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Real Estate > QUIZ QUESTIONS > Flashcards

QUIZ QUESTIONS Flashcards

1
Q

What is another name for the subdivision method of land description?

A

Lot and block method

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2
Q

Another name for the rectangular survey system is

A

Government survey system

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3
Q

The oldest method of land description in the United States is

A

Meet and bounds method

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4
Q

Economic characteristics of real property include

A

Scarcity, location, and improvements

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5
Q

Physical characteristics of real property include

A

Immobility, indestructibility and uniqueness

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6
Q

Situs is another word for

A

Location

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7
Q

What does appurtenant mean?

A

Attached to the land

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8
Q

Legal tests of a fixture include

A

Method of annexation, adaptability, relationship of the parties

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9
Q

Annexation is the process by which

A

Personal property becomes real property

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10
Q

Severance occurs when

A

An item of real property becomes personal property

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11
Q

The definition of land does not include

A

Emblements

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12
Q

What are examples of fixtures?

A

Heating system, bathroom, cabinets, light fixtures

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13
Q

Personality is another name for

A

Chattel

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14
Q

Real estate is defined as

A

All human made improvements, land, permanent attachments

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15
Q

What are the bundle of rights?

A

Right of possession
Right of use
Right of quiet enjoyment
Rate of exclusion
Right of disposition

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16
Q

Samantha Smith has the legal right to act as if she owns the property although the property is actually owned by her sister Samantha is who

A

A holder of a life estate

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17
Q

A woman owned the feesimple title to a lot adjacent to her home. Upon her death, she willed the lot to the city pursuant to the city using the law as a park. This gives the city a what

A

Fee simple determinable

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18
Q

How might a homeowner be allowed certain protections from creditors?

A

Homestead rights

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19
Q

A life estate put autre vie is

A

Based on the lifetime of a person, other than the life tenant

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20
Q

Life estate is

A

Freehold estate based on the lifetime of a person

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21
Q

The simple defeasible is

A

Qualified fee estate, subject to the occurrence of a special event

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22
Q

Fee simple state is the same thing as what

A

Fee simple absolute

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23
Q

Freehold interest include

A

Fee simple
Fee simple defeasible
Life estates

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24
Q

The word ownership means the same thing as what other word

A

Freehold

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25
Q

What is true about cooperatives?

A

Is a lease hold interest

Title is held by a corporation

A prospective tenant purchases stock and becomes a shareholder

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26
Q

What is true about timeshare states?

A

Ownership is a real property interest

Owner ownership permits, multiple owners to buy a small interest

Ownership is for a specified unit for a specified period of time

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27
Q

Alan and Bonnie create a family trust they do this to protect their vast assets for the benefit of their only child Cheryl, Cheryl is the

A

Beneficiary

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28
Q

Alan and Bonnie create a family trust they do this to protect their assets for the benefit of their only child Cheryl. Alan and Bonnie are the

A

Trustors

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29
Q

What is true about corporations?

A

Partners personal assets are protected from lawsuits brought against the corporation

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30
Q

Joint tenancy requires four unities to be in place when tenancy is created what are those unities?

A

Possession interest time title PITT

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31
Q

Ashley and Jake are married and own a home together each holds an undivided interest they each hold the right of survivorship they are

A

Joint tenancy

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32
Q

The type of ownership that grants each owner of full and undivided write a possession is called what

A

Tenancy in common

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33
Q

Ownership by one person or corporation is called

A

Ownership in severalty

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34
Q

Real estate may not be held in which way

A

Lis pendens

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35
Q

When can easements be terminated?

A

When the need no longer exists

By the non-use or abandonment of the easement

By the release of the easement by the servient tenement

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36
Q

Easements are not created by

A

Restriction and prescription

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37
Q

Children attending laurel elementary school. I’ve been walking across Jake’s vacant lot for more than 10 years when jake decides to build a home on the property and attempts to kick the children off his property. The parents get involved in claim they have what.

A

An easement by implication

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38
Q

In order to overcome the problem of being landlocked court, can issue an order creating what

A

Easement by necessity

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39
Q

The canyons have an Eastman on the Layton‘s 10 acre parcel in the form of a right away the canyons are what

A

The dominant tenement

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40
Q

An example of an appertanance is

A

Utility

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41
Q

An easement is

A

The right to use

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42
Q

Without meaning to Laurel and Dayton, build a 2 foot fence onto their neighbors property. This would be example of.

