Real property can be converted to personal property by: - CORRECT ANSWER severance
Legal descriptions using the government survey system are NOT
... [Show More] generally used in: - CORRECT
ANSWER the original 13 states
Although states make specific laws governing water rights and the rights in land that borders
water, most states generally follow one of two basic doctrines regarding water rights. In many
states, the common law doctrine of riparian and littoral rights dictates that water rights are
automatically conveyed with property. In others, all water rights are controlled by the state under
the doctrine of: - CORRECT ANSWER prior appropriation
A tenant rented an apartment, signing a 15-month lease. After the lease expired, the tenant paid 1
month's rent and got a receipt. What kind of leasehold does the tenant have? - CORRECT
ANSWER Tenancy at will
A homeowner is willing to let his neighbor park an RV in his backyard. He does NOT want to
make the permission permanent in case he dislikes others who might move next door in the
future. What should he give his neighbor? - CORRECT ANSWER A license
A judgment has been properly recorded. Any subsequent purchasers, whether they have actually
examined the record or not, have been given: - CORRECT ANSWER constructive notice
The main difference between tenancy in common and joint tenancy is that with tenancy in
common, when a co-owner dies, - CORRECT ANSWER his undivided interest passes to his
heirs
A landowner wishes to build a neighborhood grocery store on a busy street in an area zoned for
residential use. Which of the following would MOST likely be used to obtain permission for this
store? - CORRECT ANSWER Conditional use permit or zoning variance
An escheat occurs when: - CORRECT ANSWER a property owner dies without heirs or a valid
will
A deed restriction is applicable to the activities of: - CORRECT ANSWER all owners, present
and future
An environmental impact statement typically describes the effects of a proposed project on
factors such as: - CORRECT ANSWER public health and safety
Ordinances that specify construction standards are: - CORRECT ANSWER building codes
Depreciation is calculated based on the: - CORRECT ANSWER cost of the building only
A competitive market analysis is MOST often used for: - CORRECT ANSWER setting a listing
price
According to the principle of progression, a three-bedroom, one-story home is MOST likely to
bring the highest sales price if located in a neighborhood in which: - CORRECT ANSWER most
homes are larger than the sale home
A formal appraisal will ALWAYS be REQUIRED when the: - CORRECT ANSWER lender
wants to sell the mortgage to the secondary market
A competitive market analysis takes into consideration: - CORRECT ANSWER square footage
of the subject property
When compiling a competitive market analysis, a broker would look for comparable properties
that: - CORRECT ANSWER were located near the property being listed
Three identical homes in a neighborhood were listed at the same time in a market where demand
was constant. According to the law of supply and demand, which would have sold for the lowest
price? - CORRECT ANSWER The first sold
A prospective seller asks a salesperson to recommend a listing price for a property. The
salesperson should suggest: - CORRECT ANSWER a competitive market analysis to determine
the property's value
A borrower has defaulted on the mortgage. The mortgage contains an acceleration clause. This
permits the lender to: - CORRECT ANSWER demand immediate payment of the entire note
In helping a buyer to select a lender, if the buyer believes he has good credit and his income is
documentable as a salary and by tax returns, the licensee might recommend a mortgage banker,
instead of a mortgage broker, for all of the following reasons EXCEPT: - CORRECT ANSWER
more variety of loan programs available
The FHA functions MOST like: - CORRECT ANSWER an insurance company
According to the Truth-in-Lending Act, if any "trigger terms" are used in an ad, all of the
following disclosures MUST appear in the ad EXCEPT the: - CORRECT ANSWER prepayment
penalties and rebates [Show Less]