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Worksheets

Real Estate Practice

Total questions: 174

Worksheet time: 2hrs 17mins

Name
Class
Date
1.

To transfer title to real property

(a)  

2.

Defines bundle of legal rights being conveyed

(a)  

3.

A type of deed that provides the grantee the least protection

(a)  

4.

A type of deed that provides the grantee the least protection

(a)  

5.

Type of lease that requires tenant to pay rent plus building expenses

(a)  

6.

Property is transferred to state

(a)  

7.

Which type of notice is accomplished from information a person has learned by reading, seeing, or hearing?

a)

Constructive notice

b)

Verbal notice

c)

Legal notice

d)

Actual notice

8.

Which part of a deed contains a promise by the grantor that the grantor owns the property and has the right to convey the title?

a)

Premises

b)

Habendum

c)

Seisen

d)

Granting clause

9.

Which lien is a superior lien

a)

Special assessment lien

b)

Federal income tax lien

c)

First mortgage lien

d)

Mechanic’s lien

10.

Which lien is a specific lien

a)

Judgment lien

b)

IRS lien

c)

Estate tax lien

d)

Vendor’s lien

11.

What is typically added to a contract before it's signed and specifies supplementary information not previously included in the contract?

a)

addenda

b)

codicils

c)

affidavits

d)

amendments

12.

Martha is selling her home to downsize and live closer to her grandchildren. She has been looking at a property to buy, and while the sellers are eager to close the sale, Martha has made it clear she won't buy until her current property is sold. This is an example of a(n):

a)

sale of another property contingency

b)

appraisal contingency

c)

financing contingency

d)

inspection contingency

13.

What is typically added to a contract before it's signed and specifies supplementary information not previously included in the contract?

a)

addenda

b)

codicils

c)

affidavits

d)

amendments

14.

Mary has one of her listings under contract. The contract calls for possession at closing. Now the seller asks if she can stay for three days after closing. The buyer orally agrees. What does Mary need to do now?

a)

prepare an amendment and add the Seller’s Temporary Lease Agreement

b)

change the terms in the original document under special provisions

15.

When a lender agrees to allow the borrower to sell the property and accept less than a full pay off amount, it is referred to as a(n):

a)

short sale

b)

alternative payoff

c)

hardship payoff

d)

short payoff

16.

All of the following legislation was designed to protect consumers from unfair lending practices EXCEPT:

a)

Americans with Disabilities Act

b)

Equal Credit Opportunity Act

c)

Truth in Lending Act

d)

Real Estate Settlement Procedures Act

17.

What happens when the property and the buyer have both met the lender’s underwriting requirements?

a)

The loan is approved.

b)

The underwriting process begins.

c)

The buyer is pre-qualified.

18.

Which of the following is the promise to pay on a mortgage loan?

a)

promissory note

b)

deed of trust

c)

lien

d)

mortgage

19.

Which of the following documents are considered proof of ownership?

a)

the deed

b)

the title policy

20.

Although it is NOT a physical document, the actual ownership of a property is signified by who holds the:

a)

title

b)

deed

c)

deed of trust

d)

notice

21.

Jack died without a will. His property is disposed of through the laws of descent. That is considered:

a)

involuntary alienation

b)

adverse possession

c)

eminent domain

d)

voluntary alienation

22.

Loan approval consists of two different approvals. What are they?

a)

approval of the buyer and approval of the property

b)

approval of the appraisal and approval of the seller

c)

approval of the survey and approval of the buyer

23.

What, if anything, must happen when an inspector reports a problem?

a)

No one is technically required to repair the problem.

b)

The seller must repair the problem.

24.

Examples of ongoing expenses that need to be split fairly between the buyer and seller of the property through prorations include all of the following EXCEPT:

a)

homeowners insurance

b)

HOA dues

c)

real estate taxes

d)

utility charges

25.

The effective date is determined by:

a)

the final date of acceptance

b)

when the seller accepts an offer

c)

when the first draft of the contract is given to clients

d)

when the contract is put into writing

26.

Always fill in the contact information accurately.

a)

Advise sellers that they must accept the offer that is received first.

b)

Which of the following is NOT a good contract practice?

c)

Get the final contract in writing.

d)

Set closing 30-45 days out

27.

According to TREC, how many days do buyers have to deliver their termination-option fee?

a)

three calendar days

b)

three business days

28.

