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Practice Exam > Practice Exam 1 > Flashcards

Practice Exam 1 Flashcards

1
Q

The measurements most often used on the west side is:
A feet
B Rods
C Square footage
D In Linear feet

A

C

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2
Q

The primary justification for zoning ordinances is to:
A Maintain physical conformity of buildings in a zoned area
B Prevent an oversupply of business enterprises
C Control the quality of building construction within a zoned area
D Promote the public health, safety, morals, and general welfare

A

D

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3
Q

A judgment that has been recorded would be:
A An involuntary lien
B A superior lien
C An equitable lien
D An inferior lien

A

A

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4
Q

An easement on real property can be terminated by:
A A conveyance of the servient tenement to a third party
B Being revoked by the party granting the easement
C An express release from the servient tenement holder
D A release signed by the holder of the dominant tenement

A

D

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5
Q

A trust deed:
A Transfers equitable title to the beneficiary
B Encumbers the real property designated in the deed of trust
C Designates only two parties to the agreement: the trustor and the trustee
D Automatically reconveys the property to the trustor when the loan has been paid off

A

B

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6
Q

Which of the following best describes what a landlord-owned 6
apartment building and a condominium project have in common:
A The tenants each receive a separate bill for property taxes
B Occupants of both each have an estate in real property
C Both properties are regulated by the Subdivided Lands Act
D Occupants of units in both properties would have a fee simple estate

A

B

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7
Q

To establish an enforceable agency for selling real estate, one must have:
A Trust deed
B Partnership
C Written contract
D None of the above

A

C

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8
Q

The following word is most nearly the opposite of alienation:
A Acceleration
B Amortization
C Acquisition
D Avulsion

A

C

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9
Q

To be enforceable in court, a listing agreement for the sale of real property must be.
A In writing
B Acknowledged
C Recorded
D All of the above

A

A

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10
Q

“Capacity” in a contract means:
A The square footage of the building or lot
B To have the mental ability to enter into a contract
C The number of principles involved in the contract
D None of the above

A

B

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11
Q

A contract is non-assignable when it is:
A For a period of more than one year
B A personal service contract
C In writing
D Includes an alienation clause

A

C

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12
Q

The word “rescind” means:
A Changed
B Terminated
C Substituted
D Subordinated

A

B

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13
Q

A contract for the sale of real property made under duress is:
A Void
B Valid
C Voidable
D Illegal

A

C

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14
Q

A voidable contract is good until it is:
A Rescinded
B Valid
C Void
D Neutral

A

A

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15
Q

An offer may be terminated by:
A Rejection by offeror
B Revocation by offeree
C Rejection by offeree
D All of the above

A

C

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16
Q

A counter offer is:
A When the offeree becomes an offer
B A new contract
C Rejection of the previous offer
D All of the above

A

D

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17
Q

The law of agency concerns itself with the rights, duties, and liabilities between and among:
A Agent and a third party with whom the agent deals
B Principal and agent
C Principal and third party introduced by the agent
D All of the above

A

D

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18
Q

The best way to establish an agency relationship is by:
A An oral agreement
B Voluntary by agent
C Implied contract by law
D Written contract

A

D

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19
Q

The following statement is true with the respect to options. An option is
A Valid if consideration is delivered even if it is less than $10.00
B A bi-lateral contract
C Consideration not necessary
D Non of the above

A

A

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20
Q

Acting in agency without authorization and later the action is accepted by the other party the agency. This is:
A Estoppel
B Expressed contract
C Ratification
D Application

A

C

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21
Q

In the terms of a deed of trust, the power of sale is granted by:
A Trustor to beneficiary
B Trustor to trustee
C Beneficiary to trustor
D None of the above

A

B

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22
Q

Another example of a fiduciary relationship is:
A Buyer/seller
B Trustee/beneficiary
C Agent/3rd party
D Broker/broker

A

B

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23
Q

A real estate licensee who misrepresents a property to a buyer while acting as agent for a seller may subject themselves to:
A Disciplinary action by DRE
B Civil action
C Criminal action
D All of the above

A

D

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24
Q

A broker who has a signed listing to sell a property can refuse to submit an off.
In circumstances in which he also has obtained a back-up offer
B Whenever the offer is for less than the listed price
C If in the listing agreement he also has an option to purchase the property
D When expressly instructed to do so by the owner

A

D

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25
Q

A properly executed quitclaim deed conveys:
A Any existing interest in the property
B Any existing interest by the lessee
C Any existing interest by the grantee
D Any existing interest by the lender

