Random questions Flashcards by Sabina Catic

A professional opinion of a properties market value, based on established methods and using trained judgment, is for formed by

A. Real estate attorney
B. Real estate appraiser
C. Real estate counselor
D. Home inspector

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In general, when the supply of a certain commodity increases

A. Price tends to rise
B. Price tends to drop
C. Demand for it tends to rise
D. Demand for it tends to drop

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Which factor is most likely to influence demand for real estate?

A. Number of real estate professionals in area.
B. Number of full-time real estate professionals in the area.
C. Wage levels and employment opportunities
D. Price of new homes being built in the area.

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Which factor primarily affects supply of the real estate market?

A. Population
B. demographics
C. employment government
D. monetary policy

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Property management, appraisals, financing, and development are all examples of

A. Factors affecting the demand.
B. Specialization within the real estate industry
C. Non-real estate professions.
D. Activities requiring broker management and supervision.

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What would be the effect of a small town’s housing market if 2000 employees relocated?

A. Prices become less expensive
B. prices become more expensive
C. prices will remain the same
D. residential housing will not be affected

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A real estate professional with several years of experience decides to retire. Now this person would like to help clients involved in purchasing using or investing property. What is this person’s profession?

A. Real estate counselor
B. real estate appraiser
C. real estate educator
D. realtor

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The words broker and realtor or

A. Interchangeable
B. different categories of membership in the NAR
C. different titles offered by separate professional organizations.
D. not necessarily related; a broker is a real estate licensee, and a realtor is a real estate licensee who is a member of NAR

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Schools would be considered part of which real estate classification?

A. Special purpose
B. Industrial
C. commercial
D. residential

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When demand for a commodity decreases and supply remains the same

A. Price tends to rise
B. price tends to fall
C. price is not affected
D. the market becomes stagnant

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A licensed real estate professional acting as a point of contact between two or more people in negotiating the sale rental or purchase of a property is known as a(n)

A. Sales affiliate
B. broker
C. property inspector
D. appraiser

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An increase in the following would affect supply

A. Population
B. construction cost
C. governmental controls
D. the labor force

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All of the following are categories of the uses of REAL property except

A. Residential
B. developmental
C. agricultural
D. industrial

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All of the following affect how quickly the forces of supply and demand work except

A. A property specific geographical location immobility a property
B. degree of standardization of the properties
C. price
D. uniqueness of property

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The use of borrowed money to finance an investment is called
A. leverage
B. appreciation
C. depreciation
D. capital gain

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A real estate professional who performs a visual survey of our property structure and prepares a report for a purchaser or a owner is

A. An educator
B. an appraiser
C. a property manager
D. a home inspector

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When supply of a commodity decreases while demand remains the same the price tends to

A. Rise
B. drop
C. be unaffected
D. go into the direction of supply

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A person or company responsible for maintaining a clients property and maximizing the return on the clients investment is serving as a

A. A rental agent
B. a building maintenance specialist
C. a property manager
D. a investment counselor

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Detailed information about the age, education, behavior, and other characteristics of members of a population group is called

A. Population
B. demographics
C. family life styles
D. household data

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Real estate generally includes all of the following except

A. Trees
B. air rights
C. annual crops
D. mineral rights

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Which best describes shelving fastened in an commercial building by the tenant?

A. Trade fixtures
B. Fixtures of Trade
C. Building owners
D. Personal property

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The word nonhomogeneity refers to

A. Scarcity
B. Immobility
C. Uniqueness
D. Indestructibility

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Another term for personal property is

A. Realty
B. Fixtures
C. Chattels
D. Fructus naturales

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A property owner wants to use the water from the river that runs through the property to irrigate a potato field to do this the owners required by the state to submit an application. It could be assumed that the property owner state relies on which wall of law?
A. Riparian rights
B. Littoral rights
C doctrine of prior appropriation
D. doctrine of highest and best use

