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Question 1 of 10
1. Question
A form of lease that is typical in retail properties allows the occupant to pay a portion of the gross sale to the landlord. It is generally referred to as?
Correct
A percentage lease shall include a base rent plus a percentage (overage) of gross revenue until the merchant has met the predetermined threshold for sales.
Incorrect
A percentage lease shall include a base rent plus a percentage (overage) of gross revenue until the merchant has met the predetermined threshold for sales.
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Question 2 of 10
2. Question
Which of the following lists are dangerous and vulnerable to fraudulent transactions?
Correct
Net listings, in which the agent holds some portion of the sale price above that amount can lead the broker or affiliate licensee to withdrawal or revocation of the license.
Incorrect
Net listings, in which the agent holds some portion of the sale price above that amount can lead the broker or affiliate licensee to withdrawal or revocation of the license.
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Question 3 of 10
3. Question
In which approach to evaluation is it appropriate for the appraiser to measure the value of the land separately?
Correct
The cost approach demands that the building and the property be priced separately.
Incorrect
The cost approach demands that the building and the property be priced separately.
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Question 4 of 10
4. Question
Mortgage insurance generally covers what?
Correct
Mortgage insurance, which protects the homeowner against bankruptcy, should not be confused with mortgage life insurance, which pays off the debt in the event of the borrower’s death.
Incorrect
Mortgage insurance, which protects the homeowner against bankruptcy, should not be confused with mortgage life insurance, which pays off the debt in the event of the borrower’s death.
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Question 5 of 10
5. Question
Which of the following statement about the abstract of the title is true?
Correct
The abstract presents the findings of the public record title check.
Incorrect
The abstract presents the findings of the public record title check.
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Question 6 of 10
6. Question
One of the following is NEVER required for a property to have value?
Correct
Property only has worth if the title can be transferred.
Incorrect
Property only has worth if the title can be transferred.
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Question 7 of 10
7. Question
When offering properties for cooperation via the Multiple Listing Service, the listing broker needs to ensure all of the following except which one?
Correct
It is available for review before the seller accepts the bid.
Incorrect
It is available for review before the seller accepts the bid.
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Question 8 of 10
8. Question
The seller was held to be in default of the contract of sale. If the buyer and the seller had not settled on liquidated destruction, what should the seller do any of the following?
Correct
After the property has been disposed of, the seller can measure losses and claim to recover compensated damages from the defaulting purchaser.
Incorrect
After the property has been disposed of, the seller can measure losses and claim to recover compensated damages from the defaulting purchaser.
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Question 9 of 10
9. Question
Which of the following choices must be found in a valid deed?
Correct
Conveyance, definition, appurtenances, premises and habendum clauses shall be required in the act together with the grantee’s acceptance of the execution band.
Incorrect
Conveyance, definition, appurtenances, premises and habendum clauses shall be required in the act together with the grantee’s acceptance of the execution band.
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Question 10 of 10
10. Question
Adjacent assets are merged into one wide area to maximize the use and value of the greater area. Which of the following is the word used to describe this?
Correct
Assemblage brings together two or more properties to create an aggregate entirety.
Incorrect
Assemblage brings together two or more properties to create an aggregate entirety.