Exam (elaborations)
Pearson Vue Real Estate Practice Exam With Complete Solutions
- Course
- Institution
Pearson Vue Real Estate Practice Exam With Complete Solutions
[Show more]
Content preview
Pearson Vue Real Estate Practice Exam WithComplete Solutions
Under the law of agency, a broker's responsibility to the principal is? Answer: Exercise Care,
obedience, accounting and disclosure
Which of the following items would have to be disclosed to prospective buyers by the listing broker?
Answer: A defect existing in the property being offered.
Under a sales contract, the legal remedy that MAY be used to force the seller to consummate the sale is
called? Answer: Specific Performance
A homeowner who plans to travel for a year asks a real estate firm to rent the house for this period and
indicates a preference for a white family rather than a black family, "if at all possible." Under the Federal
Fair Housing Act, the broker should inform that these instructions? Answer: Can't be followed
because they violate the act
Items permanently attached to real property are considered? Answer: Fixtures
The income approach is most likely to be used when determining the value of an? Answer: Office
building
A property manager works in the best interest of the? Answer: Owner
An agreement that restricts the use and occupancy of real estate, is part of a conveyance, and is binding
on all subsequent buyers is called? Answer: Covenant
, When a married couple takes title to a property as tenants in common, they have elected a form of
ownership that allows for? Answer: Unequal shares of Ownership
A loan that provides for increases and decreases in the interest rate during its term is known as?
Answer: An ARM, adjustable-rate mortgage
A minority couple asks a licensee to show them a listed house. The licensee suggests that they look at
houses in areas with larger minority populations than that of the listed house. What is the licensee guilty
of? Answer: Steering
In a real estate closing, the buyer generally pays for the? Answer: recording of a new mortgage
An illegal lending practice whereby a bank refuses to make mortgage loans in a certain neighborhood
based on the ethnic makeup of that area is known as? Answer: Red-lining
Which of the following types of legal descriptions identifies a property by outlining its boundaries in
terms of a series of directions and distances? Answer: Metes & Bounds
In addition to real property, pledging a freestanding stove and refrigerator as security for a loan is an
example of which of the following mortgages? Answer: Package
Which of the following clauses will put the priority of an existing mortgage or deed of trust below that of
a mortgage recorded later? Answer: A subordination clause
According to the Federal Fair Housing Act, which of the following individuals is permitted to reside in
housing with a familial status exemption? Answer: A 63-year-old employed postal worker
Public regulations that control the specific uses of land in a given are area called? Answer: Zoning
Laws
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Schoolflix. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
81531 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now