A

Encroachment

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43
Q

An encumbrance is

A

A burden on title

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44
Q

A charger claim against a persons property made to enforce a monetary payment is what

A

A lien

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45
Q

A deed of trust is used when the buyer

A

Takes out a mortgage

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46
Q

He has died, but has left a will before his hair’s can receive their inheritance. He will need to go through a legal process called what

A

Probate

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47
Q

A male person who has left a valid will is called a

A

Testator

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48
Q

A male appointed person who carries out the direction of a will is called a

A

Testator

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49
Q

The word title means

A

The right to land

Ownership of land

Evidence of ownership

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50
Q

What is a deed?

A

The right to ownership of land

Evidence of ownership of real property

The owners bundle of rights

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51
Q

Which type of D transfers full ownership rights from the seller to the buyer

A

General warranty deed

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52
Q

A grantee received the greatest protection from which of the following deeds

A

General warranty deed

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53
Q

The type of deed that provides the least protection to the grantee is

A

Quit claim deed

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54
Q

A hand signed will is called a

A

Holographic will

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55
Q

This type of deed carries no warranties or representations. It gives only the interest that was foreclosed. This is called what

A

Sheriff deed

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56
Q

Alan died without a will this is called

A

Intestate

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57
Q

The essential elements of a deed include

A

Date

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58
Q

A grantor must

A

Be at least 18 years of age

Be legally competent

Make certain their name is spelled correctly on the deed

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59
Q

Utah is a non-disclosure state this means that

A

The sales price is not a matter of public record

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60
Q

The habendum clause begins with

A

To have and to hold

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61
Q

Whose signature must be on the deed in order for the deed to be valid

A

Grantor

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62
Q

More often than not in Utah delivery is accomplished by

A

Recording

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63
Q

A contract that never was valid is

A

Void

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64
Q

Real property given to another person by Will is called

A

Devise

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65
Q

The type of deed that provides no warranty as to title defects prior to the grantor’s ownership is a

A

Special warranty deed

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66
Q

Alana wants to finish her basement in order to make certain her additions are up to the current billing coach. She needs to apply for a.

A

Permit

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67
Q

The zoning code for a church or government building is

A

S

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68
Q

Permission to vary from zoning regulations for building or use purposes is called

A

Variance

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69
Q

Emergency police power could be exercised in the case of

A

A fire on the adjoining property

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70
Q

The granting of a real estate license is an example of

A

Police power

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71
Q

The authority, governing police power of zoning is

A

Granted to the city by the state

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72
Q

Police power does not include

A

Escheat

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73
Q

Inverse condemnation occurs when

A

In adjacent property is condemned and the use diminishes its value

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74
Q

Condemnation is an example of

A

Eminent domain

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75
Q

Randy died without a will and did not have any heirs the state of Utah will take ownership of his property. This process is called.

A

Escheat

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76
Q

Illicit home has been on the news recently. The home was the center of a major gang’s hideout. This home would be considered a.

A

Stigmatized property

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77
Q

Hidden defect that would not necessarily be known to an ordinary buyer is also referred to as

A

Latent defect

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78
Q

When an agent should know that a statement about a material fact is false it is also referred to as

A

Negligent misrepresentation

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79
Q

Exaggerating a properties benefit is called

A

Puffing

80
Q

The third-party or non-representative consumer is also referred to as the

A

Customer

81
Q

Which of the following duties does an agent owe to customers?

A

Honesty

Accounting for fund

Disclosure of material facts

82
Q

Sunshine Realty only represents buyers which of the following statements are true about sunshine Realty services

A

Sunshine Realty never practices limited agency

83
Q

In Utah and agent can only be compensated for their real estate services by

A

The agent’s own broker

84
Q

In the state of Utah, all agency relationships are between the principal and who

A

The broker

85
Q

In choosing a broker considerations, the agent should take into account include

A

Training

Support

Compensation

86
Q

Another name for limited agency is

A

Dual agency

87
Q

The fiduciary duty that requires an agent to act completely and capably to serve their client. Well is.

A

Reasonable care & diligence

88
Q

The fiduciary duty that requires an agent to properly hold safe and account for all monies that come into an agent’s possession is called

A

Accounting for funds

89
Q

The fiduciary duty that requires an agent to keep their clients information to themselves and not share critical information with anyone else is called

A

Confidentiality

90
Q

The obligation of the agent to tell their client absolutely everything they know or learn about the property. The other agent or the consumer is the fiduciary duty of.

A

Disclosure

91
Q

The fiduciary duty that requires an agent to put their clients needs and interest above all others, including their own is called

A

Loyalty

92
Q

The fiduciary duty that requires an agent to follow all law instructions of the principle is called

A

Obedience

93
Q

A fiduciary duty is

A

One in whom special trust and confidence is placed

94
Q

Rick realtor enters into an agency agreement with Bonnie buyer in this situation. Bonnie is the.

