exam 1 practice

Question 1

Fee simple absolute estate would be

Answer 1

the highest interest a person can have in real property or land

Question 2

An estate is granted to “A” for the life of “X.” “A” dies while “X” is still living. The estate:

Answer 2

Vests in the heirs or devises of “A”

Question 3

Tyson owns a store building which he leased to Crown for seven years. Crown’s estate in the store building is:

Answer 3

personal property, estate for years, a chattel real

Question 4

An instrument which usually transfers possession of real property, but does not transfer ownership is:

Answer 4

A sublease

Question 5

would be considered real property?

Answer 5

A bearing wall in a single-family house.

Question 6

Personal property can become

Answer 6

real property, hypothecated, aliented

Question 7

Jones conveyed his ranch to Brown using a land contract. The ranch was serviced by a mutual water company, and Jones was a stockholder in the company. The stock which Jones owned was appurtenant to the land. Does Brown have to enter into a separate contract for the stock of the mutual water company:

Answer 7

No, because the stock was appurtenant to the land and therefore part of the real property and part of the land contract.

Question 8

The law permits a real estate licensee to act as an agent in the sale of some mobile homes. All of the following acts are grounds for discipline by the Real Estate Commissioner against a real estate salesperson’s license, except:

Answer 8

Selling, as agent, a mobile home which is greater than 8 feet in width and 40 feet in length;

Question 9

required in joint tenancy ownership of real property:

Answer 9

Equal shares of interest in the property by each of the joint tenants;

Question 10

When a pest control company discovers no evidence of infestation of termites, but discovers conditions which may lead to such infestation, the cost of correcting such conditions is paid by:

Answer 10

The buyer only if he chooses to have the condition corrected.

Question 11

To alienate title to property, one:

Answer 11

Conveys title

Question 12

When real property is sold, a copy of the structural pest control report must be given, if requested, to:

Answer 12

the buyer

Question 13

Legally and technically, property is defined as:

Answer 13

Rights or interests which a person has in the thing owned;

Question 14

A deed:

Answer 14

Does not have to be recorded to transfer title.

Question 15

Of the following types of deeds, which one would contain no warranties, expressed or implied:

Answer 15

A quitclaim deed;

Question 16

The main purpose of a deed is to:

Answer 16

Evidence the change in title or transfer of an interest in real property;

Question 17

When a valid grant deed is prepared, title passes when it is:

Answer 17

Delivered

Question 18

which of the following persons would usually be in the weakest position against loss of property due to a claim of title by an outside person:

Answer 18

The holder of an unrecorded quitclaim deed who does not occupy the property.

Question 19

An easement could be created for what length of time:

Answer 19

any length of time

Question 20

The land that is benefitted by an easement is called the:

Answer 20

Dominant tenement;

Question 21

The requisites of a grant deed when compared to a land contract of sale may differ with respect to:

Answer 21

Interest conveyed; Signatures of the principal parties; Designation of purchase price;

Question 22

Land that is subject to an easement is said to be

Answer 22

encumbered

Question 23

Mr. and Mrs. Winters hired the Superb Construction Company to install a swimming pool on their residential premises. In the event the construction company was unpaid and it was necessary for them to file a lien for payment of the contract, the encumbrance created would be:

Answer 23

a specific lien

Question 24

If there has not been an agreement to the contrary, all of the following would qualify as a negotiable instrument, except

Answer 24

A mortgage securing a promissory note;

Question 25

A straight note, same term and interest rate, would:

Answer 25

Involve more interest than an installment note;

Question 26

Which of the following is not a true statement about easements:

Answer 26

An easement in gross is a right in another’s land created for the benefit of adjacent land;

Question 27

An easement in gross:

Answer 27

Burdens servient land;

Question 28

Easements are terminated by all of the following, except:

Answer 28

Revocation by the owner of the servient tenement;

Question 29

A tenant in good standing under a valid five-year lease which makes no mention of assignment or sub-leasing, may legally do which of the following:

Answer 29

May sublease or assign the leasehold to anyone, since the lease made no mention of any restrictions on such action.

Question 30

A formal declaration, not an oath, that a statement is true or that the declarer will tell the truth is:

Answer 30

An affirmation.

