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79 Cards in this Set
- Front
- Back
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The Provision and a listing agreement that gives additional authority to the broker and obligates the broker to distribute the listing to other brokers is
A. A joint listing clause B. A Multiple Listing clause C. A net listing clause D. An open listing clause |
B. A multiple listing clause |
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Some property owners list their property for sale with a broker. During the listing negotiations, they tell the broker that they want $138,000 for the property and anything above that amount the broker can keep as a commission. a listing with this type of Provision is known as A. A gross listing B. A net listing C. An open listing D. A non-exclusive listing |
B. A net listing |
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Under which of the following listing agreements can owners of listed property sell the property on their own without having to pay the listing broker a commission? A. Exclusive - right - 2 - sell listing B. Exclusive - agency listing C. Open listing D. Both exclusive - agency listing an open listing |
D. Both exclusive - agency listing and open listing |
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A broker who has done a proper comparative market analysis (CMA), discuss is the probable market value of the property with the seller, in the seller wants analyst a price on the property. What of the following is false?
A. The broker should suggest the seller have a formal appraisal done B. The broker should take the listing with the understanding that price reductions may be needed C. the broker must take the listing at the proposed sellers price D. The broker may decline to take the listing at the high price |
D. The broker may decline to take the listing at the high price |
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Under an exclusive Buyer Agency Agreement, the real estate broker would be entitled to a commission EXCEPT
A. If the broker sells the property. B. If the property is sold through another broker. C. If the property is sold through the multiple - Listing Service. D. If the seller sells the property to a neighbor across the street who has the property list it with another broker. |
D. If the seller sells the property to a neighbor across the street who has a property list it with another broker. |
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A buyer has signed an agreement with a broker to compensate the broker even if the buyer purchases the property from a relative. This is call an A. Open Buyer Agency Agreement B. Exclusive - agency Buyer Agency Agreement C. Exclusive Buyer Agency Agreement D. Invalid agreement |
C. Exclusive Buyer Agency Agreement |
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A broker enters into a listing agreement with the seller under which the seller will receive $22,000 from the sell of a lot and a broker will receive any sale proceeds over this amount. This type of listing is A. A gross listing B. A legal and ethical way to ensure that the broker is compensated C. An exclusive agency D. A net listing |
D. A net listing |
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In some states, the following type of listing is prohibited A. exclusive-right-to-sell B. Net listing C. Buyer Agency Agreement D. Open listing |
B. Net listing |
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Statutory right that a family has and its residents is called A. Entirety B. Survivorship C. Courtesy D. Homestead |
D. Homestead |
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Fee simple estate |
The highest interest in real estate recognized by law, the holder is entitled to all rights to the property. |
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Fee simple absolute |
The maximum possible estate or right of ownership of real property, continuing forever. |
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Fee simple defeasible |
A qualified the state that is subject to the occurrence or non occurrence of some specified event. |
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Fee simple determinable |
A fee simple state qualified by a special limitation. language used to describe limitation includes the words so long as, while, or during. |
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Fee simple subject to a condition subsequent |
If an estate is no longer used for the purpose conveyed, it reverts to the original grantor by the right of reentry. |
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Fixture |
An item of personal property that has been converted to real property by being permanently affixed to the realty. |
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Encroachment |
When part of your building is built on somebody else's property |
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Easement |
The right to use another's land for a specific purpose, such as for right away or utilities. |
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Easement by prescription |
An easement acquired by continuous, open, and hostile use of the property for the period Of time prescribed by state law. |
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Easement in gross |
An easement that is not created for the benefit of any land owned by the owner of the easement but that attaches personally to the easement owner. for example, a right granted by Eleanor Franks to Joe fish to use a portion of her property for the rest of his life would be easement in gross. |
