National Portion Mock Test 2

The reduction in value from everyday wear and use is known as:

• FUNCTIONAL OBSOLESCENCE

• EXTERIOR DETERIORATION

• PHYSICAL DETERIORATION

• ECONOMIC OBSOLESCENCE

The illegal practice by a real estate agent of blending personal finances with client funds is called:

• QUIET TITLE ACTION

• COMMINGLING

• CONVERSION

• ESCHEAT

A document detailing a company's financial performance, including earnings and expenditures over a specific period, is:

• REVENUE REPORT

• BALANCE SHEET

• PROFIT AND LOSS STATEMENT

• NET DIFFERENTIAL STATEMENT

Rights concerning the use of flowing water from rivers or streams are:

• LITTORAL RIGHTS

• RIPARIAN RIGHTS

• DUE PROCESS

• BUNDLE OF RIGHTS

Fixtures within a business premise, considered personal property, are:

• Business lien

• Trade fixture

• Trade source

• Business item

A wall that carries not only its own weight but also the load from other parts of the building is:

• Support wall

• Hip wall

• Load-bearing wall

• Foundation wall

Property rights for land adjacent to oceans and lakes are termed:

• Avulsion

• Riparian

• Littoral

• Accretion

A type of lease where the tenant covers the rent plus property expenses like taxes, insurance, and maintenance is:

• SANDWICH LEASE

• NET LEASE

• GROSS LEASE

• PERCENTAGE LEASE

Value growth in property due to external community or area developments rather than direct improvements to the property itself is called:

• WAIVER

• VALUE

• YIELD

• UNEARDED INCREMENT

A provision that allows a later mortgage to become more important than an existing one is:

• Open-end clause

• Acceleration clause

• Release clause

• Subordination clause