AYPO Final Exam Second Attempt
Vince buys several acres of land to build a subdivision. He eventually breaks up the
land into smaller pieces, using which method? - answer Lot and Block
To be valid for more than a year, a CC&R must be what? - answer In writing
Are local government agencies exempt from paying property taxes? - answer Yes
The owner passed away and no valid will or heirs could be identified. What process is
the most likely option to allow the city to take possession of the properties? - answer
Escheat
Is the potential for encroachments on neighbor properties usually included in appraisal
reports? - answer No
Can text messages be seen to create a binding agreement? - answer Yes
Conor listed a house for a seller who decided to pull home from the market after an offer
was accepted and ten days before closing. What recourse does Conor have to receive
his comission? - answerCaroline, his Principal Broker, must sue the Seller
A lease of vacant land where the tenant can build but will be responsible for all further
costs is called what? - answerGround Lease
Can the owner of a building refuse to install a handicapped wheelchair ramp? -
answerNo, unless the cost is prohibitively expensive
Special Warranty Deed - answerOnly allows Buyer to hold Seller liable for losses from
clouds that were created or imposed on the property when she owned it.
Exclusive Agency Listing - answerMeans you give one agent the right to market your
home but you can still sell without paying them commisssion.
Exclusive Right-To-Sell Listing - answerThe agent is the only agent you've hired and the
agent is guaranteed to receive commissions when you sell your house.
A group of Brokers banded together and agreed not to use a certain inspector that had
raise their prices. This is a form of what? - answerGroup Boycotting which is anti-
competitive and an antitrust violation.
Vince buys several acres of land to build a subdivision. He eventually breaks up the
land into smaller pieces, using which method? - answer Lot and Block
To be valid for more than a year, a CC&R must be what? - answer In writing
Are local government agencies exempt from paying property taxes? - answer Yes
The owner passed away and no valid will or heirs could be identified. What process is
the most likely option to allow the city to take possession of the properties? - answer
Escheat
Is the potential for encroachments on neighbor properties usually included in appraisal
reports? - answer No
Can text messages be seen to create a binding agreement? - answer Yes
Conor listed a house for a seller who decided to pull home from the market after an offer
was accepted and ten days before closing. What recourse does Conor have to receive
his comission? - answerCaroline, his Principal Broker, must sue the Seller
A lease of vacant land where the tenant can build but will be responsible for all further
costs is called what? - answerGround Lease
Can the owner of a building refuse to install a handicapped wheelchair ramp? -
answerNo, unless the cost is prohibitively expensive
Special Warranty Deed - answerOnly allows Buyer to hold Seller liable for losses from
clouds that were created or imposed on the property when she owned it.
Exclusive Agency Listing - answerMeans you give one agent the right to market your
home but you can still sell without paying them commisssion.
Exclusive Right-To-Sell Listing - answerThe agent is the only agent you've hired and the
agent is guaranteed to receive commissions when you sell your house.
A group of Brokers banded together and agreed not to use a certain inspector that had
raise their prices. This is a form of what? - answerGroup Boycotting which is anti-
competitive and an antitrust violation.
