Fundamentals Examinations Questions And 99% correctly answered
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Fundamentals
Fundamentals Examinations Questions And 99% correctly answered
A survey has been completed, and stakes have been placed marking off the property
construct fences and driveways
A tenancy in which the tenant is in possession with the permission of the landlord, but there is no definite rental pe...
Fundamentals Examinations Questions And
99% correctly answered
A survey has been completed, and stakes have been placed marking off the
property
construct fences and driveways
A tenancy in which the tenant is in possession with the permission of the
landlord, but there is no definite rental period or duration of possession, is called:
estate at will
When title to property is lost but the property boundaries remain the same, it is:
alienation
A plaintiff files a lawsuit involving a property and also files a separate document
intended to provide notice of the lawsuit. This recorded notice of a pending legal
action is called:
lis pendens
An increasingly common land use pattern allows for subdivisions with smaller lot
sizes and little or no setback and sideyard requirements while keeping the same
density ratios. These are known as:
planned unit developments
A and B sign a rental agreement in which A agrees to lease her property to B in
exchange for rent. This contract is:
bilateral
A real estate agent has assisted an investor with the purchase of a number of
commercial properties. The investor will be out of the country for part of the year
and asks the agent to manage all aspects of those properties during that time,
including advertising and leasing. The real estate agent will be:
general agent
At closing, a sale doesn't go through because the seller's anticipated transfer to
another city gets suddenly postponed, and the seller no longer wants to sell.
Does the seller owe the listing agent a commission in this situation?
Yes, because the seller won't provide marketable title, which is considered a default.
,Legally, how much earnest money must be submitted with a valid purchase and
sale agreement.
No earnest money is required
The mortgagee assigns its interests and the assignee records the assignment.
The mortgagor now needs to make payments to the:
assignee
A buyer is unfamiliar with the concept of discount points and asks a licensee to
explain. The licensee responds "Discount points are used to replace funds that
are being held by the Federal Reserve, so that more funds are available to lend".
Is this description correct?
No, discount points are used to increase the yield for lenders who will sell the loans on
the secondary market.
A percolation test will examine the:
soil's ability to absorb and retain water
A 4,500 earnest money check bounces because of insufficient funds. The first
thing the broker should do is:
notify the principals
A seller tells a real estate agent that she has lived in the neighborhood for a long
time and would like to be selective about who buys her house; she would like the
agent to tell her the race and nationality of all prospective buyers. How should the
agent respond?
End her agency with the seller, as it would be a violation of the federal Fair Housing Act
A property manager bases the operating budget on:
anticipated expenses and revenue
A parcel measures 198 feet by 330 feet. It sold for 30,000$. What was the price per
acre?
$20,000
Meridian and base lines relate to the:
rectangular survey method
Which of the following would characterize a tenancy in common?
Tenants can will a partial interest in the property
, A buyer accepts a general warranty deed from a seller, believing that the seller is
the sole owner of the property. The buyer later finds out that the seller is only a
co-owner. Has a covenant in the general warranty deed been violate?
Yes, there is a covenant providing marketable title
K buys a piece of landlocked property from L on the condition that L provide an
easement across the property for ingress and egress. The easement isn't
recorded, K later sells the property. Is the easement still valid for the new owner?
Yes, because an easement of this type runs with the land, rather than belonging to an
individual
A licensee is helping her buyer purchase some property. The buyer would like to
make an offer on a corner lot that may have once been used as storage for a
heating oil company. The licensee should advise her buyer to:
consult with an environmental expert
When can a minor enter into a binding contract?
if a guardian co-signs
Late on a friday afternoon, an agent receives an offer on a property that she has
listed, for 10k$ less than the listed price. The sellers will be away all weekend.
The agent should:
try to get the offer to them as soon as possible on Friday.
Gail gives ABC Realty a listing that stipulates it is the only real estate firm
authorized to list her home. At the same time she insists on including a provision
that would allow her to sell the home herself without paying a commission to
ABC. Which of the following describes the kind of listing she has created?
Exclusive agency listing
A buyer makes an offer to purchase on May 2. The offer includes a promise to
deposit 5k in earnest money within two business days after mutual acceptance.
The offer is contingent on results of a soil feasibility report. On May 5 the seller
accepts the offer. On May 11 the soil report is ordered. On May 17 the soil
feasibility report comes back and is approved by the buyer. By what date does
the earnest money need to be deposited?
May 7
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