Question 31

Following proper action by the local authorities, the zoning on a vacant lot was changed from “commercial” to “residential.” Such an action is called:

Answer 31

Down zoning;

Question 32

A change in a zoning ordinance could be initiated by:

Answer 32

A subdivider/developer; A local government agency; The owner of a property;

Question 33

The right or power to sell a property in the event of a default under the terms of the trust deed is given by:

Answer 33

Trustor to the trustee.

Question 34

Agent John has given seller Henry an offer that includes the phrase “All kitchen appliances are to be left with the house and become the personal property of the buyer.” Henry accepts all of the other terms of the offer, but objects to leaving the appliances. John crosses out that item and initials it on the contract on behalf of the buyers. He does this despite the fact that the buyers are on vacation and cannot be consulted about this. Such action would most accurately be classified as:

Answer 34

Unlawful conduct.

Question 35

When comparing condominiums and rented apartments, which of the following would be true:

Answer 35

The person who occupies each unit would have an estate in real property;

Question 36

installment notes often include an “or more” clause. Such a clause would:

Answer 36

Allow an accelerated payoff;

Question 37

When a blanket mortgage is placed upon a property and a “release schedule” is put into the mortgage showing the amount of the loan that must be paid off for each of the lots, those individual amounts would likely be proportionately larger for the first lots that are sold. The reason for this practice is:

Answer 37

To increase the security value of the remaining lots; To compensate for the loss of security as the lots under the blanket encumbrance are removed; To compensate for the loss of security due to the best lots being sold first;

Question 38

Another name for an estate of inheritance is:

Answer 38

Estate in fee;

Question 39

An acceleration clause is inserted in a note that is otherwise negotiable. The addition of this clause:

Answer 39

Does not reduce the negotiability of the note;

Question 40

An “open-end” provision in a mortgage would benefit the borrower the most if he:

Answer 40

Borrowed additional money.

Question 41

When the term “beneficiary statement” is used by those in real estate finance, it identifies a statement made:

Answer 41

By the lender, as to the current balance due to pay off a real estate loan;

Question 42

Once a judgment has been obtained against real property, a plaintiff would obtain which of the following in order to cause the property to be sold:

Answer 42

A writ of execution; (forced sale of the property)

Question 43

Authorization to sell a parcel of real property in the event of a default is given by:

Answer 43

Trustor to trustee;

Question 44

In order to operate a competitive, yet profitable business, a real estate broker needs to be concerned with “desk cost.” Which of the following most nearly represents the correct way to calculate desk cost:

Answer 44

Divide the total operating expenses of the firm, including salaries, rent, insurance, etc., by the number of salespersons.

Question 45

When a title company issues a California standard policy of title insurance, the policyholder is insured against loss which occurs because of:

Answer 45

Forgery in the chain of recorded title;

Question 46

Upon discovering that a salesperson in his office was receiving a referral fee from a local lender for every real estate loan the salesperson referred to the lender, the broker of record in that office took only two actions: He discharged the salesperson, and he warned all other salespersons in the office never to accept such fees. Based only on the foregoing, which of the following is most nearly correct:

Answer 46

Both broker and salesperson may be subject to disciplinary action by the Commissioner.

Question 47

The listing agent for a residential property can legally complete the entire Real Property Transfer Disclosure Statement:

Answer 47

Under no circumstances;

Question 48

Broker Davis has had a house listed for sale for nine months without selling it. He knows that the building needs major structural repairs, and he has listed it at 10% above its fair market value. He runs an advertisement in a newspaper that says, “Three bedroom, Victorian. You won’t believe the price! Move right in. Davis - 234-5678.” This advertisement is bad because:

Answer 48

Since Davis knows that the property needs major repairs, it is deceptive and misleading;

Question 49

If a licensee placed the following ad in a newspaper, which of the following would describe the ad? “Three bedroom, two-bath, pool and spa, large lot – $167,000. 555-1234.”

Answer 49

This is blind advertising.

Question 50

When a broker receives trust funds and places them in a trust account, which of the following statements is most nearly correct about interest earned on those funds:

Answer 50

The broker may not receive directly or indirectly any interest on trust funds.

Question 51

considered a violation of fair housing laws in regards to periodic tenancy:

Answer 51

The requirement of a landlord of a co-signer exclusively for tenants who are single;

Question 52

When renting residential property, the amount of a security deposit which a lessor may legally charge from a lessee is determined in part by which of the following:

Answer 52

Whether the unit is furnished or not;

Question 53

Among the choices available to an investor, stocks and bonds, when compared with real property, are usually thought to be:

Answer 53

More liquid in the marketplace.

