National Final Exam UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS
Negligent omission - CORRECT ANSWER When an agent fails to perform some act
such as delivering a counteroffer, this is known as:
Non-freehold estate - CORRECT ANSWER A type of ownership which extends for a
set period of time is called a
Joint tenancy - CORRECT ANSWER Which type of ownership is characterized by
possession, interest, time, and title, or PITT is:
North-south - CORRECT ANSWER Meridians and range lines both run parallel to
each other and
Replacement cost - CORRECT ANSWER The method of arriving at a value by
estimating the cost to build a similar structure at today's prices is:
True - CORRECT ANSWER The corporation is considered a legal entity
Progression and regression - CORRECT ANSWER Two houses are in an area that does
not have subdivision restrictions. One house has 4,000 square feet and has a large front
gallery with columns. The other house is 1,000 square feet and has a plain facade. What
principal will most likely affect the values of these houses?
Restrictive conditions - CORRECT ANSWER There are two types of deed restrictions.
They are restrictive covenants and
At any time prior to acceptance by the buyer - CORRECT ANSWER In the Common
Law states an offer to purchase may be revoked when?
, Divide the inches by 12 - CORRECT ANSWER How do you convert inches to feet?
Market cost - CORRECT ANSWER The term which appraisers use to refer to the
amount that was paid for a property at some time in the past is:
False - CORRECT ANSWER Property managers do NOT have to abide by the fair
housing laws.
Loan origination fee - CORRECT ANSWER A fee charged by most lenders for
generating the loan, usually 1% of the loan amount, is called a/an:
Reverter clause - CORRECT ANSWER A clause in a deed that provides for the
property to revert to the original owner if conditions of ownership are not met is called a:
Exclusive agency listing - CORRECT ANSWER In what type of listing does the seller
hire one broker but retains the right to sell the property himself without paying a commission
to the broker?
Credit to the buyer, debit to the seller - CORRECT ANSWER An assumption of the
seller's loan would be listed on the settlement statement as
$607.50 - CORRECT ANSWER Taxes for the year have been paid in the amount of
$912.50. The tax year runs from April 1 to March 31. The closing is on August 1. Using a 365
day year and buyer pays for a day of closing, how much will the buyer owe for the taxes?
Alienated - CORRECT ANSWER When the borrower conveys title to the lender, the
title is said to be:
Metes & bounds - CORRECT ANSWER Which method of describing land is most
useful when describing irregular shaped property?
QUESTIONS AND CORRECT ANSWERS
Negligent omission - CORRECT ANSWER When an agent fails to perform some act
such as delivering a counteroffer, this is known as:
Non-freehold estate - CORRECT ANSWER A type of ownership which extends for a
set period of time is called a
Joint tenancy - CORRECT ANSWER Which type of ownership is characterized by
possession, interest, time, and title, or PITT is:
North-south - CORRECT ANSWER Meridians and range lines both run parallel to
each other and
Replacement cost - CORRECT ANSWER The method of arriving at a value by
estimating the cost to build a similar structure at today's prices is:
True - CORRECT ANSWER The corporation is considered a legal entity
Progression and regression - CORRECT ANSWER Two houses are in an area that does
not have subdivision restrictions. One house has 4,000 square feet and has a large front
gallery with columns. The other house is 1,000 square feet and has a plain facade. What
principal will most likely affect the values of these houses?
Restrictive conditions - CORRECT ANSWER There are two types of deed restrictions.
They are restrictive covenants and
At any time prior to acceptance by the buyer - CORRECT ANSWER In the Common
Law states an offer to purchase may be revoked when?
, Divide the inches by 12 - CORRECT ANSWER How do you convert inches to feet?
Market cost - CORRECT ANSWER The term which appraisers use to refer to the
amount that was paid for a property at some time in the past is:
False - CORRECT ANSWER Property managers do NOT have to abide by the fair
housing laws.
Loan origination fee - CORRECT ANSWER A fee charged by most lenders for
generating the loan, usually 1% of the loan amount, is called a/an:
Reverter clause - CORRECT ANSWER A clause in a deed that provides for the
property to revert to the original owner if conditions of ownership are not met is called a:
Exclusive agency listing - CORRECT ANSWER In what type of listing does the seller
hire one broker but retains the right to sell the property himself without paying a commission
to the broker?
Credit to the buyer, debit to the seller - CORRECT ANSWER An assumption of the
seller's loan would be listed on the settlement statement as
$607.50 - CORRECT ANSWER Taxes for the year have been paid in the amount of
$912.50. The tax year runs from April 1 to March 31. The closing is on August 1. Using a 365
day year and buyer pays for a day of closing, how much will the buyer owe for the taxes?
Alienated - CORRECT ANSWER When the borrower conveys title to the lender, the
title is said to be:
Metes & bounds - CORRECT ANSWER Which method of describing land is most
useful when describing irregular shaped property?
