Real Estate Final Exam Solutions 2024-2025, Exams of Nursing

Download Real Estate Final Exam Solutions 2024-2025 and more Exams Nursing in PDF only on Docsity! FINAL EXAM (Bob Brooks) -with 100% verified solutions 2024-2025-tutor verified When must earnest money and/or deposits accepted by the broker be put into the escrow account? a. Earnest money does not have to be put into an escrow account. b. By the close of business of the next banking day c. Within 24 hours d. Within 48 hours b. By the close of business of the next banking day In order to record a deed, it MUST be in writing and: a. signed by grantee b. recite the actual purchase price c. acknowledged d. be free of all liens c. acknowledged An exclusive agency listing: a. Allows the owner to sell through his own efforts without obligation to pay a commission b. Need not contain a definite termination date c. Means the seller pays the agency regardless of who sells the property d. None of the above a. Allows the owner to sell through his own efforts without obligation to pay a commission A lease that requires a lessor to pay operating expenses of the property is called: a. Gross lease b. Net lease Incorrect c. Graduated lease d. Participation lease a. Gross lease The idea that a property's value is safer when surrounded by similar properties is the principle of: a. Substitution b. Progression c. Regression d. Conformity d. Conformity An abstract of title shows: a. Devises b. Foreclosures c. Liens d. All of the above. d. All of the above. The chain of title is broken between a previous owner and the present owner. To convey the title, the following will probably be required: a. title inspection b. quiet title suit c. contrct for deed d. bill of sale b. quiet title suit Substitution of a new contract for a former one is called: a. Fiduciary replacement b. Novation c. Compensatory substitution d. Satisfaction of contract. b. Novation A licensee applying for a Mississippi non-resident license must have an active license in their home state and the home state must have: a. A business relationship with the MREC b. The exact same licensing requirements c. A reciprocal agreement d. At least one other broker from that state licensed in Mississippi c. A reciprocal agreement The borrower of money or the person who gave the mortgage to the lender is: a. Mortgagor b. Mortgagee c. Borrower d. Borrowee a. Mortgagor The party who receives an offer to purchase is the: a. Offeree b. Offeror c. Buyer d. Agent a. Offeree In a U.S. Government survey the following are used as a legal description EXCEPT: a. Townships b. Meridians c. Sections d. Lot and Block Numbers d. Lot and Block Numbers The relationship between the principal and the broker is covered by the: a. Law of Agency b. Fiduciary agreement c. Statute of Accountability d. Statute of Frauds a. Law of Agency The Governor has the authority to appoint Commissioners to serve on the Mississippi Real Estate Commission. True False True When an agent makes non-factual statements about the property that could reasonably be recognized as exaggeration, it is known as: a. Imputed disclosure b. Puffing c. Misrepresentation d. None of the above b. Puffing Which of the following is shown on an estoppel certificate? a. Unpaid balance and interest rate on mortgage. b. Time of foreclosure c. Novation of the seller. d. Any defects in the title. a. Unpaid balance and interest rate on mortgage. The highway department has just finished improving the culverts in a residential subdivision. This WILL most likely be paid for through a: c. Determines the length of time required to claim title under adverse possession. d. Rules on warranty claims. b. Passes title of estates to the proper heirs. The first step in the appraisal process is: a. Collection of the data. b. Analysis of the data. c. Inspection of property d. Definition of the problem. d. Definition of the problem. Concerning Mississippi Licensing Laws, any person who manages rental property for a fee is considered in the category of "real estate activity". True False True The process in which the mortgagor waived benefit of appraisement in a foreclosure proceeding is known as: a. Ordinary process. b. Confession of judgment. c. Trustee. d. Mortgagee. b. Confession of judgment. When is a licensee required to pay over to their responsible broker any deposits or earnest money received? a. Within 24 hours b. Within 48 hours c. As soon as they next see their responsible broker in person d. Immediately upon receipt thereof d. Immediately upon receipt thereof Zoning laws represent a government's: a. Police powers b. Variance power c. Eminent Domain d. Development power a. Police powers A parcel of land six miles wide and six miles long is: a. One acre b. A section c. A range d. A township d. A township In regard to notice of charges, hearings, suspension, or revocation of a license, the licensee is notified at least 15 days prior to a hearing by registered mail. True False True Jane and Mary purchase land as equal partners. Mary has two children. If Mary dies before Jane, her share goes to Jane. What type arrangement do Mary and Jane have? a. Tenancy in common. b. Fee simple absolute. c. Joint tenancy. d. Fee simple conditional. c. Joint tenancy. A broker that fails the exam two times MUST wait ______ months to retake the licensing exam. a. One b. Two c. Three d. Six d. Six a. Littoral Right b. Doctrine of Prior Appropriation c. Doctrine of Necessity d. None of the above. c. Doctrine of Necessity When the value of money decreases but retail prices increase, it is: a. Cash flow b. Leverage c. Inflation d. Deflation c. Inflation When a monthly note is paid and the payment covers the previous month, the note is said to be in: a. Advance b. Arrears c. Graduated d. Default b. Arrears What is the advantage in applying for homestead exemption? a. Increased equity b. Lowers your IRS debt. c. Lowers your property taxes. d. Exempts homeowner from property taxes. c. Lowers your property taxes A "team" or "group" shall mean a collective name used by two or more active real estate licensees who represent themselves to the public as bing part of a single entity which is organized with the ______________________________. a. Verbal approval of a principal broker b. Written approval of a principal broker c. Written approval from the MREC d. Verbal approval from their clients b. Written approval of a principal broker What are laws regulating the selling of shares in real estate