Compucram Pre Assessment UPDATED Exam Questions and CORRECT Answers
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Course
Compucram Pre Assessment
Institution
Compucram Pre Assessment
Compucram Pre Assessment UPDATED
Exam Questions and CORRECT Answers
Dower - CORRECT ANSWER- the common law legal rights that a wife has in property
owned by her husband during their marriage
curtesy - CORRECT ANSWER- The wife would get dower. If the wife died first, the husband
gets her sha...
Compucram Pre Assessment UPDATED
Exam Questions and CORRECT Answers
Dower - CORRECT ANSWER- the common law legal rights that a wife has in property
owned by her husband during their marriage
curtesy - CORRECT ANSWER- The wife would get dower. If the wife died first, the husband
gets her share of property
how many square feet in one acre - CORRECT ANSWER- 43,560 sq feet
how many acres in a sq mile - CORRECT ANSWER- 640
conditional Uses (hospital, schools, etc) - CORRECT ANSWER- does NOT comply with the
zoning restriction for its location, but is permitted because it benefits the public?
Inverse Condemnation - CORRECT ANSWER- is a court action by a private landowner
against the government, seeking compensation for damage to property that resulted from
government action.
What is an appraisal - CORRECT ANSWER- Because market conditions can change (as can
the property itself) the appraisal is an opinion of value as of the day of appraisal only.
What is an assessment value - CORRECT ANSWER- deals with the value that property taxes
are based on.
Market price - CORRECT ANSWER- the price the property actually sold for
What is market value? - CORRECT ANSWER- a theoretical price a property can bring in an
arm's length transaction
,In title theory states, what clause is unique to the mortgage? - CORRECT ANSWER- In title
theory states, a defeasance clause is found in the mortgage. There must be language that
cancels the mortgagee's right to the land title on the payment of the debt.
Patent defects - CORRECT ANSWER- The crack on the wall is obvious and falls into the
category of patent defects. The agent has no duty to disclose patent defects. The buyer
operates under the doctrine of caveat emptor.
buyer, seller, and both agents - CORRECT ANSWER- A lead-based paint disclosure form is
required for all residential dwellings built before January 1, 1978. When applicable, who
must sign the form?
A salesperson is told by his client not to disclose the fact that during heavy rains, the
basement takes on water. The agent must - CORRECT ANSWER- An agent's duty of
obedience applies only to lawful instructions. Latent defects must be disclosed.
The listing agent is informed by the seller that the basement gets wet when it rains. The agent
says nothing to the buyer. Who is liable for the failure to disclose the latent defect? -
CORRECT ANSWER- seller/The listing agent is informed by the seller that the basement
gets wet when it rains. The agent says nothing to the buyer. Who is liable for the failure to
disclose the latent defect?
What would be considered evidence of the agency relationship between broker and buyer? -
CORRECT ANSWER- The document that creates the agency relationship between buyer and
broker is the buyer-broker contract. this agreement--it is now the purchaser agency agreement
The non-breaching party to a contract has a duty by law to - CORRECT ANSWER- has a
duty to do whatever is necessary to reduce the losses resulting from the breach.
What title insurance policy insures the holder of the right to use someone else's land? -
CORRECT ANSWER- The holder of the right to use another's land is insured under an
easement policy in the title.
Which is NOT a protected class under the Federal Fair Housing Act? - CORRECT
ANSWER- The Federal Fair Housing Act does not designate ancestry as a protected group.
, Who uses the term REALTIST? - CORRECT ANSWER- A REALTIST is a member of the
National Association of Real Estate Brokers, a group comprised primarily of minority brokers
as a response to discrimination from membership to the NAR(R). The Women's council of
REALTORS(R) was created as a response to discrimination against woman.
Complaints based on Title VIII should be filed with the - CORRECT ANSWER- A complaint
should be filed with the Office of Equal Opportunity with the Department of Housing and
Urban Development.
A person discriminated against under the Civil Rights Act of 1866 must file a lawsuit in what
court? - CORRECT ANSWER- The federal district court is the only court with jurisdiction
over the Civil Rights Act of 1866.
The owner/occupant of a four-unit apartment building decides NOT to rent one of his units to
a woman with two children. What law has the owner violated? - CORRECT ANSWER-
Under the Federal Fair Housing Act, the owner/occupant of a one- to four-unit dwelling is
exempt, as long as no discriminatory advertising was used and no real estate professional was
involved.
Who oversees all sales activity in the State of Ohio? - CORRECT ANSWER- The
Department of Commerce oversees sales activity in the State of Ohio. The Division of Real
Estate investigates, the Ohio Real Estate Commission educates, and the governor appoints.
To sit for the Ohio broker's examination, a licensed salesperson must have completed how
many real estate transactions? - CORRECT ANSWER- Before an applicant can sit for the
Ohio state real estate broker's exam, she must have completed at least 20 real estate
transactions, in which property was sold for another by the applicant while acting in the
capacity of a real estate broker or salesperson.
A listing - CORRECT ANSWER- is a solicitation of offers to buy, not an offer to sell. A
licensee must present all offers to the client as soon as possible. A licensee has an obligation
to the client to investigate the capability of the prospective purchaser to comply with terms of
the contract.
If a third party maintains a website for a licensee, places information on the website on behalf
of the licensee, and that information becomes outdated or expired, how soon must it be
updated or removed? - CORRECT ANSWER- Outdated and expired information must be
updated or removed within two weeks
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