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6. A man inherits a piece of vacant land removed and sold all topsoil, lime stone and gravel. At his death, he left the property to his daughter which is true? A.daughter inherits nothing. Property no longer exist. B. The daughter inherited the property as is C. the daughter owns the gravel limestone and topsoil no matter where it is D. the man's estate must be restored to its original condition

And determining whether an item is real or personal property, a quart would not consider which of the following? A. The cost of an item when it was purchased B. whether it's removal would cause severe damage to the real estate C. whether the item is clearly adapted to the real estate D. any relevant agreement of the parties in their contract of sale

Which of the following is a physical Characteristic land? A. Indestructibility B. Improvements C. area preference D. scarcity

Which of the following describes the act by which real property could be converted into personal property? A. Severance B. Accession C. Conversion D. Attachment

A buyer of a newly purchased home discovered the ceiling fan was removed the contract did not address the issue. Which statement is true? A. Ceiling fans are usually considered real estate B. the ceiling fan belongs to the seller. C. ceiling fans are considered trade fixtures. D. ceiling fans are considered personal property

A buyer purchased a parcel of land and immediately sold the mineral rights to an oil company. The buyer gave up which of the following? A. Air rights B. surface rights C. subsurface rights D. occupancy rights

A truckload of lumber that a homeowner purchased has been left in the driveway for use in building a porch. The lumber is considered A. Real property B. personal property C. a chattel that is real property D. a trade or chattel fixture.

Method of annexation, adaptation to real estate, and agreement between the parties are the legal test for determining whether an item is A. A trade fixture or personal property B. real property or real estate C. a fixture or personal property D. an improvement

Parking spaces and a multiunit building, water rights and similar things of value that convey with the property are classified as A. Conventant B. Emblements C. Chattels D. Appurtenances

A paint company purchases a large track of scenic forest and builds several tin shacks there to store used turpentine and other items. which statement is true? A. The companies actions constitutes improvement of the property. B. the chemicals are considered appurtenances. C. The chemicals are considered trade fixtures. D. altering the property in order to store waste is not included in the bundle of rights.

A property owners land is located along the banks of a river the owners water rights are called A. Littoral rights B. Prior appropriation right C. Riparian rights D. Hereditaments

A property owners bundle of legal rights and titles the owner to do all of the following except A. Sell the property to a neighbor B. exclude utility meter readers C. erect no trust passing signs D. enjoy profits from its ownership.

Under the fair housing act which action is legally permitted? ``` A. Advertising property for sale only to a special group. B. Altering the terms of your loan for a member of a protected class. C. refusing to make a mortgage loan to a member of a protected class because of a poor credit history. D. Telling a member of a protected class that an apartment has been rented when in fact it has not. ```

Complaints relating to the civil rights act of 1866 A. Must be taken directly to federal court. B. Are no longer reviewed in the courts. C. Are handled by HUD. D. Are handled by state enforcement agencies.

Why is the civil rights act of 1866 unique? A. It has been brought in to protect the aged. B. It adds welfare recipients as a protected class. C. It contains " choose your neighbor" provisions. D. It provides no exception that would permit racial discrimination.

A real estate professional said to a homeowner, I hear they're moving in. There goes the neighborhood! Better put your house on the market before value drops! This is an example of what illegal practice? A. Steering B. blockbusting C. redlining D. fraudulent advertising

The act of directing home seekers towards or away from a particular area, either to maintain or to change the character of the neighborhood is A. Steering B. blockbusting C. redlining D. fraudulent advertising

The lender's refusal to lend money to potential homeowners attempting to purchase property is located in a predominantly Latino neighborhood is known as A. Redlining B. blockbusting C. steering D. prequalifying

All of the following would be permitted under the federal fair housing act except A. And expensive club in New York renting homes only to members who are graduates of a particular university. B. The owner of a 20 unit residential apartment building renting two men only. C. A Catholic convent refusing to furnished housing for Jewish man. D. Owner refusing to rent the other side of the duplex in which she lives to a family with children.

