National Real Estate Exam Practice Questions/ 219 Q&A
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National Real Estate Exam Practice Questions/ 219 Q&A
Excess money at a foreclosure sale goes to... - Answer: the borrower
After defaulting on a real estate loan, a borrower is able to pay off the loan prior to the foreclosure sale. This is called: - Answer: right of redemption
The require...
National Real Estate Exam Practice Questions/
219 Q&A
Excess money at a foreclosure sale goes to... - Answer: the borrower
After defaulting on a real estate loan, a borrower is able to pay off the loan prior
to the foreclosure sale. This is called: - Answer: right of redemption
The required distance between buildings and a federally protected endangered
species wetlands is an example of... - Answer: a buffer zone
A couple purchased a condominium. The complex has an exercise room for all
residents. The couple does not use the exercise room and does not want to pay
the monthly fee for the use of the facility. What can they do to avoid this fee? -
Page 1 of 33
,Answer: they must pay the fee as they have a tenancy in common interest in all
common areas
Which of the following is personal property? - Answer: a lease
A landlord leased space in his new retail property to an inexperienced business
person. Based on location and the type of business, the landlord believes it will be
a great success. What type of lease can he enter into with the tenant that will
allow the landlord to benefit from the tenant's success? - Answer: a percentage
lease
A buyer has purchased a property and after closing the seller will continue to
occupy the property. This is an example of... - Answer: sale and leaseback
Your client will be able to qualify for a property they wish to purchase in about 6
months, after they had an opportunity to reduce their consumer debt. They have
found a property that they would like to purchase now. What type of agreement
can they enter into with a seller that will allow them to occupy the property now
and purchase it within the 6 months? - Answer: lease with an option to buy
Tenants have signed a 3 year lease on a property. In the second year the owner
dies and his heirs inherit the property. They give the tenants notice to vacate.
What is true? - Answer: the tenants can stay until the end of the lease
Page 2 of 33
,A developer decides to build a commercial property in the middle of a residential
subdivision. What is required? - Answer: a variance
A zoning ordinance would affect which of the following? - Answer: the
concentration of housing in a residential area
If a person dies without a will, who receives their estate? - Answer: spouse and
children
What are the requirements/ criteria for real estate to have values? - Answer:
demand, utility, scarcity, transferability
What principle of value defines the most important factor for appraisal? - Answer:
highest and best use
What approach would an appraiser most likely use to value a residential rent
house in neighborhood where a majority of the homes are leased? - Answer:
income approach
A licensed broker is advertising that he will perform a free appraisal if you contact
him for a listing appointment. He is not in violation of the law... - Answer: if he is a
licensed appraiser
Which of the following is NOT an example of functional obsolescence? - Answer:
deferred maintenance
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, According to the Statute of Frauds, which of the following leases must be in
writing? - Answer: a lease for more than one year
Your client is an investor who would like to have the right to purchase a
commercial tract for $5 million for the next 6 months. What type of contract
should he enter into with the seller? - Answer: an option contract
A property owner has decided to do some landscaping work on his yard. He has
planted a tree surrounded by some flowering shrubs. The tree and shrubs are an
example of... - Answer: improvements
A property owner has a waterfront lot on a stream. He has the right to use the
water from the stream. What is this right called? - Answer: riparian
A tenant is aware that his lease will expire at the end of the month. He has begun
to disassemble his display cabinets and shelves. Which of the following
statements about this is true - Answer: the tenant can take these as they are trade
fixtures
A seller is attending the closing on his property. The title company has discovered
an unsatisfied M&M lien on the property. Which of the following is the most likely
reason for the lien? - Answer: plumbing work that was completed but never paid
for
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