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Real Estate End of Chapter Quizzes Flashcards | StudBud
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Real Estate End of Chapter Quizzes
Real Estate End of Chapter Quizzes
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1
A broker cannot legally collect commission from both the buyer and seller and the buyer without?
notifying both arties of this fact in writing after the sale has closed
having the prior knowledge and written consent of both the buyer and seller
notifying both parties of this fact orally after the sale has closed
having exclusive listing agreements signed by both the seller and the buyer
2
The essential elements of a contract include all the following EXCEPT
notarized signature
offer and acceptance
competent parties
consideration
3
Which of the following is NOT required for a deed to be valid?
legal description
date
name of the grantee
signature of the grantee
4
A lead-based paint disclosure notice MUST be included with a?
listing agreement for the sale of any historic property
lease for any property open to the public
lease for office space for more than 15 employees
sales contract for a residential property built before 1978
5
The primary responsibilty of the property manager is to?
maintain trust account for property owners
handling maintenance requests
maintain the property and maximize the returns
find qualified tenants
6
Which one of the following is NOT essential to the formation of a contract
offer
performance
consideration
acceptace
7
The plat(map) for a proposed subdivision is submitted to?
municipality
property owners
state
developer
8
In a real estate transaction, transfer taxes that are due are charged
to the parties as agreed in the contract of sale
to the buyer unless this is forbidden by statute or regulations
to the closing agent and broker if the contract does not specify who pays
according to local custom unless the parties are from differentjurisdiction
9
Which of the following is NOT an example of public land use control?
zoning ordinances
building codes
city planning requirement
restrictive covenants
10
A special warranty deed differs from a general warranty deed in that the grantor's covenant in the special warranty deed
covers the time back to the original title
protects all subsequent owners of the property
is implied and is not written in full
applies only to a definite limited time
11
A LIEN is placed on real and/or personal property by creditors as security until the debt on property is satisfied
False
True
12
Broker Joan shows properties listed for sale with her company to Karl. Karl has refused buyer representation. Karl is a?
Fiduciary
Customer
Client
Principal
13
Disclosed Dual Agency would most likely occur in a?
cooperative sale situation
a company that does not provide customer-level services
it would not occur because it is prohibited by SC law
a company that only practices buyer agency
14
Land is measures based on how many square feet per acre?
43,000 square feet per acre
43,160 square feet per acre
43,560 square feet per acre
43,660 square feet per acre
15
What is the basic purpose of acknowledgment before a notary public in signing a deed?
to assure that the title is valid
to show the genuineness of the grantor's signature
to make the deed eligible for recording
to prove that the property has not been encumbered
16
Legal proceeding or action brought by the buyer or seller under a purchase contract to enforce the terms of a contract
a lis pendens
specific performance
an attachment
an injunction
17
Buyer who is a client of a salesperson wants to buy a house that another salesperson in the same office has listed?
If the listing salesperson and selling salesperson are two different people
the selling salesperson should refer the buyer to another company
seller and buyer must be informed and agree to limited representation
the buyer should not have been shown a house listed by that office
18
A lease with an escalator clause is an example of what type of lease?
gross
net
graduated
percentage
19
Which of the following has the highest degree of ownership?
fee simple absolute
fee simple determinable
fee simple subject to a condition subsequent
fee simple with executory interest
20
In SC, when may an agent divulge client confidential information?
When a relationship with a client is limited
In a disclosed dual agency situation
If required by law
Never, since client confidentiality must be preserved indefinitely.
21
When a prospective buyer makes a written purchase offer that the seller accepts, then the
buyer receives legal title to the property
buyer may take possession of the real estate
seller grants the buyer possessory rights
buyer received equitable title to the property
22
Real property can become personal property by
purchase
attachment
severance
hypothecation
23
If the property taxes on an owner-occupied house is $1,200 per year, what millage rate was used for a property at $150k?
200 mills
125 mills
480 mills
133 mills
24
A rental property has been appraised at $92, 500. If the millage rate is 127 mills, what are the property taxes?
