Principles of Real Estate Final Exam Review: Principles of Real Estate Final Exam : Questions & Answers: Updated

The listing is always taken in the name of the _________ and becomes the property of the ___________. A. Broker—salesperson B. Salesperson—seller C. Broker—broker D. Broker—seller (Ans- C. Broker- broker A deed is used to transfer ownership of real estate. A bill of sale would be used to transfer ownership of: A. A mortgage B. Personal property C. A deed of trust D. A house and 2 acres of land (Ans- B. Personal property The life tenant in a life estate is not allowed to: A. Pay the property tax on the property B. Commit waste by destroying or harming the property C. Lease the property and keep the rent D. Improve the property (Ans- B. Commit waste by destroying or harming the property The Education Standards Advisory Committee is made up of: A. 12 members B. 13 members C. 9 members D. 14 members (Ans- A. 12 members The government receives the authority to take the property of one who dies without a will and without heirs by virtue of: A. Laws of agency B. Eminent domain C. Police power D. Escheat (Ans- D. Escheat Which of the following land description methods identifies a parcel of land by specifying its shape and boundaries? A. Metes and bounds B. Government survey C. Recorded plat D. Assessor's parcel number (Ans- A. Metes and bounds When someone owns property to the exclusion of all other persons, this person is said to hold the property in: A. Personality B. Severalty C. Common D. Secret (Ans- B. Severalty One who is given a power-of-attorney that allows them to sign the name of a principal to a contract of sale is a(n): A. Attorney-in-fact B. Broker with a listing C. Special agent D. Attorney at law (Ans- A. Attorney-in-fact TRELA does not apply to: A. An attorney licensed in this state B. An on-site manager of an apartment complex C. A public official while engaged in official duties D. All of the above (Ans- D. All of the above