A real estate office is located on a street corner in a neighborhood zoned for residential/professional use. The zoning committee changes the zoning to R-1. The office is now an example of:

The right to use a neighbor's private road for entry and exit to your property, which would pass to a buyer upon the sale of your property, is best described as:

When a property owner grants a right of use to another while keeping legal title themselves this is:

A property use granted by the zoning committee or deed restrictions that benefits the neighborhood is called:

What method of legal description is most common in residential subdivisions and relies on a plat for accuracy?

New residential construction in a city is required to have a certain number of bathrooms per sq. ft. plus at least Cat 5 wiring. These rules are an example of:

A residential property owner is selling his home. The buyers will also be purchasing all the appliances and the dining room furniture. In addition to the sales contract and the deed, what other paperwork will most likely be included as part of this transaction?

Which of the following statements about an easement appurtenant is true?

A lessee pays a fixed amount of rent. She also pays all the operating expenses of the property including the property taxes and maintenance. This lease is known as:

If a property is sold on a short sale, the party selling the property must:

A title insurance policy has been provided to a buyer by the seller, along with a general warranty deed. The title insurance will protect the buyer from a financial loss caused by:

When two people purchase real property and take title as tenants in common, they have elected a form of ownership that allows for:

A tenant signs a lease agreement that calls for periodic increases of rent at scheduled intervals. The lease is referred to as:

Marco has purchased a property from John and received a quit claim deed. When he tries to sell the property, he learns that John and a neighbor each had a 50% tenancy in common interest in the property. What is true?

A buyer has a signed sales contract on a property and has not yet gone to closing. This is an example of:

What is the most likely disadvantage to a lender in accepting Deed in Lieu of Foreclosure?

A component of the Gross Income Multiplier (GIM) is:

An appraiser reduces the value of a home due to 60amp service when the standard electrical service for the subdivision is 100amp. What is he citing?

Which of the following statements about the income approach to value is CORRECT?

A new license holder has prepared a detailed listing presentation package to present to prospects and it always includes a CMA on the property. He has secured his first listing. After his presentation of this package and the CMA, including a range of values for the neighborhood, he has told the sellers they must list the property for $395,000. The sellers have accepted this price even though they do not agree with it. What is wrong with this scenario?

If property value is affected by negative forces outside the property which are beyond the control of the owner like crime rates, this is referred to as:

The direct sales comparison (market data) approach would be MOST appropriate for establishing the value of a:

What is the difference between replacement cost and reproduction cost of a building?

A sales license holder has been asked to list a unique property. Which of the following would be most useful in helping the agent and the seller determine a value for the listing?

There are four basic characteristics of value. They are demand, scarcity, transferability and:

A property is listed for $588,000. It sells for $605,000. The appraisal comes in at $602,000. What is the market value for this property?

An appraisal is:

A salesperson who completes a written listing agreement with a seller is helping to create a contractual relationship between?

In stating a seller's price and terms to a prospective buyer, the seller's broker is required by the law of agency to state only those terms that are:

Buyers have made an offer to purchase a house for $250,000 including the dining room furniture. The offer will expire at 5:00 p.m. on Sunday. On Thursday, the sellers reply in writing that they will accept the offer of $250,000 but they will not include the dining room furniture. While the buyers are considering the counteroffer on Friday, the sellers change their minds and decide to accept the original offer, dining room furniture to be included, and they state so in writing. What is the current obligation of the buyers?

During a real estate transaction, who determines the amount of the earnest money?

Under what circumstances will a sales license holder be permitted to keep listings and sales contracts after the termination of sponsorship by a broker?

A property owner has a property tax exemption due to a physical disability. The result is a $1500 reduction in the annual property tax bill. The listing license holder has not disclosed this exemption. This failure to disclose a material fact about the property is an example of:

A buyer and seller have signed a purchase agreement and all contingencies have been met. The seller has changed his mind and no longer wants to sell. What legal remedy can the buyer use to force the seller to consummate the sale?

A designated agent is:

A license holder in an agency relationship:

When the acts or conduct of a license holder leads a consumer to believe that licensee is representing the consumer's best interests this is an example of:

Which of the following are requirements for a real estate contract to be valid?

When one party to a contract can rescind, this contract is:

Kathy has a signed contract that has not yet gone to closing. It has created an equitable estate for her. This contract can also be described as:

Which real estate agreement is the exception to the Statute of Frauds?

A broker has a listing, and the seller is overseas. There is no possibility of the use of electronic documents and the seller would like the broker to represent him at closing and sign all the required documents. What authorization would allow the broker to do this?

What would be necessary for a broker to be successful in a lawsuit for a commission?

