National Final Exam UPDATED
QUESTIONS AND CORRECT ANSWERS
_______ property refers to any property that is held by its owners for investment purposes. -
CORRECT ANSWER Investment
A property survey reveals that a new driveway extends one foot onto a neighbor's property.
This is an example of - CORRECT ANSWER an encroachment.
Salesperson Sam, who works for Selling Broker Smith, sells a house listed by Listing Broker
Louis. The house sells for $425,000. The co-brokerage split between Selling Broker Smith
and Listing Broker Louis is 50-50. Salesperson Sam is on a 65% commission schedule with
Selling Broker Smith. If the total commission rate is 7%, what is Salesperson Sam's
commission? - CORRECT ANSWER $9,669
Which of the following best characterizes a conventional sale contract? - CORRECT
ANSWER Voluntary, bilateral, and executory
The overriding test of whether an item is a fixture or personal property is - CORRECT
ANSWER its definition as one or the other in a sale or lease contract.
If the duration of an owner's rights in an estate cannot be determined, the owner possesses -
CORRECT ANSWER a freehold estate.
The three overriding considerations of a lender's mortgage loan decision are - CORRECT
ANSWER the ability to re-pay, the value of the collateral, and the profitability of the
loan.
The percentage lease is most often used by - CORRECT ANSWER retail landlords.
What is the fundamental purpose of a building permit? - CORRECT ANSWER To
ensure that improvements comply with codes
, A special tax district might be created to - CORRECT ANSWER create a two-mile
extension of county sewer facilities.
One of the principal determinants of "procuring cause" in a completed transaction is -
CORRECT ANSWER being first to find the customer.
Which of the following laws or rulings extended discrimination to include gender,
handicapped status, and family status? - CORRECT ANSWER the Fair Housing
Amendments Act of 1988
The key feature of an adjustable mortgage loan is that - CORRECT ANSWER the
interest rate may vary.
In accordance with the Statute of Frauds - CORRECT ANSWER a five-year lease must
be in writing to be enforceable.
An owner leases a property to a business in exchange for rent. The tenant is required to pay
all operating expenses as well. This is an example of a - CORRECT ANSWER net
lease
A court renders a judgment which authorizes a lien to be placed against the defendant's
house, car, and personal belongings. This is an example of a - CORRECT
ANSWER general judgment lien.
A property owner can avert the danger of losing title by adverse possession by - CORRECT
ANSWER inspecting the property and evicting any trespassers found.
A principal empowers an agent to conduct the ongoing activities of one of her business
enterprises. This is an example of - CORRECT ANSWER general agency.
QUESTIONS AND CORRECT ANSWERS
_______ property refers to any property that is held by its owners for investment purposes. -
CORRECT ANSWER Investment
A property survey reveals that a new driveway extends one foot onto a neighbor's property.
This is an example of - CORRECT ANSWER an encroachment.
Salesperson Sam, who works for Selling Broker Smith, sells a house listed by Listing Broker
Louis. The house sells for $425,000. The co-brokerage split between Selling Broker Smith
and Listing Broker Louis is 50-50. Salesperson Sam is on a 65% commission schedule with
Selling Broker Smith. If the total commission rate is 7%, what is Salesperson Sam's
commission? - CORRECT ANSWER $9,669
Which of the following best characterizes a conventional sale contract? - CORRECT
ANSWER Voluntary, bilateral, and executory
The overriding test of whether an item is a fixture or personal property is - CORRECT
ANSWER its definition as one or the other in a sale or lease contract.
If the duration of an owner's rights in an estate cannot be determined, the owner possesses -
CORRECT ANSWER a freehold estate.
The three overriding considerations of a lender's mortgage loan decision are - CORRECT
ANSWER the ability to re-pay, the value of the collateral, and the profitability of the
loan.
The percentage lease is most often used by - CORRECT ANSWER retail landlords.
What is the fundamental purpose of a building permit? - CORRECT ANSWER To
ensure that improvements comply with codes
, A special tax district might be created to - CORRECT ANSWER create a two-mile
extension of county sewer facilities.
One of the principal determinants of "procuring cause" in a completed transaction is -
CORRECT ANSWER being first to find the customer.
Which of the following laws or rulings extended discrimination to include gender,
handicapped status, and family status? - CORRECT ANSWER the Fair Housing
Amendments Act of 1988
The key feature of an adjustable mortgage loan is that - CORRECT ANSWER the
interest rate may vary.
In accordance with the Statute of Frauds - CORRECT ANSWER a five-year lease must
be in writing to be enforceable.
An owner leases a property to a business in exchange for rent. The tenant is required to pay
all operating expenses as well. This is an example of a - CORRECT ANSWER net
lease
A court renders a judgment which authorizes a lien to be placed against the defendant's
house, car, and personal belongings. This is an example of a - CORRECT
ANSWER general judgment lien.
A property owner can avert the danger of losing title by adverse possession by - CORRECT
ANSWER inspecting the property and evicting any trespassers found.
A principal empowers an agent to conduct the ongoing activities of one of her business
enterprises. This is an example of - CORRECT ANSWER general agency.