investments across state lines is called? a. Realtors' laws b. MLS laws c. Blue Sky laws d. None of the above c. Blue Sky laws Brokers shall retain readily available and properly indexed records, including bank accounts records, for a period of five years. True False False A listing agreement creates a: a. Special agency b. General agency c. Universal agency d. Agency with an interest a. Special agency Elevators, hallways, tennis courts, etc. in a condominium which are used by all homeowners are: a. common elements b. jointly owned by all homeowners c. owned as tenants in common d. All of the above. d. All of the above. Owner financing where the title remains with the purchaser is called a: a. Budget Mortgage. b. Purchase Money Mortgage. c. Bond for Deed. A broker is responsible for violations of the License Law by their agents: a. At all times b. Only if they work in the main office with them c. If they were aware of their actions d. If they were unaware of their actions c. If they were aware of their actions The 1988 Fair Housing Amendments Act added which of the following two classes? a. Marital status and handicap b. Marital status and familial status. c. Age and handicap. d. Handicap and familial status. d. Handicap and familial status. Sally owned Lot A and Lot B behind her. She sold Lot B to Fred and gave him a servitude so that he would have ingress and egress for Lot B. Sally's property is now: a. the dominant estate b. the servient estate c. an encroached estate d. encumbered b. the servient estate The amount of commission paid to a broker is determined by: a. The Board of Realtors b. The Real Estate Commission c. Negotiation d. The State law c. Negotiation How many sections in a township? a. 12 b. 24 c. 36 d. 48 c. 36 A contract which has no legal force or effect is: a. Unenforceable b. Voidable c. Valid d. Void d. Void A construction loan is considered to be: a. A Take Out Loan. b. A Low Risk Loan. c. An Interim Loan d. A Secondary Loan c. An Interim Loan Which of the following is NOT included in Truth-In-Lending? a. Attorneys fees b. Installment payments c. Finance charges d. Amount of down payment a. Attorneys fees The total amount of money remaining after all expenditures have been paid is: a. Appreciation b. Leverage c. Cash flow d. None of the above c. Cash flow An oral contract for the sale of real estate would NOT be enforceable because: b. Situs A buyer makes an offer to purchase on a standard purchase agreement. This is binding when: a. Seller signs b. Seller signs and notifies buyer of that fact. c. Agent initials for seller. d. When it is delivered and accepted. b. Seller signs and notifies buyer of that fact. If a lender holding a note for $58,000 sold it to a second lender for $50,000, his action would be known as: a. Refinancing b. Discounting c. Depreciating d. Hypothecating b. Discounting Which of the following would NOT terminate a lease? a. Death of the lessor. b. Agreement between parties. c. Breach of contract. d. Expiration of lease term. a. Death of the lessor. The Civil Rights Act of 1866 prohibits discrimination on: a. Religion b. Nationality c. Race d. Sex c. Race What are the usual taxes on common elements in a condominium? a. paid by the tenants' association b. prorated along with taxes on individual units c. paid by the developer d. no taxes are charged on common elements b. prorated along with taxes on individual units Discount Points are figured on the: a. Selling Price b. Loan Balance c. Salary of buyer d. None of the above. b. Loan Balance Procedures for title transfer: a. Differ widely throughout the country b. Are the same all over the country. c. Differ only in common law states. d. Are always the same in common law states. a. Differ widely throughout the country Which is NOT a characteristic of land? a. Permanent and indestructible b. Immobile c. Unique d. Natural d. Natural Monthly payments for a particular loan are figured on a 25 year amortization schedule. However, the loan is due in full after five years. What type of loan is this? a. Open-end mortgage. b. Variable rate mortgage. c. Partially amortized loan. d. Reverse payment mortgage. c. Partially amortized loan. "Aggrieved" persons may file a complaint with HUD for: b. Loyalty c. Obedience d. Confidentiality c. Obedience All of the following are TRUE about advertising EXCEPT which? a. Advertising by salespeople can be by phone number alone. b. The salesperson's phone number can be used in the ad. c. Salespeople can advertise their own personal real estate for sale. d. The company name and phone number may be larger in ad than the salesperson's name and phone number. a. Advertising by salespeople can be by phone number alone. Laws which regulate construction and building standards within an area are called: a. Building liens b. Building codes c. Zoning ordinances d. Construction codes b. Building codes The two things about the Truth-In-Lending Act that real estate licensees should be most aware of are: a. Discount and carrying charges b. Finance Charge and Annual Percentage Rate c. Disclosure and discount d. Monthly installment and rescission b. Finance Charge and Annual Percentage Rate An agent owes his principal the duty of: a. Loyalty to the principal's interest b. Obedience to the principal's legal instructions c. Accountability d. All of the above d. All of the above Real estate brokers are allowed, under the provisions of the License Law, to do which of the following? a. Act as a public conveyancer b. Give legal advice or opinions c. Prepare documents fixing and defining the legal rights of parties to a transaction d. Real estate brokers are not allowed to practice law unless they are a duly-licensed attorney. d. Real estate brokers are not allowed to practice law unless they are a duly-licensed attorney. Escalator clauses in leases provide for: a. Pass through of some expenses to tenant. b. Landlords right to raise rent at any time. c. Extending lease term. d. Landlords right to remove elevators. a. Pass through of some expenses to tenant. An abstract of title: a. Would show all encroachments on property. b. Insures clear title. c. Is a history of the property in the public record. d. Provides actual notice of all hidden defects. c. Is a history of the property in the public record. Physical deterioration of a property is associated with which of the following? a. Eccentric design b. Changing function c. Obsolescence d. Ordinary wear and tear. d. Ordinary wear and tear.