The statute of frauds stipulates that:

a)

All contracts that involve the sale or transfer of real estate, debts, specific obligations, and the sale of goods (exceeding $500) must be in writing.

b)

All contracts that cannot be completed within six months must be in writing.

29.

A legal description MUST:

a)

describe a property in a precise and distinct manner

b)

match the address on record at the post office

30.

A leasing of bare, undeveloped land

a)

Variable Lease

b)

Index Lease

c)

Ground Lease

d)

Graduated Lease

31.

The process and act of transferring property from one party to another

a)

Alienation

b)

Severance

c)

Escheat

d)

Forbearance

32.
Two people own a house, each having an undivided equal interest. Which of the following best describes what they own?
a)
Each own fifty percent of the physical house and the land it rests on.
b)
Each own one hundred percent of the physical house and the land it rests on.
c)
Each owns fifty percent of the estate represented by the real property, but no physical portion of the real property.
d)
Each owns one hundred percent of the estate represented by the real property and fifty percent of the physical house and the land it rests on.
33.
An interest in real estate that includes the right to possess is considered
a)
an estate in land.
b)
a freehold estate.
c)
a fee simple estate.
d)
an encumbrance.
34.
An interest in real estate that does not include the right to possess is considered
a)
a leasehold interest.
b)
a fee simple estate.
c)
an encumbrance.
d)
a tenancy.
35.
The right to zone land and the right to aquire ownership of land by eminent domain are both examples of
a)
a public interest.
b)
a possessory interest.
c)
an encumbrance.
d)
an estate in law.
36.
If the duration of an owner's rights in an estate cannot be determined, the owner possesses
a)
an indeterminate legal estate.
b)
a leased fee simple estate.
c)
a freehold estate.
d)
a leasehold estate.
37.
The distinguishing feature of a leasehold estate is
a)
ownership of an interest by a tenant.
b)
temporary ownership of the full bundle of rights in a property.
c)
unlimited ownership of one right in the bundle of rights in a property.
d)
duration limited by a lease term.
38.
Which of the following is a freehold tenant?
a)
The owner of a freehold estate.
b)
The lessee in a leased property.
c)
The lessee of a freehold estate.
d)
Any owner of an estate in land.
39.
In what kind of estate does ownership revert to the grantor of the estate if usage fails to conform to a stated condition in the grant?
a)
Fee simple absolute.
b)
Life estate with reversion.
c)
Life estate with condition subsequent.
d)
Fee simple defeasible.
40.
Bob grants his sister Mary an estate for as long as she lives, but her heirs cannot inherit the estate. what kind of estate is it.?
a)
An estate pur autre vie.
b)
An estate for years.
c)
An ordinary life estate.
d)
A legal life estate.
41.
Homestead, dower, and curtesy, and elective share are examples of
a)
a conventional life estate.
b)
a legal life estate.
c)
an estate created by an owner's agreement.
d)
a fee simple absolute.
42.

To convey clear title in a dower and curtesy state,

a)

both spouses must release their interest to the other spouse.

b)

both spouses must sign the conveyance.

c)

there must be two seperate conveyances, each signed by one spouse.

d)

the head of the household must sign the conveyance.

43.

States that do not have dower and curtesy usually have either community property laws or

a)

descent by escheat.

b)

elective share.

c)

share by the entireties.

d)

judicial election.

44.
Which of the following rights is conveyed with a leasehold estate?
a)
The right to exclude everyone from the premises.
b)
the right to encumber the fee interest.
c)
The right to sell the premises.
d)
The right to possess and use the premises.
45.
An estate from period-to-period will continue as long as
a)
the tenant makes, and landlord accepts, regular rent payments.
b)
the term specified in the lease.
c)
the period is less than a year.
d)
the landlord has not given notice of termination.
46.
An estate at will
a)
cannot be terminated.
b)
is terminated only if so stated in the lessee's last will and testament.
c)
terminates on the death of the lessor or leassee.
d)
terminates on the date specified in the lease agreement.
47.
If a tenant occupies a leased propertywithout the consent of the landlord after a lease expires, the type of estate that result is called
a)
an estate at sufferance.
b)
a holdover estate.
c)
an adverse leasehold.
d)
a hostile leasehold.
48.
Agency is
a)
a real estate brokerage.
b)
the operation of a business.
c)
one person acting on behalf of another.
d)
one person giving advice to another.
49.
An agent works on behalf of
a)
a customer.
b)
a client.
c)
both a customer and a client.
d)
neither a customer not a client.
50.

