All Proctored Exams & RN Comprehensive Exit
Under a contract for deed, all of the following are true of the buyer's rights and
obligations EXCEPT the buyer
A)
has possession.
B)
is obligated to pay taxes and insurance.
C)
must maintain the property.
D)
has legal title. - ANSWERSD)
has legal title.
Which of the following is FALSE regarding community property?
A)
Its conveyance requires the signature of both spouses
B)
It consists of real and personal property acquired by either spouse during the
marriage
C)
It can be mortgaged or conveyed by one spouse without the consent of the other
D)
The spouses can will their half of the property to whomever they desire -
ANSWERSC)
It can be mortgaged or conveyed by one spouse without the consent of the other
Which of these forms of business organization combines the most attractive features
of limited partnerships and corporations?
A)
Limited liability company (LLC)
B)
General partnership
C)
General corporation
D)
Limited corporation - ANSWERSA)
Limited liability company (LLC)
During the period after a real estate sales contract is accepted but before the
delivery of the deed, the status of the contract is
A)
unilateral.
B)
implied.
C)
executory.
D)
, executed. - ANSWERSC)
executory.
A transaction for which TREC has promulgated a contract form and the seller does
not require the use of another form - ANSWERSD)
A transaction for which TREC has promulgated a contract form and the seller does
not require the use of another form
Real estate that is advertised with a financing option that requires only a 5% down
payment with no further detail is likely a violation of
A)
the Equal Credit Opportunity Act.
B)
Regulation Z.
C)
the Real Estate Settlement Procedures Act.
D)
the Secure and Fair Enforcement for Mortgage Licensing Act. - ANSWERS
Fee simple ownership, shared walls, and a fractional interest in common areas are
all characteristics of
A)
single-family home ownership.
B)
time-share ownership.
C)
cooperative ownership.
D)
town-house ownership. - ANSWERSD)
town-house ownership.
When an owner is assessed for maintenance and common area expenses based on
the ratio of the ownership period to the total number of ownership periods in the
property, which type of property is involved?
A)
Time-share
B)
Condominium
C)
Town house
D)
Cooperative - ANSWERSA)
Time-share
Which type of lease provides for specified rent increases at set future dates?
A)
Graduated lease
B)
Net lease
C)
Under a contract for deed, all of the following are true of the buyer's rights and
obligations EXCEPT the buyer
A)
has possession.
B)
is obligated to pay taxes and insurance.
C)
must maintain the property.
D)
has legal title. - ANSWERSD)
has legal title.
Which of the following is FALSE regarding community property?
A)
Its conveyance requires the signature of both spouses
B)
It consists of real and personal property acquired by either spouse during the
marriage
C)
It can be mortgaged or conveyed by one spouse without the consent of the other
D)
The spouses can will their half of the property to whomever they desire -
ANSWERSC)
It can be mortgaged or conveyed by one spouse without the consent of the other
Which of these forms of business organization combines the most attractive features
of limited partnerships and corporations?
A)
Limited liability company (LLC)
B)
General partnership
C)
General corporation
D)
Limited corporation - ANSWERSA)
Limited liability company (LLC)
During the period after a real estate sales contract is accepted but before the
delivery of the deed, the status of the contract is
A)
unilateral.
B)
implied.
C)
executory.
D)
, executed. - ANSWERSC)
executory.
A transaction for which TREC has promulgated a contract form and the seller does
not require the use of another form - ANSWERSD)
A transaction for which TREC has promulgated a contract form and the seller does
not require the use of another form
Real estate that is advertised with a financing option that requires only a 5% down
payment with no further detail is likely a violation of
A)
the Equal Credit Opportunity Act.
B)
Regulation Z.
C)
the Real Estate Settlement Procedures Act.
D)
the Secure and Fair Enforcement for Mortgage Licensing Act. - ANSWERS
Fee simple ownership, shared walls, and a fractional interest in common areas are
all characteristics of
A)
single-family home ownership.
B)
time-share ownership.
C)
cooperative ownership.
D)
town-house ownership. - ANSWERSD)
town-house ownership.
When an owner is assessed for maintenance and common area expenses based on
the ratio of the ownership period to the total number of ownership periods in the
property, which type of property is involved?
A)
Time-share
B)
Condominium
C)
Town house
D)
Cooperative - ANSWERSA)
Time-share
Which type of lease provides for specified rent increases at set future dates?
A)
Graduated lease
B)
Net lease
C)
