Real Estate U Final Exam Questions
with correct Answers (A+ GRADED
100% VERIFIED)
1 square mile is equal to how many acres...? - ANSWER: 640 acres
A .............. clause is also known as the "to have an to hold" clause? - ANSWER:
Habendum Clause
A ............may be terminated if the dominant tenement fails to use it? - ANSWER:
Easement
A '100%' assessment means the value of a property, as determined by a
municipality, is equal to what...? - ANSWER: Market value
A "due on sale" clause is also known as what...? - ANSWER: Alienation Clause
A building's Net Operating Income - Total Deductions is equal to what...? -
ANSWER: Taxable Basis
A card issued by the Department of State to each licensee is known as a...? -
ANSWER: Pocket Card
A chronic lung disease caused by inhaling asbestos fibers is known as what...? -
ANSWER: Asbestosis
A clause found in a blanket mortgage which gives the owner of the property the
privilege of paying off a portion of the mortgage indebtedness, and thus freeing a
portion of the property from the mortgage, is known as what...? - ANSWER: Release
Clause
A clause in a deed or lease that defines the type of interest and rights to be enjoyed
by the grantee or lessee is known as what...? - ANSWER: Habendum Clause
A commercial apartment building consists of how many units...? - ANSWER: 5 or
more units
A commercial easement is also known as what type of easement...? - ANSWER:
Easement in Gross
,A commercial policy covers property damage, personal injury, advertising injury,
and...? - ANSWER: Bodily injury
A company, individual or institution that originates mortgages is known as a...? -
ANSWER: Mortgage Banker
A condominium apartment is classified as what type of property...? - ANSWER: Real
property
A condominium's board is referred to as what...? - ANSWER: Board of Managers
A contract between the owner of a property and someone who agrees to manage it
is known as a/an...? - ANSWER: Management Agreement
A contract whereby, for a consideration, usually termed rent, one who is entitled to
the possession of real property transfers such rights to another for life, for a term of
years, or at will is known as what...? - ANSWER: Lease
A contract which has not yet been fully performed is known as what...? - ANSWER:
Executory Contract
A contractual right that gives its holder the option to enter a business transaction with
the owner of something, according to specified terms, before the owner is entitled to
enter into the transaction with a third party is known as what...? - ANSWER: Right of
First Refusal
A deed which conveys simply the grantor's rights or interest in real estate, without
any agreement or covenant as to the nature or extent of that interest, or any other
covenants is known as what...? - ANSWER: Quitclaim Deed
A direct lender is also known as what...? - ANSWER: Mortgage Banker
A document prepared by the attorneys representing the builders of a newly
constructed condominium building is known as what...? - ANSWER: Offering
Statement
A federal law that prohibits all discrimination on the basis of race only is known as
what...? - ANSWER: Civil Rights Act of 1866
A fee simple estate is also known as....? - ANSWER: Fee Simple Absolute
A fluid, containing hydrocarbons that absorbs heat from a reservoir at low
temperatures and rejects heat at higher temperatures is known as what...? -
ANSWER: Chloro-flouro Carbons (CFCs)
,A form of fee simple ownership of part of a structure having multiple units is known
as a/an...? - ANSWER: Condominium
A form used between mortgage brokers, or mortgage bankers, and a home buyer
that provides certain disclosures prior to the application of a mortgage is known
as...? - ANSWER: Pre Application and Fee Agreement
A garage is typically built of this type of construction...? - ANSWER: Slab-on-grade
construction
A general agent is typically granted more power than what other type of agent...? -
ANSWER: Special Agent
A group consisting of parents and children living together in a household is legally
known as what...? - ANSWER: Family
A high-rise office building consists of how many stories...? - ANSWER: More than
20 stories
A higher cap rate will yield what...? - ANSWER: A lower price
A higher R-Value means what...? - ANSWER: Better performing insulation
A highly designed residential project that features relatively dense clusters of
houses, which are usually surrounded by areas of commonly owned open space
maintained by a nonprofit community association is known as a...? - ANSWER:
Planned Unit Development
A home where a small number of unrelated people in need of care, support, or
supervision can live together, such as those who are elderly or mentally ill is known
