Burk Baker National Practice Test

These questions are part of the practice quiz. Start practicing

• Which organization is the government-sponsored enterprise created to support the secondary mortgage market?
• What is the purpose of the defeasance clause?
• Statutory rights of redemption occur when?
• The Civil Rights Act of 1964 bans discrimination in which areas?
• In a sale without appraisement, the lender forfeits which right?
• Which clause gives the lessee an option to extend the term?
• Which covenant assures the grantor that the title is free from claims arising before transfer?
• Equal Credit Opportunity Act is known for which of the following?
• Which clause expresses the grantor's intention to convey grant, give, sell or release real property interest to the grantee using specific words of conveyance?
• Under a contract for deed, what remedy may the seller have if the buyer defaults?
• Latent defect is defined as a hidden structural defect not discoverable by ordinary inspection.
• Exemptions to the fair housing act do not apply to which basis?
• Which term describes ownership by a single owner, not under a co-ownership?
• Which describes a contract that is still binding but has a flaw?
• Zoning in which portions of a distinct area are zoned differently?
• Mistake of law occurs when a party, though aware of the facts, reaches an erroneous conclusion about their legal ramifications.
• Which statement about disclosure's role in contract validity is correct?
• Reproduction cost is defined as
• Which right gives the lessor the right to sell his mortgage without the lessee's consent?
• Which activity is explicitly listed as a responsibility of a property manager?
• Which term refers to fruits of industry essential farm crops grown and harvested?
• Which statement reflects a fiduciary obligation of a licensee acting as a dual agent?
• Which term describes a relationship created by the parties' conduct rather than a formal written contract?
• Which of the following is a common private encumbrance on real property?
• Which policy grants the title company the right of subrogation when paying a claim?
• Which term denotes the ease with which ownership of a commodity may be transferred?
• What describes a multiple listing service (MLS)?
• Which private organization specializes in buying and selling mortgages with private funds?
• Which agency relationship is formed when the broker represents only one party and owes fiduciary duties to that party?
• In waterways that are accessible to commercial boat traffic, ownership stops at the water's edge. Which type of waterways is this?
• Which private organization specializes in buying and selling mortgages with private funds?
• Which covenant assures the property is free from liens or encumbrances other than those specified?
• A vendor's lien is used in connection with which arrangement?
• Which term describes rights that attach to land adjacent to running water?
• Which deed conveys severed interest of coowned property resulting from a court ordered partition?
• Which of the following is NOT typically considered when determining fixture status?
• Which statement describes a person who dies leaving a will?
• What phrase refers to the body of laws and customs governing the relationship between principal and agent?
• Prescription in the context of easements refers to which concept?
• Under the statute of frauds, if the patio furniture is promised to stay with the house but is not mentioned in the contract, the buyer's best recourse is to:
• Which form involves several owners holding fee simple title to individual units and proportional shares in the whole property common elements?
• If a seller wants to retain the right to sell the property themselves, which listing type best describes this arrangement?
• The method by which real property may become personal property is called
• In the appraisal's elements of comparison, which is considered an element of comparison?
• Which right enables the lessee to transfer the lease through subletting or novation?
• Mutually rescinded contract means?
• Legal title transfers upon which event?
• Which concept describes the permanency of land improvements and the investment required?
• In the broker-sponsor and sales associate relationship, who owes fiduciary duties to the client?
• What term describes areas created to separate one land use from another?
• What does the property inspection covenant permit the lender to do?
• Which Arrangement Involves Two or More People or Firms Joining to Operate a Real Estate Investment and Is Not a Legal Entity?
• Range lines in land surveying run in which direction?
• Which loan is typically used as interim financing during construction or repairs of property?
• Which statement correctly differentiates replacement cost from reproduction cost?
• Encapsulation in the context of asbestos management means:
• In Louisiana, which form of ownership is referred to as ownership in-division?
• Under title theory, paying off the debt results in what outcome regarding conveyance?
• Personal property may become real property by annexation.
• In Louisiana, if a seller sells a $200,000 home for $60,000, the seller’s heir may challenge the sale under which remedy?
• Which document should specify whether the salesperson is an employee or an independent contractor?
• How many principal baselines are there?
• Baselines run in which direction in the rectangular survey?
• Directive zoning is primarily concerned with which aspect of land use?
• In an agency relationship, who is the party that authorizes the agent to act on their behalf?
• In real estate, how is an agent defined?
• Megan's Law is a federal statute that establishes a statewide registry containing information on which of the following?
• The court action expressing the government's eminent domain right is called
• Which will must be in writing, signed by the testator, sealed, and notarized with three witnesses?
• Which option best reflects financing requirements in brokerage duties?
• Which arrangement is an example of a unilateral contract?
• Which term refers to the requirement that documents creating, transferring, or encumbering real property must be recorded in public records to protect the grantee's interest and ensure future marketability of title?
• Which statement best describes an easement appurtenant?
• Littoral rights apply to which type of property?
• Which clause pushes the interest rate up to the highest rate allowed by law?
• Which term describes a lingering, often vague or uncertain claim or encumbrance that impairs the owner's title?
• Which term describes a private organization that buys and sells mortgages with private funds?
• Which of the following is a permissible reason to disclose confidential information?
• How long does the fiduciary duty of confidentiality last?
• Which is the right to the use and fruits of another's property?
• Which form describes ownership by two or more people?
• Which loan is described as the limited reduction loan for a renegotiable rate mortgage, with payments that typically do not fully amortize by the end of the term?
• PITI stands for which of the following?
• Which term describes a relationship where the agent represents only one party in a transaction and owes fiduciary duties to that party?
• Which concept states that real property interest may be gained, lost, or transferred by artificial means?
• If a property with a tenant is sold, what can happen to the existing lease?
• Two investors can own an investment property in unequal shares as
• What is a counteroffer?
• The Home Mortgage Disclosure Act of 1976 prohibits the act of:
• Which right allows the lessor to collect rent?
• AIDS is protected under the handicap classification. True or False?
• Which item is a basic element of a contract for deed?
• If a client does not want an open house and the agent advertises one anyway, what does this illustrate?
• Which statement best describes voluntary relinquishment in relation to easements?
• Which of the following is a basic right of freehold ownership?
• If a buyer occupies the property before the specified date, what must the buyer do?
• Which of the following is a commonly cited characteristic of land?
• Which term refers to the desire to purchase along with the ability to pay?
• A riparian owner will often hold the title to the waterway up to its midpoint. Which type of waterway does this refer to?
• Which type of will is created entirely by the testator's own handwriting, dated and signed, and not witnessed?
• Which term describes gradual physical increase in the size of a property as a result of natural processes in water (alluvion)?
• Which form of ownership is not available in Louisiana?
• Which is an example of a specific lien?
• Which deed type guarantees more than a quitclaim but less than a special warranty deed?
