there are very ways to take ownership of real property. Which type of ownership includes the right of survivorship.

what is the status of a contract with all the terms have been fulfilled, and the transaction has been closed

surface rights, air, rights, and subsurface rights are all rights that can be sold by property owner, while still retaining the property itself. These rights are known as.

when an easement allows the use of neighboring property, which automatically transfers upon the sale of either dominant or servient property, it is called what type of easement

Linda purchased a fee simple interest for the private use of a residential property for one week every single year. What did Linda purchase shares?

what is the highest form of land ownership which includes the full and complete bundle of property rights

what type of ownership would allow two or more owners to have various unequal percentages of ownership?

Tenancy in severalty is best described as

which of the following is not one of the foreign land use controls?

what is a general purpose for cities to require building permits?

Andy's arcade has been in business in the same location for 15 years.  The city recently rezoned  the area, no longer allowing commercial usage.  Soon after the rezoning, Andys suffered a devastating fire and the arcade was a total loss   what will Andy need to obtain from the city in order to rebuild the arcade in the same location?

the city of Brownwood plans to build a new water treatment facility but the land that is required is privately owned.  eminent domain allows the city to

mr. Thompson passed away he had no heirs and left no will or instructions as to whom he wanted to leave the property to.  in this situation his property will revert back to the state under the doctrine of

agent Brooke is preparing for a listing appointment and has gathered information to a report of recent Market data for the seller to review.  the report agent reconcile to obtain a reasonable list price for a property based on current listings, recent sales, and expired would be called

Paul owns an older residential property in an area now zoned for commercial use. Paul decides to renovate the home into a laundromat. The change in the properties functionality for Paul's financial gain is an example of what

John's Tire store is being built across the street from Big Bob's Tires. What a appraisal principal describes this situation

buyers Sam purchase a run-down residential home in the neighborhood with many nice Wildcat properties. Salmon text to renovate the home and resell it for profit.  considering the nicer homes in the neighborhood help raise his property value, what appraisal principle is Sam leveraging

during the appraisal process the appraiser will never adjust the price of the

while working on the appraisal report , appraiser Jack find that the comparable property is superior to the subject property with more amenities.  how will Jack make adjustment to arrive at a value of the subject property

the beautiful town of Big Bear is experiencing a fast influx of new residents. There are few homes on the market and no new construction development in the works. What will this do to the price of the existing home in the area

homeowner Paul is selling his home without a real estate agent.  he places in advertisement stating  owner financing 3% down payment is Paul's advertisement in violation of the truth in Lending Act

which one of the following loan types do not require a downpayment

discount points are away lenders are able to charge prepaid interest in order to lower the interest rate over the life of a loan what is the cost of the discount points based on

FHA Loans require that borrows provide protection to the lender in case of loan default. What must the borrow pay for to provide this protection to the lender

fair housing regulations apply not only to real estate agents but also lenders. When a lender denies your mortgage application solely based on the racial demographics of the neighborhood the property is located in the lender is guilty of

Terry received a conventional 30-year loan to purchase his house. Thanks to some large extra payments Terry will have his home paid for for in only 17 years.  which of the following launch loan terms could charge carry an extra fee for paying off the home so soon

Mark is not able to make his entire mortgage payment on time each month and has fallen behind in payments. Because of his failure to pay his lender ABC Home Loans sent him a notice that they are calling for the remaining Mortgage Balance to be paid in full in one lump sum immediately. This is an example of a

some loans are structured where the lender places a portion of each payment the Barrower makes into a special account to pay the property taxes at the end of each year. What is the account called

which of the following loan types would have the highest down payment

mortgages that are escrowed breakdown the monthly payment four ways each payment pays a portion towards Piti, which stands for

agent Stephanie has a home listed for sale and shows the home to the Fernandez whom she does not have a buyer's agency agreement with the Fernandez  The Fernandez are

what Duty requires a licensee to follow the principles orders and requests as long as they are not unethical or illegal

Melissa went on a listing appointment and the sellers were asking legal questions. Question she felt certain she knew the answers to what you Melissa do

agent Stephanie convinces convinces and owner to list his property way under market value. Stephanie sells the property to his brother Benjamin without disclosing the relationship to the buyer in writing.  Benjamin turns around and sells the property for profit to split with Stephanie. This is an example of

Agent Stephanie found a buyer for her listing , the seller accepted the buyer's offer, and both parties received copies of the contract documents.  The seller decides one week prior  to closing they no longer want to sell the home.  what could happen?

