stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Real Estate Midterm Exam / Chapters 1-10 Flashcards | StudBud
Explore
/
Real Estate Midterm Exam / Chapters 1-10
Real Estate Midterm Exam / Chapters 1-10
70 terms
·
StudBud Administration
·
55 plays
Imported from external platform
Flashcards
70 cards
F
Practice quiz
P
Host live
L
Questions
70
Answers
1
The obligations an agent owes to a customer include all of the following EXCEPT:
confidentiality
honesty
accountability
reasonable skill and care
2
Which of the following is a physical characteristic of land?
Destructibility
Scarcity
Mobility
Uniqueness (non-homogeneity)
3
A fixture may be legally removed from a property if:
Its removal does not damage the property
There is an expressed agreement allowing the removal
The seller's intent was not to make it part of the real property
It does not substantially affect the value of the property
4
With which of the following are rental payments guaranteed to increase during the term of the lease?
escalator lease
none of the answers are correct
step-up lease
index lease
5
BURTON LEASED AN APARTMENT TO FRAZIER FREE OF ENCUMBRANCE, THEN FRAIZER SUBLETS TO GRESHAM.
BURTON'S AGREEMENT WITH FRAZIER IS NOT AFFECTED BY THE SUBLEASE
FRAIZER WANTED THE APARTMENT
BURTON SHOULD NOT DO THIS
BURTON SHOULD SUE
6
The intent of the statute of fraud is to require real estate contracts to be in writing in order to...
be legally enforceable
protect prospective buyers
disclose property defects
protect the public
7
A CITY GOVERNMENT WANTS TO ENCOURAGE GROWTH IN A PARTICULAR AREA AND THEREFORE REZONES THE AREA, THIS IS
"POLICE POWER"
False
True
8
A VALID WRITTEN LEASE DOES NOT REQUIRE THE SIGNATURES OF BOTH PARTIES.
False
True
9
The city acquired privately owned property in a deteriorated neighborhood by eminent domain and sold to a developer...
because urban renewal is not for public use
because they sold the land to a private developer
the city is justified if compensation is paid to the landowners
but the land must be resold to the original owners
10
A person has been in possession of a property for a long time without the owner's consent. How would they acquire title?
homestead
adverse possession
escheat
eminent domain
11
Which of the following is NOT considered to be an economic characteristic of land?
immobility
scarcity
modification
location (situs)
12
The following practices would NOT be considered a violation of antitrust laws if broker requires independent contractors
to follow a set rate of commission without deviation
consider listing his property for less than going rate of commission
to cooperate with competitors in establishing a standard rate of commission
wait 3 weeks to get paid
13
Has a contractual obligation been created between buyer & seller if buyer's offer was rejected & seller made counter?
No, the buyer's offer was rejected and sellermade a counter offer
Yes,both the buyer and seller agreed to the purchase price
No,because a broker was not involved
Yes,a definite offer was made by the buyer
14
A listing agreement provides for the payment of a commission to the broker even if the owner sells without broker's help
exclusive agency listing
net listing
open listing
exclusive right to sell listing
15
In a buyer agency agreement, the buyer's broker would consider the seller to be the Customer if the buyer's broker...
went to the store
called the principal
started crying
cooperated with another brokerage company representing a seller
16
Which of the following are NOT necessarily appurtenances that pass with the transfer of real property?
easements in gross
property improvements
water rights
fixtures
17
A map of a subdivision indicating the location and boundaries of individual properties is called a:
plat map
contour map
survey map
road map
18
A tenant who has a one year lease on an apartment, commencing on January 1st must:
giveten days notice before vacating
vacatethe premises within thirty days after expiration of lease
vacate thepremises by December 31st.
givethirty days notice when he/she plans to vacate
19
Which of the following actions would NOT LIKELY create an agency relationship?
a broker and seller sign a listing agreement
a broker agrees to find a buyer for a friend's home for no commission
a broker shows several properties to a customer
a broker manages a client's rental property
20
A LEASING ARRANGEMENT USED BY A BUSINESS PROPERTY OWNER TO GENERATE CAPITAL IS CALLED A
"SALE-LEASEBACK"
False
True
21
A GENERAL WARRANTY DEED (most title protection of any deed) WOULD MOST LIKELY INCLUDE ALL THE FOLLOWING COVENANTS...
except covenant of religious trust
except covenant of deed
except covenant of restricted ownership
except covenant with the church
22
Which of the following properties would MOST LIKELY involve riparian rights?