TRELA

a)

enforces the License Act.

b)

may appoint an administrator for the TREC.

c)

is a primary law that regulates the conduct of the real estate licence holders.

d)

is the law established by the TREC in the rule-making authority.

51.
The Texas Real Estate Commission
a)
does not hold the broker accountable for the actions of sponsored associates.
b)
holds the broker accountable for the professional actions of sponsored associates.
c)
holds buyers or sellers accountable for the acts of their real estate brokers and sales agents.
52.
B, a broker, is representing Smith, a buyer. In a real estate transaction, Smith is considered
a)
a customer of B.
b)
a fiduciary of B.
c)
a client of B.
d)
an agent for B.
53.
A person who engages an agent to represent her interests in a transaction is called a client, or
a)
a customer of the agent.
b)
a seller.
c)
a buyer.
d)
the agent's principal.
54.
A key distinction between the services given to clients versus those given to customers are given to clients versus those given to customers is that
a)
advice, opinions, and advocacy are given to clients, not customers.
b)
more advice and opinions are offered to the customer.
c)
customers get advice and opinions free, while clients must pay.
d)
clients must have a contract to receive services, while customers do not.
55.
A license holder not associated with the listing broker who represents the seller through the listing broker is known as
a)
a buyer's agent.
b)
an intermediary.
c)
a seller's agent.
d)
a subagent.
56.

One of the BEST ways a broker might protect against agency problems is to

a)

never represent buyers.

b)

never discuss agency issues with the parties.

c)

always treat both parties as valued customers and treat them fairly, giving them both the same level of service.

d)

develop a clear, written office policy regarding agency issues and require that it be followed by the broker's agents.

57.

An important reason to study agency today is

a)

to better represent customers.

b)

the increased litigation against agents.

c)

to be able to settle legal disputes between buyers and sellers.

d)

because commissions are greater to the agent when agency law is followed.

58.

Which type of co-ownership for married couples dictates that each spouse has half ownership of any property obtained during the marriage, and cannot be sold without the signatures of both spouses?

a)

community property

b)

in severalty

c)

tenancy in common

d)

joint tenancy

59.

Mary is leasing an apartment. She just purchased a ceiling fan for her apartment. While the ceiling fan is still in the box, the ceiling fan is:

a)

personal property

b)

land

c)

easement

d)

real estate

60.

Which of the following laws affecting real estate prohibits discrimination in housing based upon race, color, religion, or national origin?

a)

the Fair Housing Act

b)

the Deceptive Trade Practices Act

c)

the Texas Real Estate License Act

d)

the Uniform Commercial Code

61.

TREC approves and promulgates many forms for license holders' use. These include:

a)

sales contracts and addenda

b)

property management agreements

c)

contracts, property management agreements, and listing agreements

d)

listing agreements and leases

62.

What is the primary purpose of the Broker-Lawyer Committee?

a)

to create, edit, and recommend contract forms to TREC

b)

to create and codify real estate rules for TREC

63.

A seller's property has flooded three times in the past year. When he sells it, he tells his agent but does not disclose the flooding to the buyer. The buyer asks if the creek nearby has ever flooded, and the agent said not that he was aware of. What Act could the agent be guilty of violating?

a)

DTPA

b)

RESPA

c)

TREC

d)

ECOA

64.

A broker is helping a government agency locate a building they can buy for an office. The agency has its own form they want the agent to use when they make their offer. Can the agent do that legally?

a)

Yes, a government agency can require their own form to be used.

b)

No, it would be a violation of TRELA.

c)

No, it is a violation of the Rules of the Commission

d)

No, they must use the promulgated form.

65.

Which of the following is NOT an essential element of a valid contract?

a)

EARNEST MONEY

b)

CONSIDERATION

c)

LAWFUL OBJECTIVE

d)

LEGALLY COMPETENT PARTIES

66.

A contract is signed by a minor. The contract is:

a)

voidable

b)

void

c)

unenforceable

d)

valid

67.

When the terms of a contract have not been completely executed or performed, it is considered to be what kind of contract?

a)

executory

b)

bilateral

c)

unilateral

d)

executed

68.

The Environmental Protection Agency requires sellers of houses built before 1978 to furnish buyers with a:

a)

Lead-Based Paint Disclosure Form

b)

Mold Disclosure Form

c)

Radon Discovery Form

69.