A

A

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26
Q

A “safety period” as used in real estate agreements, providing for the protection of the broker in collecting his commissions, would be found in which of these:
A Lease
B Listing agreement
C Deposit Receipt and Purchase Contract
D Exchange agreement

A

B

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27
Q

A real estate broker need not prove that he or she is the procuring cause when th following type of listing is used:
A Exclusive right to sell
B Exclusive agency listing
C Net listing
D Open listing

A

A

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28
Q

A written contract in which an agent receives the right to a commission regardless of who sells the property, except the owner, is an:
A Exclusive agency listing
B Net listing
C Open listing
D Exclusive right to sell

A

A

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29
Q

A contract to keep an offer open for a specified period of time is:
A An option
B A trust deed
C An open-ended agreement
D A periodic agreement

A

A

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30
Q

A quiet title action usually refers to the following:
A Removing a cloud on title or establishing title
B To remove a lien
C A lender demanding payment
D Foreclosure notice

A

A

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31
Q

A grant deed that is recorded provides which of the following to subsequent purchasers of the property named in the grant deed?
A Constructive notice
B Actual notice
C Prescriptive notice
D Recording notice

A

A

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32
Q

A grant deed passes title when it is:
A Executed
B Delivered
C Recorded
D Acknowledged

A

B

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33
Q

The extent of a real estate agent’s authority to act on behalf of their principal is:
A That which the principal confers upon the agent, whether actual or otherwise
B The authority that third-party principals interpret the agent as possessing
C Any authority the agent chooses to accept, regardless of restrictions placed upon his authority.
D he authority to sell and convey real property and modify or cancel purchase agreements after they have been made

A

A

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34
Q

For the delivery of a deed to be effective, it must have clear evidence of:
A Recordation
B Acceptance
C Acknowledgment
D The legal description of the property

A

B

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35
Q

A quitclaim deed conveys only the present right, title, and interest of the:
A Grantor
B Servient tenement
C Grantee
D Property

A

A

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36
Q

The Subdivision Map Act is controlled by the:
A City
B Local government
C County
D All of the above

A

D

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37
Q

A real estate broker receives authority to accept a deposit on behalf of his or her principal in the following contract:
A A listing contract
B A purchase contract
C A deposit contract
D Principal contract

A

A

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38
Q

To be binding on a seller and a purchaser, an agreement for the transfer of title to
real property must:
A Be recorded to be effective
B Be acknowledged before a proper official
C Contain and offer an acceptance
D Be signed by the purchaser

A

C

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39
Q

A grant deed that is recorded provides which of the following to subsequent purchasers of the property named in the grant deed:
A Actual notice
B Constructive notice
C Both actual and constructive notice
D Neither actual nor constructive notice

A

B

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40
Q

A quitclaim deed conveys only the present right, title, and interest of the
A Grantor
B Servient tenement
C Grantee
D Property

A

B

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41
Q

During the escrow period, the eserow holder acts as:
A An independent contractor
B An employee
C An agent for buyer and seller
D A counselor

A

C

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42
Q

When two or more persons hold title to real property as tenants in common
all the following statements are correct, except:
A A unity of possession exists
B No owner can claim any specific portion of the land for himself
C Any tenant in common may dispose of their interest as they see fit
D When one tenant in common is in possession of the land, he/she may be charged rem for his/her use of the land

A

B

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43
Q

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:
A Illegal
B Unenforceable
C Binding
D A violation of the Statute of Frauds

A

B

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44
Q

The standard policy of title insurance will protect the buyer against:
A Defective delivery of the deed
B A change in the zoning permitted use from residential to commercial on adjoining lots
C Rights of parties in possession of the property
D Unrecorded easements

A

A

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45
Q

A title company searches the records of:
A County recorder
B County clerk
C Federal court clerk
D All of the above

A

D

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46
Q

You would most likely find subdivision restrictions in the following instrument:
A Subdivision map
B Declaration of restrictions
C Original deed
D Commissioner’s Public Report

A

B

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47
Q

The term “CC & Rs” as used in real estate practice refers to:
A Deed restrictions
B Covenants
C Restrictions
D Agreements

A

A

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48
Q

The “R” of CC&Rs refers to:
A Reservations
B Restrictions
C Regulations
D Resolution

A

B

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49
Q

A real estate licensee who does not disclose known defects to a buyer while acting as agent for a seller may be subject to:
A Disciplinary action by the licensing authority
B Civil action
C Criminal action
D All of the above