Question 54

Mike Coogan, a new real estate salesperson, made strong efforts to obtain listings in a non-integrated community. He found success by insinuating to property owners that should minorities move into the area, the value of their homes would decrease. Which of the following terms best describes the activities of Salesperson Coogan:

Answer 54

panic peddling and blockbusting.

Question 55

A person sold his home and took back a note secured by a purchase money deed of trust. He selected a real estate broker from the telephone book and asked him to service this loan. If the broker takes on this duty, state law requires him to:

Answer 55

Have a written authorization from the holder of the note;

Question 56

A real estate broker who specializes in selling residential property in a given area may refuse to accept a listing on a property in that area for which of the following reasons:

Answer 56

Because the owner’s required price is substantially above the market price in the area of the residences;

Question 57

By means of the Federal Fair Housing Law, Congress established a national policy of fair housing throughout the United States. This policy applies to which of the following:

Answer 57

Single-family residences that are individually owned and that are offered for sale through a real estate broker; Single-family residences owned by private individuals who own more than three such residences; All type family dwellings of six units where the owner occupies one of the units;

Question 58

The mortgage insurance on an FHA loan:

Answer 58

Protects the lender in the event of default;

Question 59

When the general level of prices decreases:

Answer 59

The value of money increases;

Question 60

the exercise of police power whereby land is divided into districts according to the use to which the land may be put is known as:

Answer 60

Zoning;

Question 61

When the Federal Reserve Board increases the reserve requirements, it will:

Answer 61

Decrease loan activity;

Question 62

When the Federal Reserve Board increases the reserve requirements, it will:

Answer 62

Decrease loan activity;

Question 63

A real estate salesman went into a neighborhood to obtain listings of residential property. He made representations that because of the entry into the neighborhood of minority groups, property values would be reduced by a decline in the quality of schools and an increase in the crime rate. These practices by the salesman are:

Answer 63

Grounds for disciplinary action;

Question 64

A builder needs a long-term loan of $3,000,000 to develop a new shopping center. Which of the following would usually be the best source of such funds:

Answer 64

Life insurance companies;

Question 65

David gave a grant deed to John transferring title to a house. The title is subject to a condition stating that title will be forfeited if alcoholic beverages are ever sold on the property. John would have which of the following types of estates:

Answer 65

A fee simple defeasible;

Question 66

true concerning the activities of mortgage companies:

Answer 66

They prefer negotiating loans which are salable in the secondary market;

Question 67

A family rents a vacation home from September 1, 2002 to January 1, 2003. Their tenancy would properly be classified as:

Answer 67

An estate for years.

Question 68

does not buy loans in the secondary mortgage market?

Answer 68

Federal Housing Administration.

Question 69

The term used by lenders, “mortgage yield” best describes:

Answer 69

The effective interest return obtained from a first trust deed by an investor;

Question 70

The basic protection of a lender on a purchase-money second trust deed would be:

Answer 70

Equity of the borrower;

Question 71

In financing for new construction, the lender will usually release the final payment to the builder when the:

Answer 71

Lien period has expired;

Question 72

To qualify a real property sales contract for recordation, it must:

Answer 72

Be signed by both buyer and seller and be acknowledged.

Question 73

The two requirements which governmental units must observe in the exercise of the power of eminent domain are:

Answer 73

The proposed use must be public, and just compensation must be paid to the owner.

Question 74

The purpose of the Truth-in-Lending Act is to:

Answer 74

Assure a meaningful disclosure of credit terms;

Question 75

The real estate financing instrument which transfers equitable title to real property, but retains legal title in the seller, is called:

Answer 75

A real property conditional installment sales contract;

Question 76

Most likely, the United States Attorney General would act to enforce the Federal Open Housing Law whenever:

Answer 76

A conspiracy exists to practice resistance to the Federal Open Housing law;

Question 77

defines a “mortgage loan”?

Answer 77

A loan collateralized with real estate.

Question 78

Who pays the points on a Cal-Vet loan:

Answer 78

No one.

