Burk Baker National Practice Test

These questions are part of the practice quiz. Start practicing

• Puffins in real estate terminology refer to:
• Public dedication is the voluntary conveyance of title as a gift from a private owner to the government (streets/parks). Which option best describes this concept?
• Which lease provision allows the landlord to reclaim the property if the tenant breaches the lease?
• In a listing agreement, which of the following best describes the relationship between the seller and the broker?
• If the property is sold for an illegal purpose, the contract is what?
• What protection allows the family primary residence to be exempt from forced sale to satisfy personal debts?
• Which clause encourages timely payments and compensates the lender for delays?
• Which land description system uses a starting point and distances and directions to define boundaries?
• Which term describes creating an easement when the seller reserves an easement for his use after the sale?
• Covenant of good repair requires what?
• In a single agency transaction, which statement is true?
• Which term describes a contract in which all parties have met all terms and conditions?
• Which statement describes an easement by prescription?
• What does a condominium declaration establish?
• The Fair Housing Act of 1968 is a provision within Title VIII of which law?
• Megan's Law is a federal statute that establishes a statewide registry containing information on which of the following?
• Which term describes a contract that is binding and enforceable?
• Which basic principle addresses value changing with progression or regression?
• In a deed of trust, who holds the bare or naked title to the property during the loan term?
• In contract terms, which term describes the moment the offeror receives a written or oral communication of acceptance?
• What does the covenant against removal prohibit in a mortgage agreement?
• What two elements must an option contain?
• Which statement best defines agency in real estate?
• Which form emphasizes the equality of spouses as married partners, with property acquired by spouses 50/50?
• The deposit or earnest money is recorded as which entry for the buyer?
• When does actual performance of a real estate contract take place?
• Dower refers to what?
• Which private organization specializes in buying and selling mortgages with private funds?
• Which covenant underwrites the other four covenants and guarantees the grantee's ownership?
• Designated agency was created to replace subagency to better clarify who is being represented in the transaction & who is not. It happens by creating a contract between the broker & client where one or more licensees is appointed as the agent of the client & is named by a broker as the agent of the client.
• Which determinate of value is described as "to be useful"?
• Which term means firsthand information regarding a property that is known by a single interested party?
• How many acres are in a standard surveyor's section?
• Title VIII (Fair Housing Act), before amendments, forbade discrimination in the sale, rental, and financing of housing, and in brokerage services, on the basis of:
• A township comprises how many square miles?
• How many principal meridians are there in the rectangular survey system?
• Which type of title insurance is good for the full amount of coverage as stated on the policy and for as long as the owner has an interest in the property?
• A general lien attaches to:
• The five categories of real property include residential, agriculture, commercial, special purpose, and which of the following?
• Undisclosed dual agency is ...
• Which lease involves rent adjustments based on the property's appraised value at intervals?
• How many square miles are in one section?
• Which of the following is not typically a covenant found in a general warranty deed?
• Which duty involves maintaining insurance?
• In an agency relationship, who is the party that authorizes the agent to act on their behalf?
• Under the Statute of Frauds, real estate contracts cover which of the following?
• In a dual agency, what fiduciary duty is most difficult to perform?
• In Louisiana terminology, who is the grantee in a real property transfer?
• If a borrower has a stable monthly income of $3,200, what would be the maximum housing expense?
• What is the relationship between an arpent and an acre?
• The Statute of Frauds requires real estate contracts to be in writing.
• If a party withdraws from the contract, to whom is the sum designated as earnest money paid?
• In the cost approach, the value is estimated by adding the land value to the depreciated replacement cost of improvements.
• Which statement best describes a general lien?
• Which item is a basic element of a contract for deed?
• A signature loan is characterized by having no mortgage or collateral.
• Which lease describes a tenant occupying land with ownership of the land remaining with the landlord?
• Two investors can own an investment property in unequal shares as:
• The Fair Housing Act of 1968 forbids discrimination based on race, color, or religion in which domain?
• Which is an example of a purchase agreement?
• Which organization is a government-owned enterprise in the mortgage market?
• Which event is a classic example of termination by impossibility due to destruction of property?
• Which form refers to any property acquired outside of marriage?
• What is the name of the express agreement between a real estate broker and the seller that hires the broker to locate a buyer or tenant?
• Which is an example of a specific lien?
• Scarcity in real estate is defined as which of the following?
• What codes are imposed for the protection of the health and safety of the public?
• Which principle concerns the most profitable legal use of a property?
• Which term describes the party who receives title in a real property transfer?
• How many sections are in a township?
• Which term describes the situation in which the offeror specifies the means by which acceptance should be communicated?
• Which statement about severance is correct?
• Limited Partnership
• Which basic principle involves replacing one good with another to satisfy wants?
• Which clause defines the type of estate being transferred and lists covenants (to have and to hold)?
• AIDS is protected under the handicap classification. True or False?
• In a deed of trust arrangement, which statement correctly describes the mechanics?
• Which termination method is triggered by the expiration of the statute of limitations on a contract claim?
• Which item is NOT typically included in a lease agreement?
• What term describes the owner's rights to minerals below the surface of the property?
• Which depreciation method is used to depreciate rental property on your income tax returns?
• In a deed of trust, who is the trustor (the borrower)?
• What is required to create a party wall easement?
• Which determinate of value describes scarcity and is linked to value?
• Which covenant assures the property is free from liens or encumbrances other than those specified?
• Misrepresentation is defined as giving false information about a property, either intentionally or unintentionally.
• What is the standard FHA housing expense ratio?
• Which form of agency authorizes an agent to handle matters of all types for the principal and may involve a power of attorney?
• Which term describes the broker's obligation to be strictly accountable for any of the principals' assets coming into the broker's hands?
• Court judgments create liens on real property through which process?
• When a seller contracts with a broker to market the seller's property, the broker becomes an agent of the seller and the seller is the client principal. What term best describes this relationship?
• What is defined as a legally enforceable promise or set of promises between competent parties, with consideration, to do or abstain from doing a legal act?
• What is the area of a township in square miles?
• Baselines run in which direction?
• An agency relationship based on actions of the parties
• Delivery and acceptance of the deed are necessary for transfer to be effective.
• Encroachment is best described as?
• Which organization is known for establishing a market for selling government-insured mortgages?
• In an exclusive agency buyer agreement, the licensee is entitled to compensation if anyone other than the buyer locates a suitable property.
• Which element is required for a deed to be valid?
• Undue influence is defined as the use of one's power or authority to force another person to enter into an agreement against their will.
• An illegal objective in a contract results in which outcome?
• Which option is a variation of the option in which the renter or lessee is given the option of purchasing the leased property at a later date, with part of rental payments applied to the purchase price if agreed?
• Under an installment contract, if the buyer defaults, what is true?
• Disclosed dual agency involves:
• Which lease involves the lessee renting the land itself rather than a building?
