Louisiana Real Estate Practice Exams (National) Questions With 100% Verified Answers.
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Course
Louisiana Real Estate
Institution
Louisiana Real Estate
Louisiana Real Estate Practice Exams
(National) Questions With 100% Verified
Answers.
Real property can be converted to personal property by: - answerseverance
Legal descriptions using the government survey system are NOT generally used in: -
answerthe original 13 states
Although states make ...
Louisiana Real Estate Practice Exams
(National) Questions With 100% Verified
Answers.
Real property can be converted to personal property by: - answer✔severance
Legal descriptions using the government survey system are NOT generally used in: -
answer✔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: - answer✔prior appropriation
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? - answer✔Tenancy
at will
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? - answer✔A license
A judgment has been properly recorded. Any subsequent purchasers, whether they have actually
examined the record or not, have been given: - answer✔constructive notice
The main difference between tenancy in common and joint tenancy is that with tenancy in
common, when a co-owner dies, - answer✔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? - answer✔Conditional use permit or zoning variance
An escheat occurs when: - answer✔a property owner dies without heirs or a valid will
A deed restriction is applicable to the activities of: - answer✔all owners, present and future
An environmental impact statement typically describes the effects of a proposed project on
factors such as: - answer✔public health and safety
Ordinances that specify construction standards are: - answer✔building codes
Depreciation is calculated based on the: - answer✔cost of the building only
A competitive market analysis is MOST often used for: - answer✔setting a listing price
According to the principle of progression, a three-bedroom, one-story home is MOST likely to
bring the highest sales price if located in a neighborhood in which: - answer✔most homes are
larger than the sale home
A formal appraisal will ALWAYS be REQUIRED when the: - answer✔lender wants to sell the
mortgage to the secondary market
A competitive market analysis takes into consideration: - answer✔square footage of the subject
property
When compiling a competitive market analysis, a broker would look for comparable properties
that: - answer✔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? - answer✔The first sold
A prospective seller asks a salesperson to recommend a listing price for a property. The
salesperson should suggest: - answer✔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: - answer✔demand immediate payment of the entire note
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: - answer✔more variety
of loan programs available
The FHA functions MOST like: - answer✔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: - answer✔prepayment penalties and
rebates
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