• Under an installment contract, what title does the buyer hold before full performance?
• Which clause identifies the grantor and grantee and may include their addresses?
• Which deed conveys property of a testate deceased?
• Which deed conveys property sold by court order to satisfy a debt?
• Which event is a classic example of termination by impossibility due to destruction of property?
• Which termination is triggered by a failure to meet contractual obligations, effectively ending the contract (breach)?
• Because of the power of sale clause in the deed of trust, the property can be sold without court action in which foreclosure type?
• What is implied agency?
• In title theory, when a borrower defaults but before foreclosure, the borrower may retain possession, title, and rights until what occurs?
• Which statement best describes obedience in agency duties?
• Ad valorem taxes are taxes assessed based on:
• An easement grants what?
• Which role does a listing play in real estate transactions?
• Which item is not a listing requirement?
• In Louisiana, fee simple ownership is referred to as what?
• Undisclosed dual agency is ...
• Which statement best defines condemnation in the context of eminent domain?
• Which termination occurs when both parties mutually cancel the contract, typically with retroactive effect?
• Which of the following is NOT a category of real property?
• Which right allows the lessor to retain improvements made on the premises (not trade fixtures)?
• Which instrument is enacted to specify standards for construction of new buildings and alterations to old ones?
• Which lease describes a tenant occupying land with ownership of the land remaining with the landlord?
• In real estate transactions, who is the principal?
• Partition suits result in
• A contract in which both parties promise to perform is called?
• Misrepresentation is defined as giving false information about a property, either intentionally or unintentionally.
• In an installment contract, who typically holds title to the property until the purchase price is fully paid?
• Tenancy refers to what kind of interest in land?
• Which deed is used by a trustee to return title to the truster?
• What is the starting point in a metes-and-bounds land description called?
• In a deed of trust, who is the borrower referred to as the trustor?
• What is required to create a party wall easement?
• What best describes a buyer agency agreement?
• Good consideration in contract law is best exemplified by which option?
• Which agency authorizes an agent to perform a specific act or handle a specific business matter for the principal?
• What best describes a sales associate?
• In Louisiana, absent a written agreement to the contrary, the agent represents whom?
• Under a deed in lieu of foreclosure, what happens to the loan note?
• Which listing type would allow the seller to list with multiple brokers and only pay the broker who brings a buyer?
• Which unit equals 43,560 square feet?
• Which term describes the situation in which the offeror specifies the means by which acceptance should be communicated?
• Which termination method is triggered by the expiration of the statute of limitations on a contract claim?
• What does recession mean in real estate contract terms?
• Termination by operation of law can occur in which scenario?
• Which lease arrangement involves the owner selling the property and then leasing it back?
• Which clause protects the seller from having to keep his house off the market for an extended period when the buyer is contingently selling his own home?
• Blockbusting is defined as which practice?
• Which deed is used to convey title to a trustee as security for a loan?
• Which statement about conventional loans is true?
• Which term describes the initial step where one party makes an offer and the other accepts, forming a contract?
• The bundle of rights concept represents the rights of a property owner as a collection of sticks.
• Which statement about deposits accompanying a purchase agreement is true?
• Which lease involves the lessee renting the land itself rather than a building?
• In an exclusive agency buyer agreement, the licensee is entitled to compensation if:
• In a fee simple on condition subsequent, what happens upon violation of the condition?
• In the cost approach, the value is estimated by adding the land value to the depreciated replacement cost of improvements.
• Which contract type is still binding but may be canceled due to a flaw?
• Which term describes the act of pressurizing someone to sign a contract by exploiting trust or authority?
• What is the cash cost of 2 discount points on a $100,000 loan?
• A tenant occupying a premises without the landlord's consent is classified as which tenancy?
• Which deed guarantees more than a quitclaim but not as much as a warranty deed?
• Which item is an element of comparison and part of the order of adjustments?
• Which term describes a contract still in progress with obligations outstanding?
• Which right enables the lessor to recover unpaid rent if possible?
• Which statement accurately describes a broker's role?
• Misrepresentation can be defined as:
• Which Form Exposes Each Partner to Personal Liability for Debts and Obligations?
• Which phenomenon may discharge a contract, though fraud bankruptcy won't exempt you?
• Which loan functions as a line of credit tied to a property, allowing borrowing up to a set limit and increasing the loan balance as needed?
• Which statement about the Civil Rights Act of 1964 is true?
• What is the purpose of designated agency in confidentiality?
• Which coverage extends protection beyond standard coverage by adding protections against additional defects?
• What term describes the owner's rights to minerals below the surface of the property?
• Which clause states that the seller has inspected the property for termite damage and has remedied any damage found?
• Which statement accurately describes directive zoning?
• Which codes specify standards for construction of new buildings and alterations to old ones?
• Which coverage normally insures the title as it is known from public records and against such hidden defects?
• A partition suit is used to
• Which term describes the rights to underground resources such as minerals?
• What are the dimensions of a township?
• Recordation of a deed is required to give notice to third parties.
• Which clause includes the signature of the grantor and witnesses, the formal declaration before an authorized person?
• Which statement about easement appurtenant is true?
• An option is a contract in which the owner gives a prospective purchaser the future right to buy the property at a fixed price within a specific period. What type of contract is this?
• What action converts real property to personal property by removal?
• Which statement about licenses in real property is accurate?
• Under lien theory, the lender holds which interest?
• What does a condominium declaration establish?
• Which term describes information based on incorrect and inaccurate surveys?
• A municipality's plan for future development is known as:
• The owner's rent clause applies to which situation?
• Which term describes the linkage of all past owners dating back to the original land grant?
• The Fair Housing Act of 1968 forbids discrimination based on race, color, or religion in which domain?
• Which issue allows termination of a contract due to misrepresentation or fraud?
• Which of the following is not typically a covenant found in a general warranty deed?
• The 1988 amendment to the Fair Housing Act included which of the following?
• Which four traits are the physical characteristics of land?
• Which action is an example of a ministerial act?
• Which basic principle refers to the added value from a particular feature or improvement?
• What is a lis pendens?
• Which option describes termination when one party has substantially performed the contract but has not completed every detail exactly as required?
• What does the power of sale clause permit?
• What protection allows the family primary residence to be exempt from forced sale to satisfy personal debts?
• Which form is described as the simplest type of ownership by two or more people?
• A promissory note that can exist without a mortgage or collateral is called what?
• Which statement accurately describes exclusive buyer agency?
• Which deed is used for placing property in a land trust?
• Which loan is also known as a variable rate mortgage and fluctuates due to market rates?
• In Louisiana, a general warranty deed is referred to as a sale without warranty.
• Which term describes exaggerating property benefits that is always an opinion?
• In brokerage terminology, a subagent is best described as what?
• Which type of contract for real estate is not enforceable unless it is in writing due to the statute of frauds?
• What is the term for a contract that is unenforceable if its terms cannot be enforced by the courts?
