Real Estate Final Exam| 100 Questions| Correct Answers| Verified

1. The rights of ownership of real property include all of the following EXCEPT a. compatibility . b. disposition. c. exclusion. d. control. - ANSWER a 2. An important characteristic of land is that it may be modified or improved at some point in time. Depending on its type, an improvement may increase the value of real estate greatly. All of the following are considered to be improvements EXCEPT a. sewers. b. crops. c. buildings. d. roads. - ANSWER b 3. A man leases a store space to open a restaurant. He installs ovens, booths, counters, and other equipment. When would these items become real property? a. At lease expiration, if the man does not remove them b. After they are installed c. After the man defaults on his rental payments d. After the lease takes effect - ANSWER a 4. A real estate professional sells property listed by another brokerage firm in the multiple listing service. The real estate professional has been working with the buyer for many months but does not have an agency contract with him. This real estate professional has fiduciary obligations to a. the buyer. b. no one. c. the public. d. the seller. - ANSWER d 5. A man's house has been listed for sale for more than one year and he is very anxious to move into a retirement community. A real estate professional, who is a subagent of the seller, tells a prospective buyer to make a low offer because she is sure that the seller will accept it. Regarding the real estate professional's conduct, which of the following is FALSE? a. She acted appropriately to sell the seller's property. b . Her conduct implies she is representing the buyer. c. She should not assume that an anxious seller will accept a lower offer. d. She violated her fiduciary duty to the seller.