• Wrong document? Swap it for free
  • Written by students who passed
  • Immediately available after payment
  • Read online or as PDF
Sell
Where do you study
Your language
Document preview thumbnail
Preview 2 out of 11 pages
Exam (elaborations)

Real Estate Salesperson License Exam Questions and Correct Answers Solved 100% ( Latest Update )

Document preview thumbnail
Preview 2 out of 11 pages

Real Estate Salesperson License Exam Questions and Correct Answers Solved 100% ( Latest Update ) The fact that an individual must go to the land describes what physical characteristics of land? - Answers Immobility John and Mary are co-owners of a property. John has a 60% interest in the property and Mary has 40%. What type of freehold estate do they have? - Answers Tenancy in Common A Property is surveyed to determine a legal description. The surveyor works from a point of beginning, and measures terminal points and angles. What method of land description is he using? - Answers Metes and Bounds John leased space in a building and installed bookcases and ceiling fans in that space. His lease will end soon. What will happen to the bookcases and fan? - Answers Because they have been installed, the bookcases and fans are fixtures and have become part of the property. He must leave them behind. What is an example of involuntary, statutory, specific lien? - Answers Ad Valorem Tax Lien Buyer's agent has helped her buyers find a property. The sellers have installed a fountain in the courtyard and the buyers have stressed tot heir agent that they want the fountain to be included in the purchase. What should the buyers' agent do to ensure that her clients get the fountain? - Answers The agent can include wording int he buyers' offer that indicates the fountain is included in the sale. All of the following are fixtures except?: 1. Shrubs 2. Pool 3. Tree 4. Land - Answers Land Mary and John are married with grown children. Both are intestate. If John dies and Mary becomes the owner of the home, what type of ownership did they have? - Answers Tenancy by the Entirety A one-half acre parcel of land in Manhattan, NY is worth considerably more than a one-half acre parcel in White Plains, NY. This is an example of: - Answers Scarcity What is the difference between an easement and a lien? - Answers Easement is a right in land and a lien is not A seller shows his property with ceiling fans. After closing when the buyer enters the house the ceiling fans have been removed and the wires are hanging down from the ceiling. What best describes this situation? - Answers The seller cannot take the fans because they are fixtures. A married couple purchases property and takes title as Tenants by the Entirety. What is not true about this? - Answers When the spouse dies their share will pass to their heirs including but not limited to the surviving spouse. The local government needs your land to build a new high school. They have the right to take your land for the public good. What is this called? - Answers Eminent Domain You have recently purchased property in an area regulated by zoning. It has come to your attention that you have zoning violation on the property. What should you do? - Answers Request a variance from the zoning board One of the property owners in a subdivision is violating the deed restrictions. What can the other property owners do to get him to comply? - Answers Seek an injunction from the courts Your property boarders a non-navigable waterway and you have riparian rights. You have built a 10-foot pier at the waters edge. How do you measure your property? - Answers To the middle of the waterway Mary, a single woman, ha snow children. She owns real property and dies intestate. What happens to her real property? - Answers The court will appoint an administrator and it will be distributed to her heirs by the Law of Descent. What is the best example of a buffer zone? - Answers Garden apartments between single family homes and retail shops. All of the following apply to water rights except? - Answers Prior appropriation Main difference between Zoning and Master Planning? - Answers Zoning laws are implementation and Master Planning is a process. A property owner has a gas station on his land. The zoning committee changes the zoning to R-1. What must a property owner do? - Answers Nothing. The property is automatically considered a con-conforming use. A property owner receives a notice that his land is an improvement district. What does this mean? - Answers He wil l receive an additional tax bill. A property owner has installed a chain link fence on his property. He has received an official notice requiring the removal of this type of fence. This fence is most likely a violation of? - Answers Deed Restrictions or Deed Covenants A single property is regulated by building codes, zoning, and deed restrictions. The rules are in conflict with one another. Which must the property owner obey? - Answers Whichever rules are the most strict or limiting. M.A.I. refers to what professional group? - Answers Real Estate Appraisers A builder is using inferior siding and paint in an effort to construct affordable housing. This builder is an example of? - Answers Functional Obsolescence An appraiser has been asked to determine the market value of a home significantly older than all other homes in the neighborhood. What approach should he use? - Answers Cost Approach using replacement cost A builder is very successful and active in a new subdivision. Homes in the subdivision are selling well, and the builder is making a good profile on the sale. The new builders arrive and begin to sell in the same subdivision. All experience a lower level of profit. Which principle of appraisal would this be? - Answers Principle of Competition When measuring gross area the appraiser measures the? - Answers Under roof What is the best definition for market value? - Answers Most probable price In preparing an appraisal, which of the following would have the least impact on the appraiser's estimate of value? - Answers Physical Deterioration An appraiser has been asked to determine the value of an old house in an up and coming neighborhood. What method would he likely use to provide the most accurate and reliable result? - Answers Market Data Approach What is the least important factor for a licensee preparing a CMA? - Answers Information from expired listings of unsold property in the area. What does the term 'modular' refer to? - Answers Prefabricated Housing An appraiser is using the Market Data Approach to determine the value of a residential property. What would not be true? - Answers His comparable should not be more than one year old An appraiser has been hired to appraise a commercial office building that is fully leased. What approach to appraisal will he use to determine his opinion of value? - Answers Income Approach Foreclosure under a 'power of sale' clause ends when the Trustee delivers a ... - Answers Trustee's Deed A veteran received a certificate of eligibility for $40,000. He signed a contract to purchase a home for $155,000. The CRV on the property is $153,000. The bank wants a 75/25 ration. How much does the buyer need to purchase the property? - Answers $2,000 Which of the following actions on the part of the Federal Reserve would tighten the money supply? - Answers An increase in the reserve requirement

