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Question 1 of 10
1. Question
Which of the following statements about prices that are likely to increase is the most accurate?
I. Prices are likely to increase if there is a buyer’s market.
II. Prices are likely to increase if there is a seller’s market.
III. Prices are likely to increase if there is a thin market.
IV. Prices are likely to increase if there is the broad market.Correct
In the market of the seller, buyers compete for the few homes for sale and are prepared to yield much more for them.
Incorrect
In the market of the seller, buyers compete for the few homes for sale and are prepared to yield much more for them.
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Question 2 of 10
2. Question
As far as real property is concerned, which of the following claims is true?
Correct
Although air rights are considered as part of real property, they can be conveyed separately by deed.
Incorrect
Although air rights are considered as part of real property, they can be conveyed separately by deed.
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Question 3 of 10
3. Question
Which of the following sentences is the Real land contract?
Correct
The purchaser may take possession of the property, but the legal title remains with the owner until the terms of the purchase have been met.
Incorrect
The purchaser may take possession of the property, but the legal title remains with the owner until the terms of the purchase have been met.
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Question 4 of 10
4. Question
The Sinclairs wanted two separate loans to purchase their first home. The loan that would get the first valuation of the house in the event of foreclosure is the one that was first gets what?
Correct
Liens usually take priority from the order in which they were inserted into the public records.
Incorrect
Liens usually take priority from the order in which they were inserted into the public records.
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Question 5 of 10
5. Question
Which of the following statements about easements, encroachments, and licenses is true?
I. The mentioned items are forms of water rights.
II. The mentioned items are forms of types of estates.
III. The mentioned items are forms of encumbrances.
IV. The mentioned items are forms of government powers.Correct
Any such thing as either a mortgage, tax or jury warrant, an easement, or a limit on the use of land shall be called an encumbrance.
Incorrect
Any such thing as either a mortgage, tax or jury warrant, an easement, or a limit on the use of land shall be called an encumbrance.
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Question 6 of 10
6. Question
As occupant Heather Grayson opened her ice cream store in the mall, she moved in counters and special freezers, when Heather is finished, could she remove them?
Correct
Trade fixtures, built for industrial or commercial use, can be removed by the occupant prior to the end of the lease if the premises are restored to their original condition.
Incorrect
Trade fixtures, built for industrial or commercial use, can be removed by the occupant prior to the end of the lease if the premises are restored to their original condition.
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Question 7 of 10
7. Question
Dennis Sorensen is purchasing property he wants to build a cabin on. He wants 200 feet in front of the road and 500 feet deep. If the asking price is $9,000 acre for the land, how much should Dennis pay for the property?
Correct
The lot will be measured 200′ by 500′, or 100,000 square feet in all (200′ × 500′). An acre contains 43,560 square feet, so the lot contains 2.2957 acres (100,000 ÷ 43,560). At $9,000 per acre, the total cost is $20,661.15 (2.2957 × $9,000)
Incorrect
The lot will be measured 200′ by 500′, or 100,000 square feet in all (200′ × 500′). An acre contains 43,560 square feet, so the lot contains 2.2957 acres (100,000 ÷ 43,560). At $9,000 per acre, the total cost is $20,661.15 (2.2957 × $9,000)
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Question 8 of 10
8. Question
What clause, whether it is used in a mortgage, allows a link to be recorded later in time to have a higher position than the mortgage that was recorded in time before?
Correct
The subordination provision requires the subsequent mortgage to be placed ahead of the original mortgage which will usually refer to the current mortgage. Often, there is an escalating provision that will increase the interest rate as a function of the risk.
Incorrect
The subordination provision requires the subsequent mortgage to be placed ahead of the original mortgage which will usually refer to the current mortgage. Often, there is an escalating provision that will increase the interest rate as a function of the risk.
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Question 9 of 10
9. Question
A broker has the principal and handed it over to a salesperson. Which of the following points is/are valid in relation to the confidence relationship?
Correct
All salespersons get the same partnership with the principal as the broker.
Incorrect
All salespersons get the same partnership with the principal as the broker.
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Question 10 of 10
10. Question
What clause, whether it is used in a mortgage, allows a link to be recorded later in time to have a higher position than the mortgage that was recorded in time before?
Correct
Unique property that does not produce revenue is calculated by calculating the cost of reproduction or replacement.
Incorrect
Unique property that does not produce revenue is calculated by calculating the cost of reproduction or replacement.