Louisiana Real Estate Practice Exams
(National)
Real property can be converted to personal property by: - -severance
-Legal descriptions using the government survey system are NOT generally used in: - -the
original 13 states
-Although states make specific laws governing water rights and the rights in land that
borders water, most states generally follow one of two basic doctrines regarding water
rights. In many states, the common law doctrine of riparian and littoral rights dictates that
water rights are automatically conveyed with property. In others, all water rights are
controlled by the state under the doctrine of: - -prior appropriation
-A tenant rented an apartment, signing a 15-month lease. After the lease expired, the
tenant paid 1 month's rent and got a receipt. What kind of leasehold does the tenant have? -
-Tenancy at will
-A homeowner is willing to let his neighbor park an RV in his backyard. He does NOT want
to make the permission permanent in case he dislikes others who might move next door in
the future. What should he give his neighbor? - -A license
-A judgment has been properly recorded. Any subsequent purchasers, whether they have
actually examined the record or not, have been given: - -constructive notice
-The main difference between tenancy in common and joint tenancy is that with tenancy in
common, when a co-owner dies, - -his undivided interest passes to his heirs
-A landowner wishes to build a neighborhood grocery store on a busy street in an area
zoned for residential use. Which of the following would MOST likely be used to obtain
permission for this store? - -Conditional use permit or zoning variance
-An escheat occurs when: - -a property owner dies without heirs or a valid will
-A deed restriction is applicable to the activities of: - -all owners, present and future
-An environmental impact statement typically describes the effects of a proposed project
on factors such as: - -public health and safety
-Ordinances that specify construction standards are: - -building codes
-Depreciation is calculated based on the: - -cost of the building only
-A competitive market analysis is MOST often used for: - -setting a listing price
, -According to the principle of progression, a three-bedroom, one-story home is MOST
likely to bring the highest sales price if located in a neighborhood in which: - -most homes
are larger than the sale home
-A formal appraisal will ALWAYS be REQUIRED when the: - -lender wants to sell the
mortgage to the secondary market
-A competitive market analysis takes into consideration: - -square footage of the subject
property
-When compiling a competitive market analysis, a broker would look for comparable
properties that: - -were located near the property being listed
-Three identical homes in a neighborhood were listed at the same time in a market where
demand was constant. According to the law of supply and demand, which would have sold
for the lowest price? - -The first sold
-A prospective seller asks a salesperson to recommend a listing price for a property. The
salesperson should suggest: - -a competitive market analysis to determine the property's
value
-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
-In helping a buyer to select a lender, if the buyer believes he has good credit and his
income is documentable as a salary and by tax returns, the licensee might recommend a
mortgage banker, instead of a mortgage broker, for all of the following reasons EXCEPT: - -
more variety of loan programs available
-The FHA functions MOST like: - -an insurance company
-According to the Truth-in-Lending Act, if any "trigger terms" are used in an ad, all of the
following disclosures MUST appear in the ad EXCEPT the: - -prepayment penalties and
rebates
-Which of the following consumers would be able to derive the most benefit from a reverse
mortgage? - -A couple in their late 60?s who need to tap their home equity to help cover
their expenses but do not want to sell their house
-Federal Truth-in-Lending laws are also known as: - -Regulation Z
-A broker, acting as agent for the seller, presents an offer to buy from the broker's former
college roommate. The broker knows that the buyer will increase the amount of the offer if
the seller turns down the offer. When presenting the offer, the broker should: - -tell the
seller that the buyer will pay more
(National)
Real property can be converted to personal property by: - -severance
-Legal descriptions using the government survey system are NOT generally used in: - -the
original 13 states
-Although states make specific laws governing water rights and the rights in land that
borders water, most states generally follow one of two basic doctrines regarding water
rights. In many states, the common law doctrine of riparian and littoral rights dictates that
water rights are automatically conveyed with property. In others, all water rights are
controlled by the state under the doctrine of: - -prior appropriation
-A tenant rented an apartment, signing a 15-month lease. After the lease expired, the
tenant paid 1 month's rent and got a receipt. What kind of leasehold does the tenant have? -
-Tenancy at will
-A homeowner is willing to let his neighbor park an RV in his backyard. He does NOT want
to make the permission permanent in case he dislikes others who might move next door in
the future. What should he give his neighbor? - -A license
-A judgment has been properly recorded. Any subsequent purchasers, whether they have
actually examined the record or not, have been given: - -constructive notice
-The main difference between tenancy in common and joint tenancy is that with tenancy in
common, when a co-owner dies, - -his undivided interest passes to his heirs
-A landowner wishes to build a neighborhood grocery store on a busy street in an area
zoned for residential use. Which of the following would MOST likely be used to obtain
permission for this store? - -Conditional use permit or zoning variance
-An escheat occurs when: - -a property owner dies without heirs or a valid will
-A deed restriction is applicable to the activities of: - -all owners, present and future
-An environmental impact statement typically describes the effects of a proposed project
on factors such as: - -public health and safety
-Ordinances that specify construction standards are: - -building codes
-Depreciation is calculated based on the: - -cost of the building only
-A competitive market analysis is MOST often used for: - -setting a listing price
, -According to the principle of progression, a three-bedroom, one-story home is MOST
likely to bring the highest sales price if located in a neighborhood in which: - -most homes
are larger than the sale home
-A formal appraisal will ALWAYS be REQUIRED when the: - -lender wants to sell the
mortgage to the secondary market
-A competitive market analysis takes into consideration: - -square footage of the subject
property
-When compiling a competitive market analysis, a broker would look for comparable
properties that: - -were located near the property being listed
-Three identical homes in a neighborhood were listed at the same time in a market where
demand was constant. According to the law of supply and demand, which would have sold
for the lowest price? - -The first sold
-A prospective seller asks a salesperson to recommend a listing price for a property. The
salesperson should suggest: - -a competitive market analysis to determine the property's
value
-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
-In helping a buyer to select a lender, if the buyer believes he has good credit and his
income is documentable as a salary and by tax returns, the licensee might recommend a
mortgage banker, instead of a mortgage broker, for all of the following reasons EXCEPT: - -
more variety of loan programs available
-The FHA functions MOST like: - -an insurance company
-According to the Truth-in-Lending Act, if any "trigger terms" are used in an ad, all of the
following disclosures MUST appear in the ad EXCEPT the: - -prepayment penalties and
rebates
-Which of the following consumers would be able to derive the most benefit from a reverse
mortgage? - -A couple in their late 60?s who need to tap their home equity to help cover
their expenses but do not want to sell their house
-Federal Truth-in-Lending laws are also known as: - -Regulation Z
-A broker, acting as agent for the seller, presents an offer to buy from the broker's former
college roommate. The broker knows that the buyer will increase the amount of the offer if
the seller turns down the offer. When presenting the offer, the broker should: - -tell the
seller that the buyer will pay more