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Many states determine the order of water rights according to which users of the water hold record beneficial use permits. This allocation of water rights is controlled by A. Accretion B. Riparian Theory C. littoral theory D the doctrine of prior appropriation |
A. Accretion |
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Which of the following has a indeterminable duration? A. Freehold estate B. Less than freehold estate C. Estate for years D. License |
A. Freehold estate |
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A descendant left a will giving his neighbor the right to use a well on the descendants property as long as the neighbor lived. The neighbors interest in the property is called
A. A license B. An easement in gross C. An easement appurtenant D. A life estate |
B. An easement in gross |
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A life estate conveys to the life tenant A. A leasehold for life B. A reversionary interest C. A legal life estate D. Ownership for life |
D. Ownership for life |
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Creditors suing a homeowner who enjoys the homestead exemption provided by state law A. Can have the court sell the home owners residents and apply the full proceeds to sell to his outstanding debts B. Have no right to sell the debtor's residence C. May request a court order to sell and how the proceeds in excess of the statutory exemption and exempted liens applied to the debts D. Can force the debtor to sell the residents in order to pay the outstanding debts in full. |
C. May request a court order to sell and how the proceeds in excess of the statutory exemption and exempted liens applied to the debts |
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A woman owns 50 acres of land with 500 feet of frontage on a desirable recreational lake. she wishes to subdivide the parcel into sellable lots but she wants to retain control over the lake frontage while allowing lot owners to have access to the lake. which of the following types of access rights would provide the greatest protection for a prospective lot purchaser? A. An easement in gross B. An appurtenant easement C. An easement by necessity D. A license |
B. An appurtenant easement |
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A homestead exemption protects against judgments A. Of unsecured creditors B. That result from unpaid taxes C. That result from foreclosure of a mortgage D. That result from cost of improvements |
A. Of unsecured creditors |
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Which of the following is an example of a legal life estate
A. A homestead estate B. Estate conveyed by one party to a second party for the life of the second party C. An estate created by will D. Interstate conveyed to a second party subject to a condition |
C. An estate created by will |
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A woman conveys a life estate to her grandson and stipulates that upon her death the state will pass to her son in law. The son in law has
A. A reversionary interest B. a remainder interest C. An estate for years D. A legal life estate |
D. A legal life estate |
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A men conveys the ownership of his house to his mother and stipulates that upon her death he will recapture ownership. The interesting man has in the property is
A. remainder interest B. Courtesy Estate C. Legal life estate D. Reversionary interest |
D. Reversionary interest |
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A person wants to ensure that the ownership of real property can be will to her children. Which of the following forms of ownership would that person want?
A. A conventional life estate B. A fee simple estate C. A joint tenancy D. A license |
B. A fee simple estate |
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The difference between timeshare use and a timeshare estate is
A. The amount of time sold to the buyer B. 1 limits used to certain months, the other provides a rotation system for use. C. timeshare use sells only right of occupancy, not a fee simple estate D. No difference except in terminology |
C. timeshare use sells only right of occupancy, not a fee simple estate |
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A person who owns one unit in a multi-unit structure together with the specified undivided interest in the common elements would own a
A. Cooperative B. Share in a real estate investment trust C. Condominium D. Timeshare interest |
C. Condominium |
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A joint tenancy with right of survivorship may be created
A. Automatically at the property is distributed to the surviving children B. By presumption is another form of ownership is not described C. By deed or will D. Automatically if the deed is signed by both spouses |
C. By deed or will |
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Which of the following about condominium is false A. A declaration must be filed before any units may be sold B. Each unit owner has a fractional undivided interest in the common elements C. Each owner receives a separate real estate tax statement D. Each owner has a proprietary lease with the Association for his or her own unit |
D. Each owner has a proprietary lease with the Association for his or her own unit |
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Avon and baker are joint tenants. Baker sells his interest to Charlie. What is the relationship of Abel and Charlie?
