Missed Practice Test Questions

Question 0

Probation, suspension, and Revocation

Answer 0

The Commission investigates complaints against an action of licensees or investigates on their own. It may place a licensee on probation, suspend a licensee or revoke the license completely. In addition, fines may be imposed for up to $5,000 for a first offense and up to $10,000 for any subsequent violation.

Question 1

Failure to Renew License

Answer 1

If a broker or sales person fails to renew their license for two consecutive years after expiration, it becomes void. At that point the sales person must once ore meet all the original qualifications. In some cases the broker need not retake the courses.

Question 2

Private restrictions on land use ay be created

Answer 2

Created by a deed, not by zoning regulations or building codes.

Question 3

When a mortgage is taken back by seller what are the tax consequences?

Answer 3

Seller pays the income tax year by year like in an installment sale.

Question 4

Valuation of a hospital most likely to give most weight on which appraisal method. Sales comparison, Cost Approach or Income Approach.

Answer 4

Cost approach is most helpful in the appraisal of special-purpose building such as schools, churches, and public buildings. The sales comparison approach is mostly used for residential homes. Income capitalization approach mor commonly used for valuation of income-producing properties such as apartment buildings, office buildings, shopping centers and the like.

Question 5

Township

Answer 5

Contains 36 sections.

Question 6

Which type of lien need not be recorded?

Answer 6

Real estate taxes

Question 7

Which would not be an item used for replacement cost

Answer 7

Original cost

Question 8

Exemptions from a portion of property taxes taxes are available to?

Answer 8

Qualified veteran, qualified senior citizens and nonprofit organizations.