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Question 1 of 10
1. Question
Which of the following refers to an act of increasing a property’s value by building a building on it?
Correct
Natural processes are the other responses. An upgrade is a manmade addition.
Incorrect
Natural processes are the other responses. An upgrade is a manmade addition.
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Question 2 of 10
2. Question
Owner A buys land near a lake and crosses the property of his neighbor each day to get to the lake for more than five years. Having never addressed the matter with his neighbor at this stage, Owner A has most likely acquired what about the property of his neighbor?
Correct
Owner A has gained the right to use the land, not own it, without the neighbor’s permission.
Incorrect
Owner A has gained the right to use the land, not own it, without the neighbor’s permission.
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Question 3 of 10
3. Question
Which of the following is true in investigating a chain of titles on a piece of property being sold?
Correct
The purchaser (grantee) at some stage in the past was the current owner who is the grantor (seller).
Incorrect
The purchaser (grantee) at some stage in the past was the current owner who is the grantor (seller).
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Question 4 of 10
4. Question
When a property is acquired under an existing mortgage loan, the escrow agent will ask the lender for a mortgage loan. What does the situation imply?
Correct
If the loans are to be paid off, the payout request is used.
Incorrect
If the loans are to be paid off, the payout request is used.
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Question 5 of 10
5. Question
Which of the following is true?
Correct
This is interpretative. The distribution of tax payments at closing is referred to as proration.
Incorrect
This is interpretative. The distribution of tax payments at closing is referred to as proration.
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Question 6 of 10
6. Question
At the time of closure, fuel oil left in the tank is better represented as which of the following?
Correct
Since the oil has already been paid for and will be bought by the buyer, a loan is granted to the seller. Proration with the act of allocating these costs.
Incorrect
Since the oil has already been paid for and will be bought by the buyer, a loan is granted to the seller. Proration with the act of allocating these costs.
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Question 7 of 10
7. Question
Which of the following statements about the referral fee is correct?
Correct
The referral fees charged to title insurance agencies are unconstitutional.
Incorrect
The referral fees charged to title insurance agencies are unconstitutional.
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Question 8 of 10
8. Question
In regards to tax purposes, which of the following statements is true?
Correct
For tax purposes, if a transfer of property is not registered, 45 days after the transfer of ownership, the new owner must file the change in the declaration of property ownership with the recorder or the assessor.
Incorrect
For tax purposes, if a transfer of property is not registered, 45 days after the transfer of ownership, the new owner must file the change in the declaration of property ownership with the recorder or the assessor.
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Question 9 of 10
9. Question
An offer to buy that the seller does not accept will result in the deposit funds being deposited in which of the following?
Correct
When an offer is not accepted, deposit funds are returned to the buyer.
Incorrect
When an offer is not accepted, deposit funds are returned to the buyer.
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Question 10 of 10
10. Question
Which of the following statements about fund sharing is true?
Correct
Commingling, the combining of funds from the customer and funds from the broker, is never allowed.
Incorrect
Commingling, the combining of funds from the customer and funds from the broker, is never allowed.