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National 12/12/23

Quiz by Ashlei Frank

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15 questions
Show answers
  • Q1
    A listing agreement with no specific commission specified, but offers the broker any funds above the seller's required proceeds and closing costs, is what type of listing?
    Flat fee listing.
    Open listing.
    Exclusive agency.
    Net listing.
    30s
  • Q2
    The theory that states the mortgagor retains legal and equitable title while the mortgagee has only a lien on the property as security for the debt, is known as:
    Financial theory
    Lien theory
    Title theory
    Debt theory
    30s
  • Q3
    The Federal Fair Housing Act specifically addresses and prohibits discrimination on the basis of all of the following, EXCEPT:
    Religion
    Source of income
    Race
    Gender
    30s
  • Q4
    Two brothers would like to purchase and take title to an investment property. Steve will own a 3/4 share and Brad will have a 1/4 share. To do so, they must take title under which one of the following methods?
    Tenancy by entirety
    Joint tenants
    Severalty
    Tenants in common
    30s
  • Q5
    In order to be valid, a deed MUST:
    Be signed by the grantor.
    Be recorded.
    Be signed by the grantor.
    All of these choices
    30s
  • Q6
    People confined to wheelchairs, HIV positive individuals, and drug users if enrolled in a recognized treatment program, are protected from discrimination under which law?
    ECOA
    ADA
    RESPA
    Civil Rights Act
    30s
  • Q7
    Which of these would NOT be considered an encumbrance?
    Encroachment
    Warranty deed
    Deed of trust
    Mechanic's lien
    30s
  • Q8
    Which of the following would be classified as a latent defect?
    A wobbly stair rail.
    A large crack in the master bedroom ceiling.
    A leak in the pool return line.
    Missing roof tiles.
    30s
  • Q9
    Which of the following is one of the generally accepted characteristics of value?
    Time
    Cost
    Utility
    Performance
    30s
  • Q10
    Which of the following terms BEST describes personal property that, by its attachment to real property, is regarded as real estate?
    Fixtures
    Appliance
    Personality
    Novation
    30s
  • Q11
    A development company owned property that the city wanted so that it could extend the runways at the municipal airport. If the company refuses to negotiate with the city, then the city may acquire the property by:
    Confiscation.
    Escheat.
    Eminent domain.
    Descent and distribution.
    30s
  • Q12
    Although a title insurance policy does cover the risk of loss for many reasons, which of the following risks is NOT covered in a title insurance policy?
    Failure of husband or wife to sign the deed.
    A document in the series of records is forged.
    A zoning ordinance, regulation or plan
    An unpaid city tax not shown in the policy.
    30s
  • Q13
    The unadjusted basis of a taxpayer's residence would be its:
    Cost.
    Cost plus improvements, minus depreciation.
    Cost minus improvements.
    Cost plus improvements.
    30s
  • Q14
    Under which of the following types of liens can both the real property and the personal property of the debtor be sold to pay the debt?
    Assessment lien.
    Real estate tax lien.
    Judgment lien.
    Mechanic's lien.
    30s
  • Q15
    The main purpose of "RESPA" (Real Estate Settlement Procedures Act) is to:
    Standardize settlement services throughout the United States.
    Place a fixed limit on settlement costs in all real estate transactions.
    Provide consumers with enough information to enable them to shop for settlement services.
    Place a fixed limit on settlement costs on residential property of four units or less.
    30s

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