Question 79

When lenders use the term “debt-income ratio,” they are referring to:

Answer 79

A loan qualifying tool;

Question 80

When examining a properly-prepared closing statement, the broker would discover that a mortgage assumed by the buyer would appear as:

Answer 80

A debit to the seller;

Question 81

true concerning escrow procedures:

Answer 81

When the escrow requirements have been met, the escrow agency changes from a dual agency to a separate agency;

Question 82

essentials of each and every contract, except:

Answer 82

A proper writing.

Question 83

A prospective buyer would be entitled to damages from a real estate broker in the event the broker:

Answer 83

Acts in excess of the authority given the broker by the seller;

Question 84

Four months ago, a seller accepted a proper offer to purchase his real property. The contract was in writing. Later, the seller refused to complete the transaction, since he felt the value of the property would increase in the near future. Under these circumstances, the Statute of Limitations could affect the rights of the buyer to prevail in a civil action, due to a breach of a written contract, within:

Answer 84

4 years.

Question 85

For more than one hundred years, the Garza family has owned and operated a gold mine on federal land. The only access to their mining claim is across an adjoining parcel. That parcel is sold to a new owner, who fences off the parcel and padlocks the gate across the access road. The Garzas would be best advised to:

Answer 85

File a quiet title suit against the new owner to protect their rights;

Question 86

not essential to the creation of an agency relationship:

Answer 86

Agreement to pay a consideration

Question 87

Richards agreed to list his property for sale with Broker Jackson. In using a standard listing form, Richards completed Paragraph 10 with the following words: “Delete provisions in Paragraph 3c above which says, Agency is hereby authorized to accept on my behalf a deposit toward the purchase price in any amount.” If Broker Jackson produced a buyer:

Answer 87

If he accepts a deposit, he holds it as agent of the buyer until the offer is accepted by the seller;

Question 88

A broker who is hired by an owner to sell his property must reveal all significant and material information to the principal. Which of the following would be considered material information and must be revealed:

Answer 88

The agent’s knowledge that a better offer to purchase is imminent;

Question 89

Salesperson Kingston presented to Broker Wright Buyer Kingsford’s offer to purchase Seller Brightwood’s real estate, accompanied by an earnest money deposit in the form of a personal note in the amount of $1,000. Broker Wright should inform Salesperson Kingston that:

Answer 89

Seller Bright­wood should be informed prior to acceptance that the deposit is a promissory note.

Question 90

On March 5, a prospective buyer gave a broker his personal check for $1,000 payable to the seller along with an offer to buy the property. He told the broker that the check should not be cashed until March 30. Which of the following is correct?

Answer 90

The broker may hold the check, but must tell the seller that it is being held uncashed before the seller accepts the offer.

Question 91

Broker Farr is showing property that he has listed to Olson. Broker Farr knows that there are massive plumbing repairs to be made. Broker Farr:

Answer 91

Has to tell the buyer, because he must disclose all material facts;

Question 92

not be legally proper for a licensee to do?

Answer 92

Keep the client’s secret that the roof leaks.

Question 93

When an existing contract is replaced by an entirely new contract, it is an act of:

Answer 93

Novation;

Question 94

When is a broker relieved of the obligation to present an offer to purchase real property to the principal:

Answer 94

When the offer is patently frivolous or the broker is acting on written instructions of the principal;

Question 95

Where a buyer withdraws his offer to purchase real property prior to acceptance by the seller, the:

Answer 95

Buyer is entitled to the refund of the earnest money deposit;

Question 96

Ms. Swan listed a vacant lot with Broker Benton for $11,400. Prospective buyer Gardner submitted an offer at a purchase price of $11,000 with the offer to expire in thirty days. The next day, Ms. Swan made a counter­offer with the sales price to be $11,200, which Gardner would not accept. Three days later, Swan delivered to Benton a signed acceptance of Gardner’s $11,000 offer. When Benton told Gardner of Ms. Swan’s acceptance, Gardner decided not to buy the property. Based on these actions, there is:

Answer 96

No contract.

Question 97

Compliance with the agency relationship law enacted as a part of the civil code would be required in which of the following transactions:

Answer 97

A lease for a period of longer than one year.

