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| Which of the following is a lien on real estate? |
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| A sales contract was signed by a minor. Which of the following decribes this contract? |
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| A broker recieves a check for earnest money from a buyer and deposits the money in the broker's personal interest bearing account over the weekend. This action exposes the broker to what charge |
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| A broker signs a contract with a buyer. Under the contract, the broker agrees to help the buyer find a sutiable property and to represent the buyer in negotiations with the seller. Although the buyer may not sign an agreement with any other broker, the buyer may look for an purchase a property without the broker's assistance. The broker is entitled to payment only if the broker locates the property that is ultimately purchased. What kind of agreement has the broker signed? |
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Definition
| b. Exclusive-agency buyer agency agreement |
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| A grantor conveys property by delivering a deed. The deed contains five covenants. This is most likely a |
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| A woman grants a life estate to her son-in-law and stipulates that upon his death, the title to the property will pass on to her grandson. This second estate is known as |
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| A primary feature of property held in joint tenancy is that |
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Definition
| d. there is always right of survivorship |
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| A licensee is a licensed real estate salespersonwho has a written contract with his broker that specifies that he will not be treated as an employee. The licensee's entire income is from sales commissions rather than an hourly wage. Based on these facts, the licensee will be treated by the IRS as |
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| The form of tenancy that will expire on a specific date is a |
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| Assuming that the listing broker and the selling broker in a transaction split their commission equally, what was the sales price of the property if the commission rate was 6.5% and the listing broker received $12,593.50? |
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| A real estate licensee specializes in helpling both buyers and sellers with neccesary paperwork involved with transfering property. Although not an agent of either party, the licensee may not disclose either party's confidential information to the other. The licensee is BEST decribed as a(n) |
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| Three women owned a house as joint tenants. In the year 2009, one died. Last month, another died. Based on these facts, which of the following correctly describes the remaining woman's ownership interest in the house? |
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| The listing and selling brokers agree to split a 7% commission 50/50 on a $295,900 sale. The listing broker gives the listing salesperson 50% of the listing broker's share, and the selling broker gives the selling salesperson 65%. How much does the selling salesperson earn from the sale after deducting expenses of $1300? |
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| Police powers include all the following except |
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| A seller wants to net $165,000 from the sale of a house after paying the broker's fee of 6%. The seller's gross sales price will be |
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| Three acres equals how many square feet? |
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| A buyer is purchasing a condominium unit in a subdivisionand obtains financing from a local savings and loan association. In this situation, which term BEST describes this buyer? |
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| The current value of a property is $140,000. The property is assessed at 40% of its current value for real estate tax purposes, with an equalization factor of 1.5 applied to the assessed value. If the tax rate is $4 per $100 of assessed valuation, what is the amount of the tax due on the property? |
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| A parcel of vacant land has an assest valuation of $274,550. If the assessment is 85% of market value, what is the market value? |
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| A parcel of land described as "the NW1.4 and SW1/4 of Section 6, T4N, R8W of the Third Principal Meridian" was sold for $875 per acre. The listing broker will receive a 5% commission on the total sales price. How much will the broker receive? |
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| The commission rate is 7% on a sale of $250,000. What is the dollar amount of the commission? |
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| A prospective buyer signs an offer to purchase a residential property. All of the following circumstances would automatically terminate the offer EXCEPT the |
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Definition
| d. seller received a better offer from another buyer |
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Term
| A buyer purchased a home under a land contract. Until the contract is paid in full, the buyer |
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Definition
| d. has equitable title in the property |
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| A buyer and a seller sign a contract for the sale of real property. A few days later, they decide to change many of the terms of the contract, while retaining the basic intent to buy and sell. The process by which the new contract replaces the old one is called |
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| Whose signature is necessary for a signed offer to purchase real estate to become a contract? |
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| A broker enters into a listing agreement with a seller in which the seller will receive $120,000 from the ale of a vacant lot and the broker will receive any sale proceeds exceeding that amount. This is what type of listing? |
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| Under a cooperative form of ownership, an owner |
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Definition
| a. is a shareolder in the corporation |
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Term
| A known defect or a cloud on title to property may be cured by |
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Definition
| a. obtaining quitclaim deeds from the appropriate parties |
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Term
| A seller signed an exclusive-right-to-sell agreement with a licensee. If the seller finds a suitable buyer with no assistance, the licensee is entitled to |
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Definition
| d. full compensation from the seller |
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Term
| What would it cost to put new carpeting in a room measuring 15ft by 20ft if the carpet costs $16.95 per square yard, plus $250 installation charge? |
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Term
| What is the difference between a general lien and a specific lien? |
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Definition
| d. A specific lien is a lien against a certain parcel of real estate, while a general lien covers all of a debtor's property |
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Term
| In an option to purchase real estate, which statement is TRUE of the optionee? |
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Definition
| d. The optionee has no obligation to purchase the property during the option period |
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