NATIONAL REAL ESTATE COMPLETE TEST
BANK QUESTIONS AND VERIFIED
CORRECT ANSWERS
●● The economic characteristics of land are?
Answer: Scarcity, location, and durability
●● What lease would best suit couples needs who are looking for
temporary housing?
Answer: Month-to-Month lease
●● The land description T3N, R4W Principal Meridian refers to what
type of property description?
Answer: Rectangular survey
●● Crops that require annual planting are generally considered to be?
Answer: Personal Property
●● A distinguishing characteristic of owning property by land trust is
that?
Answer: The identity of the legal owner is kept confidential
,●● A lawsuit for reverse condemnation may be brought by the?
Answer: Homeowner
●● If conditions for purchase are included in a deed and these conditions
are violated, what is the penalty?
Answer: Return of the property to the original owner
●● 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?
Answer: Reconciliation
●● A borrower has defaulted on the mortgage. The mortgage contains an
acceleration clause. This permits the lender to?
Answer: Demand immediate payment of the entire note
●● Too much leverage may result in?
Answer: Negative cash flow
●● A managing broker can be held responsible for?
Answer: All real estate activities of salespersons
●● Earnest money should be deposited into a trust account when?
, Answer: In a timely manner
●● Why was the Jones vs Mayer decision of 1968 important?
Answer: By upholding the Civil Rights Act of 1866
●● A landlord may refuse to rent to a tenant who?
Answer: 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?
Answer: Credit buyer $110,000, debit seller $110,000
●● In most states, foreclosed property is sold through?
Answer: Public auction
●● Depreciation is calculated based on?
Answer: Cost of the building only
●● A judgement has been properly recorded. Any subsequent purchasers
have actually examined the record or not, have been given?
Answer: Constructive notice
●● An agreement to purchase which has not been closed is?
BANK QUESTIONS AND VERIFIED
CORRECT ANSWERS
●● The economic characteristics of land are?
Answer: Scarcity, location, and durability
●● What lease would best suit couples needs who are looking for
temporary housing?
Answer: Month-to-Month lease
●● The land description T3N, R4W Principal Meridian refers to what
type of property description?
Answer: Rectangular survey
●● Crops that require annual planting are generally considered to be?
Answer: Personal Property
●● A distinguishing characteristic of owning property by land trust is
that?
Answer: The identity of the legal owner is kept confidential
,●● A lawsuit for reverse condemnation may be brought by the?
Answer: Homeowner
●● If conditions for purchase are included in a deed and these conditions
are violated, what is the penalty?
Answer: Return of the property to the original owner
●● 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?
Answer: Reconciliation
●● A borrower has defaulted on the mortgage. The mortgage contains an
acceleration clause. This permits the lender to?
Answer: Demand immediate payment of the entire note
●● Too much leverage may result in?
Answer: Negative cash flow
●● A managing broker can be held responsible for?
Answer: All real estate activities of salespersons
●● Earnest money should be deposited into a trust account when?
, Answer: In a timely manner
●● Why was the Jones vs Mayer decision of 1968 important?
Answer: By upholding the Civil Rights Act of 1866
●● A landlord may refuse to rent to a tenant who?
Answer: 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?
Answer: Credit buyer $110,000, debit seller $110,000
●● In most states, foreclosed property is sold through?
Answer: Public auction
●● Depreciation is calculated based on?
Answer: Cost of the building only
●● A judgement has been properly recorded. Any subsequent purchasers
have actually examined the record or not, have been given?
Answer: Constructive notice
●● An agreement to purchase which has not been closed is?