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My Focused Goals > Real Estate Exam > Flashcards

Real Estate Exam Flashcards

1
Q

A seller, while in escrow, leaves the country and gives an agent power of attorney to close the transaction. Two days before closing the seller dies. Which of following is correct?

A) under the power of attorney law, an agent is not allowed to act as an attorney-in fact for a client.

B) under the power of attorney, the agent can close the transaction

C) death of the seller terminates the contract

D) if the property doesn’t close due to the sellers death, the sellers estate is in default of the contract

A

D) if the property doesn’t close due to the seller’s death, the sellers estate is in default of the contract

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2
Q

A freehold estate:

A) is for a specific amount of time

B) can be tenancy for years

C) can be a few simple, but not a defeasible fee

D) can be a life estate

A

D) can be a life estate

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3
Q

A client wants to buy a house in a neighborhood that contains only their ethnicity and directs you, the agent, to show them properties based solely on that information.

A) acceptable

B) blockbusting

C) steering

D)redlining

A

C) steering

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4
Q

After a sales contract is signed by both parties, the seller then decides she doesn’t want to sell her property.

A) the broker is entitled to a commission only after the property has closed

B) the broker is not owed a commission

C) he broker will receive a commission only if the seller negotiates with the broker

D) the broker is owed a commission

A

D) the broker is owed a commission

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5
Q

An agent represents a client for a listing. A buyer attends the open house and is unrepresented and does not want to be represented. The agents relationship to the buyer is:

A) customer relationship

B) client relationship

C) fiduciary relationship

D) broker/ principal relationship

A

A) customer relationship

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6
Q

(A) conveys a life tenancy to (B), with a remainder to (C). Now (B) dies. Then (C) dies. Then (A) dies. What happens?

A) A’s heirs receive a reversionary interest

B) B’s heirs have a life tenant interest

C) C’s heirs have a remainder-mans interest.

D) the interest is divided between A, B & C

A

C) C’s heirs have a remainder-mans interest

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7
Q

Which of the following is “NOT” true regarding a non-conventional loan?

A) it usually has a prepayment penalty clause

B) it can be a VA loan

C) it can be a FHA loan

D) it can be assumable with novation

A

A) it usually has a prepayment penalty clause

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8
Q

An offeror:

A) is the buyer only

B) is the seller only

C) is either the buyer or seller, depending on what party is receiving the offer

D) was previously the offeree if there was a counteroffer

A

D) was previously the offeree if there was a counter offer

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9
Q

The seller wants to sell her residential property but keep the chandelier. Which of the following is true?

A) if the seller sells the residential real property, the chandelier must go with the sale since its is a fixture

B) the sales price under the sales contract is the appraised value of the property less the appraised value of the chandelier.

C) the chandelier is considered to be a trade fixture

D) the seller must exclude the chandelier from the sale in the sales contract

A

D) the seller must exclude the chandelier from the sales in the sales contract

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10
Q

A father drafts a will giving his residence to his 3 sons & states in the will that “son (A)has an interest of 30%, son (B) 40% and son (C) 30% all as joint tenants. “The father dies. The sons hold title as:

A) joint tenants

B) tenants by the entireties

C) son A & C as joint tenants and son B as a tenant in common

D) tenants in common

A

D) tenants in common

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11
Q

Which of the following is not an easement?

A) by eminent domain

B) appurtenant

C) by prescription

D) in gross

A

A) eminent domain

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12
Q

An advertisement regarding financing states that a party can receive a loan at 4.5% interest:

A) the advertisement must comply with RESPA

B) the advertisement must comply with the equal credit opportunity act

C) the advertisement must comply with the truth in lending act

D) this is an acceptable form of advertising, there are no additional disclosure requirements.

A

C) the advertisement must comply with the truth in lending act

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13
Q

Regarding an exclusive right-to-sell and exclusive agency

A) under an exclusive right-to-sell, if the seller finds the buyer, then the seller is obligated to pay commission to the sellers agent.

