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Question 1 of 10
1. Question
The corporation retains the title in the name of its?
Correct
company is an artificial person that retains a title in the name of its charter.
Incorrect
company is an artificial person that retains a title in the name of its charter.
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Question 2 of 10
2. Question
As a buyer’s agent, your customer is a Chinese individual who is moving to the United States to operate a Chinese import company. You show them properties where it is apparent that the majority of the inhabitants are of Chinese ancestry. What does this statement imply?
Correct
The agent’s job is to present his client’s homes beyond their living conditions and willingness to pay. Until the client demands a particular location, the agent can display representative homes in all locations that suit the customer’s expectations and price range. The customer should then determine the place they choose to move in, not the consultant.
Incorrect
The agent’s job is to present his client’s homes beyond their living conditions and willingness to pay. Until the client demands a particular location, the agent can display representative homes in all locations that suit the customer’s expectations and price range. The customer should then determine the place they choose to move in, not the consultant.
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Question 3 of 10
3. Question
The responsibilities of the property manager shall include all of the following except which?
Correct
Usually, the property manager is not involved with the sale of the property.
Incorrect
Usually, the property manager is not involved with the sale of the property.
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Question 4 of 10
4. Question
If a person dies leaving no will and no natural heirs, his or her property shall be passed passed onto which of the following choices?
Correct
In the absence of a will or natural successor, the state will become the beneficiary of the property of the deceased through the power of escheat.
Incorrect
In the absence of a will or natural successor, the state will become the beneficiary of the property of the deceased through the power of escheat.
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Question 5 of 10
5. Question
As per the federal law, which of the following should be attached to the leases Sue Addison prepares for potential tenants when her apartment block was constructed in 1965?
Correct
Federal law mandates all renters and buyers to receive a lead-paint disclosure form if the house was designed Before the year 1978
Incorrect
Federal law mandates all renters and buyers to receive a lead-paint disclosure form if the house was designed Before the year 1978
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Question 6 of 10
6. Question
75 years ago, a residential property was built. Two of the five bedrooms have no wardrobes, the basement floor is unpaved, and the original slate roof needs maintenance. What is the most critical factor for the appraiser?
Correct
In the appraisal of residential real estate, the subject property is contrasted with comparable assets that have recently been sold.
Incorrect
In the appraisal of residential real estate, the subject property is contrasted with comparable assets that have recently been sold.
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Question 7 of 10
7. Question
Which of the following choices is true of a tenancy in common?
Correct
There is an assumption that co-owners are tenants in general unless they are married to each other, in which case the presumption is that the house is held to be a community property.
Incorrect
There is an assumption that co-owners are tenants in general unless they are married to each other, in which case the presumption is that the house is held to be a community property.
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Question 8 of 10
8. Question
Which one of the following instruments will include the amount of the loan, the rate of interest, the term of the loan and the monthly payments?
Correct
The note includes the cost of the loan, the rate of interest, the term of the loan and the monthly amount of the loan.
Incorrect
The note includes the cost of the loan, the rate of interest, the term of the loan and the monthly amount of the loan.
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Question 9 of 10
9. Question
The tax bill, measured on a cost-per-feet front foot, is a?
Correct
In general, special assessments are for reimbursement to the government for the expense of building infrastructure, or towers and gutters. Each owner shall be paid his or her share of the cost determined by his or her share of the value to his or her land.
Incorrect
In general, special assessments are for reimbursement to the government for the expense of building infrastructure, or towers and gutters. Each owner shall be paid his or her share of the cost determined by his or her share of the value to his or her land.
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Question 10 of 10
10. Question
The use of real property as collateral to qualify for a loan while maintaining the property is called?
Correct
When the landlord uses the house to secure a loan while maintaining the use and value of the property, it is known as a mortgage.
Incorrect
When the landlord uses the house to secure a loan while maintaining the use and value of the property, it is known as a mortgage.