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Question 1 of 10
1. Question
Which of the following statement best describes the easement in gross?
Correct
It is a right considered an easement in gross. When a power company wishes to lay a service line through consumer premises and needs to gain an irrevocable right to do, which of the following choices would be best appropriate to the situation.
Incorrect
It is a right considered an easement in gross. When a power company wishes to lay a service line through consumer premises and needs to gain an irrevocable right to do, which of the following choices would be best appropriate to the situation.
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Question 2 of 10
2. Question
Which of the following statement best describes reconciliation?
I. Used to determine the reproduction cost of a building.
II. Loss of value.
III. Element of value is generally known as the reconciliation.
IV. Analyzing the three estimates of value in the appraisal process to arrive at an estimate of market value for the property.Correct
Reconciliation is the art of evaluating and weighing the results of the three approaches to value. It is done by analyzing the three estimates of value in the appraisal process to arrive at an estimate of market value for the property.
Incorrect
Reconciliation is the art of evaluating and weighing the results of the three approaches to value. It is done by analyzing the three estimates of value in the appraisal process to arrive at an estimate of market value for the property.
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Question 3 of 10
3. Question
All of the following choices is not a source that gives the creditor the most money to buy residential property except one.
I. Credit unions give the funds to the creditor needed for purchasing residential property
II. Mortgage companies give the funds to the creditor needed for purchasing residential property
III. Government National Mortgage Association (GNMA) give the funds to the creditor needed for purchasing residential property
IV. Federal Housing Authority (FHA) give the funds to the creditor needed for purchasing residential propertyCorrect
The vast majority of home loans are made by mortgage companies. They have practically infinite funds as they sell the loans they originate.
Incorrect
The vast majority of home loans are made by mortgage companies. They have practically infinite funds as they sell the loans they originate.
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Question 4 of 10
4. Question
Which of the following statements about a survey of metes and bounds is true?
I. It starts at the starting point and the ends to point of beginning.
II. It starts at the starting point and the ends to the endpoint.
III. It starts at the starting point and the ends to the monument.
IV. It starts at the starting point and the ends to the last benchmarkCorrect
The metes and bounds survey starts at the point of beginning and finishes at the point of beginning in order to define the whole tract.
Incorrect
The metes and bounds survey starts at the point of beginning and finishes at the point of beginning in order to define the whole tract.
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Question 5 of 10
5. Question
Which of the following statement best describes radon gas?
Correct
Radon gas is a natural gas that can pose serious health hazards at high concentrations throughout the system. It is an odorless substance produced by the decaying radioactive material in the soil.
Incorrect
Radon gas is a natural gas that can pose serious health hazards at high concentrations throughout the system. It is an odorless substance produced by the decaying radioactive material in the soil.
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Question 6 of 10
6. Question
A zoning commission can grant a variance to the use of the property when which of the following exists?
Correct
A variance is a modification in the zoning standards to eliminate limitations as construction site hardships, such as small building sites.
Incorrect
A variance is a modification in the zoning standards to eliminate limitations as construction site hardships, such as small building sites.
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Question 7 of 10
7. Question
In order to have a legal right to buy or cancel, an option contract must include which?
Correct
The lack of consideration of the dollar may invalidate the option. The Judges ought to see “Something at risk” for the right to purchase/deadline at a later time.
Incorrect
The lack of consideration of the dollar may invalidate the option. The Judges ought to see “Something at risk” for the right to purchase/deadline at a later time.
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Question 8 of 10
8. Question
What form of action of discrimination did not violate the Federal Fair Housing Act of 1968?
Correct
Discrimination on the basis of gender was applied to the Fair Housing Act housing and the community development act of 1974.
Incorrect
Discrimination on the basis of gender was applied to the Fair Housing Act housing and the community development act of 1974.
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Question 9 of 10
9. Question
If the agent of the seller shares his commission with the agent of the buyer, what would be the result?
Correct
The simple payment of a fee doesn’t present an indication an agency relationship.
Incorrect
The simple payment of a fee doesn’t present an indication an agency relationship.
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Question 10 of 10
10. Question
Which of the following statement best describes severalty ownership?
Correct
Ownership in a handful, that is, would be severed from someone else's benefit to give the independent owner's full rights disposal of the land.
Incorrect
Ownership in a handful, that is, would be severed from someone else's benefit to give the independent owner's full rights disposal of the land.