B) under an exclusive agency, if the seller finds the buyer, the seller is obligated to pay commission to the sellers agent

C) under both an exclusive right-to-sell and an exclusive agency, if the seller finds the buyer, the seller is obligated to pay commission to the sellers agent

D) under both n exclusive right-to-sell and an exclusive agency, if the seller finds the buyer, the seller is not obligated to pay a commission to the sellers agent

A

A) under an exclusive right-to-sell, if the seller finds the buyer, then the seller is obligated to pay commission to the sellers agent.

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14
Q

Which statement is true?

A) market value is equal to the appraised value of the property

B) market value is usually equal to the sales price of the property

C) market value is always equal to the assessed value of the property

D) market value is the lowest price a ready, willing and able buyer will pay for a property to a ready, willing and able seller

A

B) market value is usually equal to the sales price of the property

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15
Q

Which is NOT true regarding an agency relationship?

A) a salesperson is a special agent to the principal broker

B) there is a fiduciary relationship in an agency relationship

C) a party may be a special agent to one party and a general agent to another

D) an agency relationship is a relationship of trust

A

A) a salesperson is a special agent to the principal broker

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16
Q

This clause in a mortgage provides protection to the mortgage if the vendor sells his home to a vender:

A) alienation clause

B) acceleration clause

C) defeasance clause

D) subordination clause

A

A) Alienation clause

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17
Q

Which is NOT a government limitation?

A) eminent domain

B) police power

C) defeasance clause

D) subordination clause

A

D) covenants, conditions and restrictions

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18
Q

Kit Kat leases a property starting on May 1, 2012 and ending on November 1, 2012. To end this lease how much notice does Ms. Kat need to provide to the landlord?

A) no notice

B) 28 days

C) 30 days

D) 45 days

A

A) no notice required

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19
Q

Which of the following is false?

A) to belong to the MLS, the brokerage firm must be a member of the National Association of Realtors.

B) by submitting a listing to the MLS, the brokerage firm is agreeing to share commission with the brokerage firm who procures a buyer

C) all listings must be submitted to the MLS

D) a “ for sale by owner (FSBO)” property cannot be put into the MLS

A

C) all listings must be submitted to the MLS

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20
Q

Regarding a lien and title theory state:

A) under a title theory state, the mortgage is conveyed to a trustee

B) in a title theory state the trustor receives legal title at closing

C) the deed of trust’d effects is similar to a mortgage

D) in a lien theory state, the mortgage receives legal title at closing

A

C) the deed of trust’s effect is similar to a mortgage

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21
Q

A property manager:

A) must always be real estate licensed

B) has a primary responsibility to the tenant and a secondary responsibility to the owner

C) must be real estate licensed if managing more than 1 property

D) has a fiduciary responsibility to the owner

A

D) has a fiduciary responsibility to the owner

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22
Q

The following contract need NOT be in writing to be enforceable:

A) a mortgage

B) a listing agreement

C) a buyers representation agreement

D) a one year apartment lease

A

A one year apartment lease

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23
Q

Which of the following need NOT be kept in a trust/escrow account?

A) security deposits

B) earnest money deposits

C) rent paid in advanced

D) rents that have been earned

A

D) rents that have been earned

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24
Q

A deed:

A) is evidence of title to leasehold property

B) is considered to be a conveyance document

C) needs to be acknowledged to be enforceable

D) must be recorded in either land court or the regular sysytem

A

B) is considered to be a conveyance document

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25
Q

The purchaser in a co-operative receives:

A) a proprietary lease only

B) stock only

C) a deed only

D) proprietary lease & stock

A

D) proprietary lease & stock

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26
Q

Initially, when signing a short-term residential lease, the most common lease is a:

A) tenancy for years

B) a periodic tenancy

C) tenancy at will

D) tenancy at sufferance

A

A) tenancy for years

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27
Q

A difference between the Americans with Disabilities Act (ADA), and Federal Fair Housing Act (FFHA) is:

A) the (FFHA) applies to residential property and the (ADA) applies to public accommodations