A

D

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50
Q

50
The Transfer Disclosure Statement must disclose:
A All facts materially affecting value or desirability of the property
B All facts materially affecting value or desirability of the property
C School districts
D None of the above

A

B

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51
Q

The following is illegal:
A Keep the seller’s secret that the roof leaks
B Refuse to disclose the race of a prospect
C Refuse to disclose the religion of the seller
D Keep the seller’s secret that she is getting a divorce

A

A

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52
Q

If the agent notices a crack in a wall and that the doors do not close properly. he should:
A Advise the buyer to get a Structural Pest Control Board Report
B Advise the buyer to get an expert 3rd party opinion
C Refer to the zoning map
D Advise the buyer to get a home protection policy

A

B

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53
Q

The person that must prepare the Transfer Disclosure Statement is:
A An administrator in probate
B One spouse to another in a divorce proceeding
C The transferor
D A trustee in an REO sale

A

C

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54
Q

On the Real Estate Transfer Disclosure Form, the broker must:
A Make a visible inspection of accessible areas and report findings on the form
B Make a professional inspection of accessible areas and report findings on the form
C Order a soil engineer report
D Order a toxic waiste report

A

A

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55
Q

An owner lists his property and informs the broker that a freeway which is planned seven years into the future will cause condemnation of the property. The broker must
A Disclose the fact to a buyer
B Condem the property
C Depreciate the property
D Do nothing

A

A

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56
Q

Any person may secure a copy of a pest infestation report from the:
A Structural Pest Control Board
B EPA
C FHA administration
D Federal Government

A

A

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57
Q

The largest generational group for the purchase of properties and the largest working group in the US is:
A Millennials
B Baby boomers
C The grand generation
D Generation X

A

A

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58
Q

The land residual method of estimating property value is used to determine:
A Land value
B Building value
C Capitalized value
D Improved value

A

B

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59
Q

The first step in the approach to an appraisal assignment is to:
A Define the problem
B Determine the fee
C Collect the data
D Correlate the values

A

A

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60
Q

The person most apt to use a “benchmark” in the practice of his profession would b
A Lawyer
B Carpenter
C General contractor
D Surveyor

A

D

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61
Q

When an appraiser makes a comparative analysis of listed prices of older homes in an area, he/she considers the listed prices as establishing the:
A Ceiling on price
B Floor on price
C Fair market price
D Value in use

A

A

62
Q

When determining the value of a lot for constructing a single-family residence, you would rely mainly on:
A Cost of reproduction
B Capitalization of income
C Market comparison
D Correlate the first two approaches

A

C

63
Q

The cost approach to an appraisal is most accurate:
A When the property is new
B When many comparables are available
C When dealing with a building contractor D When appraising an apartment building

A

A

64
Q

A capitalization rate is used to determine:
A value from an income flow
B The depreciation that has occurred for purpose of valuing the property
C The depreciation that can be deducted when computing income tax liability
D None of the above

A

A

65
Q

The real estate appraiser would use the principle of substitution in:
A The cost approach
B The capitalization approach
C The comparison approach
D All of the above

A

C

66
Q

An appraiser would likely make use of a “depth table” in preparing:
A A residential property
B A multiple unit residential property
C A retail commercial property
D None of the above

A

C

67
Q

When an appraiser looks at effective gross income, one important factor is:
A Vacancy
B Depreciation
C Mortgage costs
D Principal and interest

A

A

68
Q

A four-bedroom, one bath home in today’s circumstances would offer an example of
A Economic obsolescence
B Physical deterioration
C Social obsolescence
D Functional obsolescence

A

D

69
Q

For the appraiser, the following would be an example of wear and tear:
A A driveway that is cracked and crumbling
B A 5 bedroon house and one bathroom
C A nearby airport
D Changes in zoning

A

A

70
Q

A trust deed:
A Encumbers the real property designated in the deed of trust
B Is a method used to impose a lien on real estate by a lien holder:
C A and B
D Non-of the above

A

C

71
Q

Potable is a word used to describe the utility of:
A Land
B Natural gas
C Sewage
D Water

A

D

72
Q

The placement of a house regarding exposure to the rays of the sun, prevailing wind and privacy from the street is referred to as:
A Orientation
B Plottage
C Elevation
D Topography

A

A

73
Q

3
The space between the first floor and the ground level used as an access area under the house not built on a cement slab known as:
A Crawl space
B A foundation
C An Attic
D Air space

A

A

74
Q

The parallel beams to which boards of a floor or ceiling laths are nailed are called:
A rafters
B Headers
C Joists
D None of the above