Emmy owns her house. She has full ownership rights to her property, could sell it whenever she wants, and can pass the property on to her heirs. What kind of estate does Emmy have?

a)

fee simple absolute estate

b)

fee simple determinable estate

c)

leasehold estate

70.

Lisa shares a driveway with her neighbor. The driveway is on Lisa’s property, but Lisa allows her neighbor to use the driveway. What is this an example of?

a)

an easement

b)

an encroachment

71.

In a lease purchase agreement, the buyer

a)

Must purchase the property

b)

has an option to purchase

c)

negotiates lease duration

d)

sets option fee later

72.

In a fully performed and closed contract, when can the contract be assigned to another party?

a)

If permitted in the contract

b)

with seller's consent

c)

never

d)

if not explicitly prohibited

73.

In an executory contract, when can parties assign their rights or obligations?

a)

only if specified

b)

always allowed

c)

never allowed

d)

unless prohibited

74.

In a real estate transaction, when a party passes away before the contract is fully executed, what happens to the contract?

a)

Enforceable on estate

b)

Becomes voidable

c)

Requires renegoation

d)

automatically terminates

75.

A real estate agent assists in the sale of a property, and the buyer decides to assign their contract of sale to a third party. The contract contains no provisions regarding assignment. Who opossesses the equitable title of the property until the sale is closed?

a)

Initial buyer and third party

b)

Initial buyer

c)

third party

d)

property seller

76.

A contract must have certain specific elements in order for it to be valid. all of the following are essential to a valid contract EXCEPT

a)

acceptance

b)

consideration

c)

notarization

d)

offer

77.

what is the advantage of a paperless transaction

a)

access to old statements

b)

data security

c)

conversion to ecofriendly

d)

set up and learning curve

78.

When a seller breaches a sales contract, the buyer may NOT be able to

a)

collect liquidated damages

b)

rescind the contract

c)

sue for monetary damages

d)

sue for specific performance

79.

A remedy in court compelling the seller to sell the property is known as

a)

equity of redemption

b)

execution

c)

foreclosure

d)

specific performance

80.

A contract of sale accepted by the seller with the stated understanding that the seller has an executory contract is

a)

a back up contract

b)

a lease with an option

c)

illegal

d)

legal but unethical

81.

A provision in a offer to purchase that requires the completion of a certain act before the contract in binding is known as a

a)

contingency

b)

convenant

c)

lis pendens

d)

restriction

82.

Which is NOT essential to a valid contract?

a)

A lawful object

b)

Competent parties

c)

Monetary consideration

d)

offer and acceptance

83.

If a property is destroyed before the title or possession has passed and the buyer terminates the contract, the buyer

a)

has no recourse

b)

is entitled to all money back

c)

must have insurance to cover it

d)

must sue for the money

84.

If a seller signs an offer made by a purchaser, the first thing the listing agent should do it

a)

give a copy to the seller

b)

sign the contract for her broker

c)

submit the contract to the buyer

d)

take the contract to the broker

85.

If a contract offer is not accepted within the specified time period, it

a)

can be extended by the offeree

b)

cannot be countered

c)

is renewed

d)

terminates

86.

If a seller has alredy acctpted one offer and later accepts another offer on a contigent basis, this new contract is called

a)

back up contract

b)

blanket contract

c)

contingent contract

d)

secondary contract

87.

What must be completed for an option to sell to be valide and enforceable on real property

a)

consideration for the option must be given

b)

the option must be in writing

c)

the option must be recorded

d)

the option must be signed by the optionor and the optionee

88.

A seller signs a contract allowing the buyer to buy the seller's home for $63,200 anytime between the date of the contract and February 8. The seller also agrees not to sell the home to anyone else until after February 8. This contract is called

a)

escrow contract

b)

option

c)

receipt and binder

d)

trust contract

89.

A contract that does not have a legal objective is

a)

void

b)

valid but unenforceable

c)

voidable and unenforceable

d)

voidable

90.

Certain contracts are required to be in writing because of the

a)

statute of contracts

b)

statute of frauds

c)

statute of limitations

d)

statute of wills

91.

Define the duties of a rental agent

a)

Tenant for property + collect fee

b)

Intermediaries between potential tenant + property owner

c)

A legal document that allows to become an attorney

d)

Revises administrative rules + regulations to enforce law

92.