B) under the (ADA), people with disabilities cannot be discriminated against, and under the (FFHA) they can be discriminated against

C) the (ADA) has stricter requirements than the (FFHA)

D) if the (ADA) is breached it is a criminal offense & if the (FFHA) is breached it is a civil offense

A

A) the (FFHA) applies to residential property and the (ADA) applies to public accommodations

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28
Q

A landlord wants to lease to a new tenant who he believes will be a big commercial success once the business is established. Which type of lease would most likely be the most advantageous to the landlord

A) net

B) percentage

C) gross

D) fixed

A

B) percentage

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29
Q

Every sales contract needs to have:

A) offer, acceptance, consideration and signatures of buyer and seller

B) offer, acceptance, consideration but doesn’t need signatures of buyer and seller

C) offer, acceptance, consideration, earnest money deposit, and signatures of buyer and seller

D) offer, acceptance, and earnest money deposit

A

A) offer, acceptance, consideration and signatures of buyer and seller

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30
Q

A listing agreement for an exclusive right-to-sell is an example of what type of contract?

A) unilateral

B) voidable

C) unenforceable

D) executory

A

D) executory

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31
Q

Mortgagee 1 judicially forecloses on a residential property and there are 2 mortgages held against the property. If the foreclosure sales price is insufficient to pay mortgagee 2 in full, then:

A) the mortgage allows the mortgagee to seek a deficiency judgment

B) the promissory note allows the mortgagee to seek a deficiency judgment

C) the mortgagee cannot seek a deficiency judgment under the judiciary foreclosure

D) a deficiency judgment is only for tax foreclosure

A

B) the promissory note allows the mortgagee to seek a deficiency judgment

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32
Q

Proration applies to:

A) only items paid in advanced

B) only items unpaid

C) is a credit to the seller

D) adjusting costs proportionately to the time of ownership or possession between the buyer and the seller

A

D) adjusting costs proportionately to the time of ownership or possession between the buyer and the seller

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33
Q

A person who possesses a broker’s license but is employed by another broker is considered to be a:

A) broker

B) broker-in-charge

C) broker-salesperson

D) sales person

A

C) broker-salesperson

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34
Q

Which of the following is NOT an appraisal principal?

A) principle of highest and best use

B) principle of amortization

C) principle of increasing and decreasing returns

D) principle of conformity

A

B) principle of amortization

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35
Q

This agency is backed by the U.S. Government and when a lender makes the loan, this agency guarantees that in the event of the borrower default, this agency will repay the lender a percentage of the outstanding mortgage balance:

A) Federal Housing Administration

B) Veterans Administration

C) Government National Mortgage Association

D) Federal National Mortgage Association

A

B) Veterans Administration

36
Q

At common law, the interest that a woman has in her spouse’s property (by law) is called:

A) Life Tenancy

B) dower interest

C) Curtesy Interest

D) there is no interest in her spouses property

A

B) Dower interest

37
Q

Which is true regarding the RESPA?

A) there is a 3-day right of rescission for a transaction involving refinancing if the refinancing lender is not the original lender

B) it applies to real estate loans where the consumer lives in a dwelling which is 4 units or less.

C) it applies when consumer credit for less than $25,000 and involves a finance charge

D) all of the above

A

Double check: I put A & B

38
Q

What is the legal proceeding called when the government, acquires private property, providing jus compensation?

A) dedication

B) eminent domain

C) condemnation

D) adverse possession

A

C) condemnation

39
Q

The federal Americans with disabilities act is administered by

A) HUD

B) DCCA

C) equal employment opportunity commission

D) national health board

A

C) equal employment opportunity commission

40
Q

A blanket mortgage

A) normally has a partial release clause

B) often used by developer so that once a buyer purchases a property, the buyer then makes the mortgage loan payment to the developer

C) is not normally used in large development projects

D) does not allow the individual parcels to be released from the mortgage loan debt

