Real Estate Quiz

Agency agreements are between the principal and the:

• customer

• third party

• broker

• sponsored licensee

What is a legal document from a local authority that authorizes a building to be occupied, and is issued after the building has passed all required inspections?

• deed restriction

• building permit

• certificate of occupancy

• census tract

What is the set of rules that govern state agencies, boards, and commissions in Arizona known as?

• The Arizona Advisory Board

• The Arizona Code of Agency

• The Arizona Administrative Code

• The Arizona State Constitution

Who can a licensee accept compensation from?

• any associate broker in the company

• clients only

• the employing broker only

• unlicensed assistants only

What is external obsolescence?

• property value loss caused by negative forces outside the property and beyond the control of the owner

• value loss due to the property's function or appearance being replaced by a more appealing, effective version

• loss of property value for any reason

• value loss caused by physical wear and tear over time

Which federal environmental law creates requirements for closed and abandoned waste sites and sets up the Superfund?

• CAA

• SARA

• RCRA

• CERCLA

What is the difference between assemblage and plottage?

• Assemblage is the act of combining parcels of land; plottage is the resulting increase in value.

• Assemblage involves combining parcels of land; plottage involves splitting parcels of land.

• Assemblage is the first step in creating a new subdivision; plottage is the second step.

• Assemblage is the act of building a new building; plottage is the act of creating a new parcel of land.

Refinancing can benefit a borrower in all of these ways, EXCEPT:

• shortening a loan term

• having lower monthly payments

• avoiding a balloon payment

Which of these questions would a lender be prohibited by the ECOA from asking a borrower?

• What is your gender?

• Are you divorced, widowed, or never married?

• What is your ethnicity?

• What racial category best describes you?

If someone has used a property in a notorious, and hostile way for the last 30 years, what kind of easement might he be granted?

• easement by necessity

• easement for light and air

• easement by prescription

• easement by condemnation