A

Principal

95
Q

The purpose of the For Sale By Owner Commission Agreement & Agency Disclosure is:

A

To disclose that the seller is unrepresented

96
Q

The Fiduciary Duties that are “Limited” are:

A

Loyalty, Confidentiality, Disclosure

97
Q

The purpose of the Limited Agency Consent Agreement is:

A

To disclose that the Buyer and the Seller are being
represented by the same Broker

98
Q

Section 2 of the Buyer Broker Agreement & Agency Disclosure deals with:

A

The Brokerage Fee owed by the buyer to their agent

99
Q

In Section 1 of The Buyer Broker Agreement & Agency Disclosure, the “Date” that the agent writes in the line is the:

A

Date on which the agreement terminates

100
Q

The purpose of the Buyer Broker Agency Agreement is:

A

To spell out the duties owed by the buyer’s agent

101
Q

The purpose of Section 5 of The Exclusive Buyer Broker Agency Agreement is:

A

.
To spell out the duties owed by the buyer’s agent

102
Q

Section 3 of The Exclusive Buyer Broker Agency Agreement deals with:

A

Protection. Period

103
Q

In Section 1 of The Exclusive Buyer Broker Agency Agreement, the “Date” that the agent writes in the line is the:

A

Date on which the agreement terminates

104
Q

Which form creates agency with a seller

A

Exclusive right to sell agency agreement

105
Q

Which form creates agency with a buyer

A

Exclusive buyer broker agency agreement

106
Q

If an agent practicing limited agency does a Comparative Market Analysis for one client:

A

They absolutely must give the same CMA to the
other client

107
Q

Undisclosed dual agency is

A

Serious violation of state law

Can result in loss of commission or lawsuit

Can result in licensed suspension or revocation

108
Q

Stephanie is an agent. She has listed her own home for sale. A buyer comes along and falls in love with Stephanie’s
home and wants to make an offer on it. The buyer doesn’t have an agent. What CAN Stephanie do?

A

Under no circumstances, can stephanie represent this buyer

109
Q

Robert realtor has a home listed. He has a buyer who falls in love with the home and wants to make an offer. What should Robert do in the situation?

A

Robert must get a limited agency consent agreement signed by both the seller and the buyer prior to writing the offer

110
Q

In a limited agency situation, the duties that are limited are

A

Loyalty

Confidential

Disclosure

111
Q

The limited agency consent agreement needs to be signed by

A

The buyer, the seller and the agent or broker

112
Q

The limited agency consent agreement must be signed by the buyer before

A

Buyer enters into a real estate purchase contract

113
Q

The basic premise of the “Hermansen vs Tasulis” case is that

A

Agents have of duty to disclose material facts, even to customers

114
Q

A hidden defect in a home that would not be discovered by an ordinary prudent buyer is called a

A

Latent defect

115
Q

An agent stating: “This home has the most glorious views of any home in the entire Salt Lake Valley,” is an example of

A

Puffing

116
Q

Despite the fact that the Seller did not disclose the cracked foundation, Agent Max should have known that the
foundation of a home he had listed for sale was severely cracked. Max is guilty of:

A

Negligent misrepresentation

117
Q

An example of a “Stigmatized Property” would be a:

A

House where a highly publicized murder took place

A haunted house

A home where someone committed suicide

118
Q

A house on the corner of dark and scary is believed to be haunted. This is an example of.

A

Stigmatized property

119
Q

The appropriate place for a seller to disclose that there was a water leak in the upstairs bathroom three years ago was on the

A

Seller property condition disclosure

120
Q

Agent Ashley is working on behalf of Buyer Brynne. When Ashley finds Brynne a property that she feels perfectly fits
what Brynne is looking for, Ashley works hard to find out everything she can about the home, the neighborhood, the
sellers, and their motivation for selling. Ashley’s efforts reflect her fiduciary duty of:

A

Disclosure

121
Q

Agent Alexis represent seller, Sam what duties does she owed to any potential buyers?

A

The duties of honesty and fairness to any potential buyers

122
Q

Agent Alex represents a Buyer. Alex learns from the listing agent that the property’s roof may not pass the home
inspection. Alex decides not to share this information with the Buyer, as she is afraid the Buyer will choose not to
purchase the property. Alex is guilty of breaching which of her fiduciary duties?

