NATIONAL FINAL EXAM QUESTIONS AND 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.
May Southfeldt believes a real estate agent has kept her from seeing a certain property for rent because
she is a woman. What actions should she take if she wants legal satisfaction for her complaint? -
CORRECT ANSWER✅✅File a complaint with HUD and/or file suit against the offending parties in a state
or federal court within the prescribed time period.
One weakness of the cost approach for appraising market value is that - CORRECT ANSWER✅✅market
value is not always the same as what the property cost.
_______ 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.
May Southfeldt believes a real estate agent has kept her from seeing a certain property for rent because
she is a woman. What actions should she take if she wants legal satisfaction for her complaint? -
CORRECT ANSWER✅✅File a complaint with HUD and/or file suit against the offending parties in a state
or federal court within the prescribed time period.
One weakness of the cost approach for appraising market value is that - CORRECT ANSWER✅✅market
value is not always the same as what the property cost.