• Which description best fits a real estate customer?
• Joint Venture
• In Louisiana terminology, which term denotes the seller who conveys title to real property?
• In brokerage terminology, a subagent is best described as what?
• An option to buy is defined as a contract that grants the right to purchase real property for a specific amount within a specified period of time. Which term best fits this description?
• Which deed guarantees more than a quitclaim but not as much as a warranty deed?
• Condemnation refers to:
• Under a contract for deed, the buyer is typically responsible for paying which costs?
• Which term denotes an actual threat to commit duress?
• Which term describes a fee simple estate in which the new owner is prevented from performing a specific action?
• An easement grants what?
• Which listing type is associated with an arrangement where a broker earns a commission only if they locate a buyer?
• Ad valorem taxes are taxes assessed according to:
• Mistake of fact involves errors regarding the facts of a contract, such as misunderstandings about the location of land being conveyed.
• Which term refers to a deed with more guarantees than a quitclaim but fewer than a general warranty deed?
• Which statement reflects a fiduciary obligation of a licensee acting as a dual agent?
• Which listing type lets the seller hire multiple brokers but pays a commission only to the broker who finds a ready, willing, and able buyer?
• If a property with a tenant is sold, what can happen to the existing lease?
• Which statement best describes an easement appurtenant?
• Which statement accurately describes the extension of the fiduciary duty of confidentiality after the agency ends?
• How many acres are there in one square mile?
• Which statement best describes what should be included when disclosing property descriptions in a real estate contract?
• What are the two types of life estates?
• Which term describes a failure to perform an action such as delivering a counter offer due to negligence?
• What term describes areas created to separate one land use from another?
• Which statement best describes obedience in agency duties?
• Which mortgage is used for owner financing and is originated by a second lender combining equity and money owed into a second mortgage?
• An arpent is equal to what fraction of an acre?
• In a specific performance contract, what remedies are available if a party breaches?
• What is the term for a contract that is unenforceable if its terms cannot be enforced by the courts?
• Under title theory, who holds legal title until the debt is paid?
• What is a typical first step in dealing with a holdover tenant (tenant at sufferance)?
• An easement by implication arises from what?
• Which organization is the government-sponsored enterprise created to support the secondary mortgage market?
• In Louisiana, fee simple ownership is referred to as what?
• Which statement best describes legal capacity in contract formation?
• Easement by necessity arises when which scenario occurs?
• A lease is best described as which of the following?
• Under the statute of frauds, if the patio furniture is promised to stay with the house but is not mentioned in the contract, the buyer's best recourse is to:
• Curtsey is the widower's interest in the estate of his deceased wife.
• In real estate transactions, who is the principal?
• Calculate LTVR given loan amount 85,500 and appraised value 98,000.
• Which four factors create value in property appraisal?
• A riparian owner will often hold the title to the waterway up to its midpoint. Which type of waterway does this refer to?
• Which act addresses electronic signatures and records in a national framework, while states maintain separate laws on digital signatures?
• The owner's rent clause applies to which situation?
• Adverse possession requires occupancy for a statutory period ranging from
• What clause permits release of individual properties from a blanket mortgage?
• Nonjudicial foreclosure differs from judicial foreclosure primarily because it does not involve what?
• If an owner refuses eminent domain, the government must:
• Which legal life estate provides protection for a homeowner's residence?
• Trade fixtures installed by a tenant are typically considered
• Two investors can own an investment property in unequal shares as
• Which of the following is an example of a unilateral contract?
• Which of the following is a type of predial servitude?
• Which action would constitute a breach of loyalty by a broker?
• Blockbusting is defined as which practice?
• Which financing arrangement is used to finance large commercial or industrial properties?
• Which right allows the lessee to transfer the lease midway (subletting/novation)?
• A contract formed by words, whether written or spoken, is called an?
• In a real estate transaction, who hires the agent to represent the parties' interests?
• Which policy is for borrowers (mortgagors) and protects the amount owed on the loan as it is paid off?
• Which term describes the process of resolving clouds on the title through legal action?
• Which principle requires certain real estate contracts to be in writing to be enforceable?
• Escheat is defined as the reversion of property to the state on the owner's death without legal heirs.
• Which statement about single agency is true?
• Which clause ensures the promissory note is secured by collateral rather than becoming a personal loan?
• Which type of title insurance protects only the amount owed on the loan?
• Which entity provides a function similar to private mortgage insurance by insuring lenders against losses caused by borrower defaults on FHA insured loans?
• Which clause allows subletting of the premises?
• Which term describes the deliberate concealment of a known defect that a reasonable person would consider material?
• Which deed is described as turning into a Special Warranty Deed when it includes a covenant?
• Which term is a written confirmation of the truth of a document's contents?
• Which act was enacted in 1970 to preserve America's natural resources and requires environmental impact statements for government projects?
• Farmer Mac refers to which government program?
• Which deed is used to convey property to guardians for minors or incompetents?
• Which of the following is an example of a specific voluntary lien?
• Which term describes the act of pressurizing someone to sign a contract by exploiting trust or authority?
• In real estate, the term "situs" refers to the property's
• Which of the following is NOT typically considered when determining fixture status?
• Under financing requirements, who is responsible for providing basic financing information to salespeople and assisting the buyer in obtaining financing?
• A person who dies leaving a will is said to have died
• Which instrument creates a lien?
• Which phenomenon may discharge a contract, though fraud bankruptcy won't exempt you?
• Which right may allow the lessor to recover unpaid rent if possible?
• Party wall easement describes what?
• Procuring cause refers to the agent whose actions are the primary reason for a sale taking place.
• What does chain title refer to?
• How many essential elements are listed for a valid contract?
• Which right gives the lessor the right to sell his mortgage without the lessee's consent?
• What does PETE stand for in the context of government powers?
• Which item refers to the unauthorized intrusion of a building or improvement onto another's land, detectable by survey?
• Which statement about disclosures related to value is true?
• Which term stands for the combination of principal, interest, taxes, and insurance in a loan payment?
• Which type of life estate is created by the owner's deed or will?
• What is the cost of 2 discount points on a $120,000 loan?
• Which deed's scope of title warranty is limited to the grantor's ownership period?
• Actual fraud involves what element?
• Enabling acts grant municipalities the authority to exercise which powers?
• Which term describes a private organization that buys and sells mortgages with private funds?
• In a real estate sale, if the seller defaults after the buyer has given a deposit, what lien can the buyer place to recover the deposit?
• Incurrable depreciation is best described as
• Which of the following is NOT a category of real property?
• One acre, when shaped as a square, has side length of approximately how many feet?
• Which option best reflects financing requirements in brokerage duties?
• Which term describes a relationship where the agent represents only one party in a transaction and owes fiduciary duties to that party?
• What is a counteroffer?
• The buyer becomes obligated when?
• Which element of comparison deals with the conditions of sale?
