Principal of Real Estate II Practice Exam: Principal of Real Estate 2 Practice Exam: Questions & Answers: Latest Updated A+ Guide

A lease under which the tenant pays a fixed rent and pays all the operating expenses is a: A. net lease B. fixed lease C. term lease D. gross lease (Ans- A. net lease A use of property that is not in agreement with present zoning laws: A. is called a nonconforming use B. is not permitted C. is an environmental law D. is a buffer zone (Ans- A. is called a nonconforming use In the market approach, a real estate appraiser looks for data on sales of comparable properties which have occurred within the last:A. six months B. ten days C. year D. 30 days (Ans- A. six months An FHA loan is a loan that is _______________ by the Federal Housing Administration. A. insured B. guaranteed C. bonded D. not allowed (Ans- A. insured Within a condominium development, common elements are owned by: A. the owner's association B. all unit owners who hold undivided interests in the elements C. the condominium developerD. individual unit owners as community property (Ans- B. all unit owners who hold undivided interests in the elements At closing the following are prorated: A. taxes B. interest C. rents D. all of the above (Ans- D. all of the above