Sales Pre-License Exam 2024 Questions With Complete Answers Graded A+

An article installed by a tenant under a commercial lease and is removable prior to the expiration of the lease is a: - CORRECT ANSWER Trade fixture Personal property that is converted to real property by being permanently attached to the Real Estate is a: - CORRECT ANSWER Fixture Another name for personal property is - CORRECT ANSWER Chattel Annual growing crops, such as corn, that remains personal property are called - CORRECT ANSWER Emblements The term for conversion of real property to personal property is - CORRECT ANSWER Severance The deed of re-conveyance is signed by the - CORRECT ANSWER Trustee A multi unit residential building owned by a corporate corporation and operated on behalf of the other stockholder/tenant who hold proprietary leases is a - CORRECT ANSWER Cooperative A multi unit development in which owners own their unit separately and share ownership of common facilities is a - CORRECT ANSWER Condominium Value and owner has in property over and above any indebtedness is - CORRECT ANSWER Equity An agent who has agreed to represent a principal in one business transaction has created which type of agency? - CORRECT ANSWER Special agency Non-fraudulent exaggeration of the properties benefits or features is - CORRECT ANSWER Puffing The individual who hires and delegates to the agent the responsibilities of representing his or her interest in the - CORRECT ANSWER Principal That establishment of an agency relationship as a result of the actions of the parties which indicates mutual consent is - CORRECT ANSWER Implied agency If an agent represents two parties simultaneously, it creates which type of agency - CORRECT ANSWER Dual agency The discovery that a murder, suicide or death occurred on a property results in the property being regarded as - CORRECT ANSWER Stigmatized property A house with a structural defect is an example of a - CORRECT ANSWER Latent defect When he broker misappropriates trust funds, it is called - CORRECT ANSWER Conversion The broker who starts and on interrupted chain of events that results in the sale of the property is considered though - CORRECT ANSWER Procuring cause The amount of a brokers compensation is always negotiable because of the - CORRECT ANSWER Sherman Antitrust Act The Americans with disability act only guarantees accommodations which are - CORRECT ANSWER Reasonable