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Question 1 of 10
1. Question
Which of the statements best describes equity?
Correct
The difference between the debt and the market value is equity.
Incorrect
The difference between the debt and the market value is equity.
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Question 2 of 10
2. Question
One consequence of a clause in a purchase agreement specifying that “time is of the essence” maybe that?
Correct
Any party that fails to look after its timely commitments are subject to being held in default of the contract.
Incorrect
Any party that fails to look after its timely commitments are subject to being held in default of the contract.
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Question 3 of 10
3. Question
Which of the following will be deemed most likely to be incurable depreciation?
Correct
This is an instance of regression induced by the lower priced homes in the region, External factors are still incurable.
Incorrect
This is an instance of regression induced by the lower priced homes in the region, External factors are still incurable.
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Question 4 of 10
4. Question
Which of the following statements about deposits is true?
Correct
The agent must be in a position to account for and generate something of value that is entrusted to their care. This covers marketing fee advances, earnest cash deposits and escrows.
Incorrect
The agent must be in a position to account for and generate something of value that is entrusted to their care. This covers marketing fee advances, earnest cash deposits and escrows.
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Question 5 of 10
5. Question
Which of the following statement about charging extra rent is false?
Correct
The Fair Housing Amendments Act of 1988 added to the involvement of kids in a family as a protected class.
Incorrect
The Fair Housing Amendments Act of 1988 added to the involvement of kids in a family as a protected class.
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Question 6 of 10
6. Question
The zoning regulations define the permitted land use as well as the permitted land use?
Correct
Under the powers of the police that are provided by the State. Local authorities control and regulate the use of the land by enacting and implementing rules on zoning. Such regulations also discuss heights and setbacks.
Incorrect
Under the powers of the police that are provided by the State. Local authorities control and regulate the use of the land by enacting and implementing rules on zoning. Such regulations also discuss heights and setbacks.
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Question 7 of 10
7. Question
Which of the following, if any, impact does zoning have on the values of properties?
Correct
Careful zoning will increase property appreciation.
Incorrect
Careful zoning will increase property appreciation.
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Question 8 of 10
8. Question
How can the use of the property be regulated by a seller upon sale and restricting the potential enjoyment of the buyer?
Correct
Restraint of a deed is a restrictive covenant running with the land.
Incorrect
Restraint of a deed is a restrictive covenant running with the land.
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Question 9 of 10
9. Question
Charlie is entitled to cross over the land of Tommy to get to his property. Which of the following is the known right?
Correct
Charlie has an easement appurtenant, from Tommy. It helps Charlie to get to his house. It is said that Charlie is the dominant parcel, and Tommy is the servient parcel.
Incorrect
Charlie has an easement appurtenant, from Tommy. It helps Charlie to get to his house. It is said that Charlie is the dominant parcel, and Tommy is the servient parcel.
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Question 10 of 10
10. Question
A contract can be considered to be binding, in the shape of?
Correct
If the parties agree, consideration need not be valuable In order to be considered, not be sufficiently “good”.
Incorrect
If the parties agree, consideration need not be valuable In order to be considered, not be sufficiently “good”.