NATIONAL PRACTICE EXAM 3

24問 • 1年前

問題一覧

A farmer installed several pieces of farming equipment in and around the barn on the Fayetteville property he’s leased for the past 12 years. Which of the following statements is true in this situation?

Farming equipment is considered an agricultural fixture. Once the farmer installed the equipment, it became real property, so it must remain with the property at the end of the lease.

A licensee is asked to draft a complicated addendum. What should the licensee do?

Avoid the unauthorized practice of law.

Which of these guarantees is offered by a general warranty deed but not a special warranty deed?

The seller will defend against all claims against the property’s title.

Kelly is closing on the house she’s purchasing on Wednesday. Which of these statements is true?

The lender must provide the Closing Disclosure by Friday of the week before closing.

The Davises pay the annual property tax of $1,825 on their lake house every January. On a whim, they sell the lake house to the Bennets to buy a Winnebago and travel the country. Closing is set for July 31, and the buyers own the day of closing (pay prorated expenses through the day of closing). Using the calendar year proration method (assume that it's not a Leap year), how much of the pre-paid property tax was the Davises' responsibility?

$1,055

Which statement correctly identifies a federal fair housing law and what it addresses?

Title VIII of the Civil Rights Act of 1968 prohibits housing discrimination based on race, color, national origin, and religion.

Buyer Maria and seller Doug are closing on June 1. Maria’s mortgage loan payment is $927.86, and $871.86 of that amount will go to interest in the first month. Maria will have to pre-pay interest for June using the 360-day proration method. If Doug owns the closing day, what Maria's prepaid interest cost be at closing?

$842.74

A subcontractor missed several key deadlines, and the homeowner lost money waiting for the work to be completed. The homeowner consulted an attorney and terminated the contract. What is this an example of?

Rescinding the contract unilaterally

A buyer signed a contract form offering a purchase price of $309,000, and gave his agent a $5,000 earnest money deposit. The owner is out of town and her agent can’t reach her. At this point, what does the buyer have?

An offer

Morris needs to pay for some repairs made to one of the units in his apartment complex. Which bank account should he use?

The firm's operating account

If an appraiser has found the value of a property to be $250,000 using a cap rate of 10%, what was the property’s net operating income?

$25,000

Chip is a residential and commercial agent. His friend asks him to list his cattle ranch for sale, but Chip’s never listed an agricultural property before. How should Chip handle this listing so he can still work for his friend but also not work outside his area of expertise?

Disclose to his friend that he’s not an agricultural expert and ask his friend’s permission to work with an agricultural expert in his firm.

Which of the following is a true statement about police power and public land use controls?

Local governments and their planning boards control budgeting, site-plan review, and building codes.

Connor was the seller and Duke was the buyer when Connor sold his property. Who conveyed the title?

Connor, as grantor

Which one of the following could indicate a problem with the chimney flue or ventilation?

Drafts near the fireplace can indicate a problem with the flue or ventilation. Buyers will need to know the condition of the fireplace and chimney since they may face issues after they buy the home.

Tres owns a warehouse in an area that is zoned light industrial. With an increased demand for housing in the area, Tres wants to create loft-style condos and have his property designated as residential, even though the surrounding buildings will remain light industrial. What type of zoning is this?

Spot zoning

Which of the following is the most common type of buyer representation agreement?

Exclusive right-to-represent agreement

Tom and Jim are neighbors. Jim wants to buy Tom’s rental property. In the contract they sign, Jim is identified only as “the neighbor.” Which statute or contract element does this violate?

The statute of frauds

Which of the following is the most common type of buyer representation agreement?

Exclusive right-to-represent agreement

Tom and Jim are neighbors. Jim wants to buy Tom’s rental property. In the contract they sign, Jim is identified only as “the neighbor.” Which statute or contract element does this violate?

The statute of frauds

Marcus listed his property with Home Sweet Home Realty and one of its listing agents, Ron Savage. About a month later, Ron filed for bankruptcy. Which of the following statements about this situation is true?

The agency agreement only terminates if the broker or the principal declares bankruptcy.

What is it called when all parties sign a contract, but before the seller’s acceptance is delivered to the buyer?

Acceptance

What is an encumbrance?

A defect on a title that can be monetary or physical

What classification of water rights includes the two smaller sub-classifications of navigable and non-navigable waterways?

Riparian

Lesson 2

ユーザ名非公開 · 28問 · 9ヶ月前

Lesson 2

28問 • 9ヶ月前

ユーザ名非公開

Real Estate

ユーザ名非公開 · 139問 · 11ヶ月前

Real Estate

Real Estate Review

Real Estate Review

NATIONAL

NATIONAL

CE 161 LE 2

John Rotrix Tumaneng · 84問 · 1年前

CE 161 LE 2

here we go again😜

here we go again😜

問題一覧

Farming equipment is considered an agricultural fixture. Once the farmer installed the equipment, it became real property, so it must remain with the property at the end of the lease.

A licensee is asked to draft a complicated addendum. What should the licensee do?

Avoid the unauthorized practice of law.

Which of these guarantees is offered by a general warranty deed but not a special warranty deed?

The seller will defend against all claims against the property’s title.

Kelly is closing on the house she’s purchasing on Wednesday. Which of these statements is true?

The lender must provide the Closing Disclosure by Friday of the week before closing.

$1,055

Which statement correctly identifies a federal fair housing law and what it addresses?

Title VIII of the Civil Rights Act of 1968 prohibits housing discrimination based on race, color, national origin, and religion.

$842.74

Rescinding the contract unilaterally

An offer

Morris needs to pay for some repairs made to one of the units in his apartment complex. Which bank account should he use?

The firm's operating account

If an appraiser has found the value of a property to be $250,000 using a cap rate of 10%, what was the property’s net operating income?

$25,000

Disclose to his friend that he’s not an agricultural expert and ask his friend’s permission to work with an agricultural expert in his firm.

Which of the following is a true statement about police power and public land use controls?

Local governments and their planning boards control budgeting, site-plan review, and building codes.

Connor was the seller and Duke was the buyer when Connor sold his property. Who conveyed the title?

Connor, as grantor

Which one of the following could indicate a problem with the chimney flue or ventilation?

Drafts near the fireplace can indicate a problem with the flue or ventilation. Buyers will need to know the condition of the fireplace and chimney since they may face issues after they buy the home.

Spot zoning

Which of the following is the most common type of buyer representation agreement?

Exclusive right-to-represent agreement

Tom and Jim are neighbors. Jim wants to buy Tom’s rental property. In the contract they sign, Jim is identified only as “the neighbor.” Which statute or contract element does this violate?

The statute of frauds

Which of the following is the most common type of buyer representation agreement?

Exclusive right-to-represent agreement

Tom and Jim are neighbors. Jim wants to buy Tom’s rental property. In the contract they sign, Jim is identified only as “the neighbor.” Which statute or contract element does this violate?

The statute of frauds

The agency agreement only terminates if the broker or the principal declares bankruptcy.

What is it called when all parties sign a contract, but before the seller’s acceptance is delivered to the buyer?

Acceptance

What is an encumbrance?

A defect on a title that can be monetary or physical

What classification of water rights includes the two smaller sub-classifications of navigable and non-navigable waterways?

Riparian