A. They are joint tenants B. They are tenants in common C. There is no relationship because Baker can not sell to Charlie D. Able owns a two-thirds interest in Charlie owns a one-third interest |
B. They are tenants in common |
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Tenancy with survivorship means A. The tenancy interest will be inherited B. The tenancy interest will pass to the surviving tenants upon the death of one C. the tenants heirs are survivors D. This is not illegal tenancy |
B. The tenancy interest will pass to the surviving tenants upon the death of one |
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In a land trust, which of the following is false? A. Trust by will B. Testamentary trust C. Beneficial trust D. Living trust |
B. Testamentary trust |
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How many acres are in a lot that is 1/4 of a mile wide and 1/4 of a mile long? A. 10 B. 40 C. 80 D. 120 |
B. 40 (1/4, 1/4) 4*4=16, 640÷16=40 |
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The numbering of sections in a township begins in the section in the A. Northeast corner and then runs easterly B. Northwest corner and then runs easterly C. Northeast corner and then runs westerly D. Northwest corner and then runs westerly |
C. Northeast corner and then runs westerly |
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The following legal description contains how many acres: the south 1 / 2 of the SE 1/4 of the NE 1/4 of the NE 1/4 of section 7? A. 2.5 B. 5 C. 10 D. 20 |
B. 5 (2*4*4*4=128) (640÷128=5) |
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A township contains A. 6 square miles B. 640 acres C. 23,040 square feet D. 36 sections |
D. 36 sections |
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Strips of land six miles apart that run north and south are called
A. Tiers B. Ranges C. Latitudes D. Longitude |
B. Ranges |
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A metes-and-balance legal description
A. Can be made only in areas excluded from rectangular survey system B. Is not acceptable in court in most jurisdictions C. Must commence and finish at the same identifiable point D. Is used to complete areas a omitted from recorded subdivision Platts |
C. Must commence and finish at the same identifiable point |
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How many lots, each measuring 72.5 feet wide by 100 feet deep, could be made from A two acre parcel of land? A. 6 B. 7 C. 12 D. 14 |
C. 12 |
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A section
A. Is 1 mile square B. Contains four hundred and 460 acres C. Has a perimeter of 5,280 square feet D. Can be any number anywhere from 1 to 50 |
A. Is 1 mile square |
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The primary survey line running north and south in any area described by rectangular survey system is its A. Township line B. Base line C. Range line D. Principal meridian |
D. Principal meridian |
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It recorded subdivision Platt is used in the A. Geodetic survey system B. Rectangular survey system C. Lot and block system D. Metes and bounds system |
C. Lot and block system |
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In parts of the country where there are many lakes and rivers, the rectangular survey system designations will often include
A. Hyphenated sections B. meander-line sections C. Mean water line sections D. Fractional sections |
D. Fractional sections |
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A standard rectangular Survey System section contains A. 36 townships B. 160 government lots C. 160 acres D. 640 acres |
D. 640 acres |
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The method of describing William that uses degrees, feet and monuments is known as the A. Angular system B. Metes-and- bounds system C. Rectangular- survey system D. Lot-and-block system |
B. Metes-and- bounds system |
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Range lines run |
North and south |
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Principal meridian |
6 miles apart and then rolls called Range |
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1 mile equals |
5280 feet |
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1 acre equals |
43,560 square feet |
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Av÷mv=R AV÷R=MV MV*R=AV |
Equation |
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When properly recorded in the county where the real estate of the defendant is located, a judgment becomes A. A voluntary lien B. An involuntary lien C. A specific lien D. Statutory lien |
B. An involuntary lien |
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When a lien against a parcel of real estate may result from a lawsuit currently before the court, one examining the public records would look for A. The chain of title B. A lis pendens C. A suit to quiet title D. A judgement lien |
B. A lis pendens |
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Under which of the following types of lien can real property and personal property of a debtor be sold to pay the debt?
A. Real estate tax lien B. Mechanics lien C. Judgment lien D. Assessment lien |
C. Judgment lien |
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Priority of mechanics liens is based on A. Federal law B. state law C. Common law D. Case law |
B. state law |
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Special assessments initiated by a public agency are A. General liens B. Voluntary liens C. equitable liens D. Statutory liens |
D. Statutory liens |
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Taxes levied on a property owner to pay for installation of sidewalks or sewers are called
A. Ad valorem taxes B. General property taxes C. Special exercise taxes D. Special assessments |
D. Special assessments |
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A Void contract is one that was A. Not in writing B. Never legally enforceable C. Rescindable by agreement D. Voidable by only one of the parties |
B. Never legally enforceable |
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The legal proceedings or legal action brought by either the buyer or the seller under a purchase contract to enforce the terms of the contract is known as A. an injunction B. A lis pendens C. An attachment D. Specific performance |
D. Specific performance |
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Essential elements of a contract include all of the following EXCEPT A. Offer and acceptance B. Signatures of the parties C. Competent parties D. Consideration |
B. Signatures of the parties |
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It's about your default it some time ago on a written contract to purchase a seller is real estate, the seller can still sue for damages if not prohibited from doing so by the A. Statute of frauds B. Law of agency C. Statutes of limitations D. Broker-attorney accord |
C. Statutes of limitations |
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Which of the following best describes a voidable contract?
