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Question 1 of 10
1. Question
The interest of the tenant in the property is a?
Correct
The interest in the property of the tenant is a leasehold and is deemed to be personal real estate.
Incorrect
The interest in the property of the tenant is a leasehold and is deemed to be personal real estate.
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Question 2 of 10
2. Question
It is possible to establish a periodic tenancy from any other form of what kind of tenancy?
Correct
A tenancy at will or tenancy at sufferance can be converted into a periodic tenancy by approval of rent and/or agreeing an arrangement.
Incorrect
A tenancy at will or tenancy at sufferance can be converted into a periodic tenancy by approval of rent and/or agreeing an arrangement.
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Question 3 of 10
3. Question
What is required, in addition to the provision of the contractual services, for a commission payment to be imposed as a result of the listing agreement?
Correct
The statement “At the time of the purchase, the salesperson must have been approved” may be confusing, but since the listing agreement is with him, it’s the broker who has to be certified.
Incorrect
The statement “At the time of the purchase, the salesperson must have been approved” may be confusing, but since the listing agreement is with him, it’s the broker who has to be certified.
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Question 4 of 10
4. Question
Broker A gets two bids on the house of Seller B, which is listed for sale at $250,000. The first bid is for all of the $200,000 cash. With 80 percent funding for the full amount, the second bid is down 20 percent. With respect to both deals, what does the broker do?
Correct
The broker must present all deals unless there are special prior instructions from the seller.
Incorrect
The broker must present all deals unless there are special prior instructions from the seller.
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Question 5 of 10
5. Question
What does the Mobile home Residency Law include in contract agreements?
Correct
The Mobile home Residency Law include in contract agreements between resident owners, non-resident, and management proprietors.
Incorrect
The Mobile home Residency Law include in contract agreements between resident owners, non-resident, and management proprietors.
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Question 6 of 10
6. Question
Which of the following statements best define usury?
Correct
Ususry is the charging of interest on a notice that exceeds the maximum statutory rate.
Incorrect
Ususry is the charging of interest on a notice that exceeds the maximum statutory rate.
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Question 7 of 10
7. Question
Which of the following statements about a statutory summary is true?
Correct
The other documents listed may be part of a mortgage application, but payment documents are discussed in the issue. The mortgage or deed of trust and a loan are the two main documents dealing with the payment of a loan is a statutory summary.
Incorrect
The other documents listed may be part of a mortgage application, but payment documents are discussed in the issue. The mortgage or deed of trust and a loan are the two main documents dealing with the payment of a loan is a statutory summary.
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Question 8 of 10
8. Question
Owner A selling a piece of his land to Buyer B. He wants an easement for Buyer B’s property in order for Owner A to get access to the county road. Any of the following needs to happen in order to achieve this?
Correct
Since this easement is related to the land of Owner A, it is an easement appurtenant, so choices B and C are incorrect. An owner selling property and having to maintain an easement throughout the sold property reserves an easement.
Incorrect
Since this easement is related to the land of Owner A, it is an easement appurtenant, so choices B and C are incorrect. An owner selling property and having to maintain an easement throughout the sold property reserves an easement.
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Question 9 of 10
9. Question
The most extreme consequence of the disparity in a deed between a covenant and a condition is that?
Correct
Land forfeiture is more extreme than an injunction or monetary harm, so choices A and B are wrong. Only a violation of a condition will lead to the property being forfeited.
Incorrect
Land forfeiture is more extreme than an injunction or monetary harm, so choices A and B are wrong. Only a violation of a condition will lead to the property being forfeited.
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Question 10 of 10
10. Question
Because of its nature, a deed restriction was imposed on all the properties in a subdivision banning aluminum siding. A much more natural look has new vinyl siding and some owners choose to use it to re-side their homes. What’s the best way to alter the restriction?
Correct
Variances do not apply because this is not a limitation by the government. Judicial action may be required, but only if the change is rejected by the other owners.
Incorrect
Variances do not apply because this is not a limitation by the government. Judicial action may be required, but only if the change is rejected by the other owners.