DONALDSON FINAL EXAM REAL ESTATE PRINCIPAL QUESTIONS & ANSWERS 100% CORRECT!!
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Real Estate
DONALDSON FINAL EXAM REAL ESTATE
PRINCIPAL QUESTIONS & ANSWERS 100% CORRECT!!
“Which of the following is an economical characteristic of land? - CORRECT ANSWER Situs"n
"An agency is best described as when the: - CORRECT ANSWER broker represents the principal."n
"In the appraisal of a public...
DONALDSON FINAL EXAM REAL ESTATE
PRINCIPAL QUESTIONS & ANSWERS 100% CORRECT!!
“Which of the following is an economical characteristic of land? - CORRECT ANSWER Situs"n
"An agency is best described as when the: - CORRECT ANSWER broker represents the principal."n
"In the appraisal of a public building, an appraiser would most likely select to apply which of the
common methods of appraisal? - CORRECT ANSWER cost approach"n
"Lenders help protect themselves from loss by using - CORRECT ANSWER Impound accounts"n
"A partial release clause is generally found in a: - CORRECT ANSWER Blanket mortgage"n
"A man gave his best friend the right to go hunting on his farm. This would be an example of a (an): -
CORRECT ANSWER Easement in gross"n
"You and your spouse own your house in a form of ownership in which neither of you can sell the house
individually your form of ownership is most likely: - CORRECT ANSWER Tenancy by entirety"n
"When discussing the concept of total square footage with your client , what is the best way to describe
how the total square footage is measurement ? - CORRECT ANSWER Total are under Roof (TAUR)"n
"An Eastman by necessity is generally utilized to - CORRECT ANSWER Grant access to a Landlocked
land owner"n
"Joint Tennessee is a form of: - CORRECT ANSWER Coownership"n
"A joint tenant may transfer his or her interest under which of the following circumstances? - CORRECT
ANSWER At any time, without permission or approval, but the purchaser will not be a joint tenant"n
"A natural object , such as a boulder stream or tree, maybe use as a marker in what form of legal
description - CORRECT ANSWER Metes and bounds"n
"What is the method of land description that identify as parcel by its shape boundaries? - CORRECT
ANSWER Metes and bounds"n
"Does Zone of property with a gas station is substantially changed to allow residential use only which of
the following is true regarding the future use of a gas station - CORRECT ANSWER The gas Station may
continue in is current use"n
"The process of taking property while providing just compensation, is called - CORRECT ANSWER
condemnation"n
"An Easement by necessity is generally utilized to - CORRECT ANSWER Grant access to land lock land
owner"n
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,"Restrictive covenants are valid against: - CORRECT ANSWER current and subsequent owners"n
"Which of the following values is the most likely to set the residential price for a sale? - CORRECT
ANSWER market value"n
"The penalty for charging a usury rate is: - CORRECT ANSWER forfeiture of the entire interest"n
"Which of the following grants zoning authority to municipal government? - CORRECT ANSWER State
enabling act"n
"Zoning laws, building codes in environmental law or example of government use of - CORRECT
ANSWER Police power"n
"An appraisal uses. the cost approach, in appraiser a home the appraisal should not use which of the
following type of information - CORRECT ANSWER Depreciation on the lane"n
"For consideration during the appraisal process, which of the following is most likely be used as part of
the valuation or estimation process - CORRECT ANSWER Effective age"n
"An agent is trying to establish value for a residential rental home, using sold, rental comparables, in the
neighborhood which of the following is the most likely methods use for the income approach to value -
CORRECT ANSWER Gross rent multiply method"n
"Which of the following types of depreciation is general in curable - CORRECT ANSWER "n
"The amount of commission charged a client is established - CORRECT ANSWER In negotiation
between broker and seller."n
"A deposit in a typical Real Estate transaction - CORRECT ANSWER Must be maintained by the broker
In the brokers designated escrow
Account."n
"When the association of an associate broker or salesperson is terminated with their firm for any
reason, the broker must return the license to the LREC: - CORRECT ANSWER With in 5 days"n
"If a broker is involved in obtaining deposits in property management, the broker must - CORRECT
ANSWER open an account titled "Security Deposit Trust Account"."n
"Sale people cannot accept a commission or valuable consideration for the performance of any act
under the license law from any person except their - CORRECT ANSWER Sponsoring broker"n
"According to the license law must be . - CORRECT ANSWER In writing"n
"If a broker cannot resolve a dispute over a sales deposit - CORRECT ANSWER he must give the money
to the local court and notify commission ."n
"Every license must sign a sworn statement on their application attesting that they shall not induce any