A cabin next to a stream
Adesert home
Anapartment complex in the central city
Anocean front property
23
In law a fiduciary role is one that:
Will last indefinitely
Relatesto arranging a loan
Implies a position of trust and confidence
Involvesa cash transaction
24
A change in zoning from multifamily to single-family use would be an example of:
up zoning
down zoning
a variance
spot zoning
25
AFTER THE CONTRACT WAS SIGNED, THE SELLER LEARNED THE BUYER WAS A MINOR AND DECLARED THE CONTRACT VOID...
only the minor could void the contract
only the buyer could void the contract
only the parent could void the contract
only the seller could void the contract
26
A riparian owner's land is washed away by a sudden or violent action of nature.
owner does not lose title due to encroach
owner does not lose title to the lost land & boundary lines due to avulsion
owner doesnt lose title to the lost land & boundary lines due to attachment
owner does not lose title to the lost land & boundary lines due to erosion
27
A deed is presumed to have been delivered if the d
eed is:
Signed by the grantee
Signed by the grantor
Recorded by the grantee
Recorded by the grantor
28
In a deed which of the following is TRUE?
the grantee is the seller
the grantor records the deed
the grantor is the buyer
the grantee can be a minor
29
Before closing, the property is rezoned commercial and seller refuses to sell. The buyer's best course of action...
enter a suit for damages against the seller's broker
rescind the contract
enter a suit for specific performance against the seller
would be to renegotiate the contract at a higher price
30
All of the following are true of BRRETA except:
material facts must be disclosed to seller clients
the Broker owes a fiduciary duty to any client or customer
a non-exclusive agency, without an agreement to the contrary, will expire i
dual agency requires informed written consent
31
REAL PROPERTY WOULD NOT INCLUDE:
car seat
emblements (crops that require annual cultivations
cars
seat belts
32
Will the present operation of the bowling alley located outside the city change if it was rezoned for residential use?
no, only urban renewal projects require absolute compliance
yes, they will have to relocate
yes, to continue a petition for a variance must be filed
no, the bowling alley is considered a nonconforming use
33
A developer needs information to determine the soil's absorption and drainage capacity. This info would be obtained from
the building codes
an appraisal
a percolation test
a survey
34
To allow a more intensive use of subdivision land, a zoning variation would be required to permit which of the following
An increase in the number of building sites peracre
Deedrestrictions prohibiting the sale of any individual lot to a family of fewerthan four persons
Deed restrictions prohibiting the shrinkage of the backyardarea in any residential lot
Adecrease in the number of buildings allowed per block
35
The provisions of the CAN-SPAM Act require all of the following to be included in commercial e-mail EXCEPT:
an Opt-Out provision
a valid phone number
a relevant subject line
a valid postal address
36
A residential subdivision of single homes would MOST LIKELY be separated from an industrial park by...
a buffer zone
a subdivision incorporating townhouses
a commercial area
a school
37
Property at $110k. 3/1 owner accepts written offer for $105k, closing date 6/15, now it's worth $145k. Amount paid?
a compromise between the offer and current value
the original listing price since that is what the seller thought was fair
the amount specified by the accepted offer
fair market price as determined by a certified appraiser
38
A broker and seller signed a standard listing agreement. The broker would NOT perform these acts under the listing terms
Prepare a data sheet with info about the property to give to purchasers
Sell, trade, or convey title to the realproperty
Attemptto find a ready, willing and able buyer for the real property
Placea "For Sale" sign on the property and market the property
39
Compliance with the Federal Trade Commission's Do Not Call Implementation Act, requires a broker not to call at 930pm
to a buyer who requested information on a property
to a For Sale By Owner whose phone number is NOT listed on the DNCR
to their parents
to a former seller client whose phone number is currently listed
40
AN EFFECTIVE RESIDENTIAL PROPERTY MANAGER WOULD OFTEN USE ALL OF THE FOLLOWING EXCEPT:
MARKETING TECHNIQUES
ACCOUNTING PROCEDURES
KNOWLEDGE OF HAZARD INSURANCE
BOND MARKET QUOTATIONS
41
BUILDER HIRES A REAL ESTATE AGENT TO FIND BUYERS FOR TWO OF HIS NEW CONSTRUCTION HOUSES, THIS IS SPECIAL AGENCY.
True
False
42
THE ASSESSED VALUATION OF ALL REAL PROPERTY WITHIN A TAXING JURISDICTION IS THE
police power
adverse possession
tax base
escheat
43
THE SELLERS ASKED THE SALESPERSON TO GIVE THEM AN OPINION ON THE VALIDITY OF THE TITLE. THE SALESPERSON SHOULD:
SUGGEST THEY GET SOME POLICE PROTECTION
SUGGEST THEY GET SOME MONEY
SUGGEST THEY GET SOME LEGAL ADVICE
SUGGEST THEY GET SOME LUNCH
44
Carlos leased entertainment quarters from Wilfred Jones for the period from May 1, 2006, to July 31, 2006...
a tenancy at will
a month-to-month lease
Carlos's interest is an estate for years
a periodic tenancy
45
A QUIT CLAIM DEED IS GENERALLY USED TO REMOVE A CLOUD ON THE TITLE.
