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ASREB Practice Exam Questions
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ASREB Practice Exam QuestionsA 3.45-acre lot sells for 50 cents per square foot. What was the selling price?
a. $37,570
b. $75,141
c. $76,230
d. $78,712 – answer b. $75,141
A blind ad refers to an ad that
a. provides no price
b. provides no address
c. gives no indication that the property is listed with a broker
d. gives no indication that the property has been sold or not – answer c. gives no
indication that the property is listed with a broker
A borrower is required to put 10% down for the purchase of a property. The 10% down
would be considered
a. equity
b. boot
c. tax shelter
d. leverage - answer a. equity
A broker, acting as a property manager, would be what type of agent?
a. special
b. general
c. implied
d. ostensible - answerb. general
A buyer pays 20% down and obtains a real estate mortgage. The buyer makes no
further payments. What clause would the lender now exercise?
a. alienation
b. habendum
c. novation
d. acceleration - answerd. acceleration
When a new home is still under construction, the County Assessor may
a. increase the assessed value ratio
b. increase the full cash value
c. decrease the tax rate
d. appeal the limited property value - answerb. increase the full cash value
A contract has been signed, but title has not yet passed. The contract is
a. executed
, b. executory
c. recorded
d. estopped - answerb. executory
A handicapped person is leasing a house that requires a modification. Which of the
following is TRUE about the modifications?
a. the lessor may forbid handicapped modifications
b. the lessor can require the lessee to reasonably restore the property at the end of the
lease
c. the lessor must pay for the modifications
d. the lessor can increase the rent due to the risk of the handicapped person - answerb.
the lessor can require the lessee to reasonably restore the property at the end of the
lease
A holdover tenant would have a(n)
a. estate at sufferance
b. estate at will
c. freehold estate
d. remainder estate - answera. estate at sufferance
Which of these property qualifications is used for vacant land?
a. Class 1
b. Class 2
c. Class 3
d. Class 4 - answerb. Class 2
A house costs $100,000. The buyer is making a down payment of $32,000 and getting a
$68,000 loan. If there are 4 points, how much money will be paid out of the closing for
the points?
a. $400
b. $1,280
c. $2,720
d. $4,000 - answerc. $2,720
A lender refuses to loan or limits loans in a certain minority neighborhood. This action is
called
a. steering
b. blockbusting
c. redlining
d. territory allocation - answerc. redlining
A lessee puts in a bookcase for commercial use; at the end of the lease the bookcase is
removed. The bookcase would be considered:
a. real property
b. trade fixture
c. appurtenant
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