Real Estate Principles - Final Exam| Verified!

Real Estate Principles - Final Exam| VerifWhich real estate specialist primarily sells monetary benefits? - ANSWER Commercial Broker Which of the following is a personal property? - ANSWER Electric fan plugged in A metes and bounds survey begins at the point of beginning and ends at the - ANSWER Point of beginning Property taxes are characteristic of the - ANSWER Allodial system of land ownership An easement - ANSWER Runs with the land Termination of an easement appurtenant may be accomplished - ANSWER When the purpose of the easement no longer exists An estate in severalty is one held by - ANSWER Two persons Joint tenants must acquire their interests in jointly held property - ANSWER At the same time When a person who owns property in joint tenancy dies, his share goes to - ANSWER The surviving co-tenants Under tenancy by the entirety, neither spouse has a disposable interest - ANSWER During the lifetime of the other Which deed form gives the most guarantee and security of the grantee? - ANSWER General warranty deed How many covenants does a bargain and sale deed contain? - ANSWER None A public records office will record which of the following documents affecting land? - ANSWER Deed Albert owns a certain parcel of land. You could most easily find Albert's name and this parcel listed in the - ANSWER Grantee index To be certain that the seller is actually the owner of the property, the buyer should order - ANSWER A title search The agency relationship of a real estate broker with his client is most often established by - ANSWER Express contract A purchase agreement for the purchase of real property is - ANSWER Enforceable when the seller signs it, and the buyer is notified of the seller's acceptance Of the following parties to a mortgage, whose interest is benefitted by an acceleration clause? - ANSWER The mortgagee A trust deed can be used for all the following EXCEPT: - ANSWER Secure a mortgage When a debt secured by a deed of trust is paid off, naked legal title reverts to the borrower from the - ANSWER Trustee As payments are made, the amount of interest taken from a mortgage loan payment decreases and the amount applied to the principle increases. This is because of - ANSWER Amortization ied!