as what...? - ANSWER: Group Home
A husband's interest upon the death of his wife in the real property of an estate that
she either solely owned or inherited provided they bore a child capable of inheriting
the estate is known as what...? - ANSWER: Curtesy
A judgment lien is an example of what type of lien...? - ANSWER: General Lien
A lease of property in which the rental is based upon the percentage of the volume of
sales made upon the leased premises is known as what...? - ANSWER: Percentage
Lease
, A leasehold estate for any specific period of time is known as what...? - ANSWER:
Estate for Years
A legal description, as found in the Schedule A, is described using what...? -
ANSWER: Metes and Bounds
A legal document, filed in the office of the county clerk giving notice that an auction
or proceeding is pending in the courts affecting the title to the property is known as
what...? - ANSWER: Lis Pendens
A licensed real estate broker that holds the license of a salesperson is known as
what...? - ANSWER: Sponsor
A licensed real estate broker who by choice elects to work under the name and
supervision of another real estate broker is known as a/an...? - ANSWER: Associate
Real Estate Broker
A lien imposed by law upon a property to secure the payment of taxes is known as
what...? - ANSWER: Tax Lien
A list of upcoming capital improvements on a cooperative can be found in this
document...? - ANSWER: Cooperative's Financial Statement
A loan secured by equity value in the borrower's property is known as what...? -
ANSWER: Home Equity Loan
A local elected or appointed government board charged with recommending to the
local town or city council the boundaries of the various zoning districts and
appropriate regulations to be enforced therein is known as what...? - ANSWER:
Planning Board
A loss in value caused by influences external to the property, such as increasing
industrial activity near a residential neighborhood, is known as what...? - ANSWER:
Economic Obsolescence
A lower cap rate will yield what...? - ANSWER: A higher price
A maintenance task performed to identify, isolate, and rectify a problem with a
property so that the property can be restored to an acceptable condition is known
as...? - ANSWER: Corrective Maintenance
A method of valuing insured property is referred to as what...? - ANSWER: Actual
Cash Value
with correct Answers (A+ GRADED
100% VERIFIED)
1 square mile is equal to how many acres...? - ANSWER: 640 acres
A .............. clause is also known as the "to have an to hold" clause? - ANSWER:
Habendum Clause
A ............may be terminated if the dominant tenement fails to use it? - ANSWER:
Easement
A '100%' assessment means the value of a property, as determined by a
municipality, is equal to what...? - ANSWER: Market value
A "due on sale" clause is also known as what...? - ANSWER: Alienation Clause
A building's Net Operating Income - Total Deductions is equal to what...? -
ANSWER: Taxable Basis
A card issued by the Department of State to each licensee is known as a...? -
ANSWER: Pocket Card
A chronic lung disease caused by inhaling asbestos fibers is known as what...? -
ANSWER: Asbestosis
A clause found in a blanket mortgage which gives the owner of the property the
privilege of paying off a portion of the mortgage indebtedness, and thus freeing a
portion of the property from the mortgage, is known as what...? - ANSWER: Release
Clause
A clause in a deed or lease that defines the type of interest and rights to be enjoyed
by the grantee or lessee is known as what...? - ANSWER: Habendum Clause
A commercial apartment building consists of how many units...? - ANSWER: 5 or
more units
A commercial easement is also known as what type of easement...? - ANSWER:
Easement in Gross
,A commercial policy covers property damage, personal injury, advertising injury,
and...? - ANSWER: Bodily injury
A company, individual or institution that originates mortgages is known as a...? -
ANSWER: Mortgage Banker
A condominium apartment is classified as what type of property...? - ANSWER: Real
property
A condominium's board is referred to as what...? - ANSWER: Board of Managers
A contract between the owner of a property and someone who agrees to manage it
is known as a/an...? - ANSWER: Management Agreement
A contract whereby, for a consideration, usually termed rent, one who is entitled to
the possession of real property transfers such rights to another for life, for a term of
years, or at will is known as what...? - ANSWER: Lease
A contract which has not yet been fully performed is known as what...? - ANSWER:
Executory Contract
A contractual right that gives its holder the option to enter a business transaction with
