Trustee vs trustor - Study guides, Class notes & Summaries
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LARE section 1 Exam Questions With Verified Answers
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misfeasance - Answer Preforming a legal action in an improper way 
 
malfeasance - Answer Doing of an act in an improper, wrongful, or unlawful manner. Public works always malfeasance. 
 
nonfeasance - Answer Failure to act when one should, a kind of tort 
 
malpractice - Answer A failure of a professional to act in accordance with the acceptable course of conduct, negligence of a member of a profession in a professional capacity 
 
censure - Answer Issue a formal condemnation. 
 
admonition - A...
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Missouri Real Estate Exam: Contracts and Agency & Financing
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Statute of Frauds - ANSWER-Requires a real estate contract to be in writing in order to be enforceable 
 
real estate contracts - ANSWER-A contract that sets forth all details between the buyer and seller for the purchase and sale of real estate 
 
implied contract (ostensible agreement) - ANSWER-a contract demonstrated by actions or conduct 
 
Expressed contract - ANSWER-a contract that may be oral or in writing. The parties state terms and show intentions in words 
 
bilateral contract (sales ...
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California Real Estate Exam Multiple Choice Questions Graded A
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An appraiser's definition of "Value" would be: 
 
a. present worth of all rights to future benefits arising out of ownership. 
b. the ability of one commodity to command other commodities in exchange. c. relationship between the thing desired and the potential purchaser. 
d. all of the above. - ANSWER-d. all of the above. 
 
These are elements of value. 
 
Which of the following abbreviations is associated with the FHA? 
 
a. NAR 
b. CPM 
c. MIP/MMI 
d. MBA - ANSWER-c. MIP/MMI 
 
MIP - Mortga...
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APPRAISAL EXAM 1 Basic Principles Q&A Correctly Solved 100%
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APPRAISAL EXAM 1 Basic Principles Q&A Correctly Solved 100% 
 
When are appraisers needed? *** to set asking/offering prices, settle estates, refinance, divorce, taxes, rental rates, valuation, condemnation & foreclosure 
 
Appraiser *** One who is expected to perform valuation services competently & in a manner that is independent, impartial & objective. 
 
Attributes of an Appraiser *** competent, independent, impartial, objective, prompt, organized, educated, honest & diligent 
 
Appraiser...
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NMLS safe test (solved)
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What type of MLO must be licensed? 
A. an MLO of a savings and loan 
B. An MLO of a commercial bank 
C. Building and Loan Association MLO 
D. An MLO of a non-depository firm that arranges mortgages for clieents - ANSWER-D 
 
What is the difference between mortgage lenders and brokers? - ANSWER-Mortgage lenders make loans and mortgage brokers arrange loans 
 
What best defines a mortgage broker? 
A. Serves as an intermediary between a borrower and the actual lender 
B. Makes loans by. funding fro...
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Texas Real Estate Exam Study with Complete Solutions
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*Law of Contracts* 
1. Which of the following practices could be considered practicing law by a real estate 
broker for the sale or lease of real property? 
A. Use of a form prepared by the broker's company 
B. Use of a form prepared by an attorney 
C. Use of a form prepared by the property owner 
D. Use of a form promulgated by TREC - ANSWER-A 
 
2. When a seller and a buyer wish to convey personal property, this is done with a: 
A. Deed 
B. Bill of sale 
C. Deed of Trust 
D. Nothing is requir...
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