• Independent contractor in the brokerage context means:
• What is a Planned Unit Development (PUD)?
• The concept that began as protection for attorneys for any errors in abstracts is called what?
• Under lesion beyond moiety, which sale scenario could allow a seller to rescind?
• Which lease provision allows the landlord to periodically raise rent by pre-agreed increments?
• Which of the following is a type of predial servitude?
• Which legal life estate provides protection for a homeowner's residence?
• What two elements must an option contain?
• Which statement best describes a general lien?
• Which lien has the second-highest priority?
• Which process refers to acquiring real property through natural events like alluvion or accretion?
• The protection and safety clause is typically associated with listing type?
• What is the basic unit of subdivision in the rectangular survey system?
• Which type of grant transfers title to real property from one private person to another?
• If a borrower has a stable monthly income of $3,200, what would be the maximum housing expense?
• Which action would constitute a breach of loyalty by a broker?
• In an Exclusive Agency listing, who must pay a commission if the seller sells the property personally?
• Non judicial foreclosure is foreclosure by what mechanism?
• Which statement best defines agency in real estate?
• Two investors own an apartment building as joint tenants. One dies leaving his entire estate to his two children. Which statement best describes what will happen to ownership of the apartment building?
• Steering is best described as directing home seekers to or away from areas based on which criteria?
• The 1974 amendment to the Fair Housing Act added which protected class?
• Which deed is a form of bargain and sale that includes a covenant and effectively functions as a special warranty deed?
• Which deed contains only one covenant and guarantees the title only for the period the grantor owned the property?
• In a real estate transaction, who hires the agent to represent the parties' interests?
• Net listing clause allows broker to collect commission equal to what?
• In a deed of trust, who is the trustor (the borrower)?
• Equitable title is described as the buyer's interest before delivery of what?
• A contract formed by words, whether written or spoken, is called an?
• The Fair Housing Act of 1968 is a provision within Title VIII of which law?
• What is a Mixed Use Development (MUD)?
• Delivery and acceptance of the deed are necessary for transfer to be effective.
• When a deed of trust is paid off, what must the trustee do?
• Which statement best describes a fee simple defeasable estate?
• If a township contains 36 sections, what is its area in square miles?
• Constructive fraud differs from actual fraud in that it does not require intent to deceive.
• Which lease commonly uses a fixed schedule of rent increases at regular intervals?
• A township comprises how many square miles?
• Which tenancy renews automatically from period to period?
• Which doctrine governs water rights in states where water is scarce?
• Disclosed dual agency involves:
• A mortgage on a house is an example of which type of lien?
• Restrictive conditions are used to do what?
• A general lien attaches to:
• Which item refers to the unauthorized intrusion of a building or improvement onto another's land, detectable by survey?
• Which form is described as possession, interest, time, and title (PITT) and is illegal in Louisiana due to forced heirship laws?
• In Louisiana, LUETA stands for the Louisiana Uniform Electronic Transactions Act. Which of the following is the correct full name?
• Which principle concerns the most profitable legal use of a property?
• Which clause is commonly associated with the ability to demand immediate payment upon default?
• Which depreciation type is economically feasible to cure?
• Which clause allows the seller to sell to certain parties without paying a commission?
• Which type of title insurance is good for the full amount of coverage as stated on the policy and for as long as the owner has an interest in the property?
• Reserve Clause means what?
• Under the statute of frauds, which type of real estate contract must be in writing to be enforceable?
• Which term describes changes to an existing will by modifying its provisions?
• A free-standing china cabinet built to fit into a corner of a dining room would be considered which of the following?
• How many promises are contained in a general warranty deed?
• Interest on an assumed mortgage is recorded as what on the closing statement?
• Which policy protects lenders who take the property as collateral for a loan, with the insured amount reduced as payments are made?
• What does PETE stand for in the context of government powers?
• Which mortgage is used for owner financing and is originated by a second lender combining equity and money owed into a second mortgage?
• What does a subordination clause accomplish?
• A contract is void if sold for what purpose?
• A will is a written instrument by which a person arranges for conveyance of property to take effect after death.
• Which statement describes termination by the fulfillment of purpose?
• Which term refers to termination by substituting a new contractual obligation, with full satisfaction when all terms are fulfilled?
• Which type of life estate is created by the owner's deed or will?
• Which term describes a contract that has been fully performed by all parties?
• A house is sold for $150,000; the buyer obtains 80% loan and is paying 2 discount points. How much cash will he need to bring to closing?
• Which organization is known for establishing a market for selling government-insured mortgages?
• In a seller-as-principal arrangement, who is the client?
• Which land description system uses a starting point and distances and directions to define boundaries?
• Which statement best describes what should be included when disclosing property descriptions in a real estate contract?
• Which loan increases an existing mortgage to the original amount?
• Which term means firsthand information regarding a property that is known by a single interested party?
• In a net lease, the lessee pays rent plus a share or all of the property's operating expenses.
• Which term is the method based on an attorney examination of the history of the title?
• Which doctrine discharges a real estate contract when the subject matter is destroyed or becomes impossible to perform?
• Adverse possession requires occupancy for a statutory period ranging from
• Which term is the amount that is paid or is about to be paid?
• The agent owes only honesty and truthfulness to the ______.
• What is the name of the agreement that creates an express agency relationship between a broker and a buyer?
• A cooperating broker may also be a subagent of the listing broker.
• An easement in gross is commonly granted for what purpose?
• Which four factors create value in property appraisal?
• Baselines run in which direction?
• An agency relationship based on actions of the parties
• Which statement differentiates misrepresentation from fraud?
• Which option is a variation of the option in which the renter or lessee is given the option of purchasing the leased property at a later date, with part of rental payments applied to the purchase price if agreed?
• Joint Venture
• Which of the following is an example of a specific voluntary lien?
• Deed restrictions are made by whom?
• In a trust deed, what is the function of the assignment of rents clause?
• Equitable title refers to which aspect of ownership?
• General Partnership
• Which of the following is a core right in the bundle of rights?
• Which listing gives the broker exclusive right to sell the property, regardless of who finds the buyer?
• What is the standard description of a mortgage as a security instrument?
• Which term describes a deposit associated with seeking specific performance?
• Which term describes an item of personal property permanently attached to real property such that it becomes part of the real property?
• Unilaterally rescinded contract means?
• Which organization requires loans for urban renewal projects?
• Which basic principle concerns effects on third parties not involved in a transaction?
• What type of mortgage is secured by both real and personal property, commonly used to finance new homes along with major household appliances?
• Which term describes a contract in which all terms and conditions have not yet been fully performed?
• Which covenant underwrites the other four covenants and guarantees the grantee's ownership?
• Which element requires that the property being conveyed be accurately described?
• What is the standard FHA housing expense ratio?
• Under an installment contract, if the buyer defaults, what is true?
