Louisiana Real Estate Practice Exams (National) Questions and Answers well Explained Latest 2024/2025 Update 100% Correct.
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Course
Louisiana Real Estate Practice
Institution
Louisiana Real Estate Practice
A seller tells the listing agent that her home was treated for termites 10 years ago, so there are no
termites now. Before listing the property, the agent should: - tell the seller to disclose the termite
treatment on the property disclosure
Legal descriptions using the government survey system ...
A seller tells the listing agent that her home was treated for termites 10 years ago, so there are no
termites now. Before listing the property, the agent should: - tell the seller to disclose the termite
treatment on the property disclosure
Legal descriptions using the government survey system are NOT generally used in: - the original 13
states
Although states make specific laws governing water rights and the rights in land that borders water, most
states generally follow one of two basic doctrines regarding water rights. In many states, the common
law doctrine of riparian and littoral rights dictates that water rights are automatically conveyed with
property. In others, all water rights are controlled by the state under the doctrine of: - prior
appropriation
A homeowner is willing to let his neighbor park an RV in his backyard. He does NOT want to make the
permission permanent in case he dislikes others who might move next door in the future. What should
he give his neighbor? - A license
A tenant rented an apartment, signing a 15-month lease. After the lease expired, the tenant paid 1
month's rent and got a receipt. What kind of leasehold does the tenant have? - Tenancy at will
A judgment has been properly recorded. Any subsequent purchasers, whether they have actually
examined the record or not, have been given: - constructive notice
The main difference between tenancy in common and joint tenancy is that with tenancy in common,
when a co-owner dies, - his undivided interest passes to his heirs
A landowner wishes to build a neighborhood grocery store on a busy street in an area zoned for
residential use. Which of the following would MOST likely be used to obtain permission for this store? -
Conditional use permit or zoning variance
,An escheat occurs when: - a property owner dies without heirs or a valid will
A deed restriction is applicable to the activities of: - all owners, present and future
An environmental impact statement typically describes the effects of a proposed project on factors such
as: - public health and safety
Ordinances that specify construction standards are: - building codes
Although states make specific laws governing water rights and the rights in land that borders water, most
states generally follow one of two basic doctrines regarding water rights. In many states, the common
law doctrine of riparian and littoral rights dictates that water rights are automatically conveyed with
property. In others, all water rights are controlled by the state under the doctrine of: - prior
appropriation
Depreciation is calculated based on the: - cost of the building only
A competitive market analysis is MOST often used for: - setting a listing price
A formal appraisal will ALWAYS be REQUIRED when the: - lender wants to sell the mortgage to the
secondary market
A competitive market analysis takes into consideration: - square footage of the subject property
When compiling a competitive market analysis, a broker would look for comparable properties that: -
were located near the property being listed
Three identical homes in a neighborhood were listed at the same time in a market where demand was
constant. According to the law of supply and demand, which would have sold for the lowest price? -
The first sold
, A prospective seller asks a salesperson to recommend a listing price for a property. The salesperson
should suggest: - a competitive market analysis to determine the property's value
A borrower has defaulted on the mortgage. The mortgage contains an acceleration clause. This permits
the lender to: - demand immediate payment of the entire note
Real property can be converted to personal property by: - severance
In helping a buyer to select a lender, if the buyer believes he has good credit and his income is
documentable as a salary and by tax returns, the licensee might recommend a mortgage banker, instead
of a mortgage broker, for all of the following reasons EXCEPT: - more variety of loan programs
available
The FHA functions MOST like: - an insurance company
According to the Truth-in-Lending Act, if any "trigger terms" are used in an ad, all of the following
disclosures MUST appear in the ad EXCEPT the: - prepayment penalties and rebates
Which of the following consumers would be able to derive the most benefit from a reverse mortgage? -
A couple in their late 60?s who need to tap their home equity to help cover their expenses but do
not want to sell their house
Federal Truth-in-Lending laws are also known as: - Regulation Z
A broker, acting as agent for the seller, presents an offer to buy from the broker's former college
roommate. The broker knows that the buyer will increase the amount of the offer if the seller turns
down the offer. When presenting the offer, the broker should: - tell the seller that the buyer will
pay more
Even after an offer has been accepted and is binding, the buyer and seller may still choose to sign mutual
release papers rather than proceed to closing. Which of the following circumstances would NOT give
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