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An unauthorized physical intrusion of a building or fence onto an
adjoining owner's land is known as:
A) An easement
B) An encroachment
C) A license
D) A restriction -ANSWER-B) An encroachment
A mechanic's lien is classified as what type of lien?
A) General and voluntary
B) Specific and involuntary
C) General and involuntary
D) Specific and voluntary -ANSWER-B) Specific and involuntary
In Wyoming, residential mortgage loans commonly utilize which
security instrument that includes a 'power of sale' clause allowing non-
judicial foreclosure?
A) Mortgage
B) Deed of trust
C) Land contract
,D) Promissory note -ANSWER-B) Deed of trust
A loan where the monthly payments are applied first to interest and
then to principal, resulting in a zero balance at the end of the loan
term, is called a:
A) Term loan
B) Balloon loan
C) Fully amortized loan
D) Shared appreciation loan -ANSWER-C) Fully amortized loan
The Truth in Lending Act (TILA), implemented by Regulation Z, requires
lenders to disclose which of the following to consumers?
A) The exact appraisal value
B) The Annual Percentage Rate (APR) and total cost of credit
C) The credit scores of competing buyers
D) The racial makeup of the neighborhood -ANSWER-B) The Annual
Percentage Rate (APR) and total cost of credit
Which of the following is protected under the Federal Fair Housing Act
(as amended)?
A) Age and occupation
B) Familial status and disability
C) Source of income and credit score
, D) Marital status and sexual orientation (federally) -ANSWER-B) Familial
status and disability
Encouraging homeowners to sell by generating fear that minority
groups are moving into the neighborhood is an illegal practice known
as:
A) Steering
B) Redlining
C) Blockbusting
D) Puffing -ANSWER-C) Blockbusting
The Americans with Disabilities Act (ADA) primarily impacts which
sector of real estate?
A) Single-family residential rentals
B) Commercial facilities and public accommodations
C) Agricultural land sales
D) Government-subsidized housing only -ANSWER-B) Commercial
facilities and public accommodations
A 1031 tax-deferred exchange allows an investor to:
A) Avoid paying property taxes forever on their primary residence.
B) Defer capital gains taxes by reinvesting proceeds from the sale of
business or investment property into another 'like-kind' property.
C) Deduct mortgage interest on unlimited rental properties.