Superior Exam - 3-24-23| Questions and Answers, 100% Verified| 2024

Superior Exam - 3-24-23| Questions and Answers, 100% Verified| 2024 Condemnation and escheat are examples of which of the following types of property transfer? voluntary alienation involuntary alienation transfer of title by descent transfer of title through foreclosure involuntary alienation Without an agreement to the contrary, when a leased property is sold, the lease is binding on the new owner. is in breach and can be voided by the tenant. is canceled effective the date of title transfer. may be terminated at the discretion of the new owner. is binding on the new owner. Which of the following terms BEST describes a court order that forces the parties to fulfill obligations they promised in a real estate contract? subpoena lis pendens constructive notice specific performance specific performance Under which of the following circumstances is an agency relationship created through a listing agreement terminated without liability for either party? contract neglect contract expiration unilateral revocation by the principal a title search discovers the seller has unmarketable title contract expiration When performing an appraisal report, what is the very last step taken by the appraiser when bringing different appraisal approaches together in order to reach a final opinion of value? contribution substitution reconciliation adjustment reconciliation Which appraisal approach is an appraiser MOST likely to use when appraising a 20-year-old home in a residential neighborhood? capitalization approach market data approach income approach cost approach market data approach A squatter has been living on and farming a small, remote section of a very large property. The property owner receives notice that the squatter wants to claim title to the cultivated section. Which of the following statements about this situation is CORRECT? The claim may transfer ownership if all the conditions of adverse possession are met. The claim will be valid if the land has been farmed for more than three growing seasons. Squatters are entitled only to the crops they have planted and cannot lay claim to the property. Squatters are entitled to bring claims for continued use under a prescriptive easement but not a claim for title. The claim may transfer ownership if all the conditions of adverse possession are met. Which of the following activities is prohibited under the federal Sherman Antitrust Law? blockbusting market allocation racial discrimination nondisclosure of material defects market allocation A buyer gives a seller’s agent an earnest money deposit and an offer stating that the out-of-town seller has ten days to respond. Seven days later, the seller has still not reviewed the offer and the buyer notifies the seller’s agent that the offer is withdrawn, and the earnest money should be returned. Can the buyer do this? Why or why not? No, the offer must remain open for the full ten-day period. No, the offer must be delivered to the seller before it can be withdrawn. Yes, the buyer can withdraw the offer without penalty since it has not been accepted. Yes, the buyer can withdraw the offer and receive the earnest money, but only if the buyer has made an offer on a different property. Yes, the buyer can withdraw the offer without penalty since it has not been accepted. A property manager has an arrangement with a handyman company to spend a few days per month doing touch-up painting and general property up-keep. This type of maintenance work is BEST categorized by which of the following terms? deferred corrective preventive construction preventive When a person signing a document does so in the presence of a formal witness, such as a notary public, who confirms the authenticity of the signer’s identity, this is BEST referred to as actual notice. an acknowledgment. a document recordation. a discharge of documentary obligations. an acknowledgment. A licensee who has just qualified to be a broker-in-charge (BIC) is considering opening an office as a BIC. Which of the following types of business ownership for a real estate operation provides the LEAST protection against the licensee's personal assets being subject to professional liability claims?