the owner of something, according to specified terms, before the owner is entitled to
enter into the transaction with a third party is known as what...? - ANSWER: Right of
First Refusal
A deed which conveys simply the grantor's rights or interest in real estate, without
any agreement or covenant as to the nature or extent of that interest, or any other
covenants is known as what...? - ANSWER: Quitclaim Deed
A direct lender is also known as what...? - ANSWER: Mortgage Banker
A document prepared by the attorneys representing the builders of a newly
constructed condominium building is known as what...? - ANSWER: Offering
Statement
A federal law that prohibits all discrimination on the basis of race only is known as
what...? - ANSWER: Civil Rights Act of 1866
A fee simple estate is also known as....? - ANSWER: Fee Simple Absolute
A fluid, containing hydrocarbons that absorbs heat from a reservoir at low
temperatures and rejects heat at higher temperatures is known as what...? -
ANSWER: Chloro-flouro Carbons (CFCs)
,A form of fee simple ownership of part of a structure having multiple units is known
as a/an...? - ANSWER: Condominium
A form used between mortgage brokers, or mortgage bankers, and a home buyer
that provides certain disclosures prior to the application of a mortgage is known
as...? - ANSWER: Pre Application and Fee Agreement
A garage is typically built of this type of construction...? - ANSWER: Slab-on-grade
construction
A general agent is typically granted more power than what other type of agent...? -
ANSWER: Special Agent
A group consisting of parents and children living together in a household is legally
known as what...? - ANSWER: Family
A high-rise office building consists of how many stories...? - ANSWER: More than
20 stories
A higher cap rate will yield what...? - ANSWER: A lower price
A higher R-Value means what...? - ANSWER: Better performing insulation
A highly designed residential project that features relatively dense clusters of
houses, which are usually surrounded by areas of commonly owned open space
maintained by a nonprofit community association is known as a...? - ANSWER:
Planned Unit Development
A home where a small number of unrelated people in need of care, support, or
supervision can live together, such as those who are elderly or mentally ill is known
as what...? - ANSWER: Group Home
A husband's interest upon the death of his wife in the real property of an estate that
she either solely owned or inherited provided they bore a child capable of inheriting
the estate is known as what...? - ANSWER: Curtesy
A judgment lien is an example of what type of lien...? - ANSWER: General Lien
A lease of property in which the rental is based upon the percentage of the volume of
sales made upon the leased premises is known as what...? - ANSWER: Percentage
Lease
, A leasehold estate for any specific period of time is known as what...? - ANSWER:
Estate for Years
A legal description, as found in the Schedule A, is described using what...? -
ANSWER: Metes and Bounds
A legal document, filed in the office of the county clerk giving notice that an auction
or proceeding is pending in the courts affecting the title to the property is known as
what...? - ANSWER: Lis Pendens
A licensed real estate broker that holds the license of a salesperson is known as
what...? - ANSWER: Sponsor
A licensed real estate broker who by choice elects to work under the name and
supervision of another real estate broker is known as a/an...? - ANSWER: Associate
Real Estate Broker
A lien imposed by law upon a property to secure the payment of taxes is known as
what...? - ANSWER: Tax Lien
A list of upcoming capital improvements on a cooperative can be found in this
document...? - ANSWER: Cooperative's Financial Statement
A loan secured by equity value in the borrower's property is known as what...? -
ANSWER: Home Equity Loan
A local elected or appointed government board charged with recommending to the
local town or city council the boundaries of the various zoning districts and
appropriate regulations to be enforced therein is known as what...? - ANSWER:
Planning Board
A loss in value caused by influences external to the property, such as increasing
industrial activity near a residential neighborhood, is known as what...? - ANSWER:
Economic Obsolescence
A lower cap rate will yield what...? - ANSWER: A higher price
A maintenance task performed to identify, isolate, and rectify a problem with a
property so that the property can be restored to an acceptable condition is known
as...? - ANSWER: Corrective Maintenance
A method of valuing insured property is referred to as what...? - ANSWER: Actual
Cash Value