A

A) normally has a partial release clause

41
Q

If one of the parties to a contract is a minor, this contract is considered

A) void

B) voidable

C) unenforceable

D) executory

A

B) voidable

42
Q

Mr. Wong purchased a pleasant country home but is appalled when he finds out that the rail is to be built adjacent to his property

A) example of functional obsolescence

B) example of eminent domain

C) example of condemnation

D) example of external obsolescence

A

D) example of external obsolescence

43
Q

Which of the following is not a characteristic of an easement Appurtenant

A) there must be 2 tracts of land

B) the tracts of land can be owned by the same party

C) the easement does not have to be stated in the sales contract

D) the easement “runs with the land”

A

B) the tracts of land can be owned by the same party

44
Q

Lead based paint disclosure is required for

A) all property transactions

B) all residential real property transactions

C) only Hawaii residential dwelling built prior to 1978 regarding sellers and lessors

D) residential real property transactions when a residential dwelling was built prior to 1978 regarding sellers and lessors

A

D) residential real property transactions when a residential dwelling was built prior to 1978 regarding sellers and lessors

45
Q

Between various brokers, setting a commission rate is

A) acceptable

B) acceptable in limited circumstances

C) violation of Sherman anti-trust law

D) violation of hawaii’s disclosure law

A

C) violation of Sherman anti-trust laws

46
Q

Which is not true of a FHA loan?

A) can only be assumed by a qualified owner occupant

B) there is no prepayment penalty

C) the government insures the loan

D) it is not available for refinancing homes

A

Re-check

I put A & D

47
Q

The USPAP is a uniform standard for what profession

A) appraising

B) real estate

C) financing and mortgaging

D) time sharing

A

A) appraising

48
Q

A homeowner cannot build a structure within 10 feet of the sidewalk. This is an example of

A) a setback

B) eminent domain

C) dedication

D) buffer zone

A

A) a setback

49
Q

Which of the following is NOT a private limitation on an owners rights in real property?

A) deed restrictions

B) mortgage liens

C) building codes

D) leases

A

C) building codes

50
Q

A counteroffer

A) is not a new offer

B) does not release the buyer from his offer

C) if rejected, revives the original offer

D) is a rejection of the original offer

A

D) is a rejection of the original offer

51
Q

What type of lease puts the responsibility of paying the taxes, insurance and utilities on the landlord?

A) net

B) percentage

C) gross

D) escalation

A

C) gross

52
Q

On a $960,000 sale of a house, the rate of commission is 6 percent. The sales person receives 40% of the commission and the broker receives the remainder and there is no cooperating broker. How much does the broker net?

A) $57,600

B) $38,400

C) $23,040

D) $34,560

A

D) $34,560

53
Q

Sellers must disclose all but one of the following

A) unknown latent fees

B) defects known to the seller

C) known latent defects

D) visible defects

A

A) unknown latent defects

54
Q

Buyer purchases a gas station and is concerned about the possibility of hazardous substances under his property. Buyer agent :

A) should suggest to buyer to seek an environmental assessment

B) is required to make buyer get an environmental assessment

C) is subject to liability if buyer does not seek an environmental assessment

D) is liable if hazardous substances are found and an environmental assessment was not made

A

A) should suggest to buyer to seek an environmental assessment

55
Q

The right of decision under the truth and lending act allows

A) the borrower to cancel the transaction within 3 business days regarding certain refinancing transactions

B) the borrower to cancel the transaction within 3 calendar days regarding certain refinancing transactions

C) either the buyer or the seller to cancel the transaction within 3 business days for certain refinancing transactions

D) either the buyer or seller to cancel the transaction within 3 business days for any loan

A

Double check

I put A & C

56
Q

This listing does not have a definite termination date

A) exclusive right to sell

B) open listing

C) net listing

D) exclusive agency

A

B) open listing

57
Q

To be enforceable, a real estate contract

A) must be acknowledged

B) need not to be acknowledged

C) must be recorded with the bureau of conveyance

D) must be recorded with land court

A

Double check

Call NICK or search

58
Q

Find the interest on $640,000 at 12.25% annum (year) for 6 months

A) $39,200

B) $78,400

C) $38,400

D) $19,200

A

A) $39,200

59
Q

When a salesperson leaves a brokerage firm, he:

