General Practice Test

General Practice Test

1 / 50

Vivian has just graduated college and is very proud that she has purchased a property without the help of anyone else. How did Vivian, a single person, take ownership?

 

2 / 50

Extinguishing a debt by equal payments of regular intervals over a specified period of time is called:

3 / 50

A pre-recorded, auto-dialed message is known as a/an:

4 / 50

Vinnie is not allowed to put a fence around his yard due to a deed ____________ put in the deed by the prior owner.

5 / 50

The person generally responsible for the acts of a licensee is:

 

6 / 50

Olivia is charged property taxes based upon the value of her property. This is known as a/an

7 / 50

A listing given to one or more brokers, none of whom have any exclusive rights or control over the sale by other brokers or the owner of the property.

8 / 50

In an adjustable rate mortgage, the fully indexed rate is:

9 / 50

In regard to the manner of creation, a contract may be

10 / 50

Jack's teacher assigns him a math problem. He tells Jack the annual net income of the property and has him divide that number by the value of the property. Jack completes the problem and discovers:

11 / 50

Jennifer has found there is a cloud on her deed. If she files a lawsuit to remove the cloud, it is known as a/an:

12 / 50

Jackie's house was condemned and then taken by the city to be torn down in order to allow for the construction of a new highway exit. This is called?

 

13 / 50

Theresa, a property owner, has a contract in which she has granted Bill the right to purchase the property for three months. This is called a/an

14 / 50

Charlotte has a deed restriction in her property preventing her from ever painting it any color but blue. What would this be called?

15 / 50

Which trade organization has established a Code of Ethics for its members in the real estate industry?

16 / 50

The acronym DUST is important in real estate. It helps us to recall the essential elements of value which are demand, utility, _________, and transferability.

17 / 50

Ken and Gabe have signed a purchase and sale contract. Ken promises to buy Gabe’s 40 acres, and Gabe promises to sell it to him. This is known as:

18 / 50

An owner of a cooperative apartment has:

19 / 50

How many square feet are there in an acre?

20 / 50

The right of the government to take private property for public use is called:

 

21 / 50

When a home is sold at public foreclosure sale, which is the first to get paid from the proceeds?

22 / 50

There are a subdivision wide restrictions in Becky's subdivision. She's not sure where to find them. Where would these be located?

23 / 50

A _________  is a report documenting the current ownership and matter that the title company may exclude from coverage if a title insurance policy should later be issued. It will include any problems identified with the home title, title problems that will not be covered under the title insurance policy – liens and encumbrances – and any actions required by the seller or owner to fix problems with the title.

24 / 50

Sarah notices a large, obvious crack in the basement wall of a home that she toured with her agent. She buys the property knowing that the patent defect is present in the basement. A month after the closing she decides to sue her agent because she never disclosed the patent defect to her. What will most likely happen?

25 / 50

Alienation in real estate could result from which of the following?

 

26 / 50

Covenants which come with a deed or title to the property, in which the grantor of the title makes certain guarantees to the grantee are called:

27 / 50

Frank was thinking of purchasing an apartment building. He wanted an 8% return on his investment and asked to see the books for this building. There are five apartments on each floor of the three- story building. The rents on the first floor are $600 a month, and each floor's rent increases $50 per month per apartment. Frank was told that there was a loss of rent through vacancy and collection losses of 8%, and when he figured the operating expenses, they averaged $810 a month. After reviewing all of this information, Frank decided he would be willing to pay how much for the property?

28 / 50

Examples of zoning restrictions include all of the following except:

29 / 50

Lacey is a lucky agent- she has listed a home that everyone wants to see! While her seller was still considering the first offer on the listing, two more came in. What should she do?

30 / 50

Mary would like to know whose obligation is it to disclose potential lead -based paint to buyers of homes built before January 1, 1978. Her broker explains to her that in every sale or lease of a home built before that date, the _________ is obligated to make this disclosure.

31 / 50

Fred is buying a home. His lender is examining all of his monthly expenses. The lender wants to know about his housing expenses, his student loan, his car payment and his monthly payments to his credit card issuer. His lender calculates the ratio of these as compared to his monthly gross income. What is this called?

32 / 50

A deed that contains the covenant in which the grantor guarantees that he or she will forever be responsible for warranting title and will defend the title and possession is a:

 

33 / 50

In the context of a real estate appraisal, what is depreciation?

34 / 50

The City of Happyville is planning their yearly budget. Like most local governments, most of Happyville's operating money comes from

35 / 50

The city of Southville has implemented a master plan as part of their city planning. It will be implemented through all of the following except:

36 / 50

This legal description starts from a reference point called a point of beginning and gives the direction and distances of the boundaries. What is it called?

37 / 50

Amy came from a small family and has no heirs. She dies intestate, and all of her real property passed to the government. This is known as

 

 

38 / 50

Teresa owes $300,000 on her home. The property is worth $400,000. How much equity does Teresa have in her home?

39 / 50

Katie hated to waste her time running out to have clients sign listing agreement extensions when her exclusive right to sell listings expired. She decided to have new listing contracts printed that continued on indefinitely until the listing sold. Is this allowed?

40 / 50

The chain of deeds (or other documents) showing transfer of title of real property from one person to the next, as disclosed in the public record.

41 / 50

_______ is used as a permitting system to keep new development from harming existing residents or businesses.

42 / 50

Which of these would be an example of a private control on real estate?

43 / 50

A salesperson associated with a broker listed a house for $525,000 with a 5.5% commission. The property sold quickly, with the homeowner accepting an offer of $510,000, brought in by the salesperson. The broker’s practice is that 40% of commissions are retained by the office and the remainder is paid to the salesperson. Based on the information provided, the office will retain:

44 / 50

A lease that has a definite termination date that can be clearly established at the beginning of the lease is called a(n):