A property is advertised as "For Sale by Owner." The seller owns 2 homes. The seller receives several offers and chooses the buyer based on the buyer's national origin. Neither party is represented by a broker. Which of the following is true about violation of the Fair Housing laws?

A client is abandoned by the agent. What can the client do?

Which of the following would be considered an operating expense when a property manager draws up the operating budget for the owner?

A license holder has been sponsored by a broker under independent contractor status. What is true regarding employment taxes in this case?

A buyer files a lawsuit against a listing broker because, after closing, termite damage was discovered on the property. The listing broker had no knowledge of any termite problems on the property, and the seller did not disclose any termite problems. What type of insurance will protect the broker in this situation?

Mary, a new license holder, is very excited about using her social media skills to market property for her sellers. She has secured her first listing and intends to post a video of the home online. Which of the following statements about this is true?

A buyer and seller have signed a Purchase and Sale Agreement for a commercial property. The agreement contains a Due Diligence Contingency Clause. The buyer has placed a $10,000 earnest money deposit on the property and has paid $500.00 for the due diligence contingency. The buyer has had the property evaluated by an investment advisor and an inspector. He has decided that he no longer wants to purchase the property. He is still within the Due Diligence Clause time period. Which of the following best describes his options at this point?

An oceanfront property is being advertised as having "the best view in the state". This is most likely an example of:

A visually impaired individual with a service animal applies to lease an apartment. The apartment complex has a strictly enforced "no pets" policy. Compliance with Federal Fair Housing laws requires the landlord to allow the tenant to have the dog on the property. The dog damages the apartment. Who is required to pay for repairs in this instance?

A property is being listed for sale by a broker. The property has a 35-foot easement across the front and zoning requires a 45-foot setback. Which of the following actions should be taken by the broker when listing this property?

A homeowner will be abroad for one year and wants to lease his home for that period. He hires a broker to lease the property and specifies that he will not sign a lease where the tenants have any children or pets. What must the broker do?

An individual feels he has been a victim of discrimination in housing. He has several choices for remedies and resolution of this situation. Which remedy should he choose if his goal is a quick end to the discriminatory treatment and the full restoration of his rights?

What is the primary reason that broker-client money commingling is illegal?

Under an exclusive right to sell listing, a license holder has the authority to take which of the following actions on behalf of a seller?

Which of the following is NOT a contributing factor in mold growth?

A listing salesperson must disclose what information to potential buyers?

When a prospective buyer asks about a property's location regarding flood zones, the license holder should direct the buyer to:

The presence of government-regulated wetlands on a building lot:

An agent is showing a property and notices several problems with the property which he feels are "red flag" issues. Which of the following would NOT be a "red flag"?

What hazardous substance is colorless, odorless, and most likely to be found in colder climates?

Which of the following statements about the lead-based paint disclosure is true?

Gently used water from bathroom sinks, showers, tubs, and washing machines is called

In a contract for deed, the seller is the:

A builder has a blanket loan on a parcel of land and sells a lot from the parcel. How can he deliver a deed to the buyer at closing?

Who in a transaction would be the borrower?

What type of mortgage loan allows the borrower to obtain additional funds at a later date?

In an amortized loan, which of the following describes the loan payment during the life of the loan?

A property is advertised for sale on the radio. What part of the advertisement involves a trigger term?

A buyer purchases a home for $250,000. He secures a loan with an LTV of 100%. Which of the following types of loans did he most likely procure?

A home has a current market value of $225,000. MLS data from the last five years shows that home values have appreciated 6% per year. If this trend continues, what will be the value of the house 5 years from now assuming compound appreciation?

A landlord rents a 6-unit apartment complex for $450/unit per month. The property manager receives a 10% management fee. The mortgage for the complex is $1800/month and repairs are $180/month. What is the landlord's net income per month?

An investor owns a 10-unit duplex complex containing 20 apartments. Each apartment in the complex rents for $1500 per month. Last year all the apartments were occupied for 6 months. One apartment was vacant for 5 months and two apartments were each vacant for one month. What was the occupancy rate for the property last year?

A property is 4.3 miles long and 250 feet deep. How many acres is this?

An office building has potential gross rent of $24000 a month. The property has a vacancy rate of 12%. Operating expenses for the property are $110,000. The property has sold for $956,000. What is the rate of return based on this information?

An investment property has actual gross rent of $320,000 per year. The building currently has a 5% vacancy rate. The net annual income from the property is $212,000. The investor has an 11.5% capitalization rate on the property. What is the market value?

A broker has received $4387.50 in commission after paying his agent 70%. The listing commission was 6% split evenly between the listing and selling broker. What was the sale price of the property?