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Modern Real Estate Quiz Verified and 100% Correct Q & A, Complete Document for Exam
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Modern Real Estate Quiz Verified and 100% Correct Q & A, Complete Document for Exam
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Modern Real Estate QuizCircle the letter of the Answer that corresponds to the displayed Question.
1. Riparian Rights
A. A lease of property under which a landlord pays all property charges regularly incurred through ownership, such as
repairs, taxes, insurance, and operating expenses. Most residential leases are gross leases; also called fixed rental
lease.
B. Federal law that prohibits discrimination based on familial status, race, sex, handicap, color, religion, national origin.
(FRESH CORN)
C. Uses boundaries and measurements of the land.
D. An owner's rights in land that borders on or includes a steam, river, or lake. These rights include access to and use of
the water.
2. void contract
A. An estate in land in which ownership is for an indeterminate length of time, in contrast to a leasehold estate.
B. An article installed by a tenant under the terms of a lease and removable by the tenant before the lease expires.
C. A contract that has no legal force or effect. It is unenforceable in a court of law b/c it does not meet the essential
elements of a contract.
D. 10 day period after the auction in which the borrower can try to raise the necessary funds to redeem the property.
3. Department of Housing and Urban Development (HUD)
A. implements the Truth in Lending Act requiring credit institutions to inform borrowers of the true cost of obtaining credit
B. A map of a subdivision indicating the location and boundaries of individual properties. Generally shows lots, blocks,
easements, streets, floodplains, etc. Usually requires official approval before recordation.
C. An easement acquired for a public purpose through the power of eminent domain.
D. A federal cabinet dept. active in national housing programs; offers programs such h as urban renewal, public housing,
model cities, rehabilitation loans, FHA subsidies, fair housing enforcement
4. jumbo loan
A. the specific duties of the principal: loyalty, obedience, accounting, disclosure of information, and skill, care, and
diligence
B. a residential mortgage loan in excess of acceptable loan amounts for purchase by Fannie Mae or Freddie Mac; also
called nonconforming loans
C. a type of mortgage that generally originates at one rate of interest, with the rate fluctuating up or down during the loan
term based on the movement of a published index.
D. Any rights the insured had to sue the person who caused the damage are assigned to the insurance company that
has already paid the insured for the damages.
5. Fee-for-service
A. A condensed history of a title.
B. Arrangement where consumer asks licensee to perform specific real estate services for a set fee; unbundling of
services; limited service firms.
C. The gradual wearing away of land by water, wind, or other natural forces; the diminishing of property by the elements
may cause loss of ownership.
D. the primary duty of the land lord to supply fit and habitable premises to the tenant.
, 6. Extra-territorial Jurisdictions (ETJs)
A. a board around the bottom of a wall perpendicular to the floor; covers gap b/w the floor and wall; decorative
B. The upward and downward fluctuations in business activities generally characterized by four stages: expansion,
recession, depression, and revival
C. federal law that ensures that residential buyers and sellers receive full disclosure of all settlement charges; mandates
HUD booklet about closing costs, a good-faith estimate of closing costs, and hUD-1 closing statement.
D. Areas outside incorporated limits that are subject to the zoning restrictions of a municipality
7. Uniform Commercial Code (UCC)
A. Ownership rights in a parcel of real estate that are limited to the surface of the property and do not include the air
above it (air rights) or the minerals below the surface (subsurface rights).
B. story-high space below the first floor; floor is usually concrete slab
C. pieces of plasterboard, asbestos sheeting, compressed wood-wool, fiberboard, or other material placed between
walls and ceilings to protect the interior from heat loss.
D. A codification of commercial law, adopted in most states, attempts to make uniform all laws relating to commercial
transactions, financing statement must be recorded, Article 6 regulates bulk transfers the sale of a business as a whole.
8. ready, willing, and able buyer
A. a flat strip of wood or metal that encloses the ends of the rafters; gutters are usually attached to it.
B. used when a transaction is an in-house sale (when one agent from firm X represents the buyer and another agent
from firm X represents the seller)
C. A buyer who is financially qualified, prepared to buy on seller's terms, and ready to take positive steps toward
consummation of the transaction by showing willingness to enter into an enforceable contract.
D. defined as the land, everything that is permanently attached to the land (or goes with) the land
9. In-house sale
A. a sale in which both the selling agent and the listing agent are from the same firm.
B. the only legal way a landlord can evict a tenant; through a hearing before a magistrate in small claims court.
C. a mortgage loan on approved property made to a qualified veteran by an authorized lender and guaranteed by the
Dept. of Veterans Affairs to limit the lender's possible loss.
D. The maximum possible estate in real property; most complete and absolute ownership; indefinite in duration, freely
transferable and inheritable.
10. valid contract
A. Sealing off of disintegrating asbestos or chipping and peeling lead based paint; may be preferable to removal; still
leaves hazard behind
B. A contract that complies with all the essential elements of a contract.
C. The possible use of a property that would produce the greatest net income and thereby develop the highest value
D. unpaid items to be prorated such as unpaid current real estate taxes or interest on an assumed mortgage that are
owed by the seller but will be paid later by the buyer.
Circle the letter of the Question that corresponds to the displayed Answer.
11. uses the three-party deed of trust instrument as security for the mortgage debt; the borrower conveys
legal title to a trustee to hold for the lender until the debt is paid off. NC uses this theory.
A. title theory
B. lien theory
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