Chicago11

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Anonymous
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78434
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Chicago11
Updated:
2011-04-09 09:48:22
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Real Estate
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Real Estate
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  1. An option listing guarantees that the broker will purchase the property within a certain period of time.

    A) T
    B) F
    B) F

    With an option listing, the broker has the right but not the obligation to purchase the property.
  2. Broker John is retiring and wants to sell his listings to another broker. How can he do this?

    A) Broker John must sign over the listing to the new broker
    B) The sellers must agree to a new listing with the new broker
    C) The new broker has to sign and acceptance agreement
    B) The sellers must agree to a new listing with the new broker
    (this multiple choice question has been scrambled)
  3. In most states a broker's license can be suspended or revoked if he or she.

    A) breaches the terms of the listing agreement
    B) cancels the listing agreement without cause
    C) takes a listing that does not include a date on which the listing expires
    C) takes a listing that does not include a date on which the listing expires
    (this multiple choice question has been scrambled)
  4. Marketing Organization whose broker member make their own exclusive listings available to other brokers.
    Multiple Listing Service
  5. An employment contract for brokers services
    Listing agreement
  6. A listing agreement in which the broker has the right to purchase the listed property.
    Option listing
  7. The function of an ___ is to provide a setting in which supply and demand can establish the value of real property.
    Market
  8. The most important economic characteristic of land is:

    A) permanence
    B) possession
    C) location
    D) uniqueness
    C) location
    (this multiple choice question has been scrambled)
  9. A tenant farmer built a chicken coop and a tool shed. These buildings belong to the ?

    A) Tenant
    B) owner of real estate
    A) Tenant
  10. The developer added sewer lines, utilities and built two streets. What are these items called?

    A) permanence of investment
    B) additions
    C) fixtures
    D) improvements
    D) improvements
    (this multiple choice question has been scrambled)
  11. The new owner received the land, a garage and the right to drive on his neighbor's drive way this right is an example of an:

    A) chattel
    B) improvement
    C) fixed
    D) apprutenance
    D) apprutenance

    Are rights that travel with the property ownership
    (this multiple choice question has been scrambled)
  12. Method of annexation, adoption and agreement are the legal test of determining whether an item is:

    A) a chattel or an emblement
    B) real property of personal property
    C) fructus naturales or fructus industriales
    D) land or real estate
    B) real property of personal property
    (this multiple choice question has been scrambled)
  13. Which of the following is an example of an economic characteristic of land?

    A) uniquness
    B) indestructibility
    C) scarcity
    D) immobility
    C) scarcity

    Immobility, industructibility and uniquenss are physical characteristics.
    (this multiple choice question has been scrambled)
  14. The farmer has posted a number of no trespassing and no hunting signs on the property. Which stick in the bundle of rights gives the farmer this authority?

    A) enjoyment
    B) disposition
    C) control
    D) exclusion
    D) exclusion
    (this multiple choice question has been scrambled)
  15. A right or privilage tied to real proeprty although not necessarily part of the property is called an.

    A) deed
    B) trade fixture
    C) emblement
    D) appurtenance
    D) appurtenance
    (this multiple choice question has been scrambled)
  16. Mobile home, rahter than manufactured housing is the term used for a factory built hoem that was built before?

    A) 1980
    B) 1976
    C) 1987
    D) 1990
    B) 1976

    The term mobile home was phased out with the passage of the National Manufactured Housing construction and safety standards act of 1976.
    (this multiple choice question has been scrambled)
  17. The countrys cnetral banking system, which controls the nations monetary policy by regulating the supply of money and interest rates.

    A) federal open market commitee
    B) federal banking system
    C) federal reserve system
    C) federal reserve system
    (this multiple choice question has been scrambled)
  18. The right to use the open space above the surface of a property.
    air rights
  19. Any structure or modification erected or imposed on a site to enhance the value of the property.
    improvements
  20. A multinunit residential building owned by a corporation and operated on behalf of stockholder-tenants who hold proprietary leases.
    Cooperative
  21. Changing an itme of real estate to personal property by detaching it from the land.
    Severance
  22. Land, mineral and air rights in the land are included in the definition of:

    A) subsurface rights
    B) real property
    C) attachements
    D) improvements
    B) real property
    (this multiple choice question has been scrambled)
  23. Farms and timberland are considred to be _____ property.
    Agricultural
  24. All of the following factors can affect the supply of real estate except?