It is illegal for a lending institution to refuse to make a residential real estate loan in a particular area only because of the A. Questionable economic situation of the applicant. B. Physical location of the property. C. Absent not being of the legal age. D. Deteriorated conditions of the premises

Which agency, upon receiving a complaint regarding a fair housing act violation investigates? A. HUD B. HOPPA C. DOJ D. ADA

Housing that qualifies for exemption from familial status provisions A. Includes households intended for persons 50 or older. B. Includes a restriction that 80% of the units be occupied by persons 55 or older. C. Is not permitted under the federal fair housing act. D. Is permitted for owner occupied buildings with four or more units.

The owner specifies that they will not sell a home to an Asian family. The real estate professional should do which of the following? A. Advertise the property exclusively and Asian language newspapers. B. Explain to the owners that the instruction violate federal law and that the real estate professional cannot comply with it. C. Abide by the owners directions despite the fact that they conflict with the fair housing act laws D. require the owner to sign a separate documentation with his instructions.

# Define for the first violation of the federal fair housing act could be as much a A. 100,000. B. 37,000 C. 55,000 D. 16,000

A Single man with two small children have been told the condominium for sale is available only to married couples with no children. A. Condominiums permitted to discriminate against the family under the principles of rational basis. B. Condominium complexes are exempt the man C. Complaint on the basis of familial status. D. Restrictive covenant's take presidents

An ad in the newspaper says for sale four bedroom brick home redwood school district great location short walk to Saint John's church move-in condition price well. A. Add is appropriate. B. Fair housing laws do not apply to newspaper advertising ad C. should state property is available to families D. should not mention Saint John's church.

Discrimination suit maybe filed in federal court by A. A person a grieved by racial discrimination. B. The department of housing and urban development. C. The state or county nondiscrimination officer. D. The Federal housing administration

The federal fair housing act does not prohibit A. Blockbusting B. discriminatory advertising C. redlining D. discriminating on the basis of marital status

The right of a government body to take ownership of real estate for public use is called A. Escheat B. Eminent domain C. condemnation D. police power

Only who has ownership rights of real estate that could continue forever and which provide that no other person can claim to be the owner or have any ownership control over the property has A. Fee simple interest B. life estate C. determinable fee D. condition subsequent

A woman deeded to convey ownership of a lot to a hospital "so long as it is used for hospital purposes". After completion of the gift the hospital will own A. Fee simple absolutely estate B. license C. fee simple determinable D. a leasehold estate

Your attorney explains that your neighbor real estate includes an easement a pertinent to giving them the right to drive across your property. Your property is the A. Leasehold interest B. dominant tenant C. servient tenant D. license property

A license is an example of a A. easement appurtenance B. encroachment C. personal privilege D. restriction

An easement appurtenant A. Terminates with the sale of the property B. is a right of way for the utility company C. is revocable D. runs with the land

Property on Main Street that was formally a retail store will become the site of the new City Hall, made possible by the government's power of A. Escheat B. Possibility of reverter C. eminent domain D. taxation

Which of the following is not an example of governmental powers? A. Remainder B. police power C. eminent domain D. taxation

A property owner who has legal right to use the neighborhoods land holds a A. Estate in land B. easement C. police power D. encroachment

Which of the following is a legal life estate? A. Leasehold B. fee simple absolute C. homestead D. determinable fee

An owner conveys ownership of his residence to his church but reserves for himself a life estate and the residence. The future interest held by the church is a A. pure autre vie B. remainder C. reversion D. leasehold

And owner has a fence on his property by mistake, the fence remains 1 foot over the lot line onto my neighbors property. The fence is an example of A. license B. encroachment C. easement by necessity D. easement by prescription

A homeowner may be allowed a certain protection from judgments of creditors as a result of the states A. Littoral rights B. rights courtesy rights C. homestead rights D. dower rights

A person has permission from the property owner to hike on the owners property during the autumn months. The hiker has an A. easement by necessity B. Easement by condemnation C. Riparian rights D. a license

