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Mississippi realtor institute test| exam questions and answers fall 2024 An important distinction between real and personal property is that personal property: A. Is taxed at a lower rate when sold or transferred B. Is movable C. Requires a different l $14.49   Add to cart
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Mississippi realtor institute test| exam questions and answers fall 2024 An important distinction between real and personal property is that personal property: A. Is taxed at a lower rate when sold or transferred B. Is movable C. Requires a different l
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Mississippi realtor institute test| exam questions and answers fall 2024 An important distinction between real and personal property is that personal property: A. Is taxed at a lower rate when sold or transferred B. Is movable C. Requires a different legal description D. Is not subject to...

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  • November 10, 2024
  • 9
  • 2024/2025
  • Other
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  • mississippi realtor institute test exam questions

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Mississippi realtor institute test| exam qu
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Anlsimportantlsdistinctionlsbetweenlsreallsandlspersonallspropertylsislsthatlspersonallsproperty:ls
A.lsIslstaxedlsatlsalslowerlsratelswhenlssoldlsorlstransferred
B.lsIslsmovable
C.lsRequireslsalsdifferentlslegallsdescription
D.lsIslsnotlssubjectlstolssupplylsandlsdemandlsmeasuresls-lscorrectlsanswers-B
Thelseconomiclsandlsphysicallscharacteristicslsoflslandlscanlsaffectlsitslsvalue.lsWhichlsoflsthelsfollowinglsislsanlseco
nomiclscharacteristiclsthatlsaffectslsalsland'slsvaluelsandlsuse?
A.lsImprovements
B.lsImmobility
C.Indestructibility
D.lsUniquenessls-lscorrectlsanswers-A
Whylsdoeslsthelssalelsorlstransferlsoflsreallspropertylsrequirelsalslegallspropertylsdescription?ls
A.lsAlsLegallspropertylsdescriptionlsestablisheslsthelsnewlsowner'slstaxlsrate
B.lsAlslegallspropertylsdescriptionlsprovideslsdetailedlsinformationlsaboutlsneighboringlsparcels,lswhichlsarelsesp
eciallylsusefullstolsappraisers
C.lsDeedslsandlsmortgageslsrequirelsalsverifiablelsandlslegallspropertylsdescriptionlsinlsorderlstolsbelslegallylsenforc
eable
D.lsAlslegallspropertylsdescriptionlsidentifieslsthelscommissionlssplitslsoflsthelslistinglsbrokerlsandlssellinglsagentls-
lscorrectlsanswers-C

Whichlsoflsthelsfollowinglscharacterizeslsalsfeelssimplelsabsolutelsestate?
A.lsThelsestatelsislsqualifiedlsbylsalsspeciallslimitation
B.lsThelsstatelsislsbasedlsonlsthelslifelsoflsthelsholderlsandlsislsnotlsinheritable
C.lsItlsislsanlsinterestlsinlsreallsestatelsthatlsdoeslsnotlsriselstolsthelslevellsoflsownershiplsorlspossession
D.lsItlsislsthelshighestlsinterestlsinlsreallsestate;lsthelsownerlsislsentitledlstolsalllsrightslstolsthelspropertylsbylslaw;lsandls
thelsestatelsislsinlsheritablels-lscorrectlsanswers-D
InvestorslsJohnlsandlsMarklsonlsals4lsacrelsparcellsoflsland,lsincludinglsalsfarmlshouselsandlsalsbarn,lsaslstenantslsinlsc
ommon.lsWhichlsoflsthelsfollowinglsstatementslsislstrue?
A.Johnlsislsentitledlstolsthelsuselsoflsthelsland;lsMarklsislsentitledlstolsthelsuselsoflsthelsbuildinglsonlsthelsland
B.lsJohnlsandlsMarklscanlspossesslsandlsuselsthelsentirelspropertylsevenlsthoughlstheirlsownershiplsinterestlsislsfrac
tional
C.lsIflsnolsownershiplsfractionslsarelsstatedlsinlsthelsdeed,lsJohnlsislsentitledlstols2/3lsandlsMarklsislsentitledlstols1/3
D.lsIflsJohnlswantslstolsselllshislsshare,lshelsneedslstolsgetlsMark'slspriorlspermissionls-lscorrectlsanswers-B
JessicalsinlsStevelsownlsalssingle-
familylsranchlshomelsaslsjointlstenets.lsIflsStevelsdies,lswhatlshappenslstolshislspropertylsinterest?
A.Itlsbecomeslsalscommunitylspropertylsinterest
B.Itlstransferslstolsthelsstate
C.Itlstransferslstolshislsoldestlschild
D.lsItlstransferslstolsJessicalswholsholdslsthelstitlelsinlsseveraltyls-lscorrectlsanswers-D
Billlsinheritedlsthelsfamilylsfarm,lswhichlsislslocatedlsinlsalsrurallscountylsandlsthatlshaslsnolspubliclsroadlsaccess.lsTols
accesslsthelsform,lsBilllsmustlsdrivelsonlsalsgravellsroadlsthatlscutslsthroughlsthelsneighborslsproperty.lsBill'slsproper
tylsis:ls
A.lsThelsservientlstenant