Compensation procedure for a broker price means

a)

Advertising in the name of the brokerage + under supervision of broker

b)

Is active under another Broker

c)

Compensation must be paid to broker not directly to sale associate

d)

Legal term for a type of evidence

93.

Appropriate Licensing Requirement when working on commission =

a)

Must hold an active real estate license unless paid strictly on basic salary

b)

Must hold an active real estate license on commission

94.

Broker Associate Criteria =

a)

Holds Broker License + limited scope activities + active under another broker as a sales associate

b)

4 years of higher of a college degree

c)

Holds Broker License + unlimited scope activities as a sales associate

95.

Define a Florida resident-

a)

Resided in Florida non-continuously for 1 year

b)

Resided in Florida continuously for 4 months

c)

Resided in Florida continuously for 1 year

d)

Resided in Florida non-continuously for 4 months

96.

Who's exempt from 'Post Licensing Requirements'-

a)

A licensee who has 2 years of college or higher

b)

A licensee who has 4 years of college or higher

97.

Prima Facie Evidence =

a)

Legal term for evidence that proves a case unless refused by other evidence

b)

Illegal term for evidence that proves a case unless not refused by other evidence

c)

Legal term for evidence that doesn't prove a case

98.

Salaried Employment Exemption =

a)

No license = still able to receive bonuses

b)

License = commission/bonuses

c)

No license = no commission/bonuses

99.

Define 'Power of Attorney'-

a)

Legal Document- allows person to become attorney in fact

b)

Allows person to sign on another's behalf

c)

Doesn't have the power to sign on another's behalf

d)

Legal Document- doesn't allow person to become attorney

100.

Know 'Legal Kickback Exemption' for tenants in an apartment-

a)

General Agents of their brokers with whom they are registered

b)

Apartment manager pay a tenant for referring a new tenant

101.

Frec's Quasi-Legislative Authority =

a)

Enact administrative rules to enforce license law

b)

Legal responsible for the Acts of license

c)

U.S Armed Force members are protected

102.

Renewal Exemption for an armed force member after active duty ends

a)

Exempt until 12 months after discharge from Active Duty

b)

Exempt until 36 months after discharge from Active Duty

c)

Exempt until 24 months after discharge from Active Duty

d)

Exempt until 18 months after discharge from Active Duty

103.

To renew an expired license you need...

a)

Required to complete 14 hours of education

b)

Required to complete 24 hours of education

c)

The license expires in the first 12 months

d)

The license expires in the first 6 months

104.

Voluntary Relinquishment of a Real Estate License =

a)

There are no disciplinary actions

b)

A licensee can voluntary relinquish their license if they no longer want a Real Estate license

c)

There are some disciplinary actions

d)

A licensee can't voluntary relinquish their license if they no longer want a Real Estate license

105.

Relationship between: Broker = Associates working at Brokerage

a)

General agents of their brokers with whom they are registered

b)

Legally responsible for the broker agents

c)

General agents of their brokers with whom they aren't registered

d)

Not legally responsible for the broker agents

106.

Which Brokerage Relationship provides limited representation?

a)

No Brokerage Relationship

b)

Transaction Broker

c)

Limited Broker

d)

Customer not legally responsible for Acts of Liscense

107.

Define: Residential Transaction-

a)

Improving Property 10+ Acres

b)

All disclosures are required only for Residential Transaction

c)

Improving Property 10> or less Acres

d)

All disclosures are NOT required for Residential Transaction

108.

Requirements for a Designated Sales Associate-

a)

NON-Residential Transaction

b)

Buyer + Seller (1 million assets) request single agent relationship + written permission required

c)

Buyer + Seller request single agent relationship + written permission NOT required

d)

Residential Transaction

109.

Requirements for advertising-

a)

Must be in the name of the brokerage

b)

Considered a broker activity

c)

Not considered a broker activity

d)

Doesn't have to be in the name of the brokerage

110.

Established Business Relationship (EBR) details-

a)

Sales Associate may contact someone on the don't call list if they have an EBR for 8 months

b)

Sales Associate may contact someone on the don't call list if they have an EBR for 18 months

c)

Sales Associate may contact someone on the don't call list if they have an EBR for 12 months

d)

Sales Associate may contact someone on the don't call list if they have an EBR for 24 months

111.

Time Frame for an associate to deliver to the broker-

a)

Associates have 3 business days, from receipt of deposit

b)

Associates have a business week, from receipt of deposit

c)

Associates have 1 business day, from receipt of deposit

112.