A) can take listing with him

B) cannot take the listing with him

C) can choose whether or not to take the listing with him

D) can take listing with him with sellers permission

A

B) cannot take the listing with him

60
Q

An appraiser appraises a subject property to comparable properties. The subject property is 1800 sq. Ft. and a comparable property is 1750 sq. Ft. On the appraisal this would be indicated as:

A) subtracting to the value of the comparable property

B) adding to the value of the comparable property

C) subtracting to the value of the subject property

D) adding to the value of the subject property

A

B) adding to the value of the comparable property

61
Q

Sally lee wants to add a 6 x 10 sign at her law practice and the local ordinance states that the sign can only be 4 x 8. Sally will request from zoning board

A) a special use permit

B) a variance

C) to be grandfathered as a non conforming use

D) spot zoning

A

B) a variance

62
Q

Monthly principal and interest payments are $5500 on a $680,000 (8.5%) mortgage loan. What is the balance after the first months payment.

A) $675,000

B) $679,450

C) $678,632

D) $679,317

A

D) $679,317

63
Q

Mr. Buyer purchases a property for $870,000 and received an 80% LTV first loan, fixed rate at 6.5%. The sellers financed a 10% LTV 2nd loan at 9% interest only for 7 years. What is the balloon payment?

A) $87,833

B) $86,175

C) $87,000

D) $50,030

A

C) $87,000

64
Q

An option contract :

A) is a unilateral contract

B) is not supported by consideration

C) once accepted, becomes a unilateral contract

D) is only enforceable by the optionor

A

Double check

I put A & D

65
Q

A license:

A) is a permanent nature

B) is irrevocable

C) is an assignable permission to enter upon land of another

D) is for a temporary period, revocable, and non-assignable

A

D) is for a temporary period, revocable, and non-assignable

66
Q

In reference to conventional loans, a point is equivalent to:

A) 1% of the purchase price

B) 1% of the loan amount

C) $1,000.00

D) the loan amount divided by one thousand

A

B) 1% of the loan amount

67
Q

Personal property is financed and recorded by the way of a:

A) bill of sale

B) security agreement only

C) financing statements only

D) security agreement and financing statement

A

D) security agreement and financing statement

68
Q

Leases:

A) must always be in writing to be enforceable

B) for a year or more must be writing to be enforceable

C) for less than a year must be in writing to be enforceable

D) for more than a year must be in writing to be enforceable

A

D) for more than a year must be in writing to be enforceable

69
Q

Johnny Peabody wants to purchase commercial property and knows that the property will yield $1000/unit per month for 50 units. He will have expenses of $450 per unit per month. The capitalization rate is 12%. What is the appraised value of the property?

A) $2,750,000

B) $5,000,000

C) $416,666

D) unknown since we need comparable property sales

A

Double check

I put A & D

70
Q

A junior mortgage gave is a:

A) second mortgage only

B) mortgage which is subordinate to another mortgage

C) any mortgage

D) mortgage which has a subordination clause

A

B) mortgage which is subordinate to another mortgage

71
Q

Tenants by the entireties exist:

A) automatically between spouses

B) automatically between spouses and parties that are prohibited from marrying

C) automatically if parties are registered as reciprocal beneficiaries

D) only if the document states tenants by the entireties and the parties are qualifying parties

A

D) only if the document states tenants by the entireties and the parties are qualifying parties

72
Q

A $900,000 house on a $3 million dollar lot depreciates an average of 3% each year. What is the houses value after 7 years?