A

Disclosure

123
Q

Agent Ashley represents a Seller. She fails to educate the Seller as to the Included Items that need to remain with the
property. Ashley is guilty of failing to exercise which of the following fiduciary duties:

A

Reasonable care and diligence

124
Q

Which form creates agency with a seller

A

Exclusive right to sell agency agreement

125
Q

Which form creates agency with a buyer

A

Exclusive buyer broker agency agreement

126
Q

Undisclosed dual agency is what

A

Serious violation of state law

Can result in loss of commission or lawsuit

Can result in license, suspension or revocation

127
Q

In the real estate transaction, who is the client

A

The principal

128
Q

Agency agreement can be terminated one

A

One of the parties to the contract dies

The contract expires

The duty set forth in the contract have been performed

129
Q

Damage assessed for non-performance of a contract that are agreed upon in advance when actual damages might be hard to establish are called

A

Liquidated damages

130
Q

The five required elements of real estate contract include

A

Mutual agreement consideration
Capacity
Legal purpose
In writing

131
Q

The real estate purchase contract is an example of a

A

Bilateral contract

132
Q

Fire Bob and seller Sue enter into a written contract for the sale of Sue’s home. This would be an example of what

A

Express contract

133
Q

Something of value promised by one party in exchange for an interest or benefit to the other party is called

A

Consideration

134
Q

Mutual agreement means

A

A meeting of the minds

135
Q

Illegally enforceable agreement between parties who agreed to perform certain act called a

A

Contract

136
Q

The Smiths and the Johnsons have agreed to cancel out the old contract and substitute it for a new one. The substitution process is called.

A

Novation

137
Q

When a court of law awards damage is beyond actual damages in order to punish one of the parties, those damages are also called

A

Punitive damages

138
Q

In order for acceptance to occurred, the acceptance must be

A

Signed and communicated to the offerer

139
Q

The Johnsons are suing the Smiths for specific performance. What are they seeking from the court?

A

For the Smith to have complete the contract as agreed

140
Q

Failing to reform the duties owed by contract is called

A

Breach of contract

141
Q

A contract that is created by the actions of the parties is called a

A

Implied contract

142
Q

A contract that is created by either oral or written words is called a

A

Express contract

143
Q

Sam Smith can withdraw his offer to purchase the office building at which time

A

Anytime prior to acceptance

144
Q

What is the statue of frauds?

A

Stipulate that all real estate contracts must be in writing

Stipulate that all lease is over 12 months must be in writing

145
Q

Sam Smith presents an offer to purchase an office building. He is the.

A

Offeror

146
Q

The buyer has decided to cancel their transaction based on the fact that they discovered the property is haunted which form should be used

A

The buyers notice of cancellation

147
Q

According to the buyer due diligence checklist, the suggested a remedy for handling an issue with lead faced paint is

A

To consult with appropriate professionals

148
Q

The purpose of the seller property condition disclosure is

A

Allow the seller an opportunity to provide complete an accurate disclosure regarding all material facts affecting the property

149
Q

The purpose of the transaction Doc receipt is to

A

To provide proof that specific documents were delivered

150
Q

The blank addendum should be used for

A

As a last resort

151
Q

As a real estate licensee, we have license too

A

Fill in approved forms

152
Q

The resolution of due diligence addendum accomplishes the following

A

Allows the seller to contribute to the buyers closing costs

Allows buyer and seller to agree to purchase price reduction

Allows buyer and seller to agree that specific repairs will be made

153
Q

The option to keep house on the market time clause addendum is

A

Allows the seller to accept other offers

Requires the seller to notified buyer if seller does accept additional offers

Allows the buyer a specified number of hours to agree to remove conditions from the REPC

154
Q

The purpose of the disclosure of interest addendum is to

A

Disclosed at the principal is a licensed or related to the licensee

155
Q

When a seller is considering which offer to accept or counter in a multiple offer situation:

A

The purchase price matters

The dates in section 24 matter

All contingencies matter

156
Q

When a listing agent receives multiple offers on a property, they have listed they should

A

Present the offers as they come in

157
Q

Regarding multiple offers real estate agents need to remember that

A

The seller is in charge of how many multiple offers are to be handled

The seller is in charge of whether or not multiple offers can even be disclosed to other inquiring agents

158
Q

The sellers noticed to buy of multiple offers form

A

Provide all buyers with opportunity, present their highest and best offer

159
Q

The multiple offer addendum is

A

An addendum to the real estate purchase contract

160
Q

Multiple offer addendum to the REPC is

A

A counter offer

Specifies the terms of the counter offer

Is not binding unless buyer is notified in writing by the seller

161
Q

The multiple offer disclosure discloses several options for dealing with multiple offers, including the option to

