Modern Real Estate Quiz
Circle the letter of the Answer that corresponds to the displayed Question.
1. Easement by condemnation
A. An article installed by a tenant under the terms of a lease and removable by the tenant before the lease expires.
B. Dwelling units owned by religious organizations may be restricted to people of the same religion if membership in the
organization is not restricted on the basis of protected class.
C. AKA the market data approach. When an estimate of value is obtained by comparing the subject property with
recently sold comparable properties.
D. An easement acquired for a public purpose through the power of eminent domain.
2. Reference to a recorded plat
A. A right, a privilege, or an improvement belonging to , and passing with, the land.
B. A method of land description that uses lot and block numbers.
C. A contract by which the insured is compensated against any losses sustained as a result of defects in a title.
D. Making documents that affect property ownership readily available as matters of public record.
3. Trustee's Deed
A. A tenant's right to occupy real estate during the term of a lease, generally considered a personal property interest;
nonfreehold estate.
B. when trust funds and the firm/broker's personal/business funds are placed in the same account
C. A deed of conveyance executed by a trustee and generally used to transfer title after a foreclosure action.
D. due diligence
4. components of an ARM loan
A. 1. Mutual agreement 2. Consideration 3. Capacity to Contract 4. Legal objectives
B. 1)Note rate 2)Index 3)Margin 4)Interest rate caps 5)Payment Cap 6)Adjustment Period 7)Conversion option
C. created when the landlord and tenant enter into an agreement that continues for a specific period, being automatically
renewed for an indefinite time without a specific ending date; automatically renews.
D. laws that prohibit monopolies and contracts, combinations, and conspiracies that unreasonable restrain trade.
5. 5 categories of real property
A. this act governs residential leases and landlord-tenant relationships; its purpose is to ensure that only habitable
residential unties are rented. Does not apply to hotels, motels, rent-free or commercial properties.
B. Residential, Commercial, Industrial, Agricultural, Special purpose.
C. A right, a privilege, or an improvement belonging to , and passing with, the land.
D. In real estate, generally a listing agreement, a buyer agency agreement or a management agreement (a document
evidencing formal employment between principal and agent).
6. Easement appurtenant
A. boards or plywood sheets nailed directly to the floor joists; made of rough boards
B. An easement acquired for a public purpose through the power of eminent domain.
, C. An easement that is annexed to the ownership of one parcel of land and used for the benefit of another parcel of land.
The easement "runs with the land"
D. Generated by movement of electrical currents; prolonged exposure may cause cancer; major concern for property
owners near high voltage line
7. Mechanics lien
A. The construction cost, at current prices and using modern materials & methodology, of a property that is not
necessarily an exact duplicate but serves the same purpose or function as the original property.
B. 1. Mutual agreement 2. Consideration 3. Capacity to Contract 4. Legal objectives
C. A specific, involuntary lien filed when property owner has not paid for work of contractors, laborers, and others.
D. a loan made to finance the construction of improvements on real estate--homes, apartments, office buildings
8. privity of estate
A. also known as a "contract for deed", it is seller financing whereby the purchase price is paid in periodic installments
by purchaser. The seller retains legal ownership, while the buyer secures possession of and an equitable interest in the
property.
B. A loan in which principal as well as interest is payable in periodic installments over the term of the loan.
C. rights arising from traditional property law
D. an agreement b/w property owner and possible buyer, secured by the payment of an option fee, to buy or not to buy
property within a specific time period at negotiated terms.
9. conventional loan
A. An official valuation of property for the purpose of establishing assessed value for tax purpose.
B. regulates the amount of money that be required as a security deposit and what the landlord can do with that deposit
C. a loan that is not backed by a gov't agency.; lender bears all the risk in the event of default
D. The time a buyer has to have property inspected, title examined, and review any leases to determine if the property
meets his or her needs.
10. loan origination fee
A. an administrative fee charged to the borrower by the lender for making a mortgage loan; usually computed as a % of
the loan amount.
B. Demand, Utility, Scarcity & Transferability (DUST)
C. An enormous hole to store hazardous materials, lined to prevent leakage of waste materials; includes underground
drainage pipes to monitor for leaks and leaching
D. This deed offers greater protection than any other deed, is the best deed for the grantee, but gives the grantor the
greatest degree of liability.
Circle the letter of the Question that corresponds to the displayed Answer.
11. Has all of the elements of a valid contract; however, neither party can sue the other to force
performance; valid as between the parties.
A. nonjudicial foreclosure
B. closing agent
C. unenforceable contract
D. consequential damages
12. the relationship of all finance charges to the loan amount; must be disclosed to borrowers the Truth-in
Lending Act.
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