chap 14 Flashcards
(39 cards)
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
Practice of real estate and disclosures
This is an item of personal property that has been attached to real property…?
A Easement
B Lien
C Fixture
D Appurtenance
Fixture
Residential property includes how many dwelling units…?
A 1 - 4 dwellings
B 5 - 9 dwellings
C 10+ dwellings
D All of the above
1 - 4 dwellings
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
Riparian rights
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
Respondeat Superior
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
Independent Contractor
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
Listing Agreement
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
Fiduciary Duty
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
Power of Attorney
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
Practice of real estate and disclosures
This is an item of personal property that has been attached to real property…?
A Easement
B Lien
C Fixture
D Appurtenance
Fixture
Residential property includes how many dwelling units…?
A 1 - 4 dwellings
B 5 - 9 dwellings
C 10+ dwellings
D All of the above
1 - 4 dwellings
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
Riparian rights
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
Respondeat Superior
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
Independent Contractor
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
Listing Agreement
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
Fiduciary Duty
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
Power of Attorney
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
All of the Above
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
Highest and Best Use
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
Law of Regression
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
Trade Fixture
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
Law of Progression
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
Principle of Anticipation