A

C

75
Q

A kiosk would typically be found in:
A A foundation
B A parking lot
C An attic
D None of the above

A

B

76
Q

Generally, the maximum space between studs that is permitted by building codes is:
A 16” on center
B 24” on center
C 12” on center
D 6” on center

A

A

77
Q

The “R” designation used to identify different types of insulating materials refers to
A The type of rooting material used in the structure
B The use of rockwool in the construction of the home
C The degree of the materials’ resistance to heat or cold
D The refrigerant used in the air conditioning system

A

C

78
Q

BTUs would indicate:
A Water output
B Butane gas pressure
C Heating output
D Electric resistance

A

C

79
Q

Air conditioning units are usually given an Energy Efficient Rating. Based on this rating system, the higher the EER the:
A More BTU’s are produced
B Higher efficiency of the appliance
C ower efficieney of the appliance
D Higher the wattage energy used by the appliance

A

B

80
Q

The higher the R rating is:
A The greater the effieieney of the hot water heatep
B The greater the resistanee to the passage of heat (better heating insu
C The less the efficieney of a furnace
D None of the above

A

B

81
Q

The following zoning symbol would be used to identify property zoned for mulik
family dwellings:
A A3
B C2
C M1
D R3

A

D

82
Q

The minimum height of the “crawl space” that is required by the California State
Housing Law is:
A 6 inches
B 12 inches
C 18 inches
D 20 inches

A

C

83
Q

The following is an example of police power:
A Zoning
B Variance
C Public control
D Encroachment

A

A

84
Q

An apartment building is most likely to be appraised by:
A The capitalization approach
B Comparison
C Unit-in-place method
D Listing method

A

A

85
Q

A valid deed must contains:
A An acknowledgment
B A recital of consideration
C The grantee’s signature
D A granting clause

A

D

86
Q

A condemnation action is a legal procedure associated with:
A Eminent domain proceedings
B The Subdivided Lands Act
C Zoning ordinances
D the Subdivision Map Act

A

A

87
Q

This term “seasoned” refers to:
A The time of year in which the note originated
B The maturity date of the loan
C The qualifications of the borrower
D A history of prompt payments on the note

A

D

88
Q

A person who, for compensation, assists another in negotiating the sale of an existin second trust deed and note would require:
A A loan broker license
B A securities dealer license
C A real estate broker license
D None of the above

A
89
Q

The measurement of the total goods and services produced annually in the
United States is called:
A Budget
Amortization
C Gross national product
D Subordination

A

C

90
Q

The type of mortgage loan that permits borrowing additional funds later is called:
A Equitable mortgage
B Junior mortgage
C Open-end mortgage
D Extendible mortgage

A

C

91
Q

The often-used term “loan to value ratio” indicates the following relationship:
A Loan to sales price
B I Loan to appraised value
C Assessed value of property to the market value
D Loan to assessed value of the property

A

B

92
Q

If a buyer defaults on a loan, the lender’s action likely would result in:
A Alienation
B Acceleration
C Escalation
D Subordination

A
93
Q

When a lender “calls” a loan, he:
A Liquidates the obligation by amortization
B Calls upon the maker to pay delinquent installments
C Seizes the property securing the loan by court action
D Accelerates all sums owing

A

D

94
Q

The instrument used to secure a loan on personal property is called a:
A Bill of sale
B Trust deed
C Security agreement
D Bill of exchange

A

A

95
Q

TRID is an acronym for:
A TILA/UCC
B TILA/HUD
C TILA/RESPA
D None of the above

A

C

96
Q

When a lender loans money to a homeowner secured by the home, the interest charge
A Simple interest
B Add-on interest
C Compounded monthly
D Compounded daily

A

A

97
Q

A lending officer coordinates the borrower, loan, and property to arrive at:
A Property appraisal
B Loan commitment
C Credit rating
D Statement of liability

A

B

98
Q

“Warehousing operation” in relation to real property financing, is referring to a:
A Long term loan
B Mortgage banker collecting loans before reselling them
C Mortgage broker holding long-term debentures secured by real property
D Storage facility for physical items

A

B

99
Q

The interest rate on a new FHA loan is determined by the:
A Lender
B Trustee
С Federal Reserve Bank
D Federal Housing Administration

A

C

100
Q

To operate legally in California, the following person must be properly licensed:
A A principal selling three lots
B A resident manager of an apartment house
C A mortgage loan broker
D A trustee