• Which term refers to the requirement that documents creating, transferring, or encumbering real property must be recorded in public records to protect the grantee's interest and ensure future marketability of title?
• The concept that began as protection for attorneys for any errors in abstracts is called what?
• Which organization is a government-owned enterprise in the mortgage market?
• Which term refers to gradual exposure of land behind a receding waterline?
• Which describes a contract that is still binding but has a flaw?
• Which lease is commonly issued by the corporation that owns a corporate apartment building?
• Which lien has the second-highest priority?
• Which loan type is used in commercial lending to enable a new business to defer a portion of mortgage payments in the expectation of increased income in the future?
• Which coverage extends protection beyond standard coverage by adding protections against additional defects?
• Lack of purpose in easement termination refers to what?
• What is the name of the agreement that creates an express agency relationship between a broker and a buyer?
• Which form uses a proprietary lease for units and occupant owners?
• Which type of grant transfers title to real property from one private person to another?
• A contract in which both parties promise to perform is called?
• What is the purpose of designated agency in confidentiality?
• In Louisiana, acquisitive prescription requires occupancy for a minimum of years to potentially become owner.
• What is the qualified or determinable fee estate?
• Under a contract for deed, what remedy may the seller have if the buyer defaults?
• Which clause includes the signature of the grantor and witnesses, the formal declaration before an authorized person?
• Under a sale with appraisement, the debtor has the right to bid only if the bid equals which fraction of the appraised value?
• Which clause pushes the interest rate up to the highest rate allowed by law?
• Which item is listed as a warning sign of trouble when dealing with clients?
• What is implied agency?
• Which term describes a statement that the person executing a document has done so of his own free will and that the signatures appear on the document?
• Which term describes the legal action used to resolve clouds on the title?
• Statutory rights of redemption occur when?
• Real estate leases longer than one year fall under the Statute of Frauds.
• Adverse possession refers to
• An agency relationship based on a formal agreement between the parties, either written or verbal, is
• In Louisiana, if a seller sells a $200,000 home for $60,000, the seller’s heir may challenge the sale under which remedy?
• Discount points are prepaid what at closing?
• Which loan functions as a line of credit tied to a property, allowing borrowing up to a set limit and increasing the loan balance as needed?
• Which deed conveys property of minors or incompetents?
• If movable personal property is included, it must be listed in the listing agreement?
• The 14th Amendment, ratified in 1868, is known for what provision?
• A promissory note that can exist without a mortgage or collateral is called what?
• Which clause gives the lessee an option to extend the term?
• Which term describes an agency relationship that cannot be canceled and may survive the principal's death?
• Which deed is used by a trustee to return title to the truster?
• Sole Proprietorship
• In easement law, condemnation refers to which of the following actions?
• Under an installment contract, what title does the buyer hold before full performance?
• What is the area of one section?
• Which clause gives the seller the right to declare entire purchase price due if the buyer defaults?
• How is a purchase money mortgage reflected in the accounts of buyer and seller?
• Two investors own an apartment building as joint tenants. One dies leaving his entire estate to his two children. Which statement best describes what will happen to ownership of the apartment building?
• Tenancy refers to what kind of interest in land?
• Which right describes eviction, including both actual and constructive eviction?
• In Louisiana, adverse possession is called acquisitive prescription.
• Which type of will is created entirely by the testator's own handwriting, dated and signed, and not witnessed?
• Which statement accurately describes directive zoning?
• Which term is defined as a brief summary of all recorded instruments affecting the title?
• Which term refers to an oath confirming the truth of a document's contents?
• If either party withdraws from the contract, what can the other party do?
• A contract between a buyer and seller would be discharged if the subject matter is destroyed before performance. Which event discharges the contract?
• Which private organization specializes in buying and selling mortgages with private funds?
• Which term refers to the location and characteristics of a property that influence its value?
• Which sequence correctly lists the six steps of the appraisal process?
• What is the role of a sales associate within a brokerage?
• Under a deed in lieu of foreclosure, what happens to the loan note?
• Which right can the lessee convey a security on a loan?
• Which agency relationship is formed when the broker represents only one party and owes fiduciary duties to that party?
• Foreclosure may take place by which two processes?
• Who signs a real estate purchase agreement to make it legally binding?
• Which statement about implied contracts is true?
• Which term describes changes to an existing will by modifying its provisions?
• Which loan increases an existing mortgage to the original amount?
• Which item is typically considered a trade fixture?
• Which of the following describes the primary function of a listing agreement?
• What term refers to laws that govern the government's responsibility to protect health, safety, welfare, and the environment?
• What is the first step in the sales comparison approach?
• A bill of sale is used in which scenario?
• Which lease type is specifically designed so rent adjusts based on an external economic indicator?
• Which depreciation type is economically feasible to cure?
• Which basic principle reflects the interaction of buyers and sellers in value determination?
• Which statement about designated agency is true?
• Which instrument creates a lien in a deed conveying title?
• Which statement about subagency is true?
• Which term describes a record of all instruments that affect the title?
• A tenant left trade fixtures upon moving out; under what principle does the landowner acquire them?
• Which right enables the lessor to recover unpaid rent if possible?
• Under lesion beyond moiety rules, a sale for less than half market value gives the seller a right to rescind within one year.
• Which deed contains only one covenant and guarantees the title only for the period the grantor owned the property?
• Under the statute of frauds, which type of real estate contract must be in writing to be enforceable?
• Which termination occurs when both parties mutually cancel the contract, typically with retroactive effect?
• The 1974 amendment to the Fair Housing Act added which protected class?
• Which clause gives the lender the right to demand payment in full upon default?
• Which of the following is a common private encumbrance on real property?
• What best describes a subagent in real estate?
• Which term describes the right to possess, use, and dispose of property?
• If monthly income is $4,000, what is the maximum housing expense allowed under the FHA guideline?
• Judicial action involves transfer by foreclosure by attachment and tax sale.
• A mortgage or deed serves as security instrument that creates a lien against what property?
• Which clause identifies the grantor and grantee and may include their addresses?
• Which instrument is enacted to specify standards for construction of new buildings and alterations to old ones?
• The protection and safety clause is typically associated with listing type?
• Which clause expresses the grantor's intention to convey grant, give, sell or release real property interest to the grantee using specific words of conveyance?
• Which listing type would allow the seller to list with multiple brokers and only pay the broker who brings a buyer?
• Which statement describes principal meridians?
• A contract signed under duress is:
• In a real estate contract, which disclosure is required?
• Under lien theory, the lender holds which interest?
• Which term describes the government's right to acquire private property for public use?
• What happens when a judgement is satisfied?
• Which statement best characterizes ministerial acts?
• Which tenancy renews automatically from period to period?
• Which of the following is considered an element of comparison?
• Termination by operation of law can occur in which scenario?
• Which contract type is still binding but may be canceled due to a flaw?
