Real Estate Exam Practice Test Questions Flashcards

Real Estate Exam Practice Test Questions Flashcards unlawfulWhich of the following is not a lien?When the amount paid on a real estate loan is less than the

interest due, it is considered:

negative amortization Yes, this is a material fact and must be disclosed.The full name of the buyer(s), the city and the county in which the property is located, and the legal description of the property can be found in which of the following?compensation equals whatever amount the buyer pays in excess of the seller's net figure and closing costs.A real estate agent cannot insist on showing a seller's property to prospective buyers at any time and must respect the seller's wishes. The seller, on the other hand, should comply with reasonable requests to show the

property. This is an example of the duty of:

California Health and Safety CodeWhen using the land residual technique, the unknown

factor and ideal result would be:

A listing that describes a house as "within walking distance of a church." An agreement specifying activities for which the agent is to be compensated is known as which of the following?Which of the following is NOT true regarding market value?It is the actual selling price of the property a loan agreement that generally requires payments of interest only over the term of the note. At the end of the term, the entire debt balance becomes payable in a single balloon payment.What does lis pendens refer to?all of theseWho would be responsible for the enforcement of sanitation and sewage disposal from a subdivision?Income approachWhat type of appraisal approach would likely be used in determining the value of a library?Measurement of landAfter living in a property for four years, Rita noticed that the wood on her porch has started to warp. This is an example

of:

setting minimum standards for public health, safety and general welfare Mr. and Mrs. Childers bought a property and they were not informed that it contained an oil tank buried in the ground that is used for heating the home. They would have the

right to:

An agricultural and farming loan from a bank A wide-ranging federal law put into place to protect individuals with a disability from discrimination in a workplace or from access to a public place, such as a real estate office.Residential Purchase AgreementWhat is the main difference between a life estate and an estate for years?encumbrance on a property to collect money for a debt.What is the primary purpose of city and county building codes?obedienceWhen the real estate market changes from a buyer's market to a seller's market, what could be expected in the

real estate industry?

What does a conditional sales contract do? the seller keeps the legal title until the loan for the purchase of the real property has been completely satisfied.Concerning the sale of residential property of 1 to 4 units, a seller typically has how long to provide the buyer with all required disclosures?

• days

All are considered target housingRhonda is selling her home and the buyer insists on having a pest control inspection. Rhonda does not want to be bothered with arranging an inspection. What does the law require?Gretchen owns a commercial building which she leased to

Henry for 6 years. Henry's estate in the building is:

any and all of these 47.34 feetIf a buyer applies equal payments to a long term home loan, what will happen to the payment of the principal over the life of the loan?Uniform Standards of Professional Appraisal PracticeAn obligation owed by one party is a corresponding _____ of the other party.Americans with Disabilities Act (ADA) of 1990 A developer buys a property that was foreclosed on and finds unidentified chemicals inside the property. If these chemicals are determined to be hazardous, they must be disposed of in accordance with the requirements of which of the following?When the lien period has expiredAn agency created by estoppel is also called a(n): Principle of consistent useWhen real property is in escrow, which of the following actions may the escrow holder have to do?loss of rental due to vacanciesA lien that has been created by court action and covers all of the debtor's property in the county where it was recorded

is called:

The health officerIf an appraiser is appraising a restaurant, what is the very best method to use?If you are not part of the National Association of Realtors,

you cannot use the term:

realtor SteeringWhich of the following does NOT have to be included in a written lease?The tenant's credit scoreIf the principal revokes the agency agreement, what is he/she still liable for?Which of the following individuals can initiate an unlawful detainer action?A landlord material deteriorationIf a seller refuses to disclose that his property is in a flood zone on the transfer disclosure statement, what should the licensee do to protect themself?When showing property to potential buyers, what must the listing agent disclose to the third party (buyer)?All known material facts about the real property Ownership of the real property may be affected based on the outcome of the lawsuit Broker Mick is showing a property to buyer Stephanie and is he is aware that the basement of the property has occasional flooding. Is Broker Mick required to disclose this

to buyer Stephanie?