False
True
46
THE
"CLOSING DATE OF SALE"
IS NOT A TYPICAL PROVISION IN A LISTING AGREEMENT
False
True
47
An illiterate adult buyer signs a contract to purchase property from a seller and the terms were explained orally...
and the buyer is an attorney
contract is binding because the buyer understands the terms of the contract
and the buyer is smart
and all adults are considered to be legally competent
48
Property was listed for $125k and the broker found a buyer who made an offer of $115k which was not accepted by seller.
this situation would be best described as a "rejected offer"
this situation would be best described as a "first right of refusal"
this situation would be best described as an "option to purchase"
this situation would be best described as an "installment sale"
49
Baird finds a prospect for a house under an open listing. Seller signs sales contract days later with buyer by Carr...
Carr should receive the entire commission since seller signed his contract
Baird and Carr should receive equal shares of the commission
They should give the commission to a charity
Baird should receive the entire commission
50
A LEASE IS ALL OF THE FOLLOWING EXCEPT:
AN AGREEMENT
A CONVEYANCE
AN OPTION
A CONTRACT
51
Something that transfers with the sale of real property would BEST be defined as:
Emblements
An appurtenance
A trade fixture
Chattel property
52
IN THE PURCHASE OF REAL ESTATE, THE BUYER IS PROBABLY ACTING IN THE FOLLOWING LEGAL CAPACITY OF A GRANTEE
True
False
53
Agent Karen can best be determined to have been the procuring cause of a sale when:
she wrote and negotiated a purchase and sale agreement
she was the first agent to locate and show the buyer the property
she began an uninterrupted chain of events that eventually led to the sale
she has a buyer agency agreement
54
If the offer did not specify a method to communicate the acceptance, a contract is created when:
the offeree signs the offer
when the acceptance is received by offeror
offeror signs the offer
the offeree places the acceptance in the mail
55
ESTATE FOR YEARS DO NOT REQUIRE WRITTEN NOTICE TO TERMINATE
True
False
56
Under a lease, the leasehold estate is a right belonging to the:
landlord
reversioner
remainderman
tenant
57
TERMINATING A CONTRACT & RESTORING PARTIES TO THEIR ORIGINAL POSITION PRIOR TO CONTRACT IS CALLED
"RECISSION"
True
False
58
WHICH OF THE FOLLOWING BEST EXPRESSES THE DIFFERENCE BETWEEN BUILDING CODES AND ZONING REGULATIONS ON PROPERTY?
IMPROVEMENTS APPLY TO ZONING
BUILDING CODES APPLY TO ZONING
BUILDING CODES APPLY TO IMPROVEMENTS, ZONING REGULATIONS APPLY TO THE USE
ZONING IS COOL
59
A CO-OWNER OF A PROPERTY, HELD IN JOINT TENANCY, CONVEYED HIS INTEREST TO A BUYER BY GENERAL WARRANTY DEED SIGNED ONLY..
by the lender
by the co-owner because rights of other co-owners were not transferred
by the uncle
by the parent
60
The law pertaining to the period of time which legal proceeding against certain actions in a contract must be brought
to court is called a Statute of Frauds
to court is called a Parol Evidence Rule
to court is called a Statute of Estoppel
to court is called a Statute of Limitations
61
IF ASKED BY A PROSPECTIVE BUYER, THE LISTING AGENT MUST DISCLOSE:
THAT A CAT WAS IN THE TREE
THAT A PARTY TAKES PLACE EVERY SATURDAY
THAT THE LANDSCAPER COMES EARLY MORNINGS
THAT A MURDER HAD TAKEN PLACE ON THE GROUNDS
62
Which of the following statements BEST describe a fixture?
Anarticle that can be removed upon the sale of the land
An article that was once personal property
Anarticle that is no longer considered real property
Anarticle that is personal property
63
THE METHOD OF LAND DESCRIPTION THAT INCLUDES PRINCIPAL MERIDIANS & BASE LINES IS CALLED
"RECTANGULAR GOVERNMENT SURVEY"
True
False
64
After closing the buyer discovered the seller had taken the remote garage door opener and house keys.
trade fixtures
the buyer would most likely consider these items to be fixtures
the buyer would most likely consider these items to be chattel (personalty)
the buyer would most likely consider these items to be emblements
65
Verbal agreement says seller pays all closing cost. The signed agreement in writing says the buyer pays. Who is pays?
lender
seller
buyer
broker
66
A GENERAL AGENCYBEST BEST DESCRIBES A BROKER WORKING FOR AN OWNER AS A PROPERTY MANAGER
True
False
67
A SALESPERSON ADVERTISING A SELLER'S PROPERTY SHOULD NOT RUN ADVERTISING IN THE SALESPERSON'S NAME
True
False
68
AN ADVERSE POSSESSOR SHOULD FILE A "QUIET TITLE ACTION" TO CLAIM TITLE TO THE PROPERTY
True
False
69
Which of the following deeds is used in most real estate deed transfers and offers the greatest protection to the buyer?
Quit claim deed
Special warranty deed
Bargain and sale deed
General warranty deed
70
Which of the following would NOT be considered an agent?
Aproperty manager of a property owned by a client
Areal estate salesperson licensed under a broker
Alawyer who holds power of attorney for a client
An employee of a multiple listing service