    A) labor force
    B) demographics
    C) construction costs
    D) government controls
    B) demographics

    affects demand for real estate.
    (this multiple choice question has been scrambled)
  25. The right to dispose of real property by will or deed is contained in the?
    Bundle of rights
  26. All of the following are included in the bundle of rights except?

    A) possession
    B) exclusion
    C) control
    D) expansion
    D) expansion
    (this multiple choice question has been scrambled)
  27. Price fixing, group boycotting, and allocation of markets are three examples of antitrust violations.

    A) T
    B) F
    A) T
  28. In a civil suit based on an antitrust violation by a real estate licensee, the injured party may recover three times value of actual damages.

    A) T
    B) F
    A) T
  29. A broker is considered to be the procuring cause of a sale if he or she is present at the time the transaction closes.

    A) T
    B) F
    B) F
  30. A real estate sales person is licensed to buy, sell exchange or lease real property for others and to charge a fee for those services.

    A) T
    B) F
    B) F

    Only a broker can do all of those activities
  31. All of the following are violations of The Federal Antitrust Laws except:

    A) tie-in agreements
    B) comission splitting
    C) groub boycotting
    D) allocation of customers
    B) comission splitting
    (this multiple choice question has been scrambled)
  32. After license laws are enacted by the legislature, who is responisble for rules and regulations?

    A) brokers and sales people appointed by the governor
    B) licensing authority (division, comission etc)
    C) local realtor association
    D) a small comitte that reports to the legislature
    B) licensing authority (division, comission etc)

    Rules and regulations are written and adopted by the licensing authorities in each state. they have the same forces as the law abut are esier to change because they do not have to go through legislature.
    (this multiple choice question has been scrambled)
  33. A right established by state law that permits a defaulted borrower to recover property within a limtited time after a foreclosure sale.
    Statutory right of redemption
  34. Idea that a mortgage is purely a lien on real estae.
    Lien thoery
  35. Concept that the borrower actually gives legal title to the lender (or third party) and retains equitable title.
    Title thoery
  36. The borrowers legal status on a deed of trust.
    Trustor
  37. The lenders legal status on a deed of trust.
    Beneficiary
  38. On a deed of trust, a third party who holds the deed as security for the loan.
    Trustee
  39. A national system of banking districts designed to maintain sound credit conditions and favorable economic climate.
    Federal reserve
  40. The short term interest rate charged to a banks largest most credit worthy customer.
    Prime rate
  41. Lenders who originate loans by making money available to borrowers.
    Primary mortgage market
  42. Investors who by and sell loans after funding.
    Secondary mortgage market
  43. A government sponsored enterprise organized as private, stock issuinc corporation that buys pools of mortgages and uses them as collateral for mortgage backed securities.
    Fannie Mae
  44. Kents homeowners ins policy contains a coinsurance provision; the house is insured for replacemnt cost. If Kents home burns down, which of the following statements is true?

    A) kent may make a claim for the full cost of the repair without deduction for depreciation.
    B) kents claim will be settled for actual value of the damage.
    C) kent may make a claim for the depreciated value of the damage.
    A) kent may make a claim for the full cost of the repair without deduction for depreciation.
    (this multiple choice question has been scrambled)
  45. Marias house is contructed so that the floor of her home is built several inches above the 100 year flood mark. If maria applies for a federal related mortgage loan, how will marias mortgagelender apply flood insruance rule?

    A) it must require flood ins
    B) it may excempt marias house from the flood ins requirements.
    C) it may invoke the National Flood ins Act for properties lying inside, or within 500 feet of a designated flood prone area.
    B) it may excempt marias house from the flood ins requirements.
    (this multiple choice question has been scrambled)
  46. Which of the following is a characteristic of penalty free IRA withdrawals for first time home buyers?

    A) the withdrawn amount must be spent entirely within 120 days on a down payment
    B) the limit on the withdrawn amount is 15k
    C) the withdrawn amount is not subject to income tax
    D) the buyer must be no more than 30yrs old
    A) the withdrawn amont must be spent entirely within 120 days on a down payment
    (this multiple choice question has been scrambled)

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