• Which statement about easements in gross is true?
• What describes an offer to which the offeree changes the terms, constituting a rejection of the original?
• Which term describes a person who assists in a real estate transaction without representing either party?
• In Louisiana, adverse possession is called acquisitive prescription.
• Which policy protects the lender's investment by insuring the title to the loan?
• In Louisiana, acquisitive prescription requires occupancy for a minimum of years to potentially become owner.
• Agency Coupled With Interest means what?
• Which term describes the broker's obligation to act with the principal's interests in mind, such as seeking the highest price for the property?
• Which form corresponds to ownership where individuals hold title to their unit and share common elements?
• Which term refers to a deed with more guarantees than a quitclaim but fewer than a general warranty deed?
• Familial status is defined as which of the following?
• Which statement best defines a multiple listing?
• Which listing type guarantees the broker a commission no matter who procures the buyer?
• The 1988 amendment to the Fair Housing Act included which enforcement change?
• How many sections are in a township?
• Which clause is described as especially important because it links the promissory note to the mortgage?
• Which clause gives the seller the right to declare entire purchase price due if the buyer defaults?
• Which statement describes an easement by prescription?
• Which financing instrument is designed to temporarily lower the initial mortgage rate by paying points upfront?
• After the abstract is completed, the title is examined by an attorney and an opinion is issued. What is this document called?
• Under the handicap or disability protection, which item is considered protected?
• Which notice is based on direct knowledge of a property, not just what is found in public records?
• What is the total number of acres in a township that covers 36 square miles?
• What is the cost of 2 discount points on a $120,000 loan?
• What is the role of a sales associate within a brokerage?
• Which term describes creating an easement when the seller reserves an easement for his use after the sale?
• Which instrument creates a lien in a deed conveying title?
• Which deed is described as turning into a Special Warranty Deed when it includes a covenant?
• In easement law, condemnation refers to which of the following actions?
• Which term describes a statement that the person executing a document has done so of his own free will and that the signatures appear on the document?
• Which item on the closing statement increases the buyer's cash inflow (credit)?
• Which right is the lessee's right to possess and quiet enjoyment for a definite time?
• Which statement about special easements is correct?
• What is the name of the express agreement between a real estate broker and the seller that hires the broker to locate a buyer or tenant?
• When a seller contracts with a broker to market the seller's property, the broker becomes an agent of the seller and the seller is the client principal. What term best describes this relationship?
• Public dedication is the voluntary conveyance of title as a gift from a private owner to the government (streets/parks). Which option best describes this concept?
• Tenancy in Partnership
• Which policy protects the lenders who take the property as collateral for a loan and reduces as payments are made?
• Equitable right of redemption provides what?
• Procuring cause refers to the agent whose actions are the primary reason for a sale taking place.
• What is a Joint Listing?
• Which deed conveys property of minors or incompetents?
• Discount points are calculated on which base amount?
• What is substantive contact?
• Which law prohibits discrimination in housing on the basis of race, color, or religion?
• What entry reflects closing costs in a real estate settlement?
• How many principal meridians are there in the rectangular survey system?
• Which statement about confidentiality is accurate?
• Condemnation refers to:
• Economic life is defined as the period of time over which a property may be profitably used.
• Trade fixtures installed by a tenant are typically considered
• Which instrument also contains a power of sale clause, warranty to title clause, reconveyance clause, acceleration clause, receiver clause, and owners rent clause?
• Limited Partnership
• Which type of grant transfers title to real property from the government to a private party?
• In real estate, the term "situs" refers to the property's
• Fee simple refers to which type of ownership?
• Which statement describes open buyer agency?
• A fee simple estate is best described as:
• Which concept is described as the government's power to enact and enforce laws to protect the health, safety, morals, and welfare of the public?
• In contract terms, which term describes the moment the offeror receives a written or oral communication of acceptance?
• Who signs a real estate purchase agreement to make it legally binding?
• The five categories of real property include residential, agriculture, commercial, special purpose, and which of the following?
• Which statement best describes a general lien?
• Which clause gives the lender the right to demand payment in full upon default?
• In Louisiana law, a sale of a home for $60,000 when its fair value is $200,000 may be challenged under which remedy?
• Which form of agency authorizes an agent to handle matters of all types for the principal and may involve a power of attorney?
• Dower refers to what?
• Which term describes zones created to separate incompatible land uses?
• Which statement best defines the brokers commission in real estate transactions?
• Which zoning instrument allows a property to deviate from the literal zoning requirements, typically granted on a case-by-case basis?
• Calculate LTVR given loan amount 85,500 and appraised value 98,000.
• Liquidated damages in a real estate contract are typically defined as...
• A housing complex with 80% of units occupied by persons age 55 or older would be exempt from renting to which group?
• Which of the following is NOT a typical FHA loan feature?
• Which term describes the party who receives title in a real property transfer?
• In an installment contract, when does the buyer receive legal title?
• Which covenant promises the grantor will defend the grantee's title against all pre-transfer claims?
• Which agency form is based on a formal agreement—written or oral—that establishes the terms and conditions of the agency?
• Negligent misrepresentation occurs when:
• What does the covenant of further assurance require the grantor to do?
• Which term describes the deliberate concealment of a known defect that a reasonable person would consider material?
• Lack of purpose in easement termination refers to what?
• Which concept involves acquisition of real property interest through natural or artificial causes of acts of God?
• A specific lien attaches to the property explicitly encumbered by the lien, such as:
• Which act was enacted in 1970 to preserve America's natural resources and requires environmental impact statements for government projects?
• A defeasible fee is best described as:
• Which term describes zoning regulations that regulate the use of land to protect property values and promote health, safety, and welfare?
• Which is an example of a conventional predial servitude?
• Under title theory, before payoff, the borrower has which type of rights in the property?
• Scarcity in real estate is defined as which of the following?
• In Louisiana terminology, which term denotes the seller who conveys title to real property?
• The 14th Amendment, ratified in 1868, is known for what provision?
• Which term describes a fee simple estate in which the new owner is prevented from performing a specific action?
• Which term describes the government's right to acquire private property for public use?
• What does a Multiple Listing Clause require?
• Asbestos is described as which of the following?
• Under lesion beyond moiety rules, a sale for less than half market value gives the seller a right to rescind within one year.
• Which term describes the practice of charging more than legally allowable interest?
• How many acres are in a standard surveyor's section?
• What are riders in real estate contracts?
• Which clause allows subletting of the premises?
• In Louisiana, the term for the government’s right of eminent domain expressed through court action is:
• Which will is made orally by a testator near death and may transfer only personal property, requiring witnesses?
• In Louisiana terminology, which term is commonly used to designate the seller who conveys title in a real property transfer?
• Which term describes the party who receives title in a real property transfer?
• Which right allows the lessor to enter the premises when a breach of the lease occurs?