, B.lsThelsdominantlstenant
C.lsAnlseasementlsinlsgross
D.lsAndlsexamplelsoflslislspendensls-lscorrectlsanswers-B
Tolspreventlsthelserosionlsandlsslittinglsoflsalslargelsstream,lscountylsofficialslsexerciselsthelsrightlsoflsintimatelsdom
ainlstolsacquirels40lsacreslsoflssurroundinglsforestlandlsfromlsalsprivatelspropertylsowner.lsThelsprocesslsoflstakingls
thelsforestlandlsislsknownlsas:
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C.Homestead
D.lsDevisingls-lscorrectlsanswers-A
Alspropertylshaslsalsmarketlsvaluelsofls150,000lsandlsislsassessedlsforlstaxlspurposeslsatls80%lsoflsmarketlsvalue.lsHo
wlsmuchlstaxlsislsowedlsonlsthelspropertylsiflsthelstaxlsratelsisls25lsmills?ls
A.ls300
B.3000
C.3750
D.ls7500ls-lscorrectlsanswers-B
Inls2005,lsalsdeveloperlsbuiltlsanlseightlsstorylsmixedlsuselsbuilding.ls10lsyearslslater,lsthelscitylsplanninglsadministra
tionlsanlsordinancelsbandinglsanylsbuildingslshigherlsthanlssixlsstories.lsThelseightlsstorylsmixlsusedlstolsbuildinglsisls
anls
A.Amendmentlstolsthelscomprehensivelsplan
B.lsNonconforminglsuse
C.Illegallspermit
D.lsViolationlsoflsthoselszoninglslawsls-lscorrectlsanswers-B
Whichlsoflsthelsfollowinglsislsalslikelylshazardlswhenlsrenovatinglsorlsdemolishinglsals20,000lsSFlsindustriallsbuildin
glsconstructedlsinlsthels1960s?ls
A.lsActionlslevells(4lspCi/L)lsorlshigherlsoflsradonlsadmissions
B.Disturbedlsgroundwaterlstables
C.lsProximitylstolsalslandfill
D.lsBuildinglsmaterialslscontaininglsAsbestosls-lscorrectlsanswers-D
Alssubdivisionlsdeveloperlswantslstolsensurelsthatlsownerslsmaintainlsspecificlsstandardslsregardinglsthelsexterio
rlspaintlscolorslstheylschoose.lsMaylsHelslimitlstheirlschoices?
A.lsYeslsiflshelsdetailslsapprovedlscolorlschoiceslsinlsthelscovenantslsconditionslsandlsrestrictionsls(CC&Rs)lsinlsthels
originallsdevelopmentlsplanlsforlsthelssubdivision
B.Yeslsiflshelsapplieslsforlsanlseasementlsinlsgross
C.Nolsbecauselsthelsownerslsarelsfreelstolspaintlstheirlshouseslsthelscolorslstheylswant
D.lsNolsbecauselsthislsislsalslegallsandlsunenforceablels-lscorrectlsanswers-A
Whichlsoflsthelsfollowinglsstatementslsregardinglsalscomparativelsmarketlsanalysisls(Cma)lsislstrue?
A.lsCMAlsarelspreparedlsbylslicenselsappraisers
B.lsThelsdecisionlsoflslenderslstolsmakelsalsloanlsforlsalspropertylsdependslsonlsalspropertylscompletedlsCMA
C.lsThelspurposelsoflsalsCMAlsislsderivinglsalslikelylslistinglspricelsorlsofferlspricels
D.lsAlsCMAlsislsonlylsrequiredlsforlspropertieslswherelsthelsbuyerlsislsfinancinglsthelspurchaselswithlsalsVAlsDashlsgua
ranteedlsorlsUSDAlsrurallsloanls-lscorrectlsanswers-C
Marketlsvaluelsislsbestlsdefinedlsas:ls
A.Thelsaveragelspricelsoflssoldlspropertieslsthatlsarelscomparablelsinlstermslsoflssquarelsfootage
B.Thelsmostlsprobablelspricelsthatlsalspropertylswilllsbringlsinlsalscompetitivelsmarket
C.lsThelshighestlspricelsalspropertylswouldlscommandlsiflsitlswaslsalspocketlslisting
D.lsThelspricelsalsbuyerlswouldlspaylsiflsthelstransactionlswaslsalllscashls-lscorrectlsanswers-B

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