• Which statement about easement creation is correct?
• Littoral rights apply to which type of property?
• Which term describes the written opinion given after title examination by an attorney?
• Which deed type guarantees more than a quitclaim but less than a special warranty deed?
• Which term describes a contract that the courts cannot enforce due to technical reasons?
• Which Form Exposes Each Partner to Personal Liability for Debts and Obligations?
• Hypothecation means that the lender is given a lien against the borrower's collateral property and, if default occurs, the lender can foreclose proceedings to recover his interest.
• A municipality's plan for future development is known as:
• Constructive fraud differs from actual fraud in that it does not require intent to deceive.
• The clause requiring listing to be shared with MLS members is called what?
• If three people hold property as joint tenants and one sells his interest to a fourth party, the fourth party becomes what type of co-ownership?
• Which statement best describes the six-step appraisal process?
• Asbestos is described as
• What term describes the intentional conveyance of title by sale or gift from one owner to another by deed or will?
• A specific lien attaches to the property explicitly encumbered by the lien, such as:
• Which statement describes a person who dies leaving a will?
• Which term means loss of property by wearing away of soil?
• Which loan is described as interim financing used in repairing either residential or commercial property in less than 3 years?
• Which process refers to acquiring real property through natural events like alluvion or accretion?
• Which basic principle refers to the added value from a particular feature or improvement?
• In title theory, when a borrower defaults but before foreclosure, the borrower may retain possession, title, and rights until what occurs?
• Which of the following is a recognized way to terminate a lease?
• Which listing type is the best to ensure the broker earns a commission regardless of who sells the property?
• Which statement is NOT a remedy for breach of a real estate contract?
• The agent owes only honesty and truthfulness to the ______.
• Equitable title refers to which aspect of ownership?
• In the appraisal's elements of comparison, which is considered an element of comparison?
• In a Buyer Agency agreement, the commission is paid by:
• Which statement best defines a multiple listing?
• A lien is best described as:
• Which action is an example of a ministerial act?
• Mistake in preparation or interpretation of a contract may remove genuine assent.
• Protective zoning regulates the size and placement of buildings on their lots, population, density, and overall use of space.
• Which lease arrangement is typically associated with high-value commercial and industrial properties?
• Effective age is determined based on which factor?
• Which deed is used to remove a cloud on title by relinquishing claims?
• In a net lease, the lessee pays rent plus a share or all of the property's operating expenses.
• What is the purpose of the defeasance clause?
• Which statement describes a right typically granted by an alienation clause?
• Which term describes a relationship created by the parties' conduct rather than a formal written contract?
• What are rent controls?
• Which statement about conventional loans is true?
• How is the brokers commission typically calculated?
• Escheat is the government’s right to seize ownerless land when:
• Which role does a listing play in real estate transactions?
• Which loan is known as a straight term loan and requires payments that are interest-only for the term?
• What is the primary role of an underwriter in mortgage lending?
• Recordation of a deed is required to give notice to third parties.
• Which right is described as eviction, including actual or constructive eviction?
• The bundle of rights concept represents the rights of a property owner as a collection of sticks.
• After foreclosure sale, the borrower may have which right?
• Which item is an element of comparison and part of the order of adjustments?
• In Louisiana, which form of ownership is referred to as ownership in-division?
• Which agency type authorizes an agent to transact a broad range of matters concerning a specific area of business for the principal?
• A contract formed by the parties' actions and conduct rather than written or spoken words is called?
• What is described by a contingency clause in a real estate contract?
• A will is a written instrument by which a person arranges for conveyance of property to take effect after death.
• Which statement describes open buyer agency?
• Which listing type guarantees the broker a commission no matter who procures the buyer?
• Personal property may become real property by annexation.
• Which will is made orally by a testator near death and may transfer only personal property, requiring witnesses?
• Which term describes a contract in which all terms and conditions have not yet been fully performed?
• Which of the following is NOT a typical FHA loan feature?
• Which element requires that the property being conveyed be accurately described?
• What is a Joint Listing?
• Which statement about lead-based paint is true?
• Partition suits result in
• Which lease type features rent that increases at set future dates (step-up)?
• Which contract type is typically required to be in writing to be enforceable in real estate transactions?
• In an Exclusive Agency listing, who must pay a commission if the seller sells the property personally?
• What is substantive contact?
• In the cost approach, which component is valued separately and added to the value of improvements?
• What term describes ownership by a single person?
• Which covenant protects the grantee's right to possession without disturbance?
• In a seller-as-principal arrangement, who is the client?
• Subordination clauses are most commonly used in the sale of which type of property?
• Which clause is described as especially important because it links the promissory note to the mortgage?
• Latent defect is defined as a hidden structural defect not discoverable by ordinary inspection.
• Which form is based on the unity of spouses and is not available in Louisiana?
• Which statement about deposits accompanying a purchase agreement is true?
• Which lease commonly uses a fixed schedule of rent increases at regular intervals?
• Which type of lien protects workmen, contractors, engineers, architects, and suppliers who provide labor or material to build or improve real property?
• Which item is not a listing requirement?
• When underwriting a loan, lenders focus on three areas: which are they?
• A mortgage is an example of which type of lien?
• Who are direct endorsers?
• Which contract involves a promise by one party contingent on the other party performing a specified act?
• Which term describes the initial step where one party makes an offer and the other accepts, forming a contract?
• In a closing statement, new loan proceeds are listed as?
• Which term describes the practice of charging more than legally allowable interest?
• What phrase refers to the body of laws and customs governing the relationship between principal and agent?
• In the sales comparison approach, which step involves comparing to the subject property and adjusting for differences?
• Which statement best describes a general lien?
• The Civil Rights Act of 1866 prohibits discrimination on what basis?
• Zoning in which portions of a distinct area are zoned differently?
• Restrictive covenants are defined as what?
• Under title theory, before payoff, the borrower has which type of rights in the property?
• Which is the right to the use and fruits of another's property?
• Which statement is true about undisclosed dual agency?
• What do principal baselines describe?
• What is a contingency in a real estate contract?
• Which term describes a person who assists in a real estate transaction without representing either party?
• Conformity is the basis for subdivision restrictions.
• A mortgage on a house is an example of which type of lien?
• What describes a multiple listing service (MLS)?
• In Louisiana, the term for an easement is what?
• In a divorce scenario where fast sale is needed, what is the broker's duty regarding confidentiality after the agency ends?
• Which Arrangement Involves Two or More People or Firms Joining to Operate a Real Estate Investment and Is Not a Legal Entity?
• Net listing clause allows broker to collect commission equal to what?
• A contract is void if sold for what purpose?
• Familial status is defined as which of the following?
• What does a Multiple Listing Clause require?
• Which term refers to unlawful influence exerted upon a person to compel action against his will through tactics such as physical force, property damage, or confinement?
• Which lease is used in retail where rent is based on a percentage of gross sales?