$704.85
$1,174.75
$1,957.91
$469.90
25
Agency disclosure requirements apply in all of the following transactions EXCEPT?
multifamily sales
new construction
resale of foreclosed properties
commercial leases
26
The colorless oderless gas often found in residential properties that can cause an environmental health hazard (cancer)?
carbon monoxide
methane
asbestos
radon
27
Contractors providing labor and material on real property have the right to file which of the following LIEN?
mechanic's lien
tax lien
mortgage lien
28
Deed restrictions are NOT created by which of the following?
deed
written agreement
general plan of a subdivision
statute
29
Which of the following is NOT properly described by the word "improvement"
trade fixtures
streets
a sanitary sewer system
the foundation of a building
30
Kim and Tina bought an investment property and took title as joint tenants. Kim died. Tina now owns the property
as tenant in common with Kim's heirs
in severalty
in a life estate
in deed of trust
31
A buyer agency agreement must contain all of the following EXCEPT?
notification of intent to cancel after expiration date
description of agent's duties
method of compensation
explanation of compensation to participating brokers
32
Both the seller and buyer want exclusive representation. Which type of agency would satisfy this request?
Disclosed dual agency
Designated agency
Buyer agency only
Seller agency only
33
Restrictive covenants that run with the land
are no longer effective when the title is transferred
apply to and bind successive owners of the property
can be removed by a court of competent jurisdiction
apply only until the developer has conveyed the title
34
Which of the following is a variance?
a reversion of ownership
an exception to a zoning ordinance
a nullification of an easement
a court order prohibiting certain activities
35
A listing agreement that provides for payment of a commission to the broker even though the owner makes the sale is?
exclusive agency lsiting
open listing
option listing
exclusive right to sell listing
36
What types of brokerage relationships are recognized in SC?
Subagency, Disclosed, Dual, Seller
Seller, Buyer, Full, Fiduciary
Seller, Buyer, Undisclosed, Dual
Seller, Buyer, Disclosed dual, Transaction broker
37
Land is NOT considered which of the following?
indestructible
unique
scarce
immovable
38
Federal tax lien, State tax lien, and Decendent debt liens is under which of the following liens?
Specific Liens
General Liens
39
Which of these statements BEST defines what is meant by the term "material defect?"
Any condition that may change a principal's mind about buying or selling?
Any property defect that would cost more than 10% of the sales price
All factors that the seller would prefer prospective buyers not to know
Conditions that add to a property's structural deterioration/depreciation
40
A property owner signed a 90 day listing agreement with a broker but dies before the listing expires. The listing is now
binding in the owner's spouse for the remainder of the 90 days
terminated automatically because of the death of the principal
binding only if the broker can produce offers to purchase the property
still in effect as the owner's attention was clearly defined
41
A void contract is one that
was never legally enforcable
was rescindable by agreement
was not in writing
was voidable by only one of the parties
42
In SC, a reduction in real property taxes for a personal residence may be available to all but which of the following?
41 year old disabled veteran
26 year old single parent
78 year old retiree
34 year old visually impaired person
43
A third party holds title to property on behalf of someone else through the use of a?
quitclaim deed
bequest
deed in trust
devise
44
Buyer and seller have signed a contract. The seller changes his mind and defaults so the buyer sues. This is example of?
rescission
damages
forfeiture
specific performance
45
The purpose of building permits is to?
prevent encroachments
generate revenue for the municipality
ensure compliance with building codes
control the activities of building inspectors
46
Which of the following has the authority to carry out the eviction of a tenant?
courts
SLED
sheriff's department
landlord
47
A metes-and-bounds legal description
is used to complete areas omitted from recorded subdivision plats
must commence and finish at the same identifiable point
can be made only in areas excluded from the rectangular survey system
is not acceptable in court in most jurisdictions
48
Any thing that can be owned that is NOT real property
real estate (realty)
personal property (personalty)
land
real property
49
Jennifer had legal rights to occupy and use a property. Which of the following would NOT allow Jennifer these rights?
fee simple absolute
oridinary life estate
remainder
non-freehold
50
Owners want $138,000 for their property. Anything above the broker can keep as commission. What is this an example of?
open listing
gross listing
net listing
nonexclusive listing
51
Which of the following rights allows for the tenant to sub-let or assign the lease?
