FIN 365 Final Exam Practice Latest Update
With Complete Questions and Verified
Answers With 100% Guarantee Pass!!!
1. Riparian rights would include: - CORRECT ANSWER-rivers and streams
2. Tenancy in common requires unity of: - CORRECT ANSWER-possession
3. What factor would most limit the accuracy of the market data appraisal method? -
CORRECT ANSWER-Rapidly changing economic conditions
4. Which of the following is not a lien against real property? - CORRECT ANSWER-
Recorded private restrictions
5. A house sold for $575,000 and the listing broker received a 6% commission. The
listing broker and selling broker agreed to split the commission 50/50. The selling
salesperson received 70% of the selling office's commission. What amount did the
selling salesperson receive? - CORRECT ANSWER-$12,075
6. What essential element is necessary between broker and principal in a transaction
involving real property? - CORRECT ANSWER-There must be a written contract of
employment
7. Which of the following easements runs with the land and is binding on all subsequent
owners? - CORRECT ANSWER-Easement appurtenant
- CORRECT ANSWER-
, 8. A listing agent must reveal material facts to the seller because the agent is a/an: -
CORRECT ANSWER-fiduciary
9. Which of the following is the purpose of the Truth in Lending Act? - CORRECT
ANSWER-Requiring disclosures to consumers regarding the terms and total costs of
credit
10. In a closing statement, the term "recurring costs" refers to: - CORRECT ANSWER-
impound items
11. When a home is constructed, consideration is given to the positioning of the building
relative to its surroundings and the sun, wind, and other elements. This placement is
called: - CORRECT ANSWER-orientation
12. A buyer makes and signs a written offer. The seller writes in one small change to
the offer and signs it. This document is known as: - CORRECT ANSWER-a counteroffer
13. In a contract, the meeting of the minds between buyer and seller is evidenced by: -
CORRECT ANSWER-offer and acceptance
14. When a deed of trust is terminated, the trustee will prepare a: - CORRECT
ANSWER-reconveyance deed
15. With an air conditioning unit, the higher the energy-efficiency ratio (EER), the: -
CORRECT ANSWER-more efficient the unit
16. Which of the following is not a consideration in determining whether or not an item is
a fixture? - CORRECT ANSWER-Time of annexation
17. Which of the following would be important in the process of filing a mechanic's lien?
- CORRECT ANSWER-All of the above
18. For buyers of homes located in subdivisions, the Final Subdivision Public Report
provides assurances of all of the following EXCEPT: - CORRECT ANSWER-the homes'
prices reflect their fair market values
19. Which would a court disregard in deciding whether an item of personal property has
become real property? - CORRECT ANSWER-Cost of the item
20. Two people own a house as joint tenants. One co-tenant executes a promissory
note secured by a deed of trust against her interest in the house. Which of the following
statements is true? - CORRECT ANSWER-This places the beneficiary in a precarious
position, since the lien created by the deed of trust will be extinguished upon the death
of the borrower.
With Complete Questions and Verified
Answers With 100% Guarantee Pass!!!
1. Riparian rights would include: - CORRECT ANSWER-rivers and streams
2. Tenancy in common requires unity of: - CORRECT ANSWER-possession
3. What factor would most limit the accuracy of the market data appraisal method? -
CORRECT ANSWER-Rapidly changing economic conditions
4. Which of the following is not a lien against real property? - CORRECT ANSWER-
Recorded private restrictions
5. A house sold for $575,000 and the listing broker received a 6% commission. The
listing broker and selling broker agreed to split the commission 50/50. The selling
salesperson received 70% of the selling office's commission. What amount did the
selling salesperson receive? - CORRECT ANSWER-$12,075
6. What essential element is necessary between broker and principal in a transaction
involving real property? - CORRECT ANSWER-There must be a written contract of
employment
7. Which of the following easements runs with the land and is binding on all subsequent
owners? - CORRECT ANSWER-Easement appurtenant
- CORRECT ANSWER-
, 8. A listing agent must reveal material facts to the seller because the agent is a/an: -
CORRECT ANSWER-fiduciary
9. Which of the following is the purpose of the Truth in Lending Act? - CORRECT
ANSWER-Requiring disclosures to consumers regarding the terms and total costs of
credit
10. In a closing statement, the term "recurring costs" refers to: - CORRECT ANSWER-
impound items
11. When a home is constructed, consideration is given to the positioning of the building
relative to its surroundings and the sun, wind, and other elements. This placement is
called: - CORRECT ANSWER-orientation
12. A buyer makes and signs a written offer. The seller writes in one small change to
the offer and signs it. This document is known as: - CORRECT ANSWER-a counteroffer
13. In a contract, the meeting of the minds between buyer and seller is evidenced by: -
CORRECT ANSWER-offer and acceptance
14. When a deed of trust is terminated, the trustee will prepare a: - CORRECT
ANSWER-reconveyance deed
15. With an air conditioning unit, the higher the energy-efficiency ratio (EER), the: -
CORRECT ANSWER-more efficient the unit
16. Which of the following is not a consideration in determining whether or not an item is
a fixture? - CORRECT ANSWER-Time of annexation
17. Which of the following would be important in the process of filing a mechanic's lien?
- CORRECT ANSWER-All of the above
18. For buyers of homes located in subdivisions, the Final Subdivision Public Report
provides assurances of all of the following EXCEPT: - CORRECT ANSWER-the homes'
prices reflect their fair market values
19. Which would a court disregard in deciding whether an item of personal property has
become real property? - CORRECT ANSWER-Cost of the item
20. Two people own a house as joint tenants. One co-tenant executes a promissory
note secured by a deed of trust against her interest in the house. Which of the following
statements is true? - CORRECT ANSWER-This places the beneficiary in a precarious
position, since the lien created by the deed of trust will be extinguished upon the death
of the borrower.