A

C

101
Q

TRID consolidate which of the following forms into a Loan Estimate and
Closing Disclosure form:
A Good Faith Estimate
B HUD 1
C Truth-in-Lending Statement
D All the above

A

D

102
Q

A land contract may also be a:
A Seller financing
B AITD
C Wraparound mortgage
D Any of the above

A

D

103
Q

A balloon payment is associated with a:
A Partially amortized loan
B Fully amortized
C Foreclosure
D Financing

A

A

104
Q

If a person borrows money to purchase a personal residence, the loan most likely would be insured by:
A FHA or private mortgage insurer
B The Federal Government
C Mortgage organization
D Hazard insurance

A

A

105
Q

The Real Estate Settlement Procedures Act does not apply to:
A Tri-plex
B 1-4 units
C A duplex
D Agriculture porperty

A

D

106
Q

A straight note is best defined as:
A Principal is all due at one time
B Interest is all due at one time
C Principal payment only
D Principal and interest payment

A

A

107
Q

107
When financing real property, a prepayment penalty is often:
A Charged when applying for a loan
B A clause in a deed of trust that protects the trustor
C Charged for late payments on the loan
D Demanded from a trustor who pays off a loan prematurely

A

D

108
Q

108
The lender that generally grants only a long-term amortized loan is:
A Life insurance companies
B Interim loan
Commercial lenders
D Private lenders

A

A

109
Q

109
The word “subordinate” is most opposite in meaning to the word:
A Superior
B Inferior
C Extraordinary
D Subordinate

A

A

110
Q

The purpose of a take-out loan is to:
A Obtain long term financing to repay interim or short-term financing
B End forclosure procedings
C Starts the initial process of foreclosure
D Transfer a financing instrument from one lender to the next

A

A

111
Q

Interest rates on a conventional loan are usually:
A The same as FHA
B More than FHA
C The same, no matter the source of the money
D The maximum allowable by law

A

D

112
Q

A partial release clause would most likely be used together with the following:
A A conditional installment sales contract
B A single parcel of property encumbered with a first, second and a third lien
C A blanket mortgage
D A short-term construction loan for a single-family residence

A

C

113
Q

The basic protection of a lender on a purchase-money second trust deed would be
A Equity of the borrower
B Credit rating of the borrower
C Amount of a second trust deed
D The borrower’s ability to repay

A

A

114
Q

The best course to follow when an owner is selling a property that he or she is buyin on a land contract would be to:
A Issue a grant deed
B Issue a warranty deed
C Issue a trust deed
D Obtain the seller’s consent to assign your responsibility

A

D

115
Q

A land contract may also be a:
A Seller carryback
B AITD
С Wraparound mortgage
D Any of the above

A

D

116
Q

A land contract generally conveys:
A Right of possession
B Estate of inheritance
C Freehold estate
D All of the above

A

A

117
Q

If a person borrows money to purchase a personal residence, the loan most likely would be insured by:
A VA
B FHA or private mortgage insurer
C FNMAE
D Lender

A

B

118
Q

The following issues a CRV:
A Veteran’s Administration
B California Veterans Farm & Home Purchase Program
C Department of Veterans’ Affairs
D Federal Housing Administration

A

A

119
Q

119
The Real Estate Settlement Procedures Act “RESPA” was past we
A Oversee home improvement loan applications
B Control loan application processing
D Regulate non-federally regulated mortgages
C Establish uniform procedures regarding disclosures, pro-rations, etc. regarding
1-4-unit residential properties

A

C

120
Q

Under the provisions of the Real Estate Settlement and Procedures Act RESPA. estimates of which of the following charges must be disclosed at the time of closing:
A Credit report
B Loan document preparation
C Appraisal fees
D All of the above

A

D

121
Q

When a mortgage company is advertising a graduated mortgage under the Truth-in-Lending Act and includes the APR, the advertisement must also include.
A Monthly payments
B Interest rate index
C Length of loan
D None of the above

A

A

122
Q

TRID is an acronym of two previous acts of legislation:
A TILA/UCC
B TILA/HUD
C TILA/RESPA
D None of the above

A

C

123
Q

TRID consolidate which of the following forms into a Loan Estimate andClosing Disclosure form?
A Good Faith Estimate
B HUD 1
C Truth-in-Lending Statement
D All the above

A

D

124
Q

The type of common ownership subdivision in which a person has a deed to his own unit and an undivided interest in the land and common areas is known as a:
A Co-operative apartment
B Condominium
C Individually owned subdivision lot
D Planned unit development

