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class one chap 14 > chap 14 > Flashcards

chap 14 Flashcards

1
Q

Which category of topics accounts for the most number of questions on the State exam…?
A Practice of real estate and disclosures
B Contracts
C Financing
D Law of Agency and fiduciary duties

A

Practice of real estate and disclosures

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2
Q

This is an item of personal property that has been attached to real property…?
A Easement
B Lien
C Fixture
D Appurtenance

A

Fixture

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3
Q

Residential property includes how many dwelling units…?
A 1 - 4 dwellings
B 5 - 9 dwellings
C 10+ dwellings
D All of the above

A

1 - 4 dwellings

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4
Q

The rights of a land owner or land occupier to use flowing water (such as a river) that is adjacent to the land are known as…?
A Air rights
B Riparian rights
C Mineral rights
D Littoral rights

A

Riparian rights

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5
Q

A common-law doctrine that makes an employer liable for the actions of an employee when the actions take place within the scope of employment is known as…?
A Agency Liability
B Respondeat Superior
C Privity
D Independent Contractor

A

Respondeat Superior

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6
Q

A person who acts for another but who sells final results and whose methods of achieving those results are not subject to the control of another is referred to as a…?
A Client
B Principal
C Employee
D Independent Contractor

A

Independent Contractor

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7
Q

The commission owed to the broker in a transaction is determined in this document…?
A Listing Agreement
B Express Agency Form
C Agency Disclosure Form
D Deed

A

Listing Agreement

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8
Q

That duty owed by an agent to act in the highest good faith toward the principal and not to obtain any advantage over the latter by the slightest misrepresentation, concealment, duress or pressure, is known as…?
A Fiduciary Duty
B Broker Duty
C Agency Duty
D All of the Above

A

Fiduciary Duty

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9
Q

The authority to act for another person in specified or all legal or financial matters is known as…?
A Trustor
B Agent
C Power of Attorney
D Partner

A

Power of Attorney

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10
Q

Which category of topics accounts for the most number of questions on the State exam…?

A Practice of real estate and disclosures
B Contracts
C Financing
D Law of Agency and fiduciary duties

A

Practice of real estate and disclosures

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11
Q

This is an item of personal property that has been attached to real property…?
A Easement
B Lien
C Fixture
D Appurtenance

A

Fixture

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12
Q

Residential property includes how many dwelling units…?

A 1 - 4 dwellings
B 5 - 9 dwellings
C 10+ dwellings
D All of the above

A

1 - 4 dwellings

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13
Q

The rights of a land owner or land occupier to use flowing water (such as a river) that is adjacent to the land are known as…?

A Air rights
B Riparian rights
C Mineral rights
D Littoral rights

A

Riparian rights

How well did you know this?
1
Not at all
2
3
4
5
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14
Q

A common-law doctrine that makes an employer liable for the actions of an employee when the actions take place within the scope of employment is known as…?

A Agency Liability
B Respondeat Superior
C Privity
D Independent Contractor

A

Respondeat Superior

How well did you know this?
1
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2
3
4
5
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15
Q

A person who acts for another but who sells final results and whose methods of achieving those results are not subject to the control of another is referred to as a…?
A Client
B Principal
C Employee
D Independent Contractor

A

Independent Contractor

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16
Q

The commission owed to the broker in a transaction is determined in this document…?

A Listing Agreement
B Express Agency Form
C Agency Disclosure Form
D Deed

A

Listing Agreement

17
Q

That duty owed by an agent to act in the highest good faith toward the principal and not to obtain any advantage over the latter by the slightest misrepresentation, concealment, duress or pressure, is known as…?

A Fiduciary Duty
B Broker Duty
C Agency Duty
D All of the Above

A

Fiduciary Duty

18
Q

The authority to act for another person in specified or all legal or financial matters is known as…?
A Trustor
B Agent
C Power of Attorney
D Partner

A

Power of Attorney

19
Q

Which of the following is an approach used by appraisers to value property…?
A Cost Approach
B Income Approach
C Sales Comparison Approach
D All of the Above

A

All of the Above

20
Q

This is an appraisal phrase meaning that use which, at the time of an appraisal, is most likely to produce the greatest net return to the land and/or buildings over a given period of time…?

A Conformity
B Highest and Best Use
C Contribution
D Supply and Demand

A

Highest and Best Use

21
Q

This refers to when a property is “over improved” relative to other surrounding properties in the area that are of lesser value…?
A Law of Regression
B Law of Conformity
C Law of Progression
D Law of Substitution

A

Law of Regression

22
Q

This is an item of removable personal property that a tenant attached to leased land for business purposes…?
A Trade Fixture
B Feature
C Appurtenance
D Fixture

A

Trade Fixture

23
Q

This refers to “under-improved” properties surrounded by properties of greater value…?
A Law of Conformity
B Law of Regression
C Law of Substitution
D Law of Progression

A

Law of Progression

24
Q

This principle affirms that value is created by anticipated benefits to be derived in the future…?
A Principle of Change
B Principle of Conformity
C Principle of Anticipation
D Principle of Substitution

A

Principle of Anticipation

25
Q

This principle affirms that value is created when properties tend to be similar in a particular neighborhood…?
A Principle of Change
B Principle of Conformity
C Principle of Anticipation
D Principle of Substitution

A

Principle of Conformity

26
Q

The supply of willing and able buyers in the marketplace or lack thereof is referred to as..?
A Demand
B Scarcity
C Utility
D Supply

A

Demand

27
Q

The ability to give satisfaction and/or excite desire for possession is known as…?
A Supply and Demand
B Conformity
C Utility
D Highest and Best Use

A

Utility

28
Q

This is a contract whereby a mortgagor agrees to use real property as security for the repayment of debt…?
A Mortgage
B Promissory Note
C Deed
D Security Instrument

A

Mortgage

29
Q

The marketplace whereby loans are originated is referred to as the…?
A Primary Mortgage Market
B Secondary Mortgage Market
C Institutional Market
D All of the Above

A

Primary Mortgage Market

30
Q

The marketplace whereby the loans that were originated in the primary mortgage market are bought and sold is known as the…?
A Institutional Market
B Secondary Mortgage Market
C Commercial Loan Market
D All of the Above

A

Secondary Mortgage Market

31
Q

A broker who arranges a mortgage loan between a lender and a borrower for a fee is referred to as a…?
A Real Estate Broker
B Banker
C Underwriter
D Mortgage Broker

A

Mortgage Broker

32
Q

A loan whereby there is no government participation or cooperation is known as a…?
A Conventional Loan
B Insured Loan
C Unconventional Loan
D Premium Loan

A

Conventional Loan

33
Q

That which is immovable, including land, things affixed to land, and appurtenances is known as…?
A Bundle of Rights
B Real Property
C Personal Property
D Fixture

A

Real Property

34
Q

The rights, or interests, that an individual has in a particular piece of property are referred to as…?
A Bundle of Rights
B Appurtenance
C Encumbrance
D Reversion

A

Bundle of Rights

35
Q

All property that is not considered to be real property is known as…?
A Real Estate
B Land
C Fixture
D Personal Property

A

Personal Property

36
Q

Which of the following is considered a formal description of property…?
A Government Survey
B Metes and Bounds
C Lot and Block
D All of the Above

A

All of the Above

37
Q

1 mile is equal to how many linear feet…?
A 2550
B 2850
C 5280
D 5580

A

5280

38
Q

1 acre is equal to how many square feet…?
A 10000
B 23560
C 32.86
D 43560

A

43560

39
Q

Zoning is an example of police power…?
A T (True)
B F (False)

A

true

class one chap 14 (2 decks)

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