person to sell or rent and dwelling by representation regarding the entry of any person to the area due
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,to that persons race color religion or national origin this prohibited is know as - CORRECT ANSWER
Block busting"n
"A law suite base on lesion by and moiety must be filled within - CORRECT ANSWER One year"n
"If two or more person own the same piece of property each as an undivided share , this is refined to ad
a - CORRECT ANSWER Undivided interest"n
"A vendor who wishes to keep a life interest and convey the remainder to a relative may best do this by
which of the following methods? - CORRECT ANSWER "n
"you sign lease for one year and took possession of an apartment when the lease expired you continued
to live in the apartment without the owner consent your tendency would be considered to be -
CORRECT ANSWER Tenancy at sufferances"n
"A man gave his best friend the right to go hunting on his farm. This would be an example of a (an): -
CORRECT ANSWER easement in gross"n
"Zoning regulations and decision are usually handle by - CORRECT ANSWER Town and cities"n
"Ad valorem is Latin for - CORRECT ANSWER According to value"n
"A property is sold under a deed restriction ( CCR) that state s the property may not be use as a bakery
under these conditions which of the following is true? - CORRECT ANSWER A adjoining property owner
may enforce the restriction by a court injunction"n
"John own a peace of property and want to build a new structure with in 15 feet of his property line how
ever local law requires a 20 foot set back for any improvement he should apply to the local government
for a - CORRECT ANSWER "n
"Disclosing a suicide or murder that occurred on the property - CORRECT ANSWER not a material
fact"n
"Material Facts include - CORRECT ANSWER easements.
encroachments.
and
structural issues."n
"Of the following, which would not be considered a material fact that should be disclosed to a purchaser
if the agent is representing the seller and is aware of the situation? - CORRECT ANSWER The previous
owner murdered his wife in the home and committed suicide."n
"Defects that a seller is required by law to correct include: - CORRECT ANSWER none of the above"n
"The current occupancy of the property by someone with HIV is: - CORRECT ANSWER illegal to
disclose."n
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, "A seller has slab problems which have resulted in cracked walls. The seller covers up the cracks and
does not disclose to anyone that there is a problem. Under these conditions, which of the following is
true? - CORRECT ANSWER the buyers can sue the seller for concealing the defect."n
"A buyer notices that the roof does not seem quite right and asks their agent if the roof leaks. The agent
responds that upon asking the seller about the roof he was told that there is no seepage and no leaks.
However, later it is discovered that there is a seepage problem with the roof. Which of the following
best describes the agent's position in this situation? - CORRECT ANSWER Nothing was done wrong
improper in this situation ."n
"The broker has listed an owner's home. This agreement will be terminated by all of the following
EXCEPT: - CORRECT ANSWER "n
"Under the Law of Agency, the Principal owes the Agent: - CORRECT ANSWER assistance in the sale of
the property.
compensation for service.
reimbursement for agreed upon expenses.
All of the above."n
"The relationship of the broker to the listing owner who hired him or her is best described using which
term? - CORRECT ANSWER Fiduciary"n
"The amount of the commission is determined by: - CORRECT ANSWER negotiation of the parties"n
"All of the following are considered agents EXCEPT - CORRECT ANSWER personal assistant"n
"Which of the following is an example of a Principal-Agency Contract? - CORRECT ANSWER Buyer
Representative Contract"n
"As a licensed real estate salesperson, Mary works as a designated agent for her broker on a listing for
Sally the seller. Mary also likes to work with buyers, and has several buyers currently working with her in
addition to Sally's listing. One of Mary's buyers attends her open house for Sally seller's property and
expresses interest in the home. The potential buyer asks Mary about the asking price and how much
"room for negotiation" there is, and Mary tells her buyer client that the home is definitely overpriced.
Choose the statement which BEST identifies this situation: - CORRECT ANSWER By showing the listed
property to her buyer client, Mary is acting as an undisclosed dual agent since no disclosure form was
used. Furthermore, she has breached her fiduciary duty to her seller by discussing the property's pricing
with her buyer client."n
"Bob the broker has been contacted by a bank to provide a valuation estimate on a home going into
foreclosure. For an agreed upon fee, Bob prepares a valuation report and submits it to the bank
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