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National Real Estate Exam Practice Questions And Answers.
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National Real Estate Exam Practice Questions And Answers.
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National Real Estate Exam PracticeQuestions And Answers
A .property .owner .has .decided .to .do .some .landscaping .work .on .his .yard. .He .has .planted .a .tree .surr
ounded .by .some .flowering .shrubs. .The .tree .and .shrubs .are .an .example .of... .- .(correct .answer) .-
improvements
A .property .owner .has .a .waterfront .lot .on .a .stream. .He .has .the .right .to .use .the .water .from .the .stre
am. .What .is .this .right .called? .- .(correct .answer) .-riparian
A .tenant .is .aware .that .his .lease .will .expire .at .the .end .of .the .month. .He .has .begun .to .disassemble .
his .display .cabinets .and .shelves. .Which .of .the .following .statements .about .this .is .true .- .
(correct .answer) .-the .tenant .can .take .these .as .they .are .trade .fixtures
A .seller .is .attending .the .closing .on .his .property. .The .title .company .has .discovered .an .unsatisfied .M
&M .lien .on .the .property. .Which .of .the .following .is .the .most .likely .reason .for .the .lien? .- .
(correct .answer) .-plumbing .work .that .was .completed .but .never .paid .for
A .listing .agent .went .to .inspect .a .seller's .property .hoping .to .list .it .for .sale. .The .seller .told .the .listing .
agent .that .his .neighbor's .satellite .dish .trespasses .on .his .property. .This .is .an .example .of... .- .
(correct .answer) .-encroachment
A .father .gives .his .son .a .life .estate .on .a .property. .The .son .leases .the .property. .The .tenant .dies. .Wh
at .happens .to .the .property? .- .(correct .answer) .-it .goes .back .to .the .son .until .he .dies
A .man .leaves .his .second .wife .a .life .estate .in .their .home .after .which .the .property .goes .to .his .childr
en .from .his .first .marriage. .The .children... .- .(correct .answer) .-are .remaindermen
Which .of .the .following .statements .about .an .easement .is .true? .- .(correct .answer) .-
an .easement .is .a .benefit .to .the .dominant .property .owner
P, .Q .and .R .are .joint .tenants. .P .wants .to .sell .the .property, .but .Q .and .R .do .not. .What .can .P .do? .- .
(correct .answer) .-file .a .suit .for .partition
A, .B .and .C .are .joint .tenants. .C .dies. .B .sells .his .share .to .D. .What .type .of .ownership .do .A .and .D .hav
e? .- .(correct .answer) .-tenants .in .common
,Under .what .right .can .the .government .change .property .use .from .commercial .to .residential .only? .- .
(correct .answer) .-police .power
Ownership .of .the .common .areas .of .condominiums .is .most .likely .to .be: .- .(correct .answer) .-
tenancy .in .common
What .should .a .buyer .do .to .ensure .that .his .is .getting .the .best .title .to .real .property? .- .
(correct .answer) .-get .a .general .warranty .deed
Which .covenant .in .a .deed .guarantees .that .the .owners .will .not .suffer .or .be .disturbed .by .any .claims .
on .the .property? .- .(correct .answer) .-the .covenant .of .quiet .enjoyment
Excess .money .at .a .foreclosure .sale .goes .to... .- .(correct .answer) .-the .borrower
After .defaulting .on .a .real .estate .loan, .a .borrower .is .able .to .pay .off .the .loan .prior .to .the .foreclosure
.sale. .This .is .called: .- .(correct .answer) .-right .of .redemption
The .required .distance .between .buildings .and .a .federally .protected .endangered .species .wetlands .is .a
n .example .of... .- .(correct .answer) .-a .buffer .zone
A .couple .purchased .a .condominium. .The .complex .has .an .exercise .room .for .all .residents. .The .couple
.does .not .use .the .exercise .room .and .does .not .want .to .pay .the .monthly .fee .for .the .use .of .the .facilit
y. .What .can .they .do .to .avoid .this .fee? .- .(correct .answer) .-
they .must .pay .the .fee .as .they .have .a .tenancy .in .common .interest .in .all .common .areas
Which .of .the .following .is .personal .property? .- .(correct .answer) .-a .lease
A .landlord .leased .space .in .his .new .retail .property .to .an .inexperienced .business .person. .Based .on .lo
cation .and .the .type .of .business, .the .landlord .believes .it .will .be .a .great .success. .What .type .of .lease .
can .he .enter .into .with .the .tenant .that .will .allow .the .landlord .to .benefit .from .the .tenant's .success? .
