Encroachment
1. If the roof of the garage extends beyond the metes and bounds property description, it will be called a(n)
Increasing
2. When the capitalization rate on an income producing property decreases, the value of the property
Subordination
3. What kind of agreement would be used between a finance company and a savings and loan association to allow the latter to assume a higher lien position of record against a property?
Joint tenancy and tenancy in common
4. The right of survivorship exist in which of the following forms of ownership?
The real estate agent does not present the prospective buyer's written offer to the seller
5. A written offer to purchase real estate by a prospective buyer is terminated for all of the following reasons EXCEPT:
The lessee's interest is not affected
6. If a lessor sells a leased property, how is the lessee's interest in the property affected?
Offeree
7. In a real estate transaction the seller would best be described as which of the following:
Blue Sky Laws
8. What type of laws regulate real estate when it is sold to investors as a limited partnership?
It ends by itself
9. All of the following statements about a tenancy at will are true EXCEPT:
Within 3 business days of the mortgage application
10. According to the real estate settlement procedures act, a lending institution must provide an estimate of closing costs to the borrower of a federally related mortgage at the time of the mortgage application or
Prior to the court sale
11. When foreclosure results in a court ordered sale of a property, the equitable right of redemption time occurs
Straight loan
12. What type of loan requires only interest to be paid during the term of the loan?
Owner discovery of a major lien filed against the listed property
13. A listing contract may be terminated by all of the following EXCEPT:
There is an increase in the loan principal
15. Negative amortization is the process by which
There is an increase in the loan principal
15. Negative amortization is the process by which
Transit
16. The instrument used to conduct any metes and bounds survey of land is called a
Personal property
17. And emblement is usually considered to be
Loan Maturity
18. With a growing equity mortgage which of the loan features decreases
A Cooperative unit
19. The sale of which of the following would require a bill of sale as proof of the transfer of title
Special Warranty Deed
20. Which of the following types of deeds provides the grantee with the most title protection?
Purchase Money Mortgage
22. A mortgage given by the grantee to the grantor as partial payment for the sale and conveyance of the title of real estate is called?
Seller
23. The principal in the sale of real estate as the result of a single agency listing agreement is the
Devisee
24. April Johnson is given ownership of her father's house as the result of his testate death. The most technically and legally accurate description of how April is able to take title to the property is as a(n)
Satisfactition
25. The removal of a mortgage lien from a property occurs by entering which of the following documents in the public records
$239,000
26. An owner would like to receive $160,000 for the sale of her property after paying off a mortgage balance of $50,000 and a real estate commission of 12%. To accomplish this, which of the following would represent the most accurate sale price for the se
If the seller rejects the offer it will not be refunded to the buyer
27. All of the following statements about an earnest money deposit are true EXCEPT:
Loan Interest Rate
28. In a mortgage, and escalation clause normally increases
Right of Ingress and Egress
29. The right to drive your car over the driveway of an adjacent landowner to get into and out of your land locked property is based on an owners
An ad valorem tax lien
30. Which of the following is a specific lien
$24,000
31. What would be the original loan principal on a five-year term loan having monthly payments, a 10 and 1 1/2% annual rate of interest and a twentieth month's payment of $210?
Vendees mortgage
32. Which of the following closing items represents a credit to the buyer on the settlement statement?
Property Management Contract
33. Of the following documents, which one establishes an agency relationship
Increasing the mortgage yield
34. Mortgage discount points are used for the purpose of
General Warranty Deed
35. Herb Fitzgerald owned a property at 210 West Main St. in a particular municipality from March 19, 1955 until October 27, 1960. If the title to that same property is conveyed on December 21, 1997, which of the following deeds would guarantee good title
Joint tenancy
36. John and Mary are married on December 16 of a particular calendar year. They go to title closing as buyers on January 5 of that same year. If they want to obtain a type of ownership by themselves with the condition that in the event of the death of on
