National Exam!!!!!!!!

What is the definition of real property?

• Land and all permanent structures attached to it

• Personal property that can be moved

• Any property owned by an individual

• Government-owned land

What type of legal description uses a system of metes and bounds?

• Lot and block

• Government survey

• Recorded plat

• Metes and bounds

Which type of ownership gives equal shares to two or more people with the right of survivorship?

• Tenancy in common

• Joint tenancy

• Tenancy by the entirety

• Fee simple

What is the most complete form of property ownership?

• Leasehold estate

• Life estate

• Fee simple absolute

• Easement

What is a quitclaim deed typically used for?

• Transferring property with no guarantees

• Guaranteeing a clear title

• Foreclosure proceedings

• Eminent domain

What does the term "market value" mean in real estate?

• The price a property will sell for in an open market

• The price set by the government

• The assessed tax value of a home

• The cost of building a home

What is the purpose of an appraisal?

• To determine the listing price

• To estimate property value

• To verify the deed

• To inspect the home

Which type of contract must be in writing to be enforceable under the Statute of Frauds?

• Lease agreements under one year

• A real estate purchase agreement

• Verbal purchase agreements

• Handshake agreements

What is a fiduciary duty in real estate?

• A duty of loyalty and care to a client

• A duty to follow fair housing laws

• A duty to charge a standard commission

• A duty to provide financing

What is the purpose of the Fair Housing Act?

• To regulate mortgage rates

• To prevent discrimination in housing

• To increase property taxes

• To control zoning laws