Dad's gonna pass!

Which of the following activities is Most likely to reveal a cloud on a property's title?

• A title search

• An appraisal

• A loan application

• A homeowner's insurance review

A license takes a listing on a large property with irregular boundary lines. while showing the property to prospective buyers, the license begins to suspect that the parcel is not as large as the seller said it is and that a fence along the back may encroach on the next parcel. the licensee's obligation regarding these suspicions is to

• Disclose nothing about these suspicions because they are mere suspicions and unsupported by actual evidence.

• Inform both the seller and prospective buyers that there may be some survey problems.

• Require the seller to have a survey done to verify the boundaries and acreage.

• Disclose nothing about these suspicions to prospective buyers because doing so could harm the seller's chances of a sale, which could be a breach of the licensee's fiduciary duty.

A small city had one eight-story office building at the time zoning board effected an ordinance limiting building rights to five stories. A CORRECT statement about the effect of this height ordinance on the eight-story building is that

• Zoning board must grant a variance to allow the building to remain.

• Zoning board will request the owner to remove the top three floors.

• Building represents a nonconforming use and does not present a zoning violation.

• Building represents an encroachment of city air rights and may be a subject to recurring annual penalties.

Which of the following terms describe personal property that has become real estate through its attachment to real property?

• Fixture

• Personality

• Appurtenance

• Fructus industriales

Which of the following conditions represents the PRIMARY advantages for a borrower of a loan with a 20-year amortization schedule over one with a 15-year schedule?

• Better interest rates

• Lower down payment

• Lower monthly payments

• No prepayment penalties

Which of the following terms represents a LEGAL REQUIREMENT for granting an easement by prescription allowing one person to use the property of another.

• Covert use

• Hostile use

• Beneficial use

• Mutual agreement

Five friends buy a vacation house without owing a commission if they are able to find their own buyer. Which of the following types of listing will allow them to do this?

• Require the legal consent of the other two

• Create a tenancy in common among the three owners

• Give the remaining three owners equal undivided ownership as joint tenants

• Make the purchaser of there interest tenant in common for two-fifths of the property

A couple wants to sell their house without owing a commission if they are able to find their own buyer. Which of the following types of listing will allow them to do this.

• Net

• Multiple

• Exclusive agency

• Exclusive right to sell

Which of the following parties MUST sign the note and mortgage when financing a property?

• Payee

• Grantor

• Mortgagor

• Mortgagee

Which fo the following conditions makes an owner selling or leasing a residential property EXEMPT from the provisions of federal Fair Housing law?

• The property has more than four units

• The property has three units and the owner occupies one of them

• The owner uses a real estate broker to market the sale or lease of the property

• No discriminatory advertising is used in soliciting prospective buyers or tenants