Use
Control
Possession
Disposition
52
In which listing agreement can owners of listed property sell the property on their own without having to pay commission
open listing
both b and c
exclusive right to sell listing
exclusive agency listing
53
Consent to disclosed dual agency
is not permitted in SC
can be withheld by either party before a specific transaction
results in limited representation to one principal, not the other
is a blanket authorization for all transactions
54
If a buyer defaulted on a written contract, the seller can sue for damages if he is NOT prohibited by?
law of agency
broker-attorney-accord
statute of limitations
statutue of frauds
55
What type of tax relief is available under the SC Homestead Exemption for a person who is over 65?
$50,000 reduction in tax-appraised value
a change in assessment ratio from 6-4%
none, unless the person is 100% disabled
a $50,000 reduction on tax-assessed value
56
Which of the following is NOT a requirement for acquiring ownership of property by adverse possession?
the person in possession must occupy the property openly
the person in possession must compensate the owner
occupancy of the property must be without the owner's consent
occupancy must be continuous and over a specified period of time
57
Which of the following would be considered dual agency?
Two brokerage companies' cooperating with each other
A broker's acting for both the buyer and the seller in the same transaction
A broker's representing more than one principal
A broker's listing and then selling the same property
58
Lot adjacent to a hospital, owner gives lot to hospital for hospital use ONLY. If used for anything else the owner has?
fee simple with executory interest
fee simple absolute
fee simple subject to a condition subsequent
fee simple deteminable
59
Land is considered to be
immune to the forces of supply and demand
subject to personal property rights
indestructible
a wasting asset
60
The condemnation of private property for public use is allowed under the state's right of?
eminent domain
escheat
police power
confiscation
61
An owner lists a property with a leakage without the licensee being aware, the property is sold. Who is liable?
the seller is the only one liable
both liable because the licensee should have discovered this condition
both liable because the licensee is liable for the actions of the client
neither one is liable
62
True or false: Law of Agency is the rules of law that apply to the duties of a person who acts as an agent for another
False
True
63
The dual agency contract needs to be signed by
the seller after the offer is presented
both parties before a specific transaction
both parties before closing
the seller at the time of listing
64
Real estate that is inherited from a person who died testate is referred to as a?
bequest
devise
legacy
demise
65
True or false: Specific liens can only attch to and affect a specific piece of property, whether it is real or personal?
False
True
66
Certain items installed on a premises by tenants and related to their business are called?
fixtures
trade fixtures
emblements
chattels
67
The reversion of real estate to the state because of lack of heirs or other persons legally entitled to own the property
attachment
estoppel
escheat
eminent domain
68
Land and all things attached to it is?
personal property (personalty)
land
realty
real property
69
Which of the following general property conditions is MOST likely to be categorized as material?
an exterior in need of paint
a small attic
an outdated set of kitchen appliances
a cracked foundation
70
A piece of equipment (personal pro.) on or attached to the real estate by the tenant which is used for trade or business
trade fixtures
fixtures
71
The amount of earnest money deposit is determined by
real estate licensing statutes
meeting the acceptable minimum of 5% of the purchase price
agreement between the parties
listing broker's office policy on such matters
72
Which of the following is NOT treated as personal property?
fixtures
emblements
trade fixtures
chattels
73
A broker is permitted to present both the seller and the buyer in the same transaction when?
The principals are not aware of such action
the broker is a subagent rather than the agent of the seller
both parties have been informed and agree to the dual representation
commissions are collected from both parties
74
Which of the following best describes the purpose of a building permit?
provide municipal control over the volume of construction and gross density
provide a basis either to override or to upload deed restrictions
regulate the area and size of buildings and their building line setbacks
secure compliance with municipal construction codes and zoning ordinances
75
Confidentiality can be breached in all of the following EXCEPT when?
the local association of REALTORS accuses an agent of wrongful conduct
the principal grants consent to disclose
another client may benefit
a court law requires the information
76
When the tenant is forced out of a rental property due to the landlord's non-compliance (not making necessary repairs)
actual eviction
potential eviction
construction eviction
potential eviction
77
Which of the following is NOT a physical characteristic of land
scarcity
unique
indestructible
immovable
78
To assign a contract or agreement means to?