Time Frame to notify FREC if an escrow dispute has reached an outcome before an EDO = issued

a)

Requires a broker to notify the FREC within 10 business days

b)

Requires a broker to notify the FREC within 7 business days

c)

If the broker didn't request an EDO- the matter is not resolved

d)

If the broker has requested an EDO- the matter is resolved before an EDO = given

113.

Penalty for First Degree Misdemeanor =

a)

$250 fine +/or 6 months imprisonment

b)

$1,000 fine +/or 1 year imprisonment

c)

$2,000 fine +/or 2 years imprisonment

d)

$1,000 fine +/or 6 months imprisonment

114.

Qualifications as an offence of "Sherman Antitrust Act"-

a)

Price fixing occurs when competing brokers want NO commission rates

b)

Price fixing occurs when competing brokers want commission rates

115.

Responsibilities of general partner in Real Estate limited partnership-

a)

Performs Real Estate services

b)

Must have an active Real Estate Broker license

c)

Doesn't perform Real Estate Services

d)

Doesn't need to have an active Real Estate broker license

116.

Business Entities may not be registered as a Real Estate Brokerage-

a)

Real Estate Brokerage

b)

Real Estate License

c)

Business Trust

d)

Doesn't dispute as a citation

117.

Term: Judge will grant to stop enforcement of final order from the FREC-

a)

If they wish to appeal final order + continue to work during the appeal period = stay at the court

b)

If they wish to appeal final order + continue to work during appeal period = DON'T stay at the court

118.

Penalty FREC = not able to enforce-

a)

Authorised to impose criminal or civil penalties

b)

Not authorised to impose criminal or civil penalties

119.

Result of citation when NOT disputed by licensee-

a)

Becomes effective like a final order

b)

Becomes ineffective not related to a final order

120.

Which cost will never be paid from the Real Estate Recovery Act-

a)

Broker is NOT penalised due to following an EDO

b)

The Broker is not paid

c)

Broker is penalised due to following an EDO

d)

Punitive damages + interest = never paid by recovery fund

121.

Action taken when licensee claim paid from the Real Estate Recover Acts (not result from an EDO)-

a)

Mandatory suspension of the licensee until the claim is repaid with interest

b)

Voluntary suspension of the license until the claim is repaid

c)

Suspension for 6 months

d)

Suspension for 9 months

122.

What is contained in the equal opportunity poster-

a)

States pledge of adherence to the Fair Housing Act

b)

Failure to display = evidence of discrimination

c)

The poster does not have to be displayed

d)

Doesn't state a pledge of adherence to the Fair Housing Act

123.

Special exemptions under 'Fair Housing Act'-

a)

Religious organizations CAN'T restrict units they own to people of their religion

b)

Religious organizations may restrict units they own to people of their religion

124.

What advertising is prohibited under the Fair Housing Act-

a)

You have to be fair to everyone, excluding their religion

b)

Prohibits discrimination in advertising against a religious affiliation

c)

Doesn't prohibit discrimination in advertising against a religious affiliation

d)

You have to be fair to everyone, including their religion

125.

Required disclosure for subdivisions of 100 or more lots under ILSA-

a)

Developers of 100 or more lots MUST register the subdivision with the consumer financial protection bureau

b)

Developers of 100 or more lots MAY register the subdivision with the consumer

126.

Requirements for a landlord holding a tenant's security deposit-

a)

Landlord may hold money in an interest bearing Florida bank account

b)

Landlord doesn't have to hold the money in an interest bearing Florida bank account

c)

The day the tenant 5% simple interest or 75% of annual interest = collected

127.

Rights associated with land abutting flowing water-

a)

Riparaion Rights

b)

Deed Rights

c)

Warranty Deed Rights

128.

Identify a fixture figure-

a)

Piece of personal property that is converted to Real Property by attaching it to the Real Property

b)

Piece of business property that is converted to Real Property by attaching it to the Real Property

c)

Fixing the Real Property

129.

Tenancy at Sufferance-

a)

When a tenancy continues to occupy unit beyond the end of agreement without permission

b)

When a tenancy continues to occupy unit beyond the end of agreement with permission

130.

How title transferred upon the death of a tenant in common-

a)

Allows for the parties to leave their interest in the property by will of the spouse or heirs

b)

Allows for the parties to remove their interest in the property by will of the spouse or heirs

131.

