Principles of Real Estate II Final Exam: Questions & Answers; Updated A+ Score Solution

The ______________ is the most active in the regulation of real estate licensees. (Ans-d) state government 2. Which of the following is necessary for a deed of conveyance to be valid? (Ans-b) The deed must be in writing 3. The primary distinction between the legal concepts of real estate and real property is that (Ans-a) real property includes ownership of a bundle of rights. 4. An applicant for a salesperson license must (Ans-c) have a finger printing and background check prior to receiving a license. 5. TRELA makes provisions for (Ans-c) a prerequisite of a minimum of 15 classroom hours counted toward license renewal every two years. 6. A(n) ______________ is a freehold estate that is limited to the duration of the life of the owner. (Ans-b) life estate 7. What distinguishes a lien from other types of encumbrance? (Ans-a) It involves a monetary claim against the value of a property. 8. What type of conventional life estate ends with the death of the life estate owner? (Ans-b) Ordinary life estate 9. When speaking of real estate market dynamics, the amount of available properties that becomes occupied over a period of time is called (Ans-b) absorption. 10. What is the primary danger of allowing an encroachment? (Ans-c) Over time, the encroachment may become an easement by prescription that damages the property's market value. 11. What statement is TRUE of payment that is made from the real estate recovery fund on account of a licensee's acts? (Ans-d) The license is suspended immediately, but will be reissued upon reimbursement of the fund, with interest. 12. A salesperson listed a home and then transferred his license to another broker. Which of the following is true? (Ans-d) The listing will stay with the original broker. 13. A licensee is required to keep the Commission updated with (Ans-a) her current email address.