• How many square feet are in one acre?
• Which statement identifies the principal in an agency relationship?
• In mortgage practice, subrogation involves which party recovering damages after paying a claim?
• Which form is described as possession, interest, time, and title (PITT) and is illegal in Louisiana due to forced heirship laws?
• What does the act of sale signify in a real estate transaction?
• Ad valorem taxes are taxes assessed based on:
• Which statement about easement appurtenant is true?
• What term describes an agent authorized to handle matters of all types for the principal, typically requiring a power of attorney?
• Expiration of a mutually agreed-upon time period for an easement termination means which of the following?
• What does an exclusive right to sell listing mean?
• Which option describes termination when one party has substantially performed the contract but has not completed every detail exactly as required?
• Which ownership form includes the right of survivorship among co-owners?
• Which loan is commonly known as the direct reduction loan and is usually long term up to 30 years?
• Which basic principle concerns effects on third parties not involved in a transaction?
• A housing complex with 80% of units occupied by persons age 55 or older would be exempt from renting to which group?
• Property acquired before marriage or through inheritance is considered
• Misrepresentation in real estate practice is best defined as
• Which coverage normally insures the title as it is known from public records and against such hidden defects?
• Which right is the lessee's right to possess and quiet enjoyment for a definite time?
• What best describes a sales associate?
• Which loan is typically used as interim financing during construction or repairs of property?
• In a buyer-broker relationship, which statement is true?
• Which item is addressed by a definite termination date in a listing agreement?
• In the seller-as-principal arrangement, what is the broker's role?
• Under contract law, a contract lacking legality of purpose is considered to be what?
• Which covenant assures the grantor that the title is free from claims arising before transfer?
• Which financing instrument is designed to temporarily lower the initial mortgage rate by paying points upfront?
• Which lease type is most common for an apartment and is described as a gross lease?
• Which contract event permits substitution of one party with a new party?
• The Home Mortgage Disclosure Act of 1976 prohibits the act of:
• When a monetary judgment is awarded by a court, the lien on the debtor's property typically becomes which type?
• What does recession mean in real estate contract terms?
• Protection & Safety Clause is typically associated with which listing type?
• Negligent misrepresentation occurs when:
• In Louisiana, tax sales generally take place within how many years?
• A legatee is one who inherits property in a will.
• In Louisiana, absent a written agreement to the contrary, the agent represents whom?
• A house is sold for $150,000 and the buyer makes a 20% down payment with an 80% loan. What is the down payment?
• Which instrument is commonly associated with non-judicial foreclosure due to a power of sale clause?
• Mutually rescinded contract means?
• Which of the following lists the correct number of principal meridians?
• In a sale without appraisement, the lender forfeits which right?
• Steering is best described as directing home seekers to or away from areas based on which criteria?
• Which deed is a special type of bargain & sale deed that includes a covenant assuring the grantee that the grantor has done nothing to encumber the property during the time they owned it?
• Which term describes a lingering, often vague or uncertain claim or encumbrance that impairs the owner's title?
• Which term describes the party who receives title in a real property transfer?
• Which term describes the rights to the air space above a property?
• In a deed of trust, who is the borrower referred to as the trustor?
• What is the housing expense ratio?
• Which type of will is formally prepared by an attorney, witnessed and signed?
• The 1988 amendment to the Fair Housing Act included which of the following?
• Which lease includes a clause that allows periodic increases in rental rates?
• Asbestos is described as which of the following?
• Which is NOT one of the standard property types typically requiring management?
• Unilaterally rescinded contract means?
• Which loan is repaid on the sale of the property or upon the death of the borrower?
• Fee simple refers to which type of ownership?
• Which law prohibits discrimination in housing on the basis of race, color, or religion?
• In an exclusive agency buyer agreement, the licensee is entitled to compensation if:
• Which of the following is an example of a natural predial servitude?
• What is a Planned Unit Development (PUD)?
• What is the correct form that can accompany a purchase agreement as a deposit?
• An express agency relationship can also be created between a broker and a buyer through which agreement?
• Which term describes the loss of land due to the wearing away of soil?
• Independent contractor in the brokerage context means:
• What entry reflects closing costs in a real estate settlement?
• How many principal baselines are there?
• In Louisiana, a general warranty deed is referred to as a sale without warranty.
• Dual agency is the act of representing two principals to a transaction at the same time and requires equal loyalty to both.
• Which deed conveys severed interest of coowned property resulting from a court ordered partition?
• Which lease is defined as a lease granted by the corporation that owns the apartment building?
• In title theory arrangements, the lender’s rights are manifested by which instrument?
• Which term refers to fruit of nature naturally growing things on the land that do not need annual cultivation?
• In tenancy terminology, which statement best describes tenancy?
• What term refers to changes to an existing will made to modify provisions?
• How many feet are in one mile?
• Which form of ownership is not available in Louisiana?
• Which activity is explicitly listed as a responsibility of a property manager?
• A vendor's lien is described as?
• Equitable right of redemption provides what?
• Interest on an assumed mortgage is recorded as what on the closing statement?
• Range lines are placed at what interval from the principal meridian?
• What is a lis pendens?
• The Fair Housing Act prohibits discrimination on the basis of which combined bases?
• Which term describes the party who conveys title in a real property transfer?
• Which term describes the linkage of all past owners dating back to the original land grant?
• LTVR stands for ...
• Directive zoning is primarily concerned with which aspect of land use?
• Which lease arrangement involves the owner selling the property and then leasing it back?
• Agency Coupled With Interest means what?
• Which is an example of a conventional predial servitude?
• Reproduction cost is defined as
• What is a deposit in a purchase agreement?
• Which of the following is a basic right of freehold ownership?
• Which statement about disclosure's role in contract validity is correct?
• Which loan type is designed to be fully amortized over a long term and repaid in equal payments?
• Trade fixtures are best described as
• Underwriting is the process of determining what?
• Which term is used to describe economic value?
• Which clause allows the seller to sell to certain parties without paying a commission?
• Which term reflects the economic concept that scarcity influences the value of land?
• Which statement best defines the brokers commission in real estate transactions?
• Which right corresponds to the lessee's right to possession and quiet enjoyment?
• The method by which real property may become personal property is called
• Which term describes a person authorized by the broker to act as the agent of a specific principal based on fiduciary relationship?
• What term describes mixing funds with the broker's personal funds?
• If a seller wants to retain the right to sell the property themselves, which listing type best describes this arrangement?
• Reserve Clause means what?
• What does the power of sale clause permit?
• Which term describes annual crops grown and harvested by farmers?
• Who is described as a nonagent in a real estate transaction?
• Anything man-made added to land such as homes, buildings, fences or sidewalks is known as
• Which of the following is a commonly cited characteristic of land?
• Failure to perform within the allotted time may discharge a contract due to which doctrine?
• In creating an easement by mutual agreement, which scenario illustrates the arrangement?