A. A contract that has no legal effect and never had any B. An oral contract with no witnesses to the agreement C. A contract that may be either enforced or declared void by one of the parties D. A contract that has been accepted but the acceptance has not been communicated to the offeror |
C. A contract that may be either enforced or declared void by one of the parties |
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Which of the following gives the best evidence of the buyer's intention to carry out the terms of the real estate purchase contract? A. The "subject to" clause B. The Agreement to seek mortgage financing C. The earnest money deposit D. The provision that " time is of the essence" |
C. The earnest money deposit |
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What's action returns a contract's parties to their position before the contract, including the return of any deposit? A. Cancellation B. Rescission C. Substitution D. Subordination |
B. Rescission |
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All of the following are central to the formation of a contract EXCEPT A. offer B. Acceptance C. Consideration D. Performance |
D. Performance |
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An option A. Requires the Optionee to complete the purchase B. Gives the option an easement on the property C. Binds the optionor for a specified time D. Makes the seller liable for commission |
C. Binds the optionor for a specified time |
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When a prospective buyer makes a written purchase offer that the seller accepts, then the A. Buyer may take possession of the real estate B. Seller grants the buyer possessory right C. Buyer receives legal title to the property if I can go D. Buyer receives equitable title to the property |
D. Buyer receives equitable title to the property |
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At the time of buyer was negotiating the purchase of a lot on which to build a new home, the seller represented that the soil was firm enough to support the construction of a building when, in fact, the seller knew it was not. The contract is A. Void B. Voidable by the buyer because of fraud C. Voidable by the seller because of the mistake D. Voidable by either party because no harm was done yet |
B. Voidable by the buyer because of fraud |
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The law that requires real estate contracts to be in writing to be enforceable is the A. Law of descent and distribution B. Statute of frauds C. Parol evidence rule D. Statute of limitations |
C. Parol evidence rule |
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If an owner takes a property off the market for a definite period of time in exchange for some consideration, but grants an individual the right to purchase the property within that period for stated price, this is called A. An option B. A contract of sale C. A right of first refusal D. An installment agreement |
A. An option |
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Breach of contract is refusal or failure to comply with the terms of a contract. If a seller breaches purchase contract, the buyer me do all the following EXCEPT
A. Sue the seller for specific performance B. Rescind the contract and recover the earnest money C. Sue the seller for damages D. Sue the broker for non-performance |
D. Sue the broker for non-performance |
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To assign a contract for the sale of real estate means to A. Record the contract with the county recorder's office B. Permit another broker to act as agent for the principal C. Transfer ones right under the contract D. Allow the seller and the buyer to exchange positions |
C. Transfer ones right under the contract |
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The broker receives an earnest money deposit with a written offer to purchase that includes a 10 day acceptance clause. on the fifth day, before the offer is accepted, the buyer notifies the broker that the buyer is withdrawing the offer and demands the return of the earnest money deposit. In this situation
A. The buyer cannot withdraw the offer because it must be held open for the full 10 days B. The buyer has the right to revoke the offer any time until it is accepted and recover the earnest money C. The seller and the broker have the right to retain one-half of the deposit D. The broker declares the deposit forfeited and retains it for his services |
B. The buyer has the right to revoke the offer any time until it is accepted in recover the earnest money |
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Which of the following is about contingencies? A. They create a contract that is unenforceable B. They must specify what is required to satisfy the contingency C. They must identify who will pay for any costs involved D. Common contingencies include u mortgage and inspection contingencies |
A. They create a contract that is unenforceable |
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Money that serves to compensate the seller in the event of a buyer default is known as A. Actual damages B. Liquidated damages C. Escrow funds D. Earnest money |
B. Liquidated damages |
