Principles of Real Estate 2 Practice Test
Aceable Questions And Complete Answers
affidavit as to debts and lients What is the name for the sworn statement in which the
seller assures the title company (and the buyer) that there are no liens, unpaid bills for repairs or
improvements, or undisclosed defects in the title?
Interstate Land Sales Full Disclosure Act What act requires that applicable contracts have
a 7 day "cooling-off" period for buyers during which buyers can cancel their contract for any
reason and get their money back?
Principle of Conformity Which appraisal principle states that maximum value is realized
when land use is in harmony with surrounding standards?
anticipation Which is NOT one of the three approaches to value?
Actual notice is direct or first-hand knowledge; constructive notice is the assumption of
knowledge because that knowledge is in the public record. What is the difference between
actual and constructive notice?
5,280 How many feet are in a mile?
, Principles of Real Estate 2 Practice Test
Aceable Questions And Complete Answers
A partnership where all members equally share responsibilities, profits, and losses. In
terms of syndicates, what is a general partnership?
FDIC After the bank failures in the 1920s and 1930s, Congress created what institution to
insure customer deposits, supervise financial institutions for safety and soundness, make large
financial institutions resolvable, and manage receiverships?
Real Estate Owned What does "REO" stand for?
Because the buyer has accepted the deed, the only recourse is to sue the seller under any
covenants contained in the deed. A buyer purchased property from a seller. Shortly after
closing, the buyer discovered that there were serious flaws in the title that made it unlikely that
the property could be resold in the future. What is the buyer's best course of action?
a codicil Which of the following would be used to modify a will?
credit to the buyer and debit to the seller On the Closing Disclosure, prorated interest paid
before closing on an existing assumed mortgage is a:
, Principles of Real Estate 2 Practice Test
Aceable Questions And Complete Answers
modifications made at the tenant's expense Landlords MUST allow tenants with
disabilities to make reasonable modifications to a property so they can enjoy it. But there are also
unreasonable modifications a landlord does NOT have to allow; all of the following are
unreasonable modifications EXCEPT:
Investors can claim tax-sheltered income through depreciation expenses. What is one way
investors can get a break on taxes?
ALL real estate license holders For whom is it most important to be aware of and comply
with state and federal fair housing laws?
A sales comparison approach does NOT utilize the principle of contribution Which of the
following is FALSE about a sales comparison approach?
A tenant remains in possession of a landlord's property without either a current lease agreement
or the landlord's approval. Which statement is TRUE in this situation? the landlord can
file suit for possession
Aceable Questions And Complete Answers
affidavit as to debts and lients What is the name for the sworn statement in which the
seller assures the title company (and the buyer) that there are no liens, unpaid bills for repairs or
improvements, or undisclosed defects in the title?
Interstate Land Sales Full Disclosure Act What act requires that applicable contracts have
a 7 day "cooling-off" period for buyers during which buyers can cancel their contract for any
reason and get their money back?
Principle of Conformity Which appraisal principle states that maximum value is realized
when land use is in harmony with surrounding standards?
anticipation Which is NOT one of the three approaches to value?
Actual notice is direct or first-hand knowledge; constructive notice is the assumption of
knowledge because that knowledge is in the public record. What is the difference between
actual and constructive notice?
5,280 How many feet are in a mile?
, Principles of Real Estate 2 Practice Test
Aceable Questions And Complete Answers
A partnership where all members equally share responsibilities, profits, and losses. In
terms of syndicates, what is a general partnership?
FDIC After the bank failures in the 1920s and 1930s, Congress created what institution to
insure customer deposits, supervise financial institutions for safety and soundness, make large
financial institutions resolvable, and manage receiverships?
Real Estate Owned What does "REO" stand for?
Because the buyer has accepted the deed, the only recourse is to sue the seller under any
covenants contained in the deed. A buyer purchased property from a seller. Shortly after
closing, the buyer discovered that there were serious flaws in the title that made it unlikely that
the property could be resold in the future. What is the buyer's best course of action?
a codicil Which of the following would be used to modify a will?
credit to the buyer and debit to the seller On the Closing Disclosure, prorated interest paid
before closing on an existing assumed mortgage is a:
, Principles of Real Estate 2 Practice Test
Aceable Questions And Complete Answers
modifications made at the tenant's expense Landlords MUST allow tenants with
disabilities to make reasonable modifications to a property so they can enjoy it. But there are also
unreasonable modifications a landlord does NOT have to allow; all of the following are
unreasonable modifications EXCEPT:
Investors can claim tax-sheltered income through depreciation expenses. What is one way
investors can get a break on taxes?
ALL real estate license holders For whom is it most important to be aware of and comply
with state and federal fair housing laws?
A sales comparison approach does NOT utilize the principle of contribution Which of the
following is FALSE about a sales comparison approach?
A tenant remains in possession of a landlord's property without either a current lease agreement
or the landlord's approval. Which statement is TRUE in this situation? the landlord can
file suit for possession
