ASREB Practice Exam Questions and Answers with complete solution

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 - 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 - 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 - Answer-a. equity A broker, acting as a property manager, would be what type of agent? a. special b. general c. implied d. ostensible - 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 - 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 - 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 - Answer-b. executory