• A purchase agreement (sales contract) is ...
• Under title theory, paying off the debt results in what outcome regarding conveyance?
• Which term describes a deposit associated with seeking specific performance?
• What is the zoning remedy that allows relief from strict application of zoning regulations?
• Curable depreciation is defined as
• Which deed conveys property sold by court order to satisfy a debt?
• Which description best fits a purchase money mortgage arrangement?
• Which statement best defines value in real estate?
• Which term refers to the government's power to enact and enforce laws to protect the health, safety, morals, and welfare of the general public?
• In which listing type does the seller hire one broker but reserves the right to sell the property himself without paying a commission to the broker?
• Encapsulation in the context of asbestos management means:
• An agent tells a prospective buyer that seepage in a basement has been corrected, knowing that the crack has simply been filled and painted over. This is an example of
• Which is a general lien?
• Which lien would a buyer most likely use to recover the buyer's deposit if the seller defaults after a down payment?
• Prepaid taxes are recorded as what in the closing entries?
• Which form involves members owning shares of stock rather than real property?
• Conventional loans typically permit up to what LTVR?
• Which deed conveys property out of a trust?
• Which set comprises the four agents of productivity?
• A cooperating broker may also be a subagent of the listing broker.
• What type of mortgage is secured by both real and personal property, commonly used to finance new homes along with major household appliances?
• Which is a valid basis for terminating an agency relationship?
• Which agency authorizes an agent to perform a specific act or handle a specific business matter for the principal?
• Which right allows a title company to recover damages after paying a claim?
• Which type of contract for real estate is not enforceable unless it is in writing due to the statute of frauds?
• Which zoning exemption allows nonconforming use if it benefits the public?
• Usury refers to what practice?
• Which situation is a typical example of termination by operation of law due to debtor inabilty to perform (e.g., bankruptcy)?
• What is the starting point in a metes-and-bounds land description called?
• Which deed is used to place property into a land trust?
• Which listing gives the broker exclusive right to sell the property, regardless of who finds the buyer?
• In Louisiana, the term for the government’s right of eminent domain expressed through court action is:
• Which concept is described as the government's power to enact and enforce laws to protect the health, safety, morals, and welfare of the public?
• Fraud is defined as:
• Which loan is also known as a variable rate mortgage and fluctuates due to market rates?
• Good consideration in contract law is best exemplified by which option?
• Which deed is used to convey private owner's road, street, or alley rights to the public?
• A defeasible fee is best described as:
• Which statement describes termination by the fulfillment of purpose?
• A quarter section contains how many acres?
• Steering refers to channeling home seekers to or away from areas based on which criteria?
• Which contract involves mutual promises by both parties to perform as stated in the contract?
• Which term describes the meeting of the minds between offeror and offeree?
• What is the total number of acres in a township that covers 36 square miles?
• Which term refers to termination by substituting a new contractual obligation, with full satisfaction when all terms are fulfilled?
• What term describes using commingled funds as the broker's own money?
• A mortgage creates a lien on real property; which statement best describes this relationship?
• Equal Credit Opportunity Act is known for which of the following?
• Which of the following describes an encroachment?
• Tenancy in Partnership
• Which is the simplest type of ownership by being the most common way to own property together?
• Disclosed dual agency involves :
• If a client does not want an open house and the agent advertises one anyway, what does this illustrate?
• The Statute of Frauds originated in English law to address confusion over oral contracts and holds that real estate contracts must be in writing.
• Replacement cost is defined as
• Ownership of real estate by a corporation would be
• The 1988 amendment to the Fair Housing Act included which enforcement change?
• The tenants' security deposit is recorded as what in the closing entries?
• Which option describes termination when an act required by a contract is not possible to perform due to death or other legal impossibility?
• Discount points are calculated on which base amount?
• Which event leads to contract termination when property is destroyed?
• Which unit equals 43,560 square feet?
• Which statement differentiates misrepresentation from fraud?
• In Louisiana, a lien is commonly called what?
• How long does the fiduciary duty of confidentiality last?
• Redlining is defined as refusing to make loans or insurance in certain areas that are considered bad risk. Which act prohibits redlining?
• The term redlining refers to which practice?
• Which amendment guaranteed citizenship and civil rights to African Americans in 1868?
• A tenant occupying a premises without the landlord's consent is classified as which tenancy?
• Which zoning practice describes giving a single property or small area a different zoning classification than surrounding properties?
• Mistake of law occurs when a party, though aware of the facts, reaches an erroneous conclusion about their legal ramifications.
• Which concept describes the permanency of land improvements and the investment required?
• A vendor's lien is used in connection with which arrangement?
• Which clause states that the seller has inspected the property for termite damage and has remedied any damage found?
• Abatement in the context of environmental hazard management refers to which concept?
• In real estate accounting, when a buyer assumes an existing loan, how is the transaction typically recorded?
• Meridians run in which direction?
• Possession, interest, time and title (PITT) are associated with what type of ownership?
• In mortgage foreclosure, how is the property typically sold and where do the proceeds go?
• Which form involves several owners holding fee simple title to individual units and proportional shares in the whole property common elements?
• Which term is defined as the most probable price in terms of money which a property should bring in a competitive market & open market?
• Which term describes rights that apply to land adjacent to a lake or ocean?
• The government's power to take private property for public use, with just compensation, is called:
• Covenants, conditions, restrictions (CCR) and recorded easements are collectively classified as what type of encumbrance?
• Which arrangement is an example of a unilateral contract?
• Which policy protects the lender's investment by insuring the title to the loan?
• Which statement accurately describes exclusive buyer agency?
• Which lease is characterized by the tenant occupying land with the landlord retaining ownership of any improvements?
• Which describes a contract that is no contract at all?
• Which will must be in writing, signed by the testator, sealed, and notarized with three witnesses?
• Which clause specifies the kind of estate being transferred, such as fee simple or life estate, and lists covenants (to have and to hold)?
• Which codes specify standards for construction of new buildings and alterations to old ones?
• Which deed conveys severed interest of coowned property resulting from a court ordered partition?
• Which lease arrangement is commonly used when a property owner sells the asset and then leases it back to continue use?
• Which deed is used for placing property in a land trust?
• Which of the following is a basic principle of value?
• In a real estate transaction, the broker who finds the buyer but doesn’t represent either party is known as what?
• A fee simple estate is best described as:
• Which term refers to the desire to purchase along with the ability to pay?
• Which concept states that real property interest may be gained, lost, or transferred by artificial means?
• Which term describes an involuntary transfer of title to real property?
• In Louisiana terminology, which term is commonly used to designate the seller who conveys title in a real property transfer?
• When a loan secured by a deed of trust is paid in full, what happens to the title?
• Misrepresentation can be defined as:
• The 1974 amendment added sex to the protected class.
• In an installment contract, who typically holds title to the property until the purchase price is fully paid?