Question 98

Private restrictions on real property can be written either as a condition or as a covenant. Which of the following is most correct concerning such restrictions:

Answer 98

Violation of a condition can result in penalties which are more severe, and can result in loss of title;

Question 99

A developer can use the Street Improvement Act of 1911 as amended to raise funds for all of the following purposes, except:

Answer 99

To purchase land for subdivision;

Question 100

A “GPAM” mortgage loan provides for:

Answer 100

Deferment of certain payments on the principal during the early period of the loan;

Question 101

In May, 1996, Mr. Sanders leased a unit in his apartment house to a tenant for a two-year term. The tenant prepaid the last two months’ rent at the time he entered into the lease agreement. For federal income tax purposes, that amount will be considered as income for Mr. Sanders:

Answer 101

In May, 1996;

Question 102

One advantage of an installment sale for federal income tax purposes, is that:

Answer 102

The gain realized will be taxed in the year it was received.

Question 103

Broker Green obtained a listing from Brown to sell his home. Brown told Green the sewers were in and connected and signed a listing to that effect. Green was of the opinion that there were no sewers installed in that street, so he checked with the city and found he was correct. Green showed the house to Jones, who did not ask about sewers, and Green made the sale without any comment. Later, Jones found that the sewers were not in. Which of the following is true:

Answer 103

Green had a duty to tell Jones, even though he did not ask;

Question 104

Mr. O’Riley paid an owner $10 for an option containing this clause: “Option to be for 60 days from June 1, 1967. Upon exercise of option, holder is to purchase within 30 days thereafter for all cash consideration.” On July 10, Mr. O’Riley sold and assigned his option for $1,000. On July 28, the new holder notified the owner that he would purchase on August 15. The owner claimed the option was void. The option was:

Answer 104

Valid, and assignee could purchase on August 15.

Question 105

If a condominium owner lives in his condominium and pays all of the following, which of the following would be deductible for federal income tax purposes?

Answer 105

Any interest that he pays on a mortgage for his share of the common areas;

Question 106

In which of the following situations would a parcel of property be reassessed?

Answer 106

Every time the property is sold.

Question 107

Community apartment projects and condominiums come within the subdivision provisions of the California Real Estate Law when they contain how many units:

Answer 107

Five or more;

Question 108

Where there are local minimum housing requirements, builders must:

Answer 108

Comply with the more stringent of the two laws in “A” and “B”;

Question 109

Under federal income tax regulations, an individual may not deduct a loss on the sale of residential property unless:

Answer 109

The property was bought as an investment and was rented or leased out as such.

Question 110

A carpenter installed hardwood floors in a new house, and when he was not paid for his work, filed a mechanic’s lien. The priority for his claim is:

Answer 110

The date construction of the new house was begun.

Question 111

A person who held a life estate leased the property for five years and then died one month after signing the lease. The new owners ordered the lessee to move out. The lease was:

Answer 111

Valid only as long as the lessor was alive;

Question 112

Georgene Creason is selling time-shares in her Wildacre subdivision. She mailed advertisements to 10,000 people, offering them the chance to win a prize, but did not reveal that in order to be eligible, the person must visit Wildacre and listen to a sales presentation. All of the prize winners had become owners in Wildacre. Is there anything wrong with this situation:

Answer 112

Yes; anyone offering prizes or gifts must reveal any required attendance at a sales presentation when offering the prize or gift;

Question 113

The Uniform Commercial Code, Division 6, which pertains to bulk sale transfer of business goods, exists primarily for the protection of:

Answer 113

Creditors;

Question 114

Anderson sold a farm to Barnes on May 1, 1985. The real property taxes for the 1985-1986 tax year:

Answer 114

Are a lien on the farm.

Question 115

If a ranch is 36 miles square, how many townships would it contain:

Answer 115

36;

Question 116

Owner Armstrong gave Broker Weeks an exclusive authorization to sell Armstrong’s ranch. As part of the agreement, Broker Weeks agreed to advertise the ranch in a catalog that Weeks publishes and distributes to other real estate brokers. For this added service, Armstrong paid Broker Weeks $1,000 for this advertising service at the time Owner Armstrong signed the listing. Under current real estate law, this payment:

Answer 116

Must be deposited into a trust account and dis­bursed only to pay advertising expenditures incurred by Broker Weeks in advertising the ranch property.

Question 117

Baylor made an offer on the purchase of a vacant residence and gave a cash deposit with the offer. The offer was presented through Broker Harris. The offer was accepted by the seller. Prior to the close of the transaction, Baylor requested permission from Harris to enter the house for the purpose of painting and making minor repairs. Which of the following is true:

Answer 117

Harris should obtain written approval of Baylor’s request from the owner;

Question 118

the appraisal of an income-producing property is made as of a “given date” to indicate:

Answer 118

The market conditions influencing the value of the property at that point in time;

Question 119

It would be perfectly ethical for an appraiser to

Answer 119

Appraise a property in which the appraiser has an interest, provided the appraiser first discloses the interest.

