LOUISIANA REAL ESTATE COURSE UNIT 8.2 NATIONAL PRACTICE EXAM
LOUISIANA REAL ESTATE COURSE UNIT 8.2 NATIONAL
PRACTICE EXAM QUESTIONS AND ANSWERS GRADED A+
Which of the following statements best describes what happens with a
judicial foreclosure? ANS >> The mortgaged property is sold under the
supervision of a court.
Licensee Alex only represents the buyer in a transaction. What is Alex
called in this situation? ANS >> A single agent
Non-judicial foreclosure is required to foreclose on a ANS >> Deed of
Trust.
Earl orally agreed to an 18-month lease with landlord Blake. Is this
contract enforceable? ANS >> No, all leases for longer than one year
must be in writing to be enforceable.
,LOUISIANA REAL ESTATE COURSE UNIT 8.2 NATIONAL PRACTICE EXAM
Seller Monica is selling her property to Harriet. What is Monica's
primary responsibility at closing? ANS >> To deliver marketable title
Who can qualify for an FHA loan? ANS >> Anyone with qualified
income
Neal's home has been foreclosed on and sold at a Sheriff's sale. The sale
brought in $500,000 and the total liabilities on the home were
$425,000. Who receives the additional $75,000? ANS >> Neal
Before an appraiser truly begins an appraisal assignment, he she must
first: ANS >> state the problem to be solved.
Which of the following legal description methods has been used the
longest in the US? ANS >> The metes and bounds system
Broker Jack has an agreement with seller Mauve that says Jack will
receive compensation if anyone except mauve sells Mauve's home. This
is an example of ANS >> exclusive agency.
One of the major considerations in a master plan is ANS >> the effect
of new development on traffic patterns and the environment.
, LOUISIANA REAL ESTATE COURSE UNIT 8.2 NATIONAL PRACTICE EXAM
Homeowner Louise has been lax in protecting her property rights.
According to the ___________, Louise may lose those property rights.
ANS >> Doctrine of Laches
A tenant who stays beyond his lease without consent of the landlord is
known as ANS >> a tenant at sufferance.
Broker Austin represents a party in a transaction where there is a
dispute regarding the deposited escrow money. What should Austin do?
ANS >> Hold the money until both parties (or their lawyers) provide a
written release.
Carla has been walking across a path on John's property for the past 22
years. John knows about this but has never given Carla permission.
What might a court grant to Carla? ANS >> An easement by
prescription
Which of the following statements is false regarding a tenancy in
common? ANS >> The co-owners must be married.
Which statement about a deed in lieu of foreclosure is false? ANS >> It
gives the borrower an opportunity to change the loan terms.
Which of these is a violation of Sherman Antitrust laws? ANS >>
Market allocation
LOUISIANA REAL ESTATE COURSE UNIT 8.2 NATIONAL
PRACTICE EXAM QUESTIONS AND ANSWERS GRADED A+
Which of the following statements best describes what happens with a
judicial foreclosure? ANS >> The mortgaged property is sold under the
supervision of a court.
Licensee Alex only represents the buyer in a transaction. What is Alex
called in this situation? ANS >> A single agent
Non-judicial foreclosure is required to foreclose on a ANS >> Deed of
Trust.
Earl orally agreed to an 18-month lease with landlord Blake. Is this
contract enforceable? ANS >> No, all leases for longer than one year
must be in writing to be enforceable.
,LOUISIANA REAL ESTATE COURSE UNIT 8.2 NATIONAL PRACTICE EXAM
Seller Monica is selling her property to Harriet. What is Monica's
primary responsibility at closing? ANS >> To deliver marketable title
Who can qualify for an FHA loan? ANS >> Anyone with qualified
income
Neal's home has been foreclosed on and sold at a Sheriff's sale. The sale
brought in $500,000 and the total liabilities on the home were
$425,000. Who receives the additional $75,000? ANS >> Neal
Before an appraiser truly begins an appraisal assignment, he she must
first: ANS >> state the problem to be solved.
Which of the following legal description methods has been used the
longest in the US? ANS >> The metes and bounds system
Broker Jack has an agreement with seller Mauve that says Jack will
receive compensation if anyone except mauve sells Mauve's home. This
is an example of ANS >> exclusive agency.
One of the major considerations in a master plan is ANS >> the effect
of new development on traffic patterns and the environment.
, LOUISIANA REAL ESTATE COURSE UNIT 8.2 NATIONAL PRACTICE EXAM
Homeowner Louise has been lax in protecting her property rights.
According to the ___________, Louise may lose those property rights.
ANS >> Doctrine of Laches
A tenant who stays beyond his lease without consent of the landlord is
known as ANS >> a tenant at sufferance.
Broker Austin represents a party in a transaction where there is a
dispute regarding the deposited escrow money. What should Austin do?
ANS >> Hold the money until both parties (or their lawyers) provide a
written release.
Carla has been walking across a path on John's property for the past 22
years. John knows about this but has never given Carla permission.
What might a court grant to Carla? ANS >> An easement by
prescription
Which of the following statements is false regarding a tenancy in
common? ANS >> The co-owners must be married.
Which statement about a deed in lieu of foreclosure is false? ANS >> It
gives the borrower an opportunity to change the loan terms.
Which of these is a violation of Sherman Antitrust laws? ANS >>
Market allocation