• What does the act of sale signify in a real estate transaction?
• Which term describes a contract that the courts cannot enforce due to technical reasons?
• Negligent omission is best described as:
• What is the qualified or determinable fee estate?
• Curtsey is the widower's interest in the estate of his deceased wife.
• Redlining is defined as refusing to make loans or insurance in certain areas that are considered bad risk. Which act prohibits redlining?
• Which description best fits a real estate customer?
• Which statement best defines equitable redemption in foreclosure processes?
• Which is NOT one of the standard property types typically requiring management?
• Which contract involves a promise by one party contingent on the other party performing a specified act?
• Which describes a contract that is no contract at all?
• In Louisiana, the term for an easement is what?
• Which option describes termination by partial performance accompanied by written acceptance?
• Which act was the first attempt at uniformity in the use of technology in business and commerce?
• Which of the following describes the primary function of a listing agreement?
• What entry records the payoff of the seller's existing mortgage at closing?
• Under the Statute of Frauds, real estate contracts cover which of the following?
• How many square miles are in one section?
• Failure to perform within the allotted time may discharge a contract due to which doctrine?
• What is the correct form that can accompany a purchase agreement as a deposit?
• If an owner refuses eminent domain, the government must:
• Which lien has priority higher than property taxes and special assessments?
• Ownership is defined as:
• What is the area of one section?
• Which option describes termination when an act required by a contract is not possible to perform due to death or other legal impossibility?
• Which term refers to the location and characteristics of a property that influence its value?
• Protective zoning regulates the size and placement of buildings on their lots, population, density, and overall use of space.
• Which statement describes the following arrangement: Nonexclusive open? Which buyer agency arrangement is nonexclusive and allows the buyer to employ an unlimited number of brokers, with compensation paid only to the broker who actually locates the property purchased?
• A mortgage or deed serves as security instrument that creates a lien against what property?
• In creating an easement by mutual agreement, which scenario illustrates the arrangement?
• Which zoning practice describes giving a single property or small area a different zoning classification than surrounding properties?
• A purchase agreement (sales contract) is ...
• What does an exclusive right to sell listing mean?
• Which term describes the right to possess, use, and dispose of property?
• Adverse possession refers to
• Which sequence correctly lists the six steps of the appraisal process?
• Which statement is true about undisclosed dual agency?
• Which loan is known as a straight term loan and requires payments that are interest-only for the term?
• Which determinate of value describes scarcity and is linked to value?
• Hypothecation means that the lender is given a lien against the borrower's collateral property and, if default occurs, the lender can foreclose proceedings to recover his interest.
• In the priority of liens, which lien has the highest priority?
• A contract between a buyer and seller would be discharged if the subject matter is destroyed before performance. Which event discharges the contract?
• In the bundle of rights, which term describes the right to exclude others from using your property?
• A property manager is commonly referred to as which type of agent?
• Which form refers to any property acquired outside of marriage?
• Which lease is commonly issued by the corporation that owns a corporate apartment building?
• The government's power to take private property for public use, with just compensation, is called:
• In a single agency transaction, which statement is true?
• What term describes a building that was constructed before the current zoning ordinance and may not conform to current zoning regulations?
• Which agency type authorizes an agent to transact a broad range of matters concerning a specific area of business for the principal?
• What clause permits release of individual properties from a blanket mortgage?
• Foreclosure may take place by which two processes?
• Covenant of good repair requires what?
• What is the housing expense ratio?
• Which duty ensures that offers are presented promptly?
• Which term means loss of property by wearing away of soil?
• Which of the following is a recognized way to terminate a lease?
• Mistake of fact involves errors regarding the facts of a contract, such as misunderstandings about the location of land being conveyed.
• Which concept is described as primarily concerned with the function of land and promoting the highest and best use?
• Which statement describes principal meridians?
• What does chain title refer to?
• Title VIII (Fair Housing Act), before amendments, forbade discrimination in the sale, rental, and financing of housing, and in brokerage services, on the basis of:
• In Louisiana, a lien is commonly called what?
• What happens when a judgement is satisfied?
• Which term describes a failure to perform an action such as delivering a counter offer due to negligence?
• Which statement describes a right typically granted by an alienation clause?
• What term refers to changes to an existing will made to modify provisions?
• How is the brokers commission typically calculated?
• In the sales comparison approach, what is the final step?
• Expiration of a mutually agreed-upon time period for an easement termination means which of the following?
• Which description best fits a purchase money mortgage arrangement?
• In which lease is rent tied to an external standard such as the cost of living, CPI, or prime lending rate?
• Under lien theory, who retains title to the property?
• Covenants, conditions, restrictions (CCR) and recorded easements are collectively classified as what type of encumbrance?
• Which term describes the party who conveys title in a real property transfer?
• Which lease arrangement is commonly used when a property owner sells the asset and then leases it back to continue use?
• Which lease provision allows the landlord to reclaim the property if the tenant breaches the lease?
• Two investors can own an investment property in unequal shares as:
• Which form emphasizes the equality of spouses as married partners, with property acquired by spouses 50/50?
• Which is a valid basis for terminating an agency relationship?
• Which entity provides a function similar to private mortgage insurance by insuring lenders against losses caused by borrower defaults on FHA insured loans?
• How many essential elements are listed for a valid contract?
• What are the two types of life estates?
• Which clause encourages timely payments and compensates the lender for delays?
• Designated agency was created to replace subagency to better clarify who is being represented in the transaction & who is not. It happens by creating a contract between the broker & client where one or more licensees is appointed as the agent of the client & is named by a broker as the agent of the client.
• Which lease includes a clause that allows periodic increases in rental rates?
• At closing, the sale price is recorded as what in the distribution of funds?
• Which is the simplest type of ownership by being the most common way to own property together?
• In title theory arrangements, the lender’s rights are manifested by which instrument?
• Which term describes the rights to the air space above a property?
• Under a contract for deed, the buyer is typically responsible for paying which costs?
• Which loan type often results in a balloon payment at maturity because the payments do not fully amortize the loan?
• Property acquired before marriage or through inheritance is considered
• Which item is typically considered a trade fixture?
• What have many states adopted in place of subagency?
• In a real estate transaction, the broker who finds the buyer but doesn’t represent either party is known as what?
• Which term describes an involuntary transfer of title to real property?
• In a mortgage context, who holds the lien?
• An express agency relationship can also be created between a broker and a buyer through which agreement?
• Which item is addressed by a definite termination date in a listing agreement?
• If either party withdraws from the contract, what can the other party do?
• Party wall easement describes what?
• Earnest money is also known as what?
• The term redlining refers to which practice?
• Effective age is determined based on which factor?
• Which form uses a proprietary lease for units and occupant owners?
• An agency relationship based on a formal agreement between the parties, either written or verbal, is
• How many acres are there in one square mile?
• Incurrable depreciation is best described as
• Range lines are placed at what interval from the principal meridian?
