the age and up for the number
of baths
The federal act that provides funds for waste management and solutions for cleanup is
the? - correct answer Comprehensive Environmental Response, Compensation and
Liability Act (CERCLA)
When private property is abandoned, the state MAY acquire title to that property under
the right of? - correct answer Escheat
The owners of a shopping center want a major department stores lease to provide
rental payments that reflect the stores sales. They are most likely? - correct answer
Percentage
In order for a property manager to determine net operating income on a property, which
of the following fees is subtracted from the effective gross? - correct answer Operating
expenses
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