Question 120

A major transportation route has a single line of store buildings along one side. This is known as:

Answer 120

A strip commercial development.

Question 121

An appraiser, in arriving at an estimate of value secured under each of the three approaches in appraising:

Answer 121

Explains why or why not the other approaches were not used, then chooses the one the appraiser believes to be the most appropriate approach.

Question 122

In arriving at an estimate of value, an appraiser would be most interested in the date:

Answer 122

The purchase contract was signed;

Question 123

The first step in the appraisal process is to:

Answer 123

Define the appraisal problem;

Question 124

Definitions of market value are least concerned with:

Answer 124

Material cost;

Question 125

When appraising real property, the appraiser attempts to estimate value. The value arrived at by the appraiser is:q

Answer 125

Based upon an analysis of facts as of a given and specified date;

Question 126

An appraiser is using the market data approach comparing the prices of comparable properties to the subject property. If the comparable properties have a feature that is not present in the subject property, the value of that feature will be:

Answer 126

Subtracted from the sales price of the comparables;

Question 127

The hardest and yet the most important part of the market data method of appraising is:

Answer 127

Adjusting for the differences between the comparable properties and the subject property;

Question 128

Rental schedules for various units of space are realistically established on what basis:

Answer 128

Market comparison;

Question 129

A final estimate of the value of any single-family residence is:

Answer 129

Limited by the replacement cost of the building, plus the value of the land;

Question 130

A developer ordered several truckloads of soil to be used in a new housing project for backfill. His most probable intended use would be:

Answer 130

To fill in excavations or around foundation walls;

Question 131

defined as a fixture in the law:

Answer 131

Something incorporated into the land;

Question 132

Capitalization

Answer 132

Establishes the value of an asset by dividing the annual net income by the desirable rate of return;

Question 133

To arrive at a capitalization rate in the appraisal of an income-producing property, no provision should be made for which of the following:

Answer 133

Federal taxes;

Question 134

in using the capitalization process, which of the following cannot be deducted to determine the net income?

Answer 134

Mortgage interest;

Question 135

considered an example of economic obsolescence?

Answer 135

An over-supply of like properties;

Question 136

not contribute to obsolescence is:

Answer 136

Wear and tear from use;

Question 137

Under California law, the Real Estate Commissioner has authority to do which of the following:

Answer 137

Promulgate rules and regulations to enforce the California real estate laws;

Question 138

Harris and Davis, single people, owned a parcel of real property as joint tenants. Harris encumbered his interest for $10,000, borrowing the amount to pay medical bills without the knowledge or consent of Davis. Shortly thereafter, Harris died, with the debt still unpaid. Which of the following would be true:

Answer 138

Davis would own all of the property free and clear of the encumbrance;

Question 139

if five people own property as joint tenants:

Answer 139

There is still only one title to the whole property;

Question 140

Ames, Barnes, and Crandal are owners of a vacant lot, holding title to the parcel of real property as joint tenants. When Ames dies, and is survived by Barnes and Crandal, it would be correct to say:

Answer 140

Ames’ interest terminates.

Question 141

When owners of real property hold title as tenants in common:

Answer 141

Each of the co-owners’ interest may be conveyed separately;

Question 142

When real property is held by husband and wife as community property, an agreement to sell that property which has been signed by only one spouse would be considered to be:

Answer 142

Unenforceable;

Question 143

Adams sold his house to Brooks, who did not record the deed, but took up residency there. Adams then sold the same property to Carr, who reviewed the county recorder’s records, but did not examine the property. Adams gave Carr a deed, which Carr recorded. Which of the following would be true concerning title to the property:

Answer 143

Brooks maintains title.

Question 144

According to the California Bureau of Real Estate regulations, it is commingling when a broker:

Answer 144

Deposits into the trust fund account a renter’s check for the security deposit on an income property the broker owns;

Question 145

Of the following, which would most nearly refer to loss in value due to economic obsolescence:
A: An architectural design which is declining in popularity;

Answer 145

A change in nearby zoning;