Modern Real Estate Quiz
Circle the letter of the Answer that corresponds to the displayed Question.
1. Proprietary Lease
A. Property taxes and special assessments, then in order of time and date files (pure race), except mechanics lien,
which dates to date labor began or materials were first provided.
B. A lease given by the corporation that owns a cooperative apartment building to the shareholder for the shareholder's
right as a tenant to an individual apartment.
C. a mortgage that requires the mortgagor to pay a constant amount, usually monthly, that will completely pay off the
loan amount with the last equal payment.
D. A tax that is based on the sales price of the property.
2. Office of Fair Housing and Equal Opportunity (OFHEO)
A. The amount of goods available in the market to be sold at a given price. The term is often coupled with demand'
B. The first place to file a complaint by those who have been injured by discriminatory housing acts.
C. Administers the Federal Fair Housing Act under the direction of the Secretary of HUD.
D. rights arising from traditional property law
3. Equal Credit Opportunity Act
A. A rule of law stating that once written acceptance is placed in control of the mailing service, it is considered accepted-
-not when the acceptance is actually received by the offeror.
B. a federal law that requires sellers/landlords to disclose the known presence of lead-based paint in residential property
to potential buyers/tenants via the required disclosure addendum to sales contracts or leases
C. A legal action to compel a party to carry out the terms of a contract.
D. Prohibits creditors from discrimination on the basis of race, color, religion, national origin, sex, marital status, age, and
receipt of public assistance.
4. privity of contract
A. Residential, Commercial, Industrial, Agricultural, Special purpose.
B. rights arising from the contract itself
C. states that if the dwelling has four or less units and the owner lives in one of the units, it is exempt from the Fair
Housing Act.
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).
5. Reproduction cost
A. The dollar amount required to construct an exact duplicate of the subject building at current prices. This is mostly
used when appraising historical homes.
B. the right to use and possess the property as if one owns it and to demand the return of the legal title when the debt is
repaid.
C. The one who receives title
D. 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).
, 6. Regulation Z
A. the masonry or concrete wall below ground level that serves as the main support for the frame structure; form the
side walls of the basement or crawlspace.
B. systems to limit the source of environmental hazards and reduce their effect on humans and the surrounding
environment
C. Provides that if a chain of title can be traced back for 30 years and no other claim has been recorded during that time
the title become a marketable title.
D. implements the Truth in Lending Act requiring credit institutions to inform borrowers of the true cost of obtaining credit
7. Severalty
A. 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"
B. illegal eviction of a tenant that has exercised protected rights under the law.
C. The tract over which an easement runs.
D. The ownership of real property by only one person or entity; referred to as closing.
8. Master Plan
A. cost of any physical capital improvements that add value to the property or prolong its life (added to the cost basis)
B. law designed to protect, preserve, and give management guidelines in coastal areas of the state and places a severe
limitation on developments
C. The primary method by which local governments recognize development goals.
D. 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.
9. NC Sediment Pollution Control Act
A. created to handle problems that occur as a result of sedimentation in state waters
B. 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.
C. The concept of land ownership that includes ownership of all legal rights to the land, i.e.. Disposition, exclusion,
enjoyment, possession and control.
D. 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.
10. Special purpose
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. churches, schools, cemeteries, and government held lands.
C. provides that on sale of the property by the borrower to a buyer who wants to assume the loan, the lender has the
choice of either declaring the entire debt to be due and payable immediately or permitting the buyer to assume the loan
D. the person who hires and delegates to the agent through a brokerage contract the responsibility of representing that
person best interest.
Circle the letter of the Question that corresponds to the displayed Answer.
11. A policy that provides property owner coverage for the basic structure on that property.
A. Reference to a recorded plat
B. footings
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