📕 National Practice Quiz Three

A word or phrase that, when used in advertising literature, requires the presentation of the terms of a credit agreement.

Usury Law is defined as

A couple owns an older home in a neighborhood that is becoming a commercial area. Because of the change in the use of the land, the couple can expect the value of their parcel to increase at some future time. This is an example of the principle of

Which of the following single-family residences would get the MOST accurate appraisal by applying the reproduction cost approach to value?

Base lines

A competitive market analysis is MOST often used for

In case of breach of contract, the injured party has the right to collect

What is the duty of a listing agent upon receiving several offers on a property they have listed?

A seller can limit the length of time for a buyer’s contingency to be met with an _______________

Commissions are always ___________.

A principal’s duties to an agent are all of these except

A zoo was granted a fee simple defeasible estate. They were allowed to keep the property forever as long as they meet the condition of the defeasible deed. It stated that the zoo could never charge a fee to enter the park. What is the penalty if the zoo begins to charge for entrance?

MATCH: The Four Unities: Possession, Interest, Time, Title

A real estate professional who has several years of experience in the industry decided to retire from actively marketing properties. Now this person helps clients choose among the various alternatives involved in purchasing, using, or investing in property. What is this person’s profession?

MATCH: The relationship, expressed as a percentage, between a borrower’s monthly obligations on long-term debts and his or her gross monthly income

A limit placed on the number of percentage points an interest rate can be increased or decreased during the term of the loan is the

A formal commitment by a lender to an applicant for a period of time for a maximum loan amount, usually subject to property conditions, is known as a(n)

Which of the following is not a requirement in order for a deed to be valid?

A person wishes to convey any and all interests in a property to another with full assurances against encumbrances, liens, or any other title defects on the property. This party would most likely use which of the following types of deed?

A buyer who wants to be sure that he is getting good title to a property should rely on:

Which one of the following deeds contains the most covenants?

Which one of the following deeds contains the most covenants?

The act of directing home seekers toward or away from particular areas either to maintain or to change the character of the neighborhood is:

A minority couple came to a salesperson looking for a house. The salesperson has some properties for which the couple qualify but avoids showing or mentioning these listings. Instead, the salesperson shows only properties in low­priced and integrated neighborhoods. This practice is known as

Which of the following is a naturally-occurring radioactive gas located in soils with a concentration of uranium in the rock

Which of the following does the CAN-SPAM Act of 2003 NOT require?

The basis of antitrust law is what?

Which of the following is not a function of the antitrust laws?

Who retains final authority over revisions to USPAP?

Parking spaces in multi-unit buildings, water rights, and similar things of value that convey with the property are classified as

All of the following characteristics can add to value in a property except?

A _________________ contract is an exchange of promises, which binds both parties.

BREACH OF CONTRACT – MATCH

A real estate broker must keep on file following its consummation complete records relating to any real estate transaction for

A real estate broker wants to end racial segregation. As an office policy, the broker requires that salespersons show prospective buyers from racial or ethnic minority groups only properties that are in certain areas of town where few members of their groups currently live. The broker has prepared a map illustrating the appropriate neighborhoods for each racial or ethnic group. Through this policy, the broker hopes to achieve racial balance in residential housing. Which of the following statements is true regarding this broker’s policy?

The Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) is commonly known as

All of a spouse’s property, both real and personal, owned or claimed before marriage is community property.