BOB HOGUE FINAL TEST QUESTIONS AND ANSWERS
Comparative Market Analysis (CMA) - Answers -Marketing tool and may not be referred
to or represented as an appraisal
Follow UP - Answers -Whats sales associates do for buyers and sellers after the sale
Which is NOT a category of real estate licenses question? These 3 are - Answers -
Sales Associate; Broker; Broker Associate
Which does NOT need to be disclosed for Background Check? - Answers -Parking,
Speeding, inspections, or traffic signal violations
What is required by Mutual Recognition applicants? - Answers -75% or higher required
to pass exam
How long is a license valid on a real estate application? - Answers -2 years
Who is exempt from having Real Estate License? - Answers -A person who has been
given POA
What power does FREC have? (#31) - Answers -Quasi-Judical
The landlord has 30 days to notify the tenant of intentions to impose a claim on the
deposit
Which rights does an owner have with land abutting a flowing waterway like banks of a
river or stream? (#77) - Answers -Riparian Rights
A fixture is an item that was once personal property but has been permanently attached
to or made part of a real estate and is now considered real property. (#29) - Answers -
Kitchen Cabinets are an example of a fixture
What happens with life estates end? (#13) - Answers -Goes to a third party called
remainderman
What exists when four unities of possession, interest, title and time are present? (#44) -
Answers -Joint Tenancy (right of survivorship)
What is a deed with two or more persons wishing to share ownership. (#32) - Answers -
Tenancy in Common (Willable)
What creates a condominium? (#36) - Answers -Declaration of condominium
What paperwork does condominiums have to give to buyers? - Answers -FAQ
, What is the term for the recipient of the will? - Answers -Devisee
When the grantor delivers a valid deed that is accepted by the grantee. - Answers -
Voluntary Delivery and Acceptance
When the government has to Eminent Domain a Property what is it they do? - Answers
-Condemnation (condemn your house)
Which of the are Junior Liens? (#74) - Answers -Mortgage
Judgement
Vendor's
Income Tax (IRS)
With the Statue of Frauds what is a written contract? (#64) - Answers -Enforceable
A lease agreement has to be how long or its not enforceable? - Answers -1 year
What form must a contract be to be enforceable? - Answers -Written and signed by 2
parties (good for 5 years)
What a buyer has a contract with the seller for upgrades needing to be done and it
hasn't been completed what is this called? - Answers -Executory Contract
When the seller reserves the right to sell the property w/o paying a commission to the
broker what is this called? - Answers -Exclusive Agency Listing
Written legal document designating some other person as a attorney-in-fact - Answers -
Power of Attorney (POA)
Hypothecation - Answers -Pledging of property as security for repayment of a loan w/o
surrendering possession of the property
Contract for Deed - Answers -Title remains w/ the seller. Seller finances the deal
Amortized Mortgage (#35) - Answers -Less interest = more principal
Margin - Answers -Lenders cost of doing business plus profit (Overhead cost - cost of
doing business)
What loans can be assumed? - Answers -VA Loans
What association does Ginnie Mae work with? - Answers -Government National
Mortgage Association
Comparative Market Analysis (CMA) - Answers -Marketing tool and may not be referred
to or represented as an appraisal
Follow UP - Answers -Whats sales associates do for buyers and sellers after the sale
Which is NOT a category of real estate licenses question? These 3 are - Answers -
Sales Associate; Broker; Broker Associate
Which does NOT need to be disclosed for Background Check? - Answers -Parking,
Speeding, inspections, or traffic signal violations
What is required by Mutual Recognition applicants? - Answers -75% or higher required
to pass exam
How long is a license valid on a real estate application? - Answers -2 years
Who is exempt from having Real Estate License? - Answers -A person who has been
given POA
What power does FREC have? (#31) - Answers -Quasi-Judical
The landlord has 30 days to notify the tenant of intentions to impose a claim on the
deposit
Which rights does an owner have with land abutting a flowing waterway like banks of a
river or stream? (#77) - Answers -Riparian Rights
A fixture is an item that was once personal property but has been permanently attached
to or made part of a real estate and is now considered real property. (#29) - Answers -
Kitchen Cabinets are an example of a fixture
What happens with life estates end? (#13) - Answers -Goes to a third party called
remainderman
What exists when four unities of possession, interest, title and time are present? (#44) -
Answers -Joint Tenancy (right of survivorship)
What is a deed with two or more persons wishing to share ownership. (#32) - Answers -
Tenancy in Common (Willable)
What creates a condominium? (#36) - Answers -Declaration of condominium
What paperwork does condominiums have to give to buyers? - Answers -FAQ
, What is the term for the recipient of the will? - Answers -Devisee
When the grantor delivers a valid deed that is accepted by the grantee. - Answers -
Voluntary Delivery and Acceptance
When the government has to Eminent Domain a Property what is it they do? - Answers
-Condemnation (condemn your house)
Which of the are Junior Liens? (#74) - Answers -Mortgage
Judgement
Vendor's
Income Tax (IRS)
With the Statue of Frauds what is a written contract? (#64) - Answers -Enforceable
A lease agreement has to be how long or its not enforceable? - Answers -1 year
What form must a contract be to be enforceable? - Answers -Written and signed by 2
parties (good for 5 years)
What a buyer has a contract with the seller for upgrades needing to be done and it
hasn't been completed what is this called? - Answers -Executory Contract
When the seller reserves the right to sell the property w/o paying a commission to the
broker what is this called? - Answers -Exclusive Agency Listing
Written legal document designating some other person as a attorney-in-fact - Answers -
Power of Attorney (POA)
Hypothecation - Answers -Pledging of property as security for repayment of a loan w/o
surrendering possession of the property
Contract for Deed - Answers -Title remains w/ the seller. Seller finances the deal
Amortized Mortgage (#35) - Answers -Less interest = more principal
Margin - Answers -Lenders cost of doing business plus profit (Overhead cost - cost of
doing business)
What loans can be assumed? - Answers -VA Loans
What association does Ginnie Mae work with? - Answers -Government National
Mortgage Association
