Law And Practice Exam One Flashcards
Number one. The bill of sale is used to convey title to: A. Real property B. Personal property C. Real and personal property D. Water rights
B. Personal property
Number two. Salespersons half of 5% commission on the 625,000 sale would be how much?
A. $16,536
B. $17,240
C. $15,625
D. $16,838
C. $15,625
Rationale: 625,000×5% divided by two equals 15,625
3. They only want to for requisites of joint tenancy that is also required for tenancy in common is: A. period time B. Title C. Interest D. Possession
D. Possession
Four. The owner of a condominium unit:
A. Owns a share of only the limited common elements along with other tenants.
B. May not hold the simple title to his unit
C. Will usually pay a separate tax bill. D. May not least the unit.
C. Will usually pay a separate tax bill.
Five. A single party listing must not include: A. Buyers name B. A holdover clause C. Address reference D. Timeframe for completion
B. A holdover clause
6. A qualified face simple estate may be: A. in perpetuity B. Reclaimed and grantors name C. Transferred by Billis sale D. Interpreted as a gross easement
B. Reclaimed and grantors name
Seven. Tom and Jim have a joint tenancy with Jim wishes to extinguish. He could file a suit in court for: A. Partition B. Quitclaim C. Quiet title D. Lis pendens
A. Partition
Eight. If the interest rate is 5.25% and the monthly interest payment is $350, the principal sum would be: A. $50,000 B. $80,000 C. $70,000 D. $60,000
B. $80,000
Rationale: $350 times 12 equals 4200
4200÷5.25 percent equals $80,000
Question nine. And which of the following scenarios must the broker make use of the licensing Buy out addendum:
A. If the broker buys any property
B. At the broker buys property listed by implying broker
C. If the broker agrees to buy a property as an inducement to list
D. The licensee Buy out addendum has been revoked
C. If the broker agrees to buy a property as an inducement to list
- Which of the following is correct in relationship to a counter proposal by a seller?
A. It should incorporate the terms of the listing
B. All the terms of the original contract must be repealed
C. The original contract must not be signed by the buyer or seller
D.The original contract must not be signed by the seller
D.The original contract must not be signed by the seller
- Calculate the sales persons commission if a sales person receives 4 to 3 split of the 7% total commission with the broker and the salesperson total sales reach $1,025,000 for the year.
A. $41,000
B. $52,600
C. $62,250 D. $71750
A. $41,000
Rationale: 1,025,000 for the year times 7% divided by seven equals, then multiply that by four
12. An unmarried couple wish to buy a property together. They may do this as A. Tenancy and severalty B. Tenancy by the entirety C.. Joint tenancy D. Owners in Escheat
C.. Joint tenancy
13. All meets and bounds legal description start and end at: A. A baseline B. A point of beginning C. A survey Beacon D. A coordinate
B. A point of beginning
14. Person am wishes to leave her property to her husband and niece on a 2/3/1/3 undivided basis. This can be done by utilizing: A. Joint tenancy B. Tenancy in common C. Community property D. Tenancy in severalty
B. Tenancy in common
15. I'll listing contracts must: A. Have a holdover clause B. Be notarized C. Have a beginning and end date or expiry date D. Provide for a lock box
C. Have a beginning and end date or expiry date
- After an unresolved closingdispute involving earnest money, the broker may:
A. Retain the earn money as earn commission
B. Interplay to court
C. Sue the buyer and seller jointly as well as severally
D. Demand conclusion of closing before any party may leave
B. Interplay to court
17. How many acres does a parcel of land 660' x 660' contain? A. 1 acre B. 10 acres C. 100 acres D. 110 acres
B. 10 acres
18. Which of the following is not required in the broker trust account documentation and records: A. The date of the entry B. The amount of the entry C. A description of the entry D. The address of the payee
D. The address of the payee
- A deed is presumed to be transferred when:
a. The deed is signed by the seller
B. The deed is recorded
C. The closing checks are disbursed
D. The title company wants transfer
B. The deed is recorded
20. The ride upstate to take private property for public purposes is: A. Eminent domain B. Condemnation C. Escheat D. Police power
A. Eminent domain
21. Which of the following identify property with a lot and block? A. Meets and bounds B. Recorded plat C. US government survey D. Rectangular survey system
B. Recorded plat
- I three-bedroom house sells for $124,000 and the brokers total commission is 6% of the selling price. The commission is:
A. $6000
B. $7440
C. $20,667
D. $744
B. $7440
Rationale: $124,000 time 6% equals $7440
- An exclusive right to sell listing contract:
A. Gives the employing broker the right to sign the sales contract for the seller.
B. Does not give the employing broker the right to sign the sales contract for the seller.
C. Is only valid ifsigned by both the employing broker and employee broker
D. Belongs to the designated broker
B. Does not give the employing broker the right to sign the sales contract for the seller.
24. A purchaser pursuing 100% financed Loan would most probably seek: A. An FH a loan B. A conventional loan C. And equity loan D. A VA loan
D. A VA loan
25. Hey tract of land benefited by an easement is called a/and: A. Apartment estate. B. Dominant estate C. Estate in gross D. Servient tenement
B. Dominant estate
- The water rights of an owner of real property situated on the shore of the lake are known as:
a. Riparian rights
B. Littoral rights
C. Lakefront rights
D. Lakeshore rights
B. Littoral rights
27. If taxes are paid in two installments, the taxes would become delinquent on A. March 1 B. April 30 C. June 15 D. June 16
D. June 16
- Two brokers discuss setting commission rates as a fixed percentage: these brokers:
A. Have violated antitrust laws
B. Have not violated I antitrust laws unless acted upon
C. Have done nothing illegal
D. Have done nothing
A. Have violated antitrust laws
29. A mortgagee's title policy is paid for by: A. The buyer B. The seller C. The lender D. The broker
A. The buyer
30. How many acres are contained within Nw 1/4, Sw 1/4, and SE 1/4, NE 1/4 of section 16? A. 2.5 B. 80 C. 10 D. 20
B. 80
Rationale: One fourth of an of a section is 160 acres divided by four.
And since there is an and it starts over remember? So it’s 160 acres divided by four again and then you add the two together 40 acres +40 acres equals 80 acres.
- A seller wishes to net $845,950 for the sale of her property. If her broker is to receive a fee of 4% of the selling price and an allowance of $50 for expenses, what must the selling price be?
A. $896,757
B. $889,600
C. $898,040
D. $881,250
D. $881,250
Rationale 845,950 Plus $50 equals $846,000 divided by 96% equals D.
- Escrow money may be deposited in other than listing brokers escrow account:
A. If the buyer wishes to retain fee
B. If seller wishes to retain fee
C. If buyer’s broker insist on retention
D. If parties agree
D. If parties agree