Principles of Real Estate National Exam
Questions with Answers
How does a creditor who has obtained a judgement get satisfaction against a debtor who will
not pay? - ✔✔Writ of Execution
The economic characteristics of land are? - ✔✔Scarcity, location, and durability
What lease would best suit couples needs who are looking for temporary housing? - ✔✔Month-
to-Month lease
The land description T3N, R4W Principal Meridian refers to what type of property description? -
✔✔Rectangular survey
Crops that require annual planting are generally considered to be? - ✔✔Personal Property
A distinguishing characteristic of owning property by land trust is that? - ✔✔The identity of the
legal owner is kept confidential
A lawsuit for reverse condemnation may be brought by the? - ✔✔Homeowner
If conditions for purchase are included in a deed and these conditions are violated, what is the
penalty? - ✔✔Return of the property to the original owner
When more than one approach to value is applied to a property and different indications of
value are produced, how should the final estimate of value be determined? - ✔✔Reconciliation
, A borrower has defaulted on the mortgage. The mortgage contains an acceleration clause. This
permits the lender to? - ✔✔Demand immediate payment of the entire note
Too much leverage may result in? - ✔✔Negative cash flow
A managing broker can be held responsible for? - ✔✔All real estate activities of salespersons
Earnest money should be deposited into a trust account when? - ✔✔In a timely manner
Why was the Jones vs Mayer decision of 1968 important? - ✔✔By upholding the Civil Rights Act
of 1866
A landlord may refuse to rent to a tenant who? - ✔✔Has ever been convicted of selling illegal
drugs
The buyer is assuming a mortgage presently on the property in the amount of $110,000. What
is the adjustment made at the closing? - ✔✔Credit buyer $110,000, debit seller $110,000
In most states, foreclosed property is sold through? - ✔✔Public auction
Depreciation is calculated based on? - ✔✔Cost of the building only
A judgement has been properly recorded. Any subsequent purchasers have actually examined
the record or not, have been given? - ✔✔Constructive notice
An agreement to purchase which has not been closed is? - ✔✔An executory contract
Questions with Answers
How does a creditor who has obtained a judgement get satisfaction against a debtor who will
not pay? - ✔✔Writ of Execution
The economic characteristics of land are? - ✔✔Scarcity, location, and durability
What lease would best suit couples needs who are looking for temporary housing? - ✔✔Month-
to-Month lease
The land description T3N, R4W Principal Meridian refers to what type of property description? -
✔✔Rectangular survey
Crops that require annual planting are generally considered to be? - ✔✔Personal Property
A distinguishing characteristic of owning property by land trust is that? - ✔✔The identity of the
legal owner is kept confidential
A lawsuit for reverse condemnation may be brought by the? - ✔✔Homeowner
If conditions for purchase are included in a deed and these conditions are violated, what is the
penalty? - ✔✔Return of the property to the original owner
When more than one approach to value is applied to a property and different indications of
value are produced, how should the final estimate of value be determined? - ✔✔Reconciliation
, A borrower has defaulted on the mortgage. The mortgage contains an acceleration clause. This
permits the lender to? - ✔✔Demand immediate payment of the entire note
Too much leverage may result in? - ✔✔Negative cash flow
A managing broker can be held responsible for? - ✔✔All real estate activities of salespersons
Earnest money should be deposited into a trust account when? - ✔✔In a timely manner
Why was the Jones vs Mayer decision of 1968 important? - ✔✔By upholding the Civil Rights Act
of 1866
A landlord may refuse to rent to a tenant who? - ✔✔Has ever been convicted of selling illegal
drugs
The buyer is assuming a mortgage presently on the property in the amount of $110,000. What
is the adjustment made at the closing? - ✔✔Credit buyer $110,000, debit seller $110,000
In most states, foreclosed property is sold through? - ✔✔Public auction
Depreciation is calculated based on? - ✔✔Cost of the building only
A judgement has been properly recorded. Any subsequent purchasers have actually examined
the record or not, have been given? - ✔✔Constructive notice
An agreement to purchase which has not been closed is? - ✔✔An executory contract