Purchase money mortgage and the pay off of the sellers existing mortgage
37. Which of the following closing items represents a debit to the seller?
Purchase money mortgage and the pay off of the sellers existing mortgage
38. The owner of a cooperative unit has which of the following
Shares of stock and a proprietary lease
38. The owner of a cooperative unit has which of the following
A loan on new construction
39. Which of the following loans is the best example of into room financing; one that provides
The grantor is the owner and has the right to convey title
40. In a general warranty deed, the covenant of "seisin" indicates that
Delivered and accepted
In order for the title to real property to be conveyed through a deed, the deed must be
Exclusive Agency
Which of the following is a type of listing contract in which the owners are least likely to pay a commission if the owners sell the property themselves
Promissory Note
Which of the following documents is usually NOT recorded?
For years
The interest a tenant has in a lease with a definite termination date is called a tenancy
Listing Contract
Which of the following is a contract by which it is possible that one of the parties may not able to force the other party to fully perform?
Subtracting the operating expenses from the effective gross income
Using the income approach to value, the net operating income on a property is arrived at by
The agreement is binding upon the parties
If a buyer withdraws an offer to purchase upon hearing from her broker that the seller has signed the offer to purchase, which of the following situations applies
Seller only
A buyer and seller have entered into written agreement for the sale of real property. After all parties have signed the agreement of sale but prior to the time of settlement it is discovered that a lien is filed against the property.Who is responsible for
License
The one day permission to hunt on an owner's land is best described as
Tenancy in Common
The right to file a suit to partition is most applicable to which of the following forms of ownership
Sale price divided by the monthly rental income
The formula for the gross rent multiplier is
VA Mortgage
A certificate of reasonable value is needed for which of the following mortgages?
80%
What is the loan to value ratio on a $144,000 mortgage that is used to purchase a $180,000 house?
Balcony
Which of the following represents a limited common element in a condominium?
A similar property at the current price
Using the cost approach to determine the market value of a property, the replacement cost of a building would be the dollar amount required to construct
Rectangular Survey
What is the most common method of legally describing real property in the United States?
Cost Approach
What approach to value is the most suitable method for appraising a library?
Large Warehouse
All of the following examples of real estate represent commercial property EXCEPT
Mortgage prepayment penalties real estate taxes and points for obtaining a mortgage
In which of the following categories are all of the items allowable as federal income tax deductions regarding home ownership that do not involve capital gains?
Highest and best use
Having a dual-zoned property sold as commercial real estate rather than residential real estate because of the potential higher sale price is an example of the principle of value known as
External depreciation
The proximity of noxious odors to a particular property that affects the value of the property is an example of
Antitrust laws
Broker Sam Bielefeld agrees with broker Judy Taggart to charge the same office rate of commission for listing houses for sale in their respective real estate businesses. This action would be a direct violation of what laws?
Repair the lessee's property
Provided there is proper authorization through a management agreement, all of the following are typical functions of the property manager EXCEPT
Inform a prospective seller to delay the list for Sam of the sellers home as the result of a local economic decline
All of the following actions by a real estate agent could be violations of the fair housing laws EXCEPT
SEC
What is the name of the organization that regulate the sale and licensing of real estate investment securities?
Sometimes
Are the market value and the market price of real property the same value?
Refrigerator
All of the following items usually considered to be fixtures EXCEPT
Eminent Domain
The right of the state to take private property for public use
Condemnation
The act of enforcing the right through judicial procedure when the owner refuses to sell to the government
Escheat
Obtaining title to property by the government when the lack of heirs prevents a transfer to any remaining family members is described as
Servient tenement
Over whose property does an easement cross is an easement appurtenant?
Sale and leaseback
In which contractual arrangement does the vendee assume the position of a lessor?
1/8 acre
A property lot measures 45 feet by 121 feet. What is the acreage of the lot?
Prior appropriation
The restriction of the rights of a real property owner to use an underground spring to provide water for livestock can be exercised by the state government according to which of the following principles?
Enhancement of value theory
A mechanics lien is based on which of the following theories of law
Suit to quiet title
If a lien holder cannot be found after substantial effort is used to locate the lien holder, what legal action can be filed in the county court to remove the lien?