National - Real Estate Exam Practice Questions (Set Two) Complete 2023 Solution
A tenant's landlord plans to sell the building in which the tenant
... [Show More] lives to the state so that a freeway can be built. The tenant's lease has expired, but the landlord permits the tenant to stay in the apartment until the building is torn down. The tenant continues to pay the rent as prescribed in the lease. What kind of tenancy does this tenant have?
a. holdover tenancy
b. month-to-month tenancy
c. tenancy at sufferance
d. tenancy at will - ANS - d. tenancy at will
The owner of a house wants to fence the yard for the family pet. When the fence is erected, the fending materials become real estate through:
a. severance
b. subrogation
c. annexation
d. attachment - ANS - c. annexation
A seller is interested in selling a house as quickly as possible and believes that the best way to do this is to have several real estate professionals compete against each other for the commission. The listing agreements with four different real estate professionals specifically promise that if one of them finds a buyer for the property, the seller will be obligated to pay a commission to that real estate professional only. What type of agreement has the seller entered into?
a. executed
b. discharged
c. unilateial
d. bilateral - ANS - c. unilateial
In some states, by paying the debt after a foreclosure sale, the delinquent borrower has the right to regain the property under which of the following?
a. novation
b. redemption
c. reversion
d. recovery - ANS - b. redemption
A country music singer who owns a cattle ranch enters into a sale-and-leaseback agreement with a local dentist. Which statement is TRUE of this arrangement?
a. the singer retains title to the ranch
b. the dentist receives possession of the property
c. the dentist is the lessor
d. the singer is a lessor - ANS - c. the dentist is the lessor
A real estate professional is employed by a buyer. When the real estate professional finds a property that the buyer might be interested in buying, she is careful to find out as much as possible about the property's owners and why their property is on the market. The real estate professional's efforts to keep the buyer informed of all facts that could affect a transaction is the duty of:
a. accounting
b. loyalty
c. confidentiality
d. disclosure - ANS - d. disclosure [Show Less]