Real Estate Salesperson National Prep Exam 1 Already Passed

Real Estate Salesperson National Prep Exam 1 Already Passed John owns a dominant estate with an easement appurtenant. John sells the property. What happens to the easement? It belongs to the buyer A seller shows a house with all ceiling fans. A buyer purchases a home. After closing, all ceiling fans are gone. What is true? The seller is not entitled to take the ceiling fans because they are fixtures to the property Married person owns commercial property with three other parties. He also owns a home with his spouse. He has children from previous marriage and current marriage. He dies intestate. Who will acquire the commercial property? His co-tenants A seller tells the listing agent that the satellite dish encroaches on his property. What should the agent do? Disclose the encroachment on his listing John owns waterfront property. Bob owns the easement. The easement allows Bob to cross the water. The buyer does not want the easement. How can John eliminate the easement? John can pay Bob a negotiated amount to secure the release of easement A surveyor has described the property as: 90 east 100 feet then 90 north...etc. What type of description is this? Metes and Bounds Home is going into foreclosure. They owe the bank for their first lien, took out a second loan so have a second lein, have not paid taxes and owe the IRS. What is the order of which you pay.. Property tax lein, first mortgage lein, irs lein, second mortgage John has a home zoned z1. He is building a porch that will cross the setback line. What will he have to do first? Apply for and receive a variance The government can regulate a special coastal properties, flood plains and wet lands. The authority is an example of what? police power Joe received a payment from the title company. He was awarded a judgment against the seller and collected the funds from the seller. The title company has the right to refund joe. What clause is this? assemblage Deed that will give you the most protection? general warranty deed What could have a negative effect on the sellers credit score? an assumption to subject to What is market value? The most probable price a property should bring Demand for property in the subdivision.. Three remaining homes have comparable amenities, which would sell for the most using the principle of competition? The last three houses that sell In a residential appraisal, market data approach, the following is true except? comparable should be no more than one year old.