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A sales contract was signed by a minor. Which term describes this contract?
a. voidable
b. breached
c. discharged
d. void
a. voidable
A real estate broker hired by an owner to sell a parcel of real property must comply with?
a. any and all instructions of the owner
b. any and all instructions of the buyer
c. concept of caveat emptor
d. law of agency
d. law of agency
Which of the following could always be found by searching the county land records?
a. encroachments
b. rights of parties in possession
c. inaccurate surveys
d. mechanics' liens
d. mechanics' liens
An ordinary life estate?
a. cannot be sold
b. greatest estate in real property
c. inheritable estate
d. cannot be "wasted"
d. cannot be "wasted"
Which of the following is a lien on real estate?
a. recorded easement
b. recorded mortgage
c. encroachment
d. dead restriction
b. recorded mortgage
Which approach to value would MOST likely be useful to real estate brokers estimating the value of a single-family residence for sale in a subdivision?
a. cost approach
b. income approach
c. market comparison approach
d. gross rent multiplier
c. market comparison approach
A license is an example of?
a. easement
b. encumbrance
c. condemnation
d. police power
b. encumbrance
If the holder of an easement owns adjacent land and his physical use of the land is benefited by the easement, he is said to have:
a. easement in gross
b. prescriptive easement
c. easement appurtenant
d. license
c. easement appurtenant
A real estate professional receives a check for earnest money from a buyer and deposits the money in the real estate professional's interest-bearing checking account over the weekend. This action exposes the real estate professional to a charge of:
a. commingling
b. novation
c. subrogation
d. accretion
a. commingling
An owner of land that borders a non-navigable stream:
a. owns the land up to the mean high water mark
b. owns the entire stream and the land under it
c. owns the land under the water to the exact center line of the waterway
d. does not own the stream since it is a public waterway
c. owns the land under the water to the exact center line of the waterway
In order to measure elevation, you need a?
a. recorded plat
b. correction line
c. datum
d. range line
c. datum
A borrower takes out a mortgage loan that requires monthly payments of $875.70 for 20 years and a final payment of $24,095. This is what type of loan?
a. wraparound
b. accelerated
c. balloon
d. variable
c. balloon
You can convey real property to?
a. drunkard, a narcotics addict, a minor
b. corporation, mentally incompetent person
c. both of the above
d. neither of the above
c. both of the above
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