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Vaned national real estate exam with complete solution 2024/2025
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Vaned national real estate exam with complete solution 2024/2025
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VanEd National Real Estate Exam withcomplete solution 2024/2025
Question: A sublessee is a(n) - ANSWER-. Tenant
Question: A major disadvantage of owning investment property might be - ANSWER-Lack of
Liquidity
Question: The most favorable thing about a VA loan is that - ANSWER-VA loans guarranty
gives the veteran favorable financing terms because the lender is protected from loss
Question: Once the funds of a construction loan are disbursed to the contractor, and if the
sub-contractor is not paid, - ANSWER-. The sub-contractor can file a lien against the home,
even if the home is sold, after it closes
Question: Marie dies intestate, and her property will transfer according to intestate
succession. This means - ANSWER-. The courts will give the property based on state law
Question: A seller cannot get marketable title due to a break in the chain of title. He will need
- ANSWER-
- ANSWER-. Quiet title Action
Question: Which is the term used for the person or organization who acts as an intermediary
for the purpose of obtaining financing? - ANSWER-Mortgage Broker
Question: Seller Andy had a custom table made to fit in a corner of his study, attached to the
floorboards on one end. When he sells his home the table will be considered - ANSWER-A
fixture
Question: The term lis pendent refers to - ANSWER-. Advance notice of a lawsuit to be filed
Question: What kind of zoning would require that a developer build 10% of the homes in a
subdivision for low-income families? - ANSWER-Inclusionary
,Question: Functional obsolescence can be caused by - ANSWER-. An over-improvement of the
property
Question: An owner may properly refuse to rent to a prospective tenant because the
prospective tenant is - ANSWER-A drug addict with abusive behavior
Question: 'A' purchased a commercial lot from 'B' based on 'B's fraudulent representation as
to lot size, zoning, and water connections. 'A' cannot use the parcel purchased. What remedy
should 'A' seek? - ANSWER-Recission
Question: An offer is accepted one day after the offer period expires. How could the offeror
create a valid contract? - ANSWER-Have the offeror sign a waiver of the offer period
Question: A broker has an exclusive-right-to sell listing. A buyer offers to purchase the listed
property. The buyer knows that the broker is an agent of the seller, yet tells the agent in
confidence that she may be willing to increase his offer by $10,000 if it is not accepted by the
seller. The broker - ANSWER-
- ANSWER-. Must convey this information to the seller
Question: To perfect a lien against personal property, a creditor would record a(n) -
ANSWER-. Financing Statment
Question: A property manager needs to have a bid on floor coverings based on this statement
of fact. "The building he manages is 90' by 60'. Sixty percent of the building will be carpeted
at a cost of $16.00 per square yard, and the remainder will be tiled at a cost of $8.00 per
square yard. Estimate the cost of the floor covering. - ANSWER-$7,680
Question: - ANSWER-
A FSBO seller and buyer agree to terms on a contract to purchase. The buyer then finds a
structural defect during his inspection, and cancels the contract. - ANSWER-The FSBO seller
makes cosmetic repairs to cover the damage, and lists the property with Agent M and
informs him of the defect. Buyer C buys the home, and does not perform an inspection. Only
after closing and moving into the home does buyer C discover the material defect. Who is
liable? Both FSBO and Agent M are liabe
Question: Which if the following is NOT considered an element of value? - ANSWER-Cost
, Question: A property has a net income of $40,000.00. One appraiser decides to use a 12 %
capitalization rate, while a second appraiser uses a 10% rate. Use of the higher rate results in
- ANSWER-. $66,667 decrease in appraised value
Question: A broker is instructed not to show a property while the owner, who is caucasian, is
away. While the owner is out of town, an African American couple requests to be shown the
property. The broker should - ANSWER-. Refuse to show the property
Question: An agency that cannot be terminated by an owner is a(n) - ANSWER-Agency
coupled with an interest
Question: A valid contract would be unenforceable because of - ANSWER-The statue of
limitations
Question: The loan that would command the highest loan-to-value ratio would be for -
ANSWER-. A single-family residence
Question: Of the following, which would be considered equivalent to an annuity by an
owner? - ANSWER-A long term-ground lease
Question: Real estate property taxes are based on a banker's year and are payable in arrears.
The taxes were $1,214.00 for the year. The closing is on April 1. The seller is - ANSWER-
Debited, and the buyer is credited $306.67
Question: The parcel of land you are viewing is 3 acres. The front of the square lot is 450 feet
wide. What is the depth? - ANSWER-290.4 feet
Question: A buyer is obtaining a new private loan with a principal amount of $250,000.00 at
9%. Closing takes place on April 15. The interest due will appear on the worksheet as -
ANSWER-Debit $937.50 to buyer, and credit broker $937.50
Question: Two brokers from different companies have gotten together to discuss what
commission they will charge. This is prohibited by - ANSWER-. The Sherman Anti-Trust Act
Question: The previous tenant of your investment listing died of AIDS. Should you disclose
this to potential buyers, and why? - ANSWER-In most states, Fiduciary Duty of
Confidentiality precludes you from disclosing non-material facts (however some states do
require disclosure).
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