Luz listed her home for sale with an agent.  the property was exposed to an open and free market and after a reasonable time the property sold to buyer unrelated to luz. This type of sale would be considered

how is Real Estate defined

a fence that extends onto the land of another from a neighboring property is called an

Ronald owns an easement to use the driveway of his neighbor Bob..   Ronald's property consider the

which of the following best describes economic characteristics of land

Cesar is leasing a storefront to open a pizza parlor. Any item he attaches to the property which he will use to conduct his business would be

what is the accumulation of land caused by the natural flow of water called

Donnie leaves his home to his third wife Trish with the clause that after her passing the home goes to his first son Logan. What type of interest does Logan have in the property

new agent Stephanie is listing a home for sale which was built in 1965. What disclosure should Stephanie  have the seller complete due to the age of the home

part of Agent Stephanie's listing package including a form for the seller to complete that covers the component of the home for sale and the sellers knowledge of the condition of such  items.  this form is  referred to as

Mary and Mark are buying their first home which was built just three years ago. After touring the property with seems to be in good repair they waive their right to a home inspection not anticipating any issues.  after closing, and moving in they find out that some of the ductwork in the crawl space has fallen and is no longer attached causing all the air to be released under their home. They are upset that the seller did not mention the issue, and when they ask seller State they had no idea that had happened, is a seller at fault for not disclosing this issue to the buyers?

Stephanie is showing her listing to some prospective buyer customers.  Stephanie grew up just down the road and knows this property was once used as a dump site many years ago. Does Stephanie have to make the prospective buyers aware of this information since they are customers and not clients

Caesar's Home is under contract and the prospective buyers had a Home Inspection. The inspection  noted some roof issues which Caesar was not previously aware of.  the buyers provided Caesar with a copy of the inspection and an inspection notice terminating the sales contract. What should Caesar do going forward

disclosure law specifics vary by state however in which type of transaction would the seller's property disclosure not be required

a listing agreement in writing creates which form of agency

in compliance with fair housing regulations any deed restriction or Covenant that would prohibit the conveyance of the property to a member of a protected class is

listing broker Stephanie took a buyer to see Caesar's Home. The buyer says he wants to think it over and two weeks later the listing agreement with Stephanie expires. Upon expiration of the listing agreement. Caesar lists the  property with listing agent Melissa from another brokerage. A few  days after the buyer that Stephanie introduced to the home knocks on Caesars door and wants to make an offer to purchase a home.  when the home sells to this buyer who gets the commission instance

a contract between two parties both giving a promise for a promise is called a

Caesar is offering an open listing on his home to all local Brokers. Cesar has offered to pay a 3% commission to the broker that brings him a ready, willing and able buyer. What type of contract is Caesar offering

to be enforceable real estate contract must be in writing according to the

all parties entering into real estate contract must be doing so on their own free will and not under duress. Which of the following is not a requirement to enter a real estate contract

a valid contract must contain valuable consideration which means

in order for a contract to convey ownership in a property transaction the contract must include

which of the following is not a requirement for a contract be valid and enforceable

in a real estate transaction, when someone is forced into a contract by intimidation or some type of coercion it is called

a contract that does not have all the necessary elements of a contract is

Caesar entered into a contract that call for 1,000 in monetary damages if the contract was breached. The 1000 in  the contract is referred to as

after the offer and acceptance, when the terms of a contract are on the process of being completed, and prior to closing, the contract is said to be

Cesar rents an apartment for at only 17 years old. The lease agreement contract is avoidable because Eric is not illegal age to enter contract but who has the ability to avoid the agreement

Luz made an offer on her dream home and to show the seller. She was a serious buyer. She offered some of money to be held in escrow that she will forfeit if she does not fulfill her end of the deal. What is the sum of money to be held in escrow as a good faith deposit called. 

once all terms of a contract have been fulfilled and the transaction has closed. The contract status is said to be fully.