A) $3,081,000

B) $819,000

C) $711,000

D) $189,000

A

Double check

I put C & D

73
Q

RESPA requires that a good faith estimate be furnished to:

A) all consumers receiving a loan

B) a consumer purchasing a 5-family dwelling house

C) a consumer purchasing a 4-family dwelling house

D) all receiving consumer and commercial loans

A

C) a consumer purchasing a 4-family dwelling house

74
Q

Dual agencies are:

A) allowed if buyer and seller are given full, written disclosure

B) are not followed

C) are allowed if agreed upon by all parties

D) allowed if buyer and seller give full, written consent

A

D) allowed if buyer and seller give full, written consent

75
Q

Sammy seller finances a 2nd mortgage, this is shown on the closing statement as a:

A) credit to buyer only

B) debit to seller only

C) credit to buyer and debit to the seller

D) credit to seller and debit to buyer

A

C) credit to buyer and debit to seller

76
Q

Which of the following is NOT an exemption under the federal fair housing laws:

A) mrs. Murphy

B) religious

C) private club

D) 2-family accommodation (duplex)

A

D) 2-family accommodation (duplex)

77
Q

If a seller is in breach of a contract, available remedies to the buyer are all but one:

A) retain the deposit as liquidation

B) bring an action for damages

C) specific performance

D) sue for reimbursement of any money lost

A

A) retain the deposit as liquidation damages

78
Q

In a life estate, what happens when the life tenant dies?

A) the estate goes to a remainder-man, if there is one

B) the estate goes to the devisees of the life tenant

C) the estate goes to the heirs of the life tenant

D) the estate goes to the life tenant pour Autre-vie.

A

A) the estate goes to a remainder-man, if there is one

79
Q

Which categories are protected under the federal fair housing law?

A

C) race, color, religion, sex, handicap, familial status and national origin

80
Q

Mr. Mongoose signed a purchase agreement on a condominium for $400,000 and is giving a purchase money mortgage (seller financing) for a loan for 20% and is providing 10% as a down payment. ABC lender is lending money on the balance and is charging 2 points. How much must Mr. Mongoose pay for the points to ABC lender?

A) $8,000

B) $7,200

C) $5,600

D) $6,400

A

C) $5,600

81
Q

State:

Who has control over the conservation district

A) county only

B) land use commission

C) both county and land use commission

D) DLNR

A

D) DLNR

82
Q

State:

If X adversely possessed property for 15 consecutive years:

A) X cannot acquire the property by adverse possession

B) X has met the statutory requirement for adverse possession

C) X has no claim in the property

D) X can acquire title by adverse possession if used tacking from a former adverse possessor who adversely possessed it for 5 years

A

D) X can acquire title by adverse possession if used tacking from a former adverse possessor who adversely possesses it for 5 years

83
Q

State:

A purchase money mortgage is:

A) seller financing only

B) any mortgage other tyran a second mortgage

C) when a real property is used as collateral for a loan for the purchase of that property

D) a second mortgage only

A

C) when real property is used as collateral for a loan for the purchase of that property

84
Q

State:

Regarding the de minimis law for encroachment:

A) if a wall encroaches upon a neighbors property and it is within the de minimis allowance, it is not considered an encroachment

B) the allowable tolerance is allowed regarding the property that is being encroached upon

C) the allowable tolerance for residential property is
.25ft

D) a de minimis discrepancy can be used as a basis for a claim of adverse possession

A

A) if a wall encroaches upon a neighbors property and it is within the de minimis allowance, it is not considered an encroachment

85
Q

State:

If after escrow is opened, a party later wants to amend the purchase contract

A) they can’t since a binding contract is already in place

B) both parties must agree in writing and submit changes to escrow

C) the party making the amendment must submit change in writing to escrow

D) a verbal communication to by both parties to escrow is required

A

B) both parties must agree in writing and submit changes to escrow

86
Q

State:

Regarding a land trust:

A) legal title is held by the beneficiary

B) the owner is the trustee

C) the trustee receives all the usual benefits of ownership

D) the trustee’s responsibility is to sign all documents relating to title.

A

D) the trustee’s responsibility is to sign all documents relating to title

87
Q

State:

Failure to satisfy the continuing education requirement for an avarice licensee by the license expiration date results in the license being

A) placed inactive

B) forfeited

C) suspended

D) terminated

A

A) placed inactive

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