provide actual notice to the public
provide constructive notice to the public
all the parties to the contract to exchange positions
transfer one's rights under the contract
79
The phrase "bundle of legal rights" is properly included in
a legal description
real estate transaction
the definition of real property
leases for less than one year
80
In this listing the commission is contingent ONLY if the broker provides a buyer before the owner or another broker sell
open listing
exclusive right to sell listing
exclusive agency listing
net listing
81
A piece of land, including the air above it and the ground below it, and any buildings or structures on it.
real estate (realty)
land
real property
person property (personalty)
82
How can a buyer prospect see a house listed with the real estate company, without entering into an agency agreement?
Buyer wishes to remain a customer
Salesperson provides the buyer with dual agency consent
Buyer verbally agrees to buyer agency
Salesperson obtains the seller's permission
83
A listing licencee discovers the property has a history of uncorrected faulty plumbing. What MUST they do?
disclose it only if asked directly by a prospective buyer
discuss it with the seller and disclose it to prospective buyers
treat it as confidential and disclose it only with the permission of seller
Include a reference to the plumbing in all advertising
84
The provision that gives authority to the broker and obligates the broker to distribute the listing to other brokers?
joint listing clause
open listing clause
multiple listing clause
net listing clause
85
Broker has a house listed and one of the sales agents has a buyer client who is interested in the property. Agent must?
inform seller of the agency relationship with the buyer as a courtesy
get consent from buyer &seller to participate in a dual or designatedagency
tell the client that he or she must agree to become a customer
refer the client to another real estate company to avoid problems
86
Upon the receipt of an offer to purchase his property, the seller makes a counteroffer, the buyer is?
bound by whichever offer is lower
relieved of his original offer
bound by his original offer
bound to accept the counteroffer
87
In a competitive market analysis or appraisal prep., which of these is MOST likely stigimatizing property conditions?
undiscovered termite infestation
a history of a major crime on the site
a standard construction
the prescence of randon gas
88
According to law, a trade fixture is usually treated as
a license
a fixture
an easement
personalty
89
Articles which were once personal property but has now become of the real estate because it is now permanently attached
fixtures
trade fixture
90
A broker took a listing on a property. She now learns that her client has been declared incompetent. Her listing is now?
binding as the broker was acting in good faith
still valid
the basis for commission if the broker produces a buyer
void
91
How is a broker's commission determined in a real estate sales transaction?
determined according to the standard rates set by agreement of local broker
It must be paid with cash or a cashier's check upon closing
stated in the listing agreement & negotiated between the broker and seller
92
Commissions earned by a broker in a real estate sales transaction
may be shared with an unlicensed person
are determined by agreement of the broker and his or her principal
must be paid by the seller in each transaction
are based on a schedule of rates set by the SC Real Estate Commission
93
What action returns a contract's parties to their position before the contract, including return of the deposit?
rescission
subordination
cancellation
substitution
94
The primary purpose of a deed is to?
transfer title rights
give constructive notice
prove ownership
prevent adverse possession
95
For the government to excercise its right of eminent domain, the planned use of the property must?
established as a fee simple determinable estate for particular use
for the public benefit and the owner fairly compensated
a local use that will benefit the residents in the immediate area
established for health, safety, and welfare government
96
Which of the following is NOT a valid basis for termination for a listing agreement?
agreement of the parties
destruction of the premises
sale of the property
death of a salesperson
97
The primary intent of zoning ordinances is to?
demonstrate the police power of the state
protect residential neighborhoods from commercial encriachment
assure that proposed land uses conform with the master plan
limit the amount and types of businesses in a given area
98
A township contains?
640 acres
23,040 square feet
6 square miles
36 sections
99
The title to real estate passes when a valid deed is?
delivered and accepted
signed and recorded
executed and mailed
filed and microfilmed
100
In the Premises paragraph of a deed is a clause that conveys the rights and privilages of ownership. This clause is?
granting clause
due on sale clause
acceleration clause
defeasance clause
