BROKER EXAM
Of the following, which are NOT classified as real property?
A. Fixtures
B. Emblements
C. Shrubs planted in the ground
D. Air rights - ANS-Emblements
The use of the property could be changed without changing the zoning by using a:
A. Restriction
B. Variance
C. Taking
D. Buffer - ANS-Variance
The basic authority for zoning laws is derived from a state's:
A. Powers of eminent domain
B. Right of taxation
C. Police power
D. Escheat - ANS-Police Power
The city builds a park on a strip of land between a residential neighborhood and a
shopping center. The park would be a(n):
A. Easement
B. Commercial zone
C. Residential zone
D. Buffer zone - ANS-Buffer Zone
Bob owns a small grocery store. The location is going to be zoned and the zoning will
be residential. Bob wants to continue to operate his grocery store. He may apply for:
A. Discrepancy
B. Conditional use
C. Nonconforming use permit
D. Variance - ANS-Nonconforming use permit
What type of easement exists in which there is a dominant estate and a servient estate?
A. Easement in gross
B. Easement appurtenant
C. Easement for profit
D. Easement by license - ANS-Easement appurtenant
,What is indestructability?
A. An economic characteristic of land
B. An area preference of land
C. A physical characteristic of land
D. A permanence of investment in land - ANS-A physical characteristic land
Encumbrances include:
A. Easements
B. Encroachments
C. Deed restrictions
D. All of the above - ANS-all of the above
Jeff has leased a commercial building from Tom, the owner. Jeff has agreed to pay Tom
a small amount of rent and also to pay the property taxes, the insurance on the building
and for repairs to the building. Jeff has a:
A. Periodic estate
B. Net lease
C. Percentage lease
D. Gross lease - ANS-Periodic estate
An instrument which guarantees against defects in title and conveys title is a:
A. Policy of title insurance
B. Chain of title
C. Warranty deed
D. Deed of trust - ANS-Warranty deed
When a borrower gets behind on his loan payments, the lender could call for the entire
balance due immediately based on the:
A. Alienation clause
B. Acceleration clause
C. Subordination clause
D. Pre-payment clause - ANS-Acceleration Clause
This estate may be terminated by either party. It has no duration limitation.
A. Estate at will
B. Estate from period to period
C. Estate for years
D. Freehold estate - ANS-Estate at will
, George hired a general contractor to build an addition to his house. The general
contractor failed to pay the electrical subcontractor for work that was subcontracted to
him. May the subcontractor secure a mechanic's lien on George's house?
A. Yes, because the work was done on George's property.
B. Yes, because a mechanic's lien is a general lien that attaches to all property of the
contractor.
C. No, because George did not ask for the lien.
D. No, because the lien would attach to real property of the general contractor -
ANS-Yes, because the work was done on Georges property
John gives a life estate to Joe for as long as Jim is alive. This type of life estate is:
A. Pur autre vie
B. Defeasible
C. Unintended
D. Severed - ANS-Pur autre vie
Tom and Sue are not married. They own a property together. If one of them dies, the
other will own the property. They most likely own the property as:
A. Joint tenancy with the right of survivorship
B. Community property
C. Tenancy by the entirety
D. Tenancy in common - ANS-Joint tenancy with the right of survivorship
Which of the following estimates of value is most likely to provide only a rough estimate
of the value of the rental property?
A. Cost approach
B. Gross rent multiplier
C. Income approach
D. Market approach - ANS-Gross rent multiplier
The use of a property that will give it its greatest current value is its:
A. Highest use
B. Best use
C. Highest and best use
D. Maximum use - ANS-Highest and best use
The period during which site improvements contribute to the value of the property is
called the:
A. Economic utility
B. Asset investment life
Of the following, which are NOT classified as real property?
A. Fixtures
B. Emblements
C. Shrubs planted in the ground
D. Air rights - ANS-Emblements
The use of the property could be changed without changing the zoning by using a:
A. Restriction
B. Variance
C. Taking
D. Buffer - ANS-Variance
The basic authority for zoning laws is derived from a state's:
A. Powers of eminent domain
B. Right of taxation
C. Police power
D. Escheat - ANS-Police Power
The city builds a park on a strip of land between a residential neighborhood and a
shopping center. The park would be a(n):
A. Easement
B. Commercial zone
C. Residential zone
D. Buffer zone - ANS-Buffer Zone
Bob owns a small grocery store. The location is going to be zoned and the zoning will
be residential. Bob wants to continue to operate his grocery store. He may apply for:
A. Discrepancy
B. Conditional use
C. Nonconforming use permit
D. Variance - ANS-Nonconforming use permit
What type of easement exists in which there is a dominant estate and a servient estate?
A. Easement in gross
B. Easement appurtenant
C. Easement for profit
D. Easement by license - ANS-Easement appurtenant
,What is indestructability?
A. An economic characteristic of land
B. An area preference of land
C. A physical characteristic of land
D. A permanence of investment in land - ANS-A physical characteristic land
Encumbrances include:
A. Easements
B. Encroachments
C. Deed restrictions
D. All of the above - ANS-all of the above
Jeff has leased a commercial building from Tom, the owner. Jeff has agreed to pay Tom
a small amount of rent and also to pay the property taxes, the insurance on the building
and for repairs to the building. Jeff has a:
A. Periodic estate
B. Net lease
C. Percentage lease
D. Gross lease - ANS-Periodic estate
An instrument which guarantees against defects in title and conveys title is a:
A. Policy of title insurance
B. Chain of title
C. Warranty deed
D. Deed of trust - ANS-Warranty deed
When a borrower gets behind on his loan payments, the lender could call for the entire
balance due immediately based on the:
A. Alienation clause
B. Acceleration clause
C. Subordination clause
D. Pre-payment clause - ANS-Acceleration Clause
This estate may be terminated by either party. It has no duration limitation.
A. Estate at will
B. Estate from period to period
C. Estate for years
D. Freehold estate - ANS-Estate at will
, George hired a general contractor to build an addition to his house. The general
contractor failed to pay the electrical subcontractor for work that was subcontracted to
him. May the subcontractor secure a mechanic's lien on George's house?
A. Yes, because the work was done on George's property.
B. Yes, because a mechanic's lien is a general lien that attaches to all property of the
contractor.
C. No, because George did not ask for the lien.
D. No, because the lien would attach to real property of the general contractor -
ANS-Yes, because the work was done on Georges property
John gives a life estate to Joe for as long as Jim is alive. This type of life estate is:
A. Pur autre vie
B. Defeasible
C. Unintended
D. Severed - ANS-Pur autre vie
Tom and Sue are not married. They own a property together. If one of them dies, the
other will own the property. They most likely own the property as:
A. Joint tenancy with the right of survivorship
B. Community property
C. Tenancy by the entirety
D. Tenancy in common - ANS-Joint tenancy with the right of survivorship
Which of the following estimates of value is most likely to provide only a rough estimate
of the value of the rental property?
A. Cost approach
B. Gross rent multiplier
C. Income approach
D. Market approach - ANS-Gross rent multiplier
The use of a property that will give it its greatest current value is its:
A. Highest use
B. Best use
C. Highest and best use
D. Maximum use - ANS-Highest and best use
The period during which site improvements contribute to the value of the property is
called the:
A. Economic utility
B. Asset investment life