A

Except your counter one of the offers and reject the others

Present multiple counter offers

Provide all buyers and opportunity to present their highest and best offer

162
Q

The multiple offer disclosure needs to be given to

A

The seller

163
Q

When it comes to short sale transactions, real estate professionals should never

A

Give legal advice to their clients

Give tax advice to their clients

Attempt to enter into limited agency by up, representing both buyer and seller

164
Q

Regarding short sales when it comes to third-party approval

A

Verbal approvals from third parties are not valid

Third-party approvals can take a very long time to obtain

If there are multiple mortgages on the property written approval is required from all lienholder

165
Q

Regarding short sales real estate professionals need to understand that

A

Short sales may take a very long time

Obtaining third-party approval can be time-consuming

Buyers may become impatient and back out of the transaction anytime prior to the third-party approval

166
Q

The addendum to the exclusive right to sell agency agreement for short sale disclosures to the seller what

A

That they have previously seen and signed the short sale disclosure form

That they are authorizing their agent to disclose in all advertising on the MLS that this is a short sale transaction

That a short sale may have a negative impact on the sellers credit

167
Q

If a seller would like to accept a backup offer on a short sale transaction a real estate professional should use

A

The secondary back up offer contract for short sale form

168
Q

A short sale is defined as

A

A transaction in which the purchase price is less than the amount owed on outstanding liens on the subject property

169
Q

The document that defined what a short cell is actually is defined in

A

The short sale disclosure and addendum

170
Q

The purpose of the short sale addendum to the REPC is

A

Acknowledge that this transaction is a short sale

Define the role of a third-party and short sale transactions and defined third-party approval

Specified contract, deadlines, pursuant to the third-party approval

171
Q

The short sale disclosure should be signed by

A

Buyer or seller clients

172
Q

The purpose of the short sale disclosure is to

A

Provide disclosure to all parties

Define what a short sale is and spell out the rights of the parties to cancel

Define the role of a third-party in short sale transactions

173
Q

A property manager must

A

Use a standard contract or use one prepared by an attorney

174
Q

At a minimum of full-time property manager must have

A

A real estate license

175
Q

Ned has abandoned his lease before the expiration date and has moved out of his apartment. What will Ned not have to pay?

A

Commission to the property manager for finding a new tenant

176
Q

Federal laws that affect property management include

A

Americans With Disabilities Act

The federal fair housing act

Equal credit opportunity act

177
Q

The process by which a landlord removes a tenant for nonpayment of rent is called

A

Eviction

178
Q

The statue of frauds stipulates that

A

All real estate purchase contracts must be in writing

All real estate lease is longer than 12 months must be in writing

179
Q

Mr. Jones has a four Plex for rent. He may legally refuse to rent to who.

A

Drug addicts

180
Q

An agent representing a property owner rents a condo to a tenant without checking the tenants credit history. The tenant had a very poor credit history. The agent breached their fiduciary duty of.

A

Reasonable care and diligence

181
Q

An agent has been hired to be a property manager his client is the

A

Landlord

182
Q

A licensee or company responsible for maintaining a client investment properties would be a

A

Property manager

183
Q

The clause in a mortgage that states that the tenants rights under their lease are to remain intact at the lender has to foreclose on the owner’s property is called a

A

Non-disturbance clause

184
Q

A lease of unspecified duration that does not automatically renew itself is called a

A

Periodic tenancy

185
Q

A lease with a specific starting and ending date is called a

A

State for years

186
Q

A lease of unspecified that does not automatically renew itself is called a

A

Estate at will

187
Q

In order for the tenant to be relieved of paying rent and terminating the lease under constructive eviction

A

The tenant must vacate the property

188
Q

A lease is considered a

A

Less than freehold estate

Tenancy for years

Periodic tenancy

189
Q

The legal process of removing a tenant for a breach of the lease is called

A

Eviction

190
Q

A law that states that all leases over 12 months have to be in writing is called

A

The statue of frauds

191
Q

Laurel and Dayton would like to rent one of the units in Diane’s four Plex they sign a lease they are

A

Tenants

192
Q

Diane owns a four Plex in Spanish Fork. She offers to lease each unit for $500 per month. Diane is the.

A

Lessor

193
Q

Bronson buyer wants to know what the loan term is on the loan for his new condo where on his loan estimate while he find this information?

A

Page one

194
Q

Brooke, buyer wants to know if her interest rate is locked on the loan for her new condo where on her loan estimate will she find this information?

A

Page one

195
Q

Fireball wants to see a breakdown of the loan costs are for the purchase of his new home. Where can you find this information on his loan estimate?

A

Page 3

Real Estate (38 decks)

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