• In which lease is rent tied to an external standard such as the cost of living, CPI, or prime lending rate?
• Which term describes a declaration made by a person prohibited from taking an oath due to religious beliefs?
• Which issue allows termination of a contract due to misrepresentation or fraud?
• Economic life is defined as the period of time over which a property may be profitably used.
• Procuring cause refers to the agent whose actions are the primary reason for a sale taking place.
• Which type of grant transfers title to real property from the government to a private party?
• In land description, what does the abbreviation POB stand for?
• When does personal property become real property under annexation?
• Replacement cost is defined as
• Which concept is described as primarily concerned with the function of land and promoting the highest and best use?
• Baselines run in which direction in the rectangular survey?
• Louisiana has how many baselines and meridians?
• Clause 1 promissory note contains which information?
• What term describes the rights to the space above the surface of a property?
• In Louisiana, LUETA stands for the Louisiana Uniform Electronic Transactions Act. Which of the following is the correct full name?
• What does a general warranty deed provide?
• In agency terms, the principal is the
• What is a Mixed Use Development (MUD)?
• Which of the following is a core right in the bundle of rights?
• A partition suit is used to
• What does the property inspection covenant permit the lender to do?
• Which lease provision allows the landlord to periodically raise rent by pre-agreed increments?
• PITI stands for which of the following?
• In an installment contract, when does the buyer receive legal title?
• In a Trust Arrangement, Who Holds Title to Property?
• Which policy protects the lenders who take the property as collateral for a loan and reduces as payments are made?
• Which type of will must be in writing, signed by the testator, sealed, and notarized with three witnesses?
• After the abstract is completed, the title is examined by an attorney and an opinion is issued. What is this document called?
• Which covenant promises the grantor will defend the grantee's title against all pre-transfer claims?
• In real estate, how is an agent defined?
• In Louisiana, Limited Partnership is Known As Partnership in Commendam
• Deed restrictions are made by whom?
• What is the reversionary interest?
• If a buyer occupies the property before the specified date, what must the buyer do?
• Which deed is used to convey property of an intestate deceased?
• Which term refers to fruits of industry essential farm crops grown and harvested?
• Which item is NOT a disclosure obligation of a seller's broker?
• Which right allows the lessor to collect rent?
• Which statement accurately describes a broker's role?
• Which policy grants the title company the right of subrogation when paying a claim?
• As a/an ____________, the salesperson may work on a commission basis or a salaried basis.
• What is the standard description of a mortgage as a security instrument?
• How are a client and a customer different in real estate terms?
• Which deed is a form of bargain and sale that includes a covenant and effectively functions as a special warranty deed?
• Which doctrine governs water rights in states where water is scarce?
• Which loan is described as the limited reduction loan for a renegotiable rate mortgage, with payments that typically do not fully amortize by the end of the term?
• Which statement about PMI on conventional loans is true?
• An easement in gross is commonly granted for what purpose?
• A legal life estate is created by state law and includes which elements?
• Which clause is commonly associated with the ability to demand immediate payment upon default?
• Which doctrine discharges a real estate contract when the subject matter is destroyed or becomes impossible to perform?
• Which regulatory framework requires developers to submit plans showing the proposed locations of lots, sewers, roads, utilities, schools, and other public facilities?
• Constructive fraud is characterized by which of the following?
• Which statement about special easements is correct?
• Which organization requires loans for urban renewal projects?
• Which statement about confidentiality is accurate?
• Valuable consideration in contracts typically refers to which of the following?
• A house is sold for $150,000; the buyer obtains 80% loan and is paying 2 discount points. How much cash will he need to bring to closing?
• Which term describes zoning regulations that regulate the use of land to protect property values and promote health, safety, and welfare?
• Which Act Allows Real Estate to Be Held in the Name of Partnership?
• Which term describes the broker's obligation to act with the principal's interests in mind, such as seeking the highest price for the property?
• The court action expressing the government's eminent domain right is called
• What is a trust?
• Equitable title is described as the buyer's interest before delivery of what?
• Which term describes exaggerating property benefits that is always an opinion?
• What term describes a building that was constructed before the current zoning ordinance and may not conform to current zoning regulations?
• What action converts real property to personal property by removal?
• A non-freehold estate is an interest in real property that does not last indefinitely.
• Which policy protects lenders who take the property as collateral for a loan, with the insured amount reduced as payments are made?
• Which clause expresses the grantor's intention to convey real property using specific words of conveyance?
• When a deed of trust is paid off, what must the trustee do?
• Which form corresponds to ownership where individuals hold title to their unit and share common elements?
• Which statement best defines condemnation in the context of eminent domain?
• What best defines radon?
• The Civil Rights Act of 1964 bans discrimination in which areas?
• Which statement about licenses in real property is accurate?
• Which lien has priority higher than property taxes and special assessments?
• How many promises are contained in a general warranty deed?
• A specific lien attaches to:
• Which agency form is based on a formal agreement—written or oral—that establishes the terms and conditions of the agency?
• Which covenant relates to escrow payments for taxes and insurance?
• Which elements are typically specified in a real estate purchase agreement?
• Which statement best defines equitable redemption in foreclosure processes?
• Which statement describes a duty to clients?
• Which statement best describes a fee simple defeasable estate?
• Which deed is used to convey title to a trustee as security for a loan?
• General Partnership
• Because of the power of sale clause in the deed of trust, the property can be sold without court action in which foreclosure type?
• A leasehold that runs indefinitely (no time length) is called what?
• Which statement best describes the duty of disclosure?
• Which feature is a characteristic of joint tenancy?
• Which term describes an agency relationship in which the agent holds an interest in the subject of the agency that cannot be canceled and may not terminate at death?
• Which item is NOT typical in a standard residential lease?
• Liquidated damages in a real estate contract are typically defined as...
• Which term denotes the ease with which ownership of a commodity may be transferred?
• Under lesion beyond moiety, which sale scenario could allow a seller to rescind?
• Which right allows the lessor to retain improvements made on the premises (not trade fixtures)?
• In the priority of liens, which lien has the highest priority?
• A conventional life estate is created by?
• At closing, the sale price is recorded as what in the distribution of funds?
• What is the most common type of leasehold with a determinate length?
• Which zoning instrument allows a property to deviate from the literal zoning requirements, typically granted on a case-by-case basis?
• After the title abstract is complete, which product provides the legal opinion on the title?
• Which of the following is a permissible reason to disclose confidential information?
• The Civil Rights Act of 1964 addresses discrimination in which areas?
• If a township contains 36 sections, what is its area in square miles?
• Negligent omission is best described as:
• What distinguishes exclusive buyer agency from exclusive agency within a buyer representation?
• Under lien theory, who retains title to the property?
• What is the basic unit of subdivision in the rectangular survey system?
• Which act was the first attempt at uniformity in the use of technology in business and commerce?
