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Real Estate National Exam with 100% Verified
Answers Graded A+
How does a creditor who has obtained a judgement get satisfaction against a debtor who
will not pay? - -Writ of Execution
The economic characteristics of land are? - -Scarcity, location, and durability
What lease would best suit couples needs who are looking for temporary housing? - -
Month-to-Month lease
The land description T3N, R4W Principal Meridian refers to what type of property
description? - -Rectangular survey
Crops that require annual planting are generally considered to be? - -Personal
Property
A distinguishing characteristic of owning property by land trust is that? - -The identity
of the legal owner is kept confidential
A lawsuit for reverse condemnation may be brought by the? - -Homeowner
If conditions for purchase are included in a deed and these conditions are violated, what is
the penalty? - -Return of the property to the original owner
,2
When more than one approach to value is applied to a property and different indications of
value are produced, how should the final estimate of value be determined? - -
Reconciliation
A borrower has defaulted on the mortgage. The mortgage contains an acceleration clause.
This permits the lender to? - -Demand immediate payment of the entire note
Too much leverage may result in? - -Negative cash flow
A managing broker can be held responsible for? - -All real estate activities of
salespersons
Earnest money should be deposited into a trust account when? - -In a timely manner
Why was the Jones vs Mayer decision of 1968 important? - -By upholding the Civil
Rights Act of 1866
A landlord may refuse to rent to a tenant who? - -Has ever been convicted of selling
illegal drugs
The buyer is assuming a mortgage presently on the property in the amount of $110,000.
What is the adjustment made at the closing? - -Credit buyer $110,000, debit seller
$110,000
In most states, foreclosed property is sold through? - -Public auction
Depreciation is calculated based on? - -Cost of the building only
, 3
A judgement has been properly recorded. Any subsequent purchasers have actually
examined the record or not, have been given? - -Constructive notice
An agreement to purchase which has not been closed is? - -An executory contract
An agency agreement between a property owner and a property manager is usually created
by? - -A management agreement
Homes built before 1978 require? - -the buyer to acknowledge disclosure of the
presence of any known lead paint
What is the first step to take when mold actions are found? - -Identify and remedy
the cause of the problems
When a principal authorizes an agent to perform to a particular act or transaction, it is an
example of? - -Specific agency
A broker earns his commission when? - -The seller accepts the offer
A benefit of a deed of trust is? - -Foreclosure is usually simpler and faster
The purpose of usary laws is to regulate? - -Interest rates charged by lenders
The FHA functions most like an? - -Insurance company
Real Estate National Exam with 100% Verified
Answers Graded A+
How does a creditor who has obtained a judgement get satisfaction against a debtor who
will not pay? - -Writ of Execution
The economic characteristics of land are? - -Scarcity, location, and durability
What lease would best suit couples needs who are looking for temporary housing? - -
Month-to-Month lease
The land description T3N, R4W Principal Meridian refers to what type of property
description? - -Rectangular survey
Crops that require annual planting are generally considered to be? - -Personal
Property
A distinguishing characteristic of owning property by land trust is that? - -The identity
of the legal owner is kept confidential
A lawsuit for reverse condemnation may be brought by the? - -Homeowner
If conditions for purchase are included in a deed and these conditions are violated, what is
the penalty? - -Return of the property to the original owner
,2
When more than one approach to value is applied to a property and different indications of
value are produced, how should the final estimate of value be determined? - -
Reconciliation
A borrower has defaulted on the mortgage. The mortgage contains an acceleration clause.
This permits the lender to? - -Demand immediate payment of the entire note
Too much leverage may result in? - -Negative cash flow
A managing broker can be held responsible for? - -All real estate activities of
salespersons
Earnest money should be deposited into a trust account when? - -In a timely manner
Why was the Jones vs Mayer decision of 1968 important? - -By upholding the Civil
Rights Act of 1866
A landlord may refuse to rent to a tenant who? - -Has ever been convicted of selling
illegal drugs
The buyer is assuming a mortgage presently on the property in the amount of $110,000.
What is the adjustment made at the closing? - -Credit buyer $110,000, debit seller
$110,000
In most states, foreclosed property is sold through? - -Public auction
Depreciation is calculated based on? - -Cost of the building only
, 3
A judgement has been properly recorded. Any subsequent purchasers have actually
examined the record or not, have been given? - -Constructive notice
An agreement to purchase which has not been closed is? - -An executory contract
An agency agreement between a property owner and a property manager is usually created
by? - -A management agreement
Homes built before 1978 require? - -the buyer to acknowledge disclosure of the
presence of any known lead paint
What is the first step to take when mold actions are found? - -Identify and remedy
the cause of the problems
When a principal authorizes an agent to perform to a particular act or transaction, it is an
example of? - -Specific agency
A broker earns his commission when? - -The seller accepts the offer
A benefit of a deed of trust is? - -Foreclosure is usually simpler and faster
The purpose of usary laws is to regulate? - -Interest rates charged by lenders
The FHA functions most like an? - -Insurance company