A homestead is a legal life estate in real estate that is A. leased by renters B. occupied as a family home C. used as a vacation home D. a secondary residence

Because the homeowner failed to pay the real estate tax on time, the taxing authority imposed a claim against the homeowners property. This claim is known as a A. deed restriction B. lien C. easement D. revisionary interest

The type of easement that is a right of way for utility companies powerlines is a easement A. Easement in gross B. easement by necessity C. easement by prescription D. nonassignable easement

The process by which government takes control of property after the owner dies without a will or lawful Heirs is A. Escheat B. Lis pendant C. Condemnation D. Taxation

``` A landowner has divided much of his land into smaller parcels and has recently sold a tract near a nature preserve that is landlocked and cannot be entered except through one of the other tracts. The buyer of that property will probably be granted what type of easement by court action? A) Easement by necessity B) Easement by condemnation C) Easement by prescription D) Easement in gross ```

``` Police powers include all of the following EXCEPT A) subdivision regulations. B) building codes. C) deed restrictions. D) zoning. ```

The four unities a possession, interest, time, and title are associated with which of the following A. Community property B. Severalty ownership C. tenants in common D. joint tenancy

Your personal property was purchased by two friends. The deed they received from the seller at closing transfer the property without further exclamation. The two friends took title as which of the following A. Joint tenants B.Tenants in common C. tenants by entirety D. community property owners

Three people or joint tenants with rights of survivorship in the tract of land. One owner, conveys his interest to a friend which statement is true? A. The other two owners remain joint tenants. B. The new owner has severity ownership. C. They all become tenants in common D. they all become joint tenants

A man owns one of 20 units in fee simple, along with a 5% ownership share in the parking facility, recreation center and grounds. What kind of property does he own? A. Cooperative B. Condominium C. Time-share D. Land trust

A trust is a legal arrangement in which property is held for the benefit of a third party by a A. Beneficiary B. Trustor C. Trustee D. Attorney in fact

``` According to some states any real property either spouse owns at the time of marriage remain separate property. Further, any real property acquired by either spouse during the marriage belongs to both of them equally. What is the form of ownership called? A. Partnership B. join Tenancy C. Tentant by entirety D. community property ```

``` Three women were account current owners of a parcel of real estate. When one of the women died, her interest, accordingly to her will, became part of the estate. The deceased was A. Joint tentant B. Tentant in common C. Tenant by the entirety D. Severalty owner ```

``` A legal arrangement under which the title to real property is held to protect the interests of a Beneficiary A. trust B. corporation C. limited partnership D. general partnership ```

``` A person lives in an apartment building. The land and the structures are owned by a corporation with one mortgage loan. Like the other residents, this person owns stock in a corporation what type of ownership is this called A. condominium B. plan under development C. timeshare D. cooperative ```

Eight owner purchased an interest in the house. The owner is entitled to the right of possession between July 10 to August 4 of each year what type of ownership is this? A. cooperative B. condominium C. timeshare D. partnership

``` A corporation is a legal entity, recognized as an artificial person. Property owned solely by the corporation is owned in A. trust B. partnership C. severity D. survivalshiptenancy ```

``` Which of the following refers to ownership by one person? A. Tenancy by entirety B. community property C. Tenancy in common D. severalty ```

``` A married couple co-owns a farm and has the right of survivorship the arrangement is most likely A. severalty B. community property C. Tenancy in common D. An estate by entirety ```

The real property interests that takes the form of personal property is the A. Ownership in severalty B. Cooperative unit ownership C. Condominium unit ownership D. Tenancy in common

Two people are co-owners in a small office building with the rights of survivorship. One of the co-owners dies intestate and leaves nothing to be distributed to his heirs. A. Severalty B. Joint tenancy C. Community property D. Condominium

Which of the following is most likely evidence of ownership in the corporative? A. Tax bill for an individual unit B. existence of a retriever clause C. shareholder stock D. right of first refusal

Random questions Flashcards

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