Ronald signs a six month lease on an apartment beginning January 1 and ending June 30. His lease does not automatically renew and no notice is required on his part to vacate on the expiration date. What type of lease did Ronald signed?

what duty does an agent acting as a property manager owe a property owner?

A property management contract should include all the following except

Stephanie wants to transfer the title of her property to her granddaughter. Which of the following our way to voluntarily transport title to a property

when someone passed away with a valid will in place it is referred to as

A title search revealed a lien on a property which creates a cloud on the title. How did the landowner go about resolving this title issue?

Liens are title may be voluntary or involuntary. Which of the following is an example of voluntary lien

Cesar’s neighbor Eric has an easement to cross Cesar’s property to get to his own. The easement is recorded and transfers with the land either Cesar or Eric sell their property. When an easement is on a title, it is an example of an. 

escrow agent, Stephanie will use what legal instrument to transfer real property from the seller to the buyer on closing day

What type of title bears the most protection for the property owner?

On closing day, who signed the deed to transfer the property from seller to buyer

when agents  get together and have a discussion regarding setting a fixed commission rate so that they are all charged in the same rate, this conversation violates what act

what duty requires an agent to place the clients best interest above all others

Cesar tells listing agent Stephanie his basement leaks but only when it rains hard for long periods of time so no need to mention it to buyers. He insists it’s really no big deal. Which of the following is true. 

if an agent is accused of puffing, what does that mean?

describing the property would be acceptable in advertising, however, describing the type of desired will be considered

Stephanie is working with buyers under a written buyers agency agreement. The buyers decide they want to purchase a home that Stephanie has listed. If Stephanie does not obtain permission and writing from all parties to represent both parties, she would create.

Cesar listed his home with agent Stephanie. He told her he wanted a minimum of 220 500,000 and anything over and above that amount she could keep a commission. This type of compensation arrangement is called a

Davis is a sub agent of listing agent Luke. Who does David work for?

only showing homes in a certain part of town to people of certain nationality is called

only showing homes in a certain part of town to people of certain nationality is called

Hispanic man called a landlord regarding a home for rent online. The landlord tells him the property is already rented. His white friend then called the landlord to inquire about the property and he arranged an appointment to show him the home. This is discrimination based based on.

Landry owns a duplex and personally occupies one of the units. He has one unit for rent and refuses to rent it to anyone with small children because kids are allowed. If he refuses applicants with children, has he committed a violation or any discriminatory act?

The fair housing act pertains to certain groups as protected classes. Which of the following is not a protected class under fair housing?

broker Ben has E&O  insurance and is selling an investment property that he owns. He has made a few false statements and misrepresentations, but he really needs to sell the property fast. What would happen if someone were to sue him for his false statement

Karen recently sold the home for 6% commission. If your commission was $20,700. How much did the property sell for?

how many square feet does 1 acre contain

Seller Gary needs to net $15,000 on the sale of his home. His loan payoff is $160,000. His closing cost are $5,500 and commission is 7%. What is the lowest offer Gary can accept

Agent Amanda just closed on at home that sold for $525,000. Her commission rate was 5% with a 50-50 co-broker with the selling broker and a 60% split with her broker. How much did Amanda receive?

New roof cost $500 and the economic life of the roof is 30 years. using the straight line depreciation method, what would the value of the roof be after five years. 

Kevin purchased a property that is currently valued at 150,000 and expected to appreciate 5% a year for the next five years. What will the value be in five years?

Callie made an offer on a home and is under contract for $250,000. She obtained a loan of $225,000 and the home appraised at $255,00 What is the loan to value ratio

seller Jared owes property taxes on closing day since taxes are paid in arrears. The taxes are $1,300. What is the sellers share of taxes if closing is April 10 using the 365 day method and the seller owns the day of closing. 

How many acres are in a lot that measures 250×325

Sharon purchased a home for $100,000 with 6% annual interest rate. Her payments are $800 per month how much of our first payment will go to the principal.