A

C

125
Q

The type of common ownership subdivision in which a person has a deed to his own unit and an undivided interest in the land and common areas is known as a:
A Co-operative apartment
B Condominium
C Individually owned subdivision lot
D Planned unit development

A

B

126
Q

The word that means the opposite of avulsion is:
A Accretion
B Avulsion
C Erosion
D Reliction

A

A

127
Q

A
When a stream suddenly tears land away from its bank, this is called:
A Accretion
B Avulsion
C Absorption
D Alluvion

A

B

128
Q

Each row of townships running north and south parallel to a true meridian is called
A Range
B Tier
C Baseline
D Township

A

A

129
Q

A
A joint tenant can dispose of an interest in real property in all these ways, except:
A Will
B Joint ownership by two or more persons
C Share equal interest
D No court action

A

A

130
Q

A condemnation action is a legal procedure associated with:
Eminent domain proceedings
B Demolition
C Avulsion
D accretion

A

A

131
Q

A Standard Policy of Title Insurance protects against the following:
A Forgery in the chain of title
B Unrecorded mechanic’s liens
C The rights of the parties in possession
D All of the above

A

A

132
Q

The following is a correct statement about tenancy in common:
A Each party’s interest must be equal
B Each party must have acquired interest at the same time
C Any party may sell his interest without consent of the other parties
D Parties may have unequal rights of possession

A

C

133
Q

A person who receives personal property under a will is the:
A Grantee
B Legatee
C Devisee
D Claimant

A

B

134
Q

The perimeter of a township is:
A 1 mile
B 6 miles
C 24 miles
D 36 miles

A

D

135
Q

A township is:
A 6 square miles
B 6 miles wide and 6 mile long
C Contains 36 sections = 6x6
D All of the above

A

D

136
Q

A section is:
A 1 square mile
B 1 mile square
С 640 acres
D All of the above

A

D

137
Q

That which is an interest in real property, but which is not classified as an estate, would be:
A Leasehold
B Mortgage
C Life estate
D Fee simple

A

B

138
Q

The following would possess an “estate” in real property
A Beneficiary
B A mortgagee
A life tenant
D All of these

A

C

139
Q

A life estate
A May not be willed
B May not be encumbered
C May be created by will or by deed
D Requires the holder to pay for any encumbrance on the property

A

C

140
Q

Macy owned a life estate in a home measure on her own life. She lease the property to Susan for five years. Shortly after, Macy died. The lease was:
A Valid for 5 years
B Invalid from the beginning
C Susan’s leasehold expired upon Macy’s death
D None of the above

A

C

141
Q

A landlord does not have to give notice of termination to a tenant in:
A month-to-month tenancy
B A periodic tenancy
C An estate from year to year
D An estate for years

A

D

142
Q

Commissions are not fixed by law they are set by:
A Each broker and may be negotiated between the seller and broker
B Law
C Each State
D The Real Estate Commissioner

A

A

143
Q

A real estate broker negotiated the sale of a real property and acted as agent for the seller. By agreement, the licensee can be paid a commission in the form of:
A Assignment by seller of first monies due seller from buyer on a mortgage
B Assignment of a note
C Buyer’s personal note
D Any of the above

A

D

144
Q

The amount of commission that may be charged by a real estate broker is
A Regulated by truth-in-lending laws
B Limited to 6% on residential properties
C Not limited in any manner
D Normally established in the listing agreement between the broker and the principal

A

D

145
Q

A broker acting as an agent successfully negotiates the sale of a farm.
He or she may receive their commission by:
A Cash form the seller’s equity
B A note from the seller
C A second trust deed and note from the buyer
D Any of the above

A

D

146
Q

Commingling is most nearly the opposite of:
A Trust fund
B Mingle
C Segregate
D Neutral depository

A

C

147
Q

The property manager receives compensation for all of the following acts, except:
A Collecting rents
В Leasing space to new tenants
C Obtaining discounts on supplies used
D Supervising major repairs or alterations to the property

A

C

148
Q

Consideration can be:
A Money
B Services
C Promises
D Any of the above

A

D

149
Q

If there is a conflict between the handwritten and printed clause of a contract:
A The printed clause would take precedence
B The handwritten terms would take precedence
C The contract would be void
D The contract would be unenforceable

A

B

150
Q

A real estate licensee would be in violation of Real Estate Law if he or she:
A Collected a dual commission
B Made a profit from a net listing
C Bought the property on which he held the listing
D Used the term Realtor in his advertising without proper authorization

A

D

Practice Exam (1 decks)

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