If joint tenant sells their interest in a property, what happens when new co-owner dies-

a)

That owner becomes tenant in common

b)

The owner becomes tenant alienation

c)

MAY leave their share of ownership according to will

d)

HAS to leave their share of ownership according to will

132.

Documents required for condominium resale-

a)

Most recent year end final statement = document given to resale condominium buyer

b)

Most recent year end final statement = document not given to resale condominium buyer

133.

Document entitles a cooperative owner to occupy unit-

a)

Warranty Deed

b)

Deed Lease

c)

Proprietary Lease

134.

2 Types of Voluntary Alienation-

a)

Deed

b)

Warranty

c)

Will

d)

Lease

135.

Process of taking property by eminent domain-

a)

Condemnation

b)

Tenancy of Sufferance

c)

Proprietary Lease

136.

Components of a valid deed-

a)

Grantor's Properly witnessed signature

b)

Grantor's Signature- NO needed witnesses

137.

Unique Clauses in general warranty deed-

a)

Unilateral Contract

b)

Contains covenant of warranty forever

c)

Contains covenant of warranty temporarily

d)

Disclosure

138.

Define Restrictive Covenants + when to consult them-

a)

No limits of any property

b)

New owner will not find limitations of use of properties in a subdivision

c)

New owner will find limitations of use of properties in a subdivision

139.

Identify a voluntary lien-

a)

Mortgage Lien = Vendor's Lien

b)

Vendor's Lien = Voluntary Lien

c)

Renter Lien = Vendor's Lien

140.

Locate a section-

a)

One square mile = 640 acres

b)

One square mile = 620 acres

c)

One square mile = 700 acres

d)

One square mile = 420 acres

141.

Identify a 10 acre parcel of land-

a)

Description with only 3 1/4 will result in 10 acre parcel

b)

Description won't result in 10 acre parcel

c)

Description with only 2 1/4 will result in 10 acre parcel

d)

Description with only 3 1/2 will result in 10 acre parcel

142.

Calculate price per square foot of an acre-

a)

41,570 sq. feet

b)

43,560 sq. feet

c)

Formula: $21,780/43,560

d)

Formula:

$21,780/41,570

143.

Identify the essential elements of a contract

a)

Legality of the object

b)

Fraud Proof

c)

Illegality of the object

144.

What makes a contract enforceable-

a)

Not recognized in court of law

b)

Recognized in court of law

c)

Law in the Constitution

145.

Which contracts are exempt from the Statue of Frauds-

a)

A listing agreement of one year or more = NOT covered under Statue of Frauds

b)

A listing agreement of 4 years or less = covered under Statue of Frauds

c)

A listing agreement of one year or less = covered under Statue of Frauds

d)

A listing agreement of one year or less = NOT covered under Statue of Frauds

146.

Define a Unilateral Contract-

a)

If only one party makes a promise = Unilateral Contract

b)

If 2 parties make a promise = Unilateral Contract

147.

Lead Paint Disclosure Requirement-

a)

Properties built before 1972

b)

Properties built before 1978

c)

Requires disclosure + given to buyers + tenants + receive an EPA pamphlet

d)

Doesn't require disclosure + given to developers + tenants + receive an EPA pamphlet

148.

Purpose + Requirements of 'Energy Efficiency Disclosure'-

a)

Did not create a uniform statewide rating system

b)

Requires notification that an energy efficiency rating = available

c)

Requires notification that two energy efficiency ratings = available

d)

Rating may qualify the buyer for an energy efficiency mortgage

149.

Statute Governing Homeowner Association Disclosures-

a)

Governed by 720 Florida Statutes

b)

Governed by 460 Florida Statutes

c)

Governed by 810 Florida Statutes

d)

Governed by 600 Florida Statutes

150.

What's the process of hypothecation-

a)

Switching you to a more expensive house

b)

Pledging property as security for a debt

c)

Pledging property accelerating mortgage

d)

Advertising claims the property

151.

What does the acceleration clause in the mortgage allow the lender/mortgagee do?

a)

To reduce the due date of the balance of the loan if the borrower defaults

b)

To advance the due date of the balance of the loan if the borrower defaults

152.

Title Theory states-

a)

Lender holds title to property until loan = paid

b)

Lender can't hold the title to property until loan = paid

c)

Person loaning holds title to property until loan = paid

153.

Difference between FHA + VA loan programs-

a)

FHA = Insured Loans

b)

VA = Increasing Loan Due Date

c)

FHA = Practices Lender Rules

d)

VA = Guaranteed Loans

154.