- .(correct .answer) .-a .percentage .lease
A .buyer .has .purchased .a .property .and .after .closing .the .seller .will .continue .to .occupy .the .property. .
This .is .an .example .of... .- .(correct .answer) .-sale .and .leaseback
Your .client .will .be .able .to .qualify .for .a .property .they .wish .to .purchase .in .about .6 .months, .after .the
y .had .an .opportunity .to .reduce .their .consumer .debt. .They .have .found .a .property .that .they .would .li
ke .to .purchase .now. .What .type .of .agreement .can .they .enter .into .with .a .seller .that .will .allow .them .
to .occupy .the .property .now .and .purchase .it .within .the .6 .months? .- .(correct .answer) .-
lease .with .an .option .to .buy
Tenants .have .signed .a .3 .year .lease .on .a .property. .In .the .second .year .the .owner .dies .and .his .heirs .i
nherit .the .property. .They .give .the .tenants .notice .to .vacate. .What .is .true? .- .(correct .answer) .-
the .tenants .can .stay .until .the .end .of .the .lease
, A .developer .decides .to .build .a .commercial .property .in .the .middle .of .a .residential .subdivision. .What
.is .required? .- .(correct .answer) .-a .variance
A .zoning .ordinance .would .affect .which .of .the .following? .- .(correct .answer) .-
the .concentration .of .housing .in .a .residential .area
If .a .person .dies .without .a .will, .who .receives .their .estate? .- .(correct .answer) .-spouse .and .children
What .are .the .requirements/ .criteria .for .real .estate .to .have .values? .- .(correct .answer) .-
demand, .utility, .scarcity, .transferability
What .principle .of .value .defines .the .most .important .factor .for .appraisal? .- .(correct .answer) .-
highest .and .best .use
What .approach .would .an .appraiser .most .likely .use .to .value .a .residential .rent .house .in .neighborhoo
d .where .a .majority .of .the .homes .are .leased? .- .(correct .answer) .-income .approach
A .licensed .broker .is .advertising .that .he .will .perform .a .free .appraisal .if .you .contact .him .for .a .listing .
appointment. .He .is .not .in .violation .of .the .law... .- .(correct .answer) .-if .he .is .a .licensed .appraiser
Which .of .the .following .is .NOT .an .example .of .functional .obsolescence? .- .(correct .answer) .-
deferred .maintenance
According .to .the .Statute .of .Frauds, .which .of .the .following .leases .must .be .in .writing? .- .
(correct .answer) .-a .lease .for .more .than .one .year
Your .client .is .an .investor .who .would .like .to .have .the .right .to .purchase .a .commercial .tract .for .
$5 .million .for .the .next .6 .months. .What .type .of .contract .should .he .enter .into .with .the .seller? .- .
(correct .answer) .-an .option .contract
A .signed .sales .contract .that .has .not .yet .gone .to .closing .is... .- .(correct .answer) .-executory
When .does .an .offer .become .a .contract? .- .(correct .answer) .-
When .the .offeree .gives .the .offeror .notice .of .the .acceptance
Which .of .the .following .statements .is .true .about .the .duties .of .an .agent .according .to .the .common .la
w .of .agency? .- .(correct .answer) .-
an .agent .must .treat .both .clients .and .customers .with .honesty .and .fairness
A .property .manager .is .hired .and .signs .a .management .agreement .with .the .owner. .At .this .time, .the .
property .manager .is... .- .(correct .answer) .-a .general .agent
A .buyer .and .seller .have .negotiated .a .contract .on .the .seller's .property .with .a .closing .set .for .June .14
th, .time .is .of .the .essence. .On .June .12th .the .listing .agent .calls .the .buyer's .agent .and .tells .him .the .s
eller .will .be .unable .to .close .on .the .14th. .The .seller .can .close .on .the .16th. .At .this .time, .what .is .true
? .- .(correct .answer) .-the .contract .is .voidable .by .the .buyer
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