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Louisiana Real Estate Practice Exams (National) Questions and Answers
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Louisiana Real Estate Practice Exams (National) Questions and Answers Real property can be converted to personal property by: - ANSWER-severance Legal descriptions using the government survey system are NOT generally used in: - ANSWER-the original 13 states Although states make specific laws g...

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  • November 4, 2024
  • 18
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • louisiana real estate practice exams national qu

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  • Real Estate
  • Real Estate

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KaylinHoffman

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Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024




Louisiana Real Estate Practice Exams

(National) Questions and Answers


Real property can be converted to personal property by: - ANSWER✔✔-severance


Legal descriptions using the government survey system are NOT generally used in: - ANSWER✔✔-the

original 13 states


Although states make specific laws governing water rights and the rights in land that borders water, most

states generally follow one of two basic doctrines regarding water rights. In many states, the common

law doctrine of riparian and littoral rights dictates that water rights are automatically conveyed with

property. In others, all water rights are controlled by the state under the doctrine of: - ANSWER✔✔-prior

appropriation


A tenant rented an apartment, signing a 15-month lease. After the lease expired, the tenant paid 1

month's rent and got a receipt. What kind of leasehold does the tenant have? - ANSWER✔✔-Tenancy at

will


A homeowner is willing to let his neighbor park an RV in his backyard. He does NOT want to make the

permission permanent in case he dislikes others who might move next door in the future. What should

he give his neighbor? - ANSWER✔✔-A license


A judgment has been properly recorded. Any subsequent purchasers, whether they have actually

examined the record or not, have been given: - ANSWER✔✔-constructive notice




Copyright ©Stuvia International BV 2010-2024 Page 1/18

,Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024


The main difference between tenancy in common and joint tenancy is that with tenancy in common,

when a co-owner dies, - ANSWER✔✔-his undivided interest passes to his heirs


A landowner wishes to build a neighborhood grocery store on a busy street in an area zoned for

residential use. Which of the following would MOST likely be used to obtain permission for this store? -

ANSWER✔✔-Conditional use permit or zoning variance


An escheat occurs when: - ANSWER✔✔-a property owner dies without heirs or a valid will


A deed restriction is applicable to the activities of: - ANSWER✔✔-all owners, present and future


An environmental impact statement typically describes the effects of a proposed project on factors such

as: - ANSWER✔✔-public health and safety


Ordinances that specify construction standards are: - ANSWER✔✔-building codes


Depreciation is calculated based on the: - ANSWER✔✔-cost of the building only


A competitive market analysis is MOST often used for: - ANSWER✔✔-setting a listing price


According to the principle of progression, a three-bedroom, one-story home is MOST likely to bring the

highest sales price if located in a neighborhood in which: - ANSWER✔✔-most homes are larger than the

sale home


A formal appraisal will ALWAYS be REQUIRED when the: - ANSWER✔✔-lender wants to sell the mortgage

to the secondary market


A competitive market analysis takes into consideration: - ANSWER✔✔-square footage of the subject

property




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, Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024


When compiling a competitive market analysis, a broker would look for comparable properties that: -

ANSWER✔✔-were located near the property being listed


Three identical homes in a neighborhood were listed at the same time in a market where demand was

constant. According to the law of supply and demand, which would have sold for the lowest price? -

ANSWER✔✔-The first sold


A prospective seller asks a salesperson to recommend a listing price for a property. The salesperson

should suggest: - ANSWER✔✔-a competitive market analysis to determine the property's value


A borrower has defaulted on the mortgage. The mortgage contains an acceleration clause. This permits

the lender to: - ANSWER✔✔-demand immediate payment of the entire note


In helping a buyer to select a lender, if the buyer believes he has good credit and his income is

documentable as a salary and by tax returns, the licensee might recommend a mortgage banker, instead

of a mortgage broker, for all of the following reasons EXCEPT: - ANSWER✔✔-more variety of loan

programs available


The FHA functions MOST like: - ANSWER✔✔-an insurance company


According to the Truth-in-Lending Act, if any "trigger terms" are used in an ad, all of the following

disclosures MUST appear in the ad EXCEPT the: - ANSWER✔✔-prepayment penalties and rebates


Which of the following consumers would be able to derive the most benefit from a reverse mortgage? -

ANSWER✔✔-A couple in their late 60?s who need to tap their home equity to help cover their expenses

but do not want to sell their house


Federal Truth-in-Lending laws are also known as: - ANSWER✔✔-Regulation Z




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