Content preview

Real Estate Salesperson License Exam Questions and Correct Answers Solved 100% ( Latest Update
2024-2025)

The fact that an individual must go to the land describes what physical characteristics of land? - Answers
Immobility

John and Mary are co-owners of a property. John has a 60% interest in the property and Mary has 40%.
What type of freehold estate do they have? - Answers Tenancy in Common

A Property is surveyed to determine a legal description. The surveyor works from a point of beginning,
and measures terminal points and angles. What method of land description is he using? - Answers
Metes and Bounds

John leased space in a building and installed bookcases and ceiling fans in that space. His lease will end
soon. What will happen to the bookcases and fan? - Answers Because they have been installed, the
bookcases and fans are fixtures and have become part of the property. He must leave them behind.

What is an example of involuntary, statutory, specific lien? - Answers Ad Valorem Tax Lien

Buyer's agent has helped her buyers find a property. The sellers have installed a fountain in the
courtyard and the buyers have stressed tot heir agent that they want the fountain to be included in the
purchase. What should the buyers' agent do to ensure that her clients get the fountain? - Answers The
agent can include wording int he buyers' offer that indicates the fountain is included in the sale.

All of the following are fixtures except?:

1. Shrubs

2. Pool

3. Tree

4. Land - Answers Land

Mary and John are married with grown children. Both are intestate. If John dies and Mary becomes the
owner of the home, what type of ownership did they have? - Answers Tenancy by the Entirety

A one-half acre parcel of land in Manhattan, NY is worth considerably more than a one-half acre parcel
in White Plains, NY. This is an example of: - Answers Scarcity

What is the difference between an easement and a lien? - Answers Easement is a right in land and a lien
is not

A seller shows his property with ceiling fans. After closing when the buyer enters the house the ceiling
fans have been removed and the wires are hanging down from the ceiling. What best describes this
situation? - Answers The seller cannot take the fans because they are fixtures.

, A married couple purchases property and takes title as Tenants by the Entirety. What is not true about
this? - Answers When the spouse dies their share will pass to their heirs including but not limited to the
surviving spouse.

The local government needs your land to build a new high school. They have the right to take your land
for the public good. What is this called? - Answers Eminent Domain

You have recently purchased property in an area regulated by zoning. It has come to your attention that
you have zoning violation on the property. What should you do? - Answers Request a variance from the
zoning board

One of the property owners in a subdivision is violating the deed restrictions. What can the other
property owners do to get him to comply? - Answers Seek an injunction from the courts

Your property boarders a non-navigable waterway and you have riparian rights. You have built a 10-foot
pier at the waters edge. How do you measure your property? - Answers To the middle of the waterway

Mary, a single woman, ha snow children. She owns real property and dies intestate. What happens to
her real property? - Answers The court will appoint an administrator and it will be distributed to her
heirs by the Law of Descent.

What is the best example of a buffer zone? - Answers Garden apartments between single family homes
and retail shops.

All of the following apply to water rights except? - Answers Prior appropriation

Main difference between Zoning and Master Planning? - Answers Zoning laws are implementation and
Master Planning is a process.

A property owner has a gas station on his land. The zoning committee changes the zoning to R-1. What
must a property owner do? - Answers Nothing. The property is automatically considered a con-
conforming use.

A property owner receives a notice that his land is an improvement district. What does this mean? -
Answers He wil l receive an additional tax bill.

A property owner has installed a chain link fence on his property. He has received an official notice
requiring the removal of this type of fence. This fence is most likely a violation of? - Answers Deed
Restrictions or Deed Covenants

A single property is regulated by building codes, zoning, and deed restrictions. The rules are in conflict
with one another. Which must the property owner obey? - Answers Whichever rules are the most strict
or limiting.

M.A.I. refers to what professional group? - Answers Real Estate Appraisers

Document information

Uploaded on
December 24, 2024
Number of pages
11
Written in
2024/2025
Type
Exam (elaborations)
Contains
Questions & answers
$8.49

Wrong document? Swap it for free Within 14 days of purchase and before downloading, you can choose a different document. You can simply spend the amount again.
Written by students who passed
Immediately available after payment
Read online or as PDF

Seller avatar
Reputation scores are based on the amount of documents a seller has sold for a fee and the reviews they have received for those documents. There are three levels: Bronze, Silver and Gold. The better the reputation, the more your can rely on the quality of the sellers work.
TutorJosh
3.5
(76)
Sold
498
Followers
16
Items
32947
Last sold
2 days ago



Why students choose Stuvia

Created by fellow students, verified by reviews

Quality you can trust: written by students who passed their tests and reviewed by others who've used these notes.

Didn't get what you expected? Choose another document

No worries! You can instantly pick a different document that better fits what you're looking for.

Pay as you like, start learning right away

No subscription, no commitments. Pay the way you're used to via credit card and download your PDF document instantly.

Student with book image

“Bought, downloaded, and aced it. It really can be that simple.”

Alisha Student

Working on your references?

Create accurate citations in APA, MLA and Harvard with our free citation generator.

Working on your references?

Frequently asked questions