• Which statement about easements in gross is true?
• Which statement best describes a designated agent?
• Which deed conveys property of a testate deceased?
• The clause 'Time is of the essence' requires what?
• Which term is the method based on an attorney examination of the history of the title?
• In a fee simple on condition subsequent, what happens upon violation of the condition?
• What is a deed?
• Exemptions to the fair housing act do not apply to which basis?
• On conventional loans, PMI is required when LTVR exceeds what percentage?
• Which loan type often results in a balloon payment at maturity because the payments do not fully amortize the loan?
• Which duty ensures that offers are presented promptly?
• In a trust deed, what is the function of the assignment of rents clause?
• Real property includes which of the following items?
• Which clause protects the seller from having to keep his house off the market for an extended period when the buyer is contingently selling his own home?
• In a mortgage context, who holds the lien?
• Which right allows the lessor to enter the premises when a breach of the lease occurs?
• How many acres does one square mile contain?
• Which term describes gradual physical increase in the size of a property as a result of natural processes in water (alluvion)?
• Which concept involves acquisition of real property interest through natural or artificial causes of acts of God?
• In Louisiana law, a sale of a home for $60,000 when its fair value is $200,000 may be challenged under which remedy?
• Which component is typically valued separately and added to the value of improvements in many valuation methods?
• Which issue refers to an omission of information in public records?
• Setbacks regulate the distances from streets and sidewalks that buildings can be erected.
• Prescription in the context of easements refers to which concept?
• What does the term 'act of sale' signify?
• Ownership by a husband and wife in which each has separate, equal ownership in anything acquired by the marriage is called
• Which term describes an item of personal property permanently attached to real property such that it becomes part of the real property?
• What are riders in real estate contracts?
• Real property consists of land, improvements, and which of the following?
• Which termination occurs when the parties replace the original contract with a new obligation?
• Non judicial foreclosure is foreclosure by what mechanism?
• Which option describes termination by partial performance accompanied by written acceptance?
• A free-standing china cabinet built to fit into a corner of a dining room would be considered which of the following?
• A property manager is commonly referred to as which type of agent?
• What are the dimensions of a township?
• In the bundle of rights, which term describes the right to exclude others from using your property?
• Which term describes rights that attach to land adjacent to running water?
• Earnest money is also known as what?
• Which deed conveys property of minors or incompetents?
• Which term is the amount that is paid or is about to be paid?
• Which form describes ownership by two or more people?
• Which policy is designed for the borrower and protects the amount owed on the loan as it is paid off?
• Which term describes the rights to underground resources such as minerals?
• Which statement defines exclusive buyer agency?
• Which technique is used to temporarily lower the initial interest rate on a mortgage or deed of trust?
• Which form is described as the simplest type of ownership by two or more people?
• The 1972 amendment introduced which compliance poster in sales and rental offices?
• Which statement correctly differentiates replacement cost from reproduction cost?
• Which term describes an agency relationship where the agent represents only one party to a transaction and owes fiduciary duties to that client?
• Reproduction cost is defined as
• In the sales comparison approach, what is the final step?
• Which deed is used in conveying title for trustee as security for a loan?
• Earnest money deposit is...
• Which deed makes no promises at all and simply relinquishes any claim to title?
• Under the handicap or disability protection, which item is considered protected?
• Which term describes a contract that has been fully performed by all parties?
• Which option describes termination of a contract by the complete and satisfactory performance of all contract terms?
• Which item on the closing statement increases the buyer's cash inflow (credit)?
• Ownership is defined as:
• What best describes conditional acceptance?
• Which term describes information based on incorrect and inaccurate surveys?
• What best describes a buyer agency agreement?
• Which term describes a contract still in progress with obligations outstanding?
• What describes an offer to which the offeree changes the terms, constituting a rejection of the original?
• In agency, a customer is a party for whom the broker owes what kind of duties?
• Which right enables the lessee to transfer the lease through subletting or novation?
• Which termination is triggered by a failure to meet contractual obligations, effectively ending the contract (breach)?
• Which statement best describes voluntary relinquishment in relation to easements?
• What is the cash cost of 2 discount points on a $100,000 loan?
• Which statement best distinguishes an easement from a license?
• A freehold estate is ownership in real property extending for an indeterminable length of time.
• Which notice is based on direct knowledge of a property, not just what is found in public records?
• Which term describes zones created to separate incompatible land uses?
• Legal title transfers upon which event?
• Which statement describes the following arrangement: Nonexclusive open? Which buyer agency arrangement is nonexclusive and allows the buyer to employ an unlimited number of brokers, with compensation paid only to the broker who actually locates the property purchased?
• Which term describes an agency relationship created by the actions of the parties?
• Range lines in land surveying run in which direction?
• What does a subordination clause accomplish?
• A promissory note is:
• Uncanceled mortgages and prior judgments are examples of what title issue?
• Which lease type requires the property to be reappraised periodically?
• Which of the following describes a will created entirely by the testator's handwriting and dated, without any witness requirement?
• Which type of estate places conditions on ownership but does not automatically revert on violation?
• An option is a contract in which the owner gives a prospective purchaser the future right to buy the property at a fixed price within a specific period. What type of contract is this?
• A contract of deed is also known as which of the following?
• Which clause is associated with a penalty for prepayment?
• Restrictive conditions are used to do what?
• Which lease is granted by the corporation that owns a corporate apartment building?
• Which description defines constructive communication?
• Which term describes the government's right to seize ownerless land?
• In the broker-sponsor and sales associate relationship, who owes fiduciary duties to the client?
• An appraisal is defined as what?
• Which term describes ownership by a single owner, not under a co-ownership?
• What entry records the payoff of the seller's existing mortgage at closing?
• Which of the following is a category of real property?
• Which statement about confidentiality is true in agency relationships?
• What does rescission mean in contract law?
• What did the 1972 amendment to the Fair Housing Act require?
• A listing agreement is an express contract between a real estate broker and a seller to do what?
• Which four traits are the physical characteristics of land?
• Which instrument also contains a power of sale clause, warranty to title clause, reconveyance clause, acceleration clause, receiver clause, and owners rent clause?
• What regulations require developers to submit plans showing proposed location of lots, sewers, roads, utilities, schools, and other public facilities?
• In a mortgage foreclosure, who typically conducts the property sale?
• An easement by necessity typically conveys which rights?
• Which act prohibits redlining?
• Which clause insures that the broker will receive a commission if his client buys the house within a certain time period after the listing agreement has expired?
• In waterways that are accessible to commercial boat traffic, ownership stops at the water's edge. Which type of waterways is this?
• Which document should specify whether the salesperson is an employee or an independent contractor?
• Syndicates
• In Louisiana, movables refers to
• What have many states adopted in place of subagency?
• What does the covenant of further assurance require the grantor to do?
• Which statement about the Civil Rights Act of 1964 is true?