Purpose of Ginnie Mae-

a)

Secondary Mortgage Participant guarantees government loans

b)

Primary Mortgage Participant guarantees government loans

c)

Allows the Home Owner to give government loans

155.

Protected Classes under the ECOA-

a)

Federal Law protects AGE discrimination

b)

Federal Law protects RACIAL discrimination

156.

Define: 'Bait + Switch Advertising'-

a)

Advertised Claims that property advertised = sold out + try to switch you to another more expensive car/home

b)

Advertised Claims that properly advertised = did NOT sell out + keep you @ same house, RAISING mortgage + car payment

157.

How do unpaid property taxes show on closing disclosure?

a)

Proration amount

b)

Proreaction amount

c)

Credit to buyer + Debit to seller

d)

Credit to seller + Debit to buyer

158.

RESPA Law regarding Title Insurance paid by buyers-

a)

Prohibits seller to buy from a specific title company

b)

Allows seller to require a homebuyer purchase title insurance policy

159.

Law that requires borrower being provided closing disclosure-

a)

TILA-RESPA requires lender to provide loan estimate

b)

3 business days after loan application

c)

5 business days after loan application

d)

TOPA-RESPA requires lender to provide loan estimate

160.

Percentage profit on resale of a property-

a)

Amount paid ÷ amount made on sale = percent profit

b)

Percent profit ÷ amount paid + amount sale

c)

Amount made on sale ÷ amount paid = percent profit

161.

Define a Buyer's Market-

a)

When the supply of homes exceeds the demand, buyer's market develop

b)

When the supply of home exceeds the demands, the seller's market develop

162.

Define Plottage-

a)

Plottage = extra value added due to combining smaller properties

b)

Plottage = value deleted due to combining smaller properties

163.

Identify functional obsolescence-

a)

Depreciation associated with interior or inefficient design

b)

Depreciation associated with exterior or efficient design

164.

Identify External Obsolescence-

a)

Depreciation associated with factors outside of + beyond control of home

b)

Depreciation associated with factors inside of + beyond control of home

c)

Preciation associated with factors outside of + beyond control of home

d)

Preciation associated with factors inside of + beyond control of home

165.

Define Effective Age-

a)

Age able to start a loan for the mortgage

b)

Age of the buyer affects the mortgage of the house

c)

Age indicated by condition of the property

d)

Age indicated by the age of the property

166.

When the equilibrium of the Real Estate market = upset by an excess supply-

a)

A seller's market exists

b)

A buyer's market exists

c)

A seller's market expands

d)

A buyer's market expands

167.

Similarities between business brokerage + real estate brokerage-

a)

Both require 10 acre land owning

b)

Both require Real Estate License

c)

Both require 4 year college degree

168.

Purpose of a due diligence period in the sale of business-

a)

Seller inspects the financials of business

b)

Buyer inspects the financials of business

169.

Convert millage to a decimal formant-

a)

8 mills = .008

(8.25 = .00825)

b)

8 mills = .08

(8.25 = .00825)

c)

8 mills = .08

(8.25 = .0825)

170.

Purpose of a special assessment-

a)

How a national government can help pay for public improvements like street paving

b)

How a local government can help pay for public improvements like street paving

171.

Calculate a special assessment for street paving-

a)

Cost of paving + cost of homeowner share

b)

Divide homeowner share + divide by 3 (only your half of street)

c)

Divide homeowner share + divide by 2 (only your half of street)

d)

Cost of taxes + cost of homeowner share

172.

Calculate the adjusted basis of property-

a)

Modified purchase price + opening costs + capital improvements = adjusted basic

b)

Original purchase price + closing costs + capital improvements = adjusted basic

c)

Original purchase price + closing costs + adjusted basic = capital improvements

173.

When purchasing property from a foreign seller the IRS requires..

a)

Purchasers to withhold 18% of the amount realised from the sale

b)

Purchasers to withhold 20% of the amount realised from the sale

c)

Purchasers to withhold 10% of the amount realised from the sale

d)

Purchasers to withhold 15% of the amount realised from the sale

174.

Useful asset life for a residential property under IRS law-

a)

Total cost - land value = Depreciable Basic Residential = 25 years

b)

Total cost - land value = Depreciable Basic Residential = 27.5 years

c)

Total cost -Depreciable Basic Residential = land value 27.5 years

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