Real Estate National Exam with Verified Answers
1. How does a creditor who has ob-
tained a judgement get satisfaction
against a debtor who will not pay?
2. The economic characteristics of
land are?
3. What lease would best suit couples
needs who are looking for tempo-
rary housing?
4. The...
Real Estate National Exam with Verified Answers
1. How does a creditor who has ob- Writ of Execution
tained a judgement get satisfaction
against a debtor who will not pay?
2. The economic characteristics of Scarcity, location, and durability
land are?
3. What lease would best suit couples Month-to-Month lease
needs who are looking for tempo-
rary housing?
4. The land description T3N, R4W Rectangular survey
Principal Meridian refers to what
type of property description?
5. Crops that require annual planting Personal Property
are generally considered to be?
6. A distinguishing characteristic of The identity of the legal owner is kept
owning property by land trust is confidential
that?
7. A lawsuit for reverse condemnation Homeowner
may be brought by the?
8. If conditions for purchase are in- Return of the property to the original
cluded in a deed and these con- owner
ditions are violated, what is the
penalty?
9. When more than one approach to Reconciliation
value is applied to a property and
different indications of value are
produced, how should the final es-
timate of value be determined?
10. A borrower has defaulted on the Demand immediate payment of the
mortgage. The mortgage contains entire note
an acceleration clause. This per-
mits the lender to?
, Real Estate National Exam with Verified Answers
11. Too much leverage may result in? Negative cash flow
12. A managing broker can be held re- All real estate activities of salesper-
sponsible for? sons
13. Earnest money should be deposit- In a timely manner
ed into a trust account when?
14. Why was the Jones vs Mayer deci- By upholding the Civil Rights Act of
sion of 1968 important? 1866
15. A landlord may refuse to rent to a Has ever been convicted of selling il-
tenant who? legal drugs
16. The buyer is assuming a mortgage Credit buyer $110,000, debit seller
presently on the property in the $110,000
amount of $110,000. What is the ad-
justment made at the closing?
17. In most states, foreclosed property Public auction
is sold through?
18. Depreciation is calculated based Cost of the building only
on?
19. A judgement has been proper- Constructive notice
ly recorded. Any subsequent pur-
chasers have actually examined
the record or not, have been given?
20. An agreement to purchase which An executory contract
has not been closed is?
21. An agency agreement between a A management agreement
property owner and a property
manager is usually created by?
22. Homes built before 1978 require?
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