• Replacement cost is defined as
• After foreclosure sale, the borrower may have which right?
• Sole Proprietorship
• Restrictive covenants are defined as what?
• Which statement about confidentiality is true in agency relationships?
• If movable personal property is included, it must be listed in the listing agreement?
• Which type of estate places conditions on ownership but does not automatically revert on violation?
• What do principal baselines describe?
• Which statement about lead-based paint is true?
• Which policy is designed for the borrower and protects the amount owed on the loan as it is paid off?
• What best defines radon?
• In Louisiana terminology, who is the grantee in a real property transfer?
• Which statement defines exclusive buyer agency?
• Which term refers to an oath confirming the truth of a document's contents?
• The buyer becomes obligated when?
• Which term describes the broker's obligation to be strictly accountable for any of the principals' assets coming into the broker's hands?
• Which of the following is an example of a unilateral contract?
• Which principle requires certain real estate contracts to be in writing to be enforceable?
• Which option describes termination of a contract by the complete and satisfactory performance of all contract terms?
• In a divorce scenario where fast sale is needed, what is the broker's duty regarding confidentiality after the agency ends?
• Which deed's scope of title warranty is limited to the grantor's ownership period?
• What is a contingency in a real estate contract?
• Which of the following is a basic principle of value?
• Possession, interest, time and title (PITT) are associated with what type of ownership?
• Which of the following is an example of a natural predial servitude?
• Which instrument creates a lien?
• Which loan type is used in commercial lending to enable a new business to defer a portion of mortgage payments in the expectation of increased income in the future?
• An agent tells a prospective buyer that seepage in a basement has been corrected, knowing that the crack has simply been filled and painted over. This is an example of
• Which right is described as eviction, including actual or constructive eviction?
• When underwriting a loan, lenders focus on three areas: which are they?
• Actual fraud involves what element?
• A house is sold for $150,000 and the buyer makes a 20% down payment with an 80% loan. What is the down payment?
• What term describes an agent authorized to handle matters of all types for the principal, typically requiring a power of attorney?
• How many square feet are in one acre?
• Procuring cause refers to the agent whose actions are the primary reason for a sale taking place.
• The Civil Rights Act of 1866 prohibits discrimination on what basis?
• As a/an ____________, the salesperson may work on a commission basis or a salaried basis.
• Which issue refers to an omission of information in public records?
• Which component is typically valued separately and added to the value of improvements in many valuation methods?
• Which deed is used to remove a cloud on title by relinquishing claims?
• What is the relationship between an arpent and an acre?
• Real property consists of land, improvements, and which of the following?
• Ownership by a husband and wife in which each has separate, equal ownership in anything acquired by the marriage is called
• Which of the following describes an encroachment?
• What term refers to laws that govern the government's responsibility to protect health, safety, welfare, and the environment?
• Which term describes rights that apply to land adjacent to a lake or ocean?
• Which statement best describes a designated agent?
• A conventional life estate is created by?
• Which statement is NOT a remedy for breach of a real estate contract?
• An easement by implication arises from what?
• Under a sale with appraisement, the debtor has the right to bid only if the bid equals which fraction of the appraised value?
• Which term is a written confirmation of the truth of a document's contents?
• The clause 'Time is of the essence' requires what?
• What is a deposit in a purchase agreement?
• Louisiana has how many baselines and meridians?
• Which deed is used in conveying title for trustee as security for a loan?
• Escheat is defined as the reversion of property to the state on the owner's death without legal heirs.
• In agency terms, the principal is the
• In agency, a customer is a party for whom the broker owes what kind of duties?
• Which term refers to unlawful influence exerted upon a person to compel action against his will through tactics such as physical force, property damage, or confinement?
• Which element of comparison deals with the conditions of sale?
• Which deed makes no promises at all and simply relinquishes any claim to title?
• Which item is NOT typical in a standard residential lease?
• Which determinate of value is described as "to be useful"?
• Which term reflects the economic concept that scarcity influences the value of land?
• Which duty involves maintaining insurance?
• A signature loan is characterized by having no mortgage or collateral.
• Which contract type is typically required to be in writing to be enforceable in real estate transactions?
• When a monetary judgment is awarded by a court, the lien on the debtor's property typically becomes which type?
• In an exclusive agency buyer agreement, the licensee is entitled to compensation if anyone other than the buyer locates a suitable property.
• In a specific performance contract, what remedies are available if a party breaches?
• A lien is best described as:
• Which statement best characterizes ministerial acts?
• Which term is defined as the most probable price in terms of money which a property should bring in a competitive market & open market?
• In tenancy terminology, which statement best describes tenancy?
• Underwriting is the process of determining what?
• Replacement cost is defined as
• Which deed is used to convey property of an intestate deceased?
• Court judgments create liens on real property through which process?
• Which term stands for the combination of principal, interest, taxes, and insurance in a loan payment?
• Which clause is associated with a penalty for prepayment?
• Which set comprises the four agents of productivity?
• Which Act Allows Real Estate to Be Held in the Name of Partnership?
• Which clause insures that the broker will receive a commission if his client buys the house within a certain time period after the listing agreement has expired?
• In a closing statement, new loan proceeds are listed as?
• Undue influence is defined as the use of one's power or authority to force another person to enter into an agreement against their will.
• Discount points are prepaid what at closing?
• In a real estate contract, which disclosure is required?
• A legal life estate is created by state law and includes which elements?
• Uncanceled mortgages and prior judgments are examples of what title issue?
• A bill of sale is used in which scenario?
• In Louisiana, tax sales generally take place within how many years?
• The Fair Housing Act prohibits discrimination on the basis of which combined bases?
• Which lease is used in retail where rent is based on a percentage of gross sales?
• Which elements are typically specified in a real estate purchase agreement?
• Which term describes the legal action used to resolve clouds on the title?
• What term describes ownership by a single person?
• Which term refers to gradual exposure of land behind a receding waterline?
• A listing agreement is an express contract between a real estate broker and a seller to do what?
• When does actual performance of a real estate contract take place?
• Which covenant protects the grantee's right to possession without disturbance?
• In a real estate sale, if the seller defaults after the buyer has given a deposit, what lien can the buyer place to recover the deposit?
• The 1974 amendment added sex to the protected class.
• Asbestos is described as
• A lease is best described as which of the following?
• Which statement about disclosures related to value is true?
• Which term describes an agency relationship that cannot be canceled and may survive the principal's death?
• Earnest money deposit is...
• In land description, what does the abbreviation POB stand for?
• Which right corresponds to the lessee's right to possession and quiet enjoyment?
• What is the first step in the sales comparison approach?
• Which lease is granted by the corporation that owns a corporate apartment building?
• After the title abstract is complete, which product provides the legal opinion on the title?
• In real estate accounting, when a buyer assumes an existing loan, how is the transaction typically recorded?
