CT Real Estate: Chapters 1-10 Practice Exam Flashcards

CT Real Estate: Chapters 1-10 Practice Exam Flashcards

• Tenancy with survivorship meansa. the tenancy interest

will be inherited.b. the tenant's heirs are survivors.c. the tenancy interest will pass to the surviving tenant(s) upon the death of a tenant.d. this is not a legal tenancy.

• the tenancy interest will pass to the surviving tenant(s)

upon the death of a tenant.

• A $100,000 loan at 6% could be amortized with monthly

payments of $843.86 on a 15-year basis or payments of $599.55 on a 30-year basis. The 30-year loan results in total payments of what percentage of the 15-year total payments?a. 158%b. 142%c. 106%d. 71%

• 142%
• Which of the following is an example of a legal life

estate?a. Homestead estateb. Estate conveyed by one party to a second party for the life of the second partyc.Use of a will to convey propertyd. Estate conveyed to a second party subject to a condition

• Homestead estate
• The clause in the deed that conveys the rights and

privileges of ownership is called the a. habendum clause.b.appurtenance clause.c. acknowledgment.d. granting clause.

• appurtenance clause.
• An investment property now worth $180,000 was

purchased seven years ago for $142,000. At the time of the purchase, the land was valued at $18,000. Using a 39-year life for straight-line depreciation purposes, the present book value of the property isa. $95,071.35.b. $113,071.00.c.$119,743.58.d. $126,000.50.

• $119,743.58
• A real estate professional who is the agent of the buyer

should do which of the following? a. Disclose to the seller that the buyer is a member of a protected classb. Disclose to the seller the maximum price the buyer is willing to payc.Present to the seller only offers that are acceptabled.Advise the buyer if the listing price of the seller's house is unrealistic

• Advise the buyer if the listing price of the seller's house

is unrealistic

• Refusal or failure to comply with the terms of a contract

isa. specific performance.b. a breach.c. not justification for failure to return earnest money.d. acceptable if no harm results.

• a breach.
• An owner divides a parcel into several lots, one of

which is completely surrounded by other lots and has no street access. Which of the following is TRUE?a. An easement by necessity should be created for the landlocked parcel.b. The municipality must construct a street to create access.c. The owner must create an

easement by condemnation to provide access.d. An easement by prescription should be granted.

• An easement by necessity should be created for the

landlocked parcel.

• A 40-acre tract was sold for $2,200 per acre. The seller

realized a 14.5% profit from the sale. What was the original cost of the tract?a. $75,240b. $76,856c. $100,760d.

$102,924

• $76,856

• Shareholders in a cooperative receive shares of stock

that entitle them to aa. common element lease.b. trust deed.c. proprietary lease.d. corporate deed.

• proprietary lease.
• A broker's office policy is that a sales associate's share

of a commission is 65%. What is the sales associate's compensation if the sales price of a property is $195,000, the broker is entitled to a 5.5% commission, and there is no cooperating broker?a. $697.13b. $6,971.25c. $8,872.50d.

$69,712.50

• $6,971.25
• A contract made by a person who has been legally

declared insane isa. valid.b. void.c. legal.d. voidable.

• void.
• Grantee is to a deed as devisee is to aa. will.b. trust.c.

estate.d. leasehold.

• will.
• What will happen to real estate when its deceased

owner did NOT write a will and no heirs can be located?a.The ownership will escheat.b. The ownership will pass by devise.c. The ownership will revert to the previous owner.d.The courts will seize the ownership.

• The owndership will escheat.
• A broker who represents a seller under an exclusive

agency listing receives two offers for the property at the same time, one from a sales associate of the broker and one from the sales associate of a cooperating broker. The broker shoulda. submit both offers at the same time.b.submit the offer from the broker's sales associate first.c.submit the offer from the cooperating broker's sales associate first.d. submit the higher offer first.

• submit both offers at the same time.
• To net an owner $900,000 after the listing broker is paid

a 6% commission, the list price would bea. $954,050.b.$957,447.c. $959,060.d. $960,000.

• $957,447.
• A person who acquired ownership that can be willed to

a devisee, with the provision that the land must always be used for recreational purposes, has which of the following?a. Fee simple estateb. Restricted estatec. Estate that cannot be soldd. Fee simple estate subject to condition subsequent

• Fee simple estate subject to condition subsequent
• Which of the following is an example of involuntary

alienation?a. Selling a property to pay off debtsb. Having a piece of land sold for delinquent taxesc. Giving a piece of land to the park district.d. Letting another person plant crops on an unused portion of a piece of land

• Having a piece of land sold for delinquent taxes
• The road to a home is winding and long, but the

shorter, more direct route is across a neighbor's land. The homeowner has used the more direct route for years and has never seen the neighbor. The homeowner hopes to eventually gain an easement bya. necessity.b.

prescription.c. condemnation.d. license.

• prescription
• A real estate broker is helping a buyer and a seller fill out

a sales contract but is not representing either party. The real estate broker isa. a traditional broker.b. a designated broker.c. a transactional broker.d. an unlicensed broker

• transactional broker.