National And Missouri Real Estate Quiz 1
Mike Ed and Bob were concurrent owners of a parcel of RE. Ed died, and his interest passed according to
his will. What was the ownership of the property? ️ B. Tenancy in common
It is license renewal time, and Julie just realized she took six hours of...
National And Missouri Real Estate Quiz 1
Mike Ed and Bob were concurrent owners of a parcel of RE. Ed died, and his interest passed according to
his will. What was the ownership of the property? ✔️ B. Tenancy in common
It is license renewal time, and Julie just realized she took six hours of core classes and six hours of
elective classes. What should Julie do? ✔️ B. Julie is fine, the state requires at least three hours of core
material.
Able agent failed to complete his education requirements by the license renewal date and three
months have passed. What does Able need to do to reinstate his license? ✔️ C. Take the MREP course
and pay a late fee of $50 per month, not to exceed $200.
The LE and the CD ✔️ A. Replace the GFE and the HUD1 on most federally related loans. The LE (loan
estimate) and the CD (closing disclosure) were developed to help end consumer confusion in regards to
disclosures required under Regulation X and Regulation Z.
A 105acre farm is divided into lots for homes. The streets require 1/8 of the whole farm, and there are
140 lots. How many square feet are in each lot? ✔️ A. 28,586.25
Salesperson Suzy worked very hard on the transaction for the Jones family. Several weeks after the
transaction closed, Suzy received a wonderful thank you letter from the Jones and a $2000 bonus check.
Salesperson Suzy cashed the check because she believed it was well earned. Which of the following is
true? ✔️ C. Suzy should not have cashed the check because accepting money from a seller directly is a
violation of the license law.
A type of contract created by demonstration is ✔️ A. Implied.
Which would not create a cloud on a title? ✔️ D. Mortgage lease.
Ashton and Brad own real property together. Ashton has a 1/3 interest, and Blake has a 2/3 interest.
How do they hold the title? ✔️ D. Tenancy in common.
, Tenancy in Common ✔️ Coownership of property in which each party owns an undivided interest that
passes to his or her heirs at death.
Tax Lien ✔️ A lien imposed by law upon a property to secure the payment of taxes.
Lis Pendens ✔️ Something on the legal document is pending.
Writ of Execution ✔️ A court order to an officer to carry out a judicial decree.
Mortgage lease ✔️ Releases the lien from the property.
Jack, a salesperson with ABC RE, refers a listing to Jill, a salesperson of XYZ RE. Jack is to receive a 20%
referral fee. The transaction closes, but Jill forgot about her arrangement with Jack and gets paid the full
commission. Jill pulls out her checkbook, figures what she owed Jack to pay him. Why is this not
permissible? ✔️ C. This is a violation of the license lawmust be paid broker to broker.
A buyer's agent must ✔️ A. Work in the best interest of the buyer.
Which of the following is best left alone or encapsulated? ✔️ D. Asbestos.
The following are valid reasons for actual eviction except: ✔️ D. The rental unit becoming
uninhabitable.
When may a broker pay a finder's fee or share a commission? ✔️ C. With an outofstate broker
involved in a cooperative sale.
Under which of the following types of liens can both the real property and the personal property of the
debtor be sold to pay the debt? ✔️ C. Judgment Lien.
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