• When a loan secured by a deed of trust is paid in full, what happens to the title?
• On conventional loans, PMI is required when LTVR exceeds what percentage?
• Syndicates
• In Louisiana, movables refers to
• Which of the following lists the correct number of principal meridians?
• In mortgage foreclosure, how is the property typically sold and where do the proceeds go?
• Puffins in real estate terminology refer to:
• Which statement describes a duty to clients?
• How many feet are in one mile?
• Which deed is used to place property into a land trust?
• Which deed is used to convey private owner's road, street, or alley rights to the public?
• Which deed conveys severed interest of coowned property resulting from a court ordered partition?
• LTVR stands for ...
• A contract signed under duress is:
• Which statement accurately describes the extension of the fiduciary duty of confidentiality after the agency ends?
• What are rent controls?
• The Statute of Frauds requires real estate contracts to be in writing.
• Which term describes the process of resolving clouds on the title through legal action?
• Which type of lien protects workmen, contractors, engineers, architects, and suppliers who provide labor or material to build or improve real property?
• In a Buyer Agency agreement, the commission is paid by:
• Which type of title insurance protects only the amount owed on the loan?
• Which term denotes an actual threat to commit duress?
• Which statement about severance is correct?
• Curable depreciation is defined as
• Under contract law, a contract lacking legality of purpose is considered to be what?
• Which ownership form includes the right of survivorship among co-owners?
• Farmer Mac refers to which government program?
• Real estate leases longer than one year fall under the Statute of Frauds.
• Which regulatory framework requires developers to submit plans showing the proposed locations of lots, sewers, roads, utilities, schools, and other public facilities?
• Which listing type lets the seller hire multiple brokers but pays a commission only to the broker who finds a ready, willing, and able buyer?
• In a Trust Arrangement, Who Holds Title to Property?
• Which of the following is considered an element of comparison?
• What term describes the rights to the space above the surface of a property?
• Which statement about implied contracts is true?
• An option to buy is defined as a contract that grants the right to purchase real property for a specific amount within a specified period of time. Which term best fits this description?
• What is the reversionary interest?
• The clause requiring listing to be shared with MLS members is called what?
• Which basic principle reflects the interaction of buyers and sellers in value determination?
• Which term describes a person authorized by the broker to act as the agent of a specific principal based on fiduciary relationship?
• What is a deed?
• Reproduction cost is defined as
• Who are direct endorsers?
• Which basic principle involves replacing one good with another to satisfy wants?
• What does the term 'act of sale' signify?
• Nonjudicial foreclosure differs from judicial foreclosure primarily because it does not involve what?
• In a mortgage foreclosure, who typically conducts the property sale?
• What is a trust?
• What term describes using commingled funds as the broker's own money?
• What term describes the intentional conveyance of title by sale or gift from one owner to another by deed or will?
• Which deed conveys property of minors or incompetents?
• Which deed conveys property out of a trust?
• Constructive fraud is characterized by which of the following?
• Which loan is described as interim financing used in repairing either residential or commercial property in less than 3 years?
• Which lease is characterized by the tenant occupying land with the landlord retaining ownership of any improvements?
• Which act prohibits redlining?
• Steering refers to channeling home seekers to or away from areas based on which criteria?
• Meridians run in which direction?
• What best describes conditional acceptance?
• In a buyer-broker relationship, which statement is true?
• Judicial action involves transfer by foreclosure by attachment and tax sale.
• Anything man-made added to land such as homes, buildings, fences or sidewalks is known as
• Which act addresses electronic signatures and records in a national framework, while states maintain separate laws on digital signatures?
• What codes are imposed for the protection of the health and safety of the public?
• Real property includes which of the following items?
• Which right describes eviction, including both actual and constructive eviction?
• Which term is defined as a brief summary of all recorded instruments affecting the title?
• A specific lien attaches to:
• Which lease type is specifically designed so rent adjusts based on an external economic indicator?
• Which contract involves mutual promises by both parties to perform as stated in the contract?
• What term describes mixing funds with the broker's personal funds?
• Which statement best describes legal capacity in contract formation?
• Which is an example of a purchase agreement?
• Which situation is a typical example of termination by operation of law due to debtor inabilty to perform (e.g., bankruptcy)?
• If three people hold property as joint tenants and one sells his interest to a fourth party, the fourth party becomes what type of co-ownership?
• When does personal property become real property under annexation?
• An illegal objective in a contract results in which outcome?
• Which clause defines the type of estate being transferred and lists covenants (to have and to hold)?
• Which loan is repaid on the sale of the property or upon the death of the borrower?
• If a party withdraws from the contract, to whom is the sum designated as earnest money paid?
• A legatee is one who inherits property in a will.
• Valuable consideration in contracts typically refers to which of the following?
• The deposit or earnest money is recorded as which entry for the buyer?
• The Civil Rights Act of 1964 addresses discrimination in which areas?
• Dual agency is the act of representing two principals to a transaction at the same time and requires equal loyalty to both.
• In a listing agreement, which of the following best describes the relationship between the seller and the broker?
• Mistake in preparation or interpretation of a contract may remove genuine assent.
• How are a client and a customer different in real estate terms?
• Which statement identifies the principal in an agency relationship?
• In the cost approach, which component is valued separately and added to the value of improvements?
• In a deed of trust, who holds the bare or naked title to the property during the loan term?
• Encroachment is best described as?
• An easement by necessity typically conveys which rights?
• Clause 1 promissory note contains which information?
• Which term describes annual crops grown and harvested by farmers?
• Which statement about single agency is true?
• Which description defines constructive communication?
• An arpent is equal to what fraction of an acre?
• Which financing arrangement is used to finance large commercial or industrial properties?
• If the property is sold for an illegal purpose, the contract is what?
• Ad valorem taxes are taxes assessed according to:
• Which contract event permits substitution of one party with a new party?
• Under title theory, who holds legal title until the debt is paid?
• How many acres does one square mile contain?
• A mortgage is an example of which type of lien?
• Which term refers to the government's power to enact and enforce laws to protect the health, safety, morals, and welfare of the general public?
• What is described by a contingency clause in a real estate contract?
• Which term describes a declaration made by a person prohibited from taking an oath due to religious beliefs?
• Which organization is a government-owned enterprise in the mortgage market?
• Which statement about easement creation is correct?
• What best describes a subagent in real estate?
• A leasehold that runs indefinitely (no time length) is called what?
• In a dual agency, what fiduciary duty is most difficult to perform?
• Which listing type is associated with an arrangement where a broker earns a commission only if they locate a buyer?
• Which term describes a record of all instruments that affect the title?
• Which statement best describes the duty of disclosure?
• Misrepresentation in real estate practice is best defined as
• Which lease type is most common for an apartment and is described as a gross lease?
• Which clause specifies the kind of estate being transferred, such as fee simple or life estate, and lists covenants (to have and to hold)?
