ASREB Practice Exam 2023/2024 with 100% correct answers

A 3.45-acre lot sells for 50 cents per square foot. What was the selling price? a. $37,570 b. $75,141 c. $76,230 d. $78,712 - correct answer b. $75,141 A blind ad refers to an ad that a. provides no price b. provides no address c. gives no indication that the property is listed with a broker d. gives no indication that the property has been sold or not - correct answer c. gives no indication that the property is listed with a broker A borrower is required to put 10% down for the purchase of a property. The 10% down would be considered a. equity b. boot c. tax shelter d. leverage - correct answer a. equity A broker, acting as a property manager, would be what type of agent? a. special b. general c. implied d. ostensible - correct answer b. general A buyer pays 20% down and obtains a real estate mortgage. The buyer makes no further payments. What clause would the lender now exercise? a. alienation b. habendum c. novation d. acceleration - correct answer d. acceleration When a new home is still under construction, the County Assessor may a. increase the assessed value ratio b. increase the full cash value c. decrease the tax rate d. appeal the limited property value - correct answer b. increase the full cash value A contract has been signed, but title has not yet passed. The contract is a. executed b. executory c. recorded d. estopped - correct answer b. executory A handicapped person is leasing a house that requires a modification. Which of the following is TRUE about the modifications? a. the lessor may forbid handicapped modifications b. the lessor can require the lessee to reasonably restore the property at the end of the lease c. the lessor must pay for the modifications d. the lessor can increase the rent due to the risk of the handicapped person - correct answer b. the lessor can require the lessee to reasonably restore the property at the end of the lease A holdover tenant would have a(n) a. estate at sufferance b. estate at wil