The rights of ownership of real property include all of the following EXCEPT - ✔✔ Compatibility
An important characteristic of land is that it
... [Show More] may be modified or improved at some point in time. Depending on its type, an improvement may increase the value of real estate greatly. All of the following are considered to be improvements EXCEPT - ✔✔ Crops
A man leases a store space to open a restaurant. He installs ovens, booths, counters, and other equipment. When would these items become real property? - ✔✔ At lease expiration, if the man does not remove them
A real estate professional sells property listed by another brokerage firm in the multiple listing service. The real estate professional has been working with the buyer for many months but does not have an agency contract with him. This real estate professional has fiduciary obligations to - ✔✔ the seller.
A man's house has been listed for sale for more than one year and he is very anxious to move into a retirement community. A real estate professional, who is a subagent of the seller, tells a prospective buyer to make a low offer because she is sure that the seller will accept it. Regarding the real estate professional's conduct, which of the following is FALSE? - ✔✔ She acted appropriately to sell the seller's property
A real estate professional who represents the seller is showing a house to a prospective buyer-customer. The real estate professional knows that the house has water problems in the basement. Which of the following is TRUE? - ✔✔ Withholding the information prevents the buyer from making an informed decision
What is the commission rate of 5% on a sale of $250,000? - ✔✔ $12,500
A broker's newest sales associate lists a unit in a condominium building for sale. In this transaction, the sales associate - ✔✔ acts on behalf of the broker.
The commission on the sale of a house is $9,410, and 30% goes to the broker who listed the property. Of the remainder, the broker whose sales associate completed the transaction gets 45%, and the sales associate receives the balance. How much does the sales associate who made the sale receive? - ✔✔ $3,622.85
The type of real estate ownership that is MOST all-inclusive is a - ✔✔ fee simple estate.
A father conveyed the family home to his daughter by will as a pur autre vie estate for the life of her mother. If the daughter should die before the mother, who gains possession of the property? - ✔✔ Daughter's heirs
A man owned two acres of land. He sold one acre to a neighbor and reserved for himself an appurtenant easement over his neighbor's land for ingress and egress. The man's land - ✔✔ is the dominant tenement
.A woman owns 50 acres of land with 500 feet of frontage on a desirable recreational lake. She wishes to subdivide the parcel into salable lots, but she wants to retain control over the lake frontage while allowing lot owners to have access to the lake. Which of the following types of access rights would provide the greatest protection for a prospective lot purchaser? - ✔✔ Appurtenant easement
A homestead exemption protects against judgments - ✔✔ of unsecured creditors
The owner of a secluded area adjacent to an ocean noticed that people from town walked along the shore in front of his property. The owner learned that the local citizens had been walking along this beach for several years. He went to court to try to stop people from walking along the water's edge in front of his property. The owner is likely to be - ✔✔ unsuccessful because the owner's property extends only to the high-water mark and the public may use the land beyond this point.
In a limited partnership, - ✔✔ the general partners run the business.
Which of the following parcels of land is the smallest? - ✔✔ 5% of a township
"Beginning at the SE corner of the NE¼ of the section, then due west 5,280 feet more or less to the SW corner of the NW¼, then north along the west line of the section 2,640 feet, more or less, to the NW corner of said NW¼, then in a straight line to the point of beginning." How many acres does this parcel contain? - ✔✔ 160
.The current property taxes on a parcel are $1,743.25 and have not been paid. If the sale is to be closed on August 12, what is the approximate tax proration that will be charged to the seller based on a 360-day year? - ✔✔ $1,074
.A home mortgage loan closed on July 1 for $765,000 at 5.5% interest amortized over 25 years at $4,697.77 per month. Using a 360-day year, what would the principal amount be after the monthly payment was made August 1? - ✔✔ $763,808.48
.An appraiser estimated the replacement cost new of a building at $560,000. The building has an estimated economic life of 40 years and an estimated remaining life of 30 years. What is the current value of the building? - ✔✔ $420,000
.Property purchased five years ago was assessed for tax purposes at 50% of market value. The tax rate was $4.90 per $100 of assessed valuation. Today, the taxes, imposed at the same tax and assessment rates, have increased by $637. How much has the market value of the property increased assuming straight-line appreciation? - ✔✔ $26,000.00
.Find the cost to build a fence 6 feet 6 inches high around a lot measuring 90 feet by 175 feet, if the cost of erecting the fence is $2.25 per linear foot and the cost of material is $1.82 per square foot of fence? - ✔✔ $7,462.40
A business tenant pays 2% of his total gross sales volume as rent, with a minimum base rental of $1,000 per month. In the past year, his sales totaled $435,000. How much rent did he pay? - ✔✔ $12,000
.A lease provides that the tenant pays $760 minimum rent per month plus 4% of the gross sales in excess of $150,000 per year. If the tenant paid a total rent of $20,520 last year, what was the gross sales volume? - ✔✔ $435,000
.According to a broker's comparative market analysis (CMA), a property is worth $225,000. The homeowner bought the property for $190,000 and added $50,000 in improvements, for a total of $240,000. The property sold for $222,500. Which amount represents the property's market price? - ✔✔ $222,500
A suburban home with four bedrooms and only one bathroom suffers from what condition? - ✔✔ Functional obsolescence
A house sold for $180,000 and the buyer obtained an FHA-insured mortgage loan for $120,000. If the lender charged two discount points, the buyer would pay - ✔✔ $2,400.
.A buyer bought a house for $125,000. The house, which had originally sold for $118,250, appraised for $122,500. Based on these facts, if the buyer applies for an 80% mortgage, what will be the amount of the loan? - ✔✔ $98,000
A developer is planning a warehouse that will contain 103,000 square feet. Construction costs are estimated to be $62 per square foot. Ninety-five percent financing is available for the structure. How much money must the developer put up to complete the project? - ✔✔ $319,300 [Show Less]