• What is the primary role of an underwriter in mortgage lending?
• Which lien would a buyer most likely use to recover the buyer's deposit if the seller defaults after a down payment?
• Which statement about designated agency is true?
• Which loan is commonly known as the direct reduction loan and is usually long term up to 30 years?
• Which deed is used to convey property to guardians for minors or incompetents?
• Which zoning exemption allows nonconforming use if it benefits the public?
• Which term describes a contract in which all parties have met all terms and conditions?
• Which lease involves rent adjustments based on the property's appraised value at intervals?
• In the seller-as-principal arrangement, what is the broker's role?
• Which policy is for borrowers (mortgagors) and protects the amount owed on the loan as it is paid off?
• Who is described as a nonagent in a real estate transaction?
• Escheat is the government’s right to seize ownerless land when:
• Which statement about subagency is true?
• Which form involves members owning shares of stock rather than real property?
• What is the zoning remedy that allows relief from strict application of zoning regulations?
• The tenants' security deposit is recorded as what in the closing entries?
• Which type of will is formally prepared by an attorney, witnessed and signed?
• Which type of will must be in writing, signed by the testator, sealed, and notarized with three witnesses?
• Which lease type requires the property to be reappraised periodically?
• Conventional loans typically permit up to what LTVR?
• Which term describes the meeting of the minds between offeror and offeree?
• Which statement best distinguishes an easement from a license?
• Which termination occurs when the parties replace the original contract with a new obligation?
• Which item is listed as a warning sign of trouble when dealing with clients?
• What is a typical first step in dealing with a holdover tenant (tenant at sufferance)?
• Which depreciation method is used to depreciate rental property on your income tax returns?
• A vendor's lien is described as?
• Which term refers to fruit of nature naturally growing things on the land that do not need annual cultivation?
• What does a general warranty deed provide?
• The 1972 amendment introduced which compliance poster in sales and rental offices?
• Trade fixtures are best described as
• Which right allows the lessee to transfer the lease midway (subletting/novation)?
• Which item is NOT typically included in a lease agreement?
• A freehold estate is ownership in real property extending for an indeterminable length of time.
• Which form is based on the unity of spouses and is not available in Louisiana?
• Which term describes an agency relationship in which the agent holds an interest in the subject of the agency that cannot be canceled and may not terminate at death?
• Under financing requirements, who is responsible for providing basic financing information to salespeople and assisting the buyer in obtaining financing?
• Which lease is defined as a lease granted by the corporation that owns the apartment building?
• What is the area of a township in square miles?
• A promissory note is:
• What regulations require developers to submit plans showing proposed location of lots, sewers, roads, utilities, schools, and other public facilities?
• A contract formed by the parties' actions and conduct rather than written or spoken words is called?
• Usury refers to what practice?
• Which term describes an agency relationship where the agent represents only one party to a transaction and owes fiduciary duties to that client?
• Easement by necessity arises when which scenario occurs?
• Which lease arrangement is typically associated with high-value commercial and industrial properties?
• Which statement best defines value in real estate?
• Which amendment guaranteed citizenship and civil rights to African Americans in 1868?
• Which statement best describes the six-step appraisal process?
• What does rescission mean in contract law?
• Which of the following describes a will created entirely by the testator's handwriting and dated, without any witness requirement?
• Which right allows a title company to recover damages after paying a claim?
• Which clause expresses the grantor's intention to convey real property using specific words of conveyance?
• Which statement about PMI on conventional loans is true?
• Which right can the lessee convey a security on a loan?
• Which item is NOT a disclosure obligation of a seller's broker?
• Which lease type features rent that increases at set future dates (step-up)?
• What did the 1972 amendment to the Fair Housing Act require?
• Which organization is a government-owned enterprise in the mortgage market?
• An appraisal is defined as what?
• Protection & Safety Clause is typically associated with which listing type?
• Which term describes the government's right to seize ownerless land?
• Which term describes an agency relationship created by the actions of the parties?
• Subordination clauses are most commonly used in the sale of which type of property?
• What does the covenant against removal prohibit in a mortgage agreement?
• In Louisiana, Limited Partnership is Known As Partnership in Commendam
• A tenant left trade fixtures upon moving out; under what principle does the landowner acquire them?
• A non-freehold estate is an interest in real property that does not last indefinitely.
• Ownership of real estate by a corporation would be
• Fraud is defined as:
• Prepaid taxes are recorded as what in the closing entries?
• Enabling acts grant municipalities the authority to exercise which powers?
• How is a purchase money mortgage reflected in the accounts of buyer and seller?
• Which feature is a characteristic of joint tenancy?
• In which listing type does the seller hire one broker but reserves the right to sell the property himself without paying a commission to the broker?
• Which listing type is the best to ensure the broker earns a commission regardless of who sells the property?
• Disclosed dual agency involves :
• A quarter section contains how many acres?
• What is the most common type of leasehold with a determinate length?
• Which is a general lien?
• Setbacks regulate the distances from streets and sidewalks that buildings can be erected.
• Abatement in the context of environmental hazard management refers to which concept?
• One acre, when shaped as a square, has side length of approximately how many feet?
• Which instrument is commonly associated with non-judicial foreclosure due to a power of sale clause?
• Which term describes a contract that is binding and enforceable?
• Which event leads to contract termination when property is destroyed?
• In a deed of trust arrangement, which statement correctly describes the mechanics?
• A mortgage creates a lien on real property; which statement best describes this relationship?
• Which of the following is a category of real property?
• Which term is used to describe economic value?
• Which covenant relates to escrow payments for taxes and insurance?
• In mortgage practice, subrogation involves which party recovering damages after paying a claim?
• The Statute of Frauds originated in English law to address confusion over oral contracts and holds that real estate contracts must be in writing.
• What is defined as a legally enforceable promise or set of promises between competent parties, with consideration, to do or abstain from doing a legal act?
• Which clause ensures the promissory note is secured by collateral rather than becoming a personal loan?
• Which basic principle addresses value changing with progression or regression?
• If monthly income is $4,000, what is the maximum housing expense allowed under the FHA guideline?
• Which element is required for a deed to be valid?
• Which loan type is designed to be fully amortized over a long term and repaid in equal payments?
• A person who dies leaving a will is said to have died
• A contract of deed is also known as which of the following?
• What distinguishes exclusive buyer agency from exclusive agency within a buyer representation?
• Which technique is used to temporarily lower the initial interest rate on a mortgage or deed of trust?
• Conformity is the basis for subdivision restrictions.
• Which term describes the loss of land due to the wearing away of soil?
• In the sales comparison approach, which step involves comparing to the subject property and adjusting for differences?
• Which deed is a special type of bargain & sale deed that includes a covenant assuring the grantee that the grantor has done nothing to encumber the property during the time they owned it?
• Which term describes the written opinion given after title examination by an attorney?