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Question 1 of 10
1. Question
Which of the following statements is true?
I. A feature special to the lease of the ground is that the occupant shall cover all costs.
II. A feature special to the lease of the ground is that the occupant shall not pay any expenses.
III. A feature special to the lease of the ground is that the term can be extraordinarily long.
IV. A feature special to the lease of the ground is that the occupant shall pay rent on the basis of income created by the property.Correct
Since land leases also include someone leasing vacant land to build a house, they appear to be unusually long, 50 to 100 years not unusual.
Incorrect
Since land leases also include someone leasing vacant land to build a house, they appear to be unusually long, 50 to 100 years not unusual.
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Question 2 of 10
2. Question
Which of the following statements best describes gross lease?
Correct
A gross lease is the one mentioned in this issue. In the case of a net sale, the occupant owes some part of the property’s expenses.
Incorrect
A gross lease is the one mentioned in this issue. In the case of a net sale, the occupant owes some part of the property’s expenses.
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Question 3 of 10
3. Question
The accumulated years of a building is considered to add up to the worth of the property is a good description of?
Correct
The economic life of the house demonstrates the number of years it adds to the worth of the building.
Incorrect
The economic life of the house demonstrates the number of years it adds to the worth of the building.
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Question 4 of 10
4. Question
Which one of the choices does not fit the rest?
I. Consumer Credit Protection Act
II. Truth in Lending Act
III. Regulation Z
IV. Equal Credit Opportunity ActCorrect
The first three responses are basically interchangeable names for the same act. The equal Credit Opportunity Act forbids discrimination in the granting of credit.
Incorrect
The first three responses are basically interchangeable names for the same act. The equal Credit Opportunity Act forbids discrimination in the granting of credit.
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Question 5 of 10
5. Question
Real estate investors plan to make money in any of the following ways, with an exception of which?
Correct
Real estate is not deemed as a liquid investment; you can’t get the money out of it quickly.
Incorrect
Real estate is not deemed as a liquid investment; you can’t get the money out of it quickly.
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Question 6 of 10
6. Question
A homeowner sold a one-family house “as is”. Which of the disclosures below would not be required?
Correct
Disclosure of an agency is mandatory only if a real estate broker represents the homeowner.
Incorrect
Disclosure of an agency is mandatory only if a real estate broker represents the homeowner.
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Question 7 of 10
7. Question
If the condition occurred, although not necessary, which of the following disclosures would most likely be made?
Correct
While it is advised to use a mold disclosure statement, it is not compulsory; however the disclosure of environmental hazards, earthquake fault zone and lead-based paint are required.
Incorrect
While it is advised to use a mold disclosure statement, it is not compulsory; however the disclosure of environmental hazards, earthquake fault zone and lead-based paint are required.
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Question 8 of 10
8. Question
The contract is still considered valid despite being signed when one of the parties is intoxicated if which of the following occurs/occurred?
Correct
This is literally the idea of a voidable contract. When sober, the intoxicated party can choose whether to go ahead with the deal or rescind the bid.
Incorrect
This is literally the idea of a voidable contract. When sober, the intoxicated party can choose whether to go ahead with the deal or rescind the bid.
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Question 9 of 10
9. Question
Which of the following statements is true?
Correct
The word discharge is often mistaken as seeking in some way to breach a contract. A contract can be discharged by completing all the contract terms and doing what has been agreed to.
Incorrect
The word discharge is often mistaken as seeking in some way to breach a contract. A contract can be discharged by completing all the contract terms and doing what has been agreed to.
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Question 10 of 10
10. Question
A broker takes a buyer to a home that has been marketed by the owner for sale, addresses different matters that are sales-related with the owner, and gives advice to the owner in which the owner accepts. The sale went through. However, since nothing between the broker and the owner has been put in writing, what kind of arrangement did they agree to?
Correct
Because of the actions of the broker and the seller, the arrangement was tacit. Most arrangements for listing are unilateral. Both listing agreements for real estate transactions must be in writing, so this agreement is void.
Incorrect
Because of the actions of the broker and the seller, the arrangement was tacit. Most arrangements for listing are unilateral. Both listing agreements for real estate transactions must be in writing, so this agreement is void.