Daisy and her kids loved their new pool, but Daisy wasn’t so happy when she received notice that the general contractor who poured the concrete had placed a lien on her home. Daisy went through her records and discovered that she had never paid the general contractor. What’s true about this situation?
Daisy can now place a lien on the general contractor’s property.
The lien is illegal.
This is a legal judgment lien.
This is a legal mechanic’s lien.
A landlord refuses to show or rent an apartment to someone who is not Christian. What type of discrimination is this?
Disability discrimination
Familial status discrimination
Racial discrimination
Religious discrimination
In the movies, a shady salesperson might say “I have some great farmland to sell you in the Midwest; just take a look at this brochure and let me know if you’d like to buy!” The federal government passed a law to prevent such fraudulent sales of property sight unseen. What is that law?
Interstate Citizens Protection Act
Interstate Land Sales Full Disclosure Act
Police Power Act
Subdivision Act of 1997
Cassandra is a business opportunity broker. Which of the following must be true?
She does not deal with the sale and purchase of personal property.
She is not required to have a real estate license.
She primarily deals with the sale and purchase of larger businesses.
She primarily deals with the sale and purchase of smaller businesses.
When Mark and Chrissy discovered that the seller of their recently purchased home had committed title fraud, they were told their title insurance policy wouldn’t cover the legal costs to clear the title to their property. What’s the most likely reason for this?
The title company was a scam organization.
They didn’t purchase lender’s title insurance.
They didn’t purchase owner’s title insurance.
They failed to make payments on their title insurance.
Eloise is interested in buying a bungalow on the outskirts of the city. Her agent is reviewing the property details and informs her that there are several easements on the property. In particular, the gas company has a right of way because the natural gas line for the neighborhood runs through the back of the lot. What type of easement would this be?
Easement appurtenant
Easement by necessity
Easement by prescription
Easement in gross
A couple bought a property that backed up to a neighborhood park. The previous owner mentioned that ever since the park was built eight years ago, the next-door neighbor who works at the park has cut through the yard to get to the park rather than going around via the streets, which saves about half a mile. What kind of easement is this?
Easement by prescription
Easement in gross
Express easement
Visible easement
What are the disclosure requirements for a transaction broker?
Written disclosure is not required.
Written disclosure must be included in a listing agreement.
Written disclosure must be provided in a separate document.
Written disclosure must be provided in duplicate.
17PractEx.CeSh.PreLic.Qonly.txt
Bradley listed a house at an 8% commission rate, and it just sold for $723,500. As negotiated, his brokerage firm agreed to pay the buyer’s agent’s firm 40% of the total commission earned. Then Bradley, who has a 60/40 commission split with his broker, took his check to the bank. How much did Bradley earn from this transaction?
$13,891
$20,836.80
$23,152
$57,880
John works in an industrial park on the outside of town. He loves his job because he doesn’t have to commute, and he gets to drive a forklift all day. The company he works for stores its inventory in this off-site location prior to shipping it out to customers. What kind of industrial space does John work in?
Heavy industrial
Light manufacturing
Loft/warehouse building
Manufacturing
Mike’s been friends with Tim since college. They often work together: Mike flips houses and Tim’s an appraiser that he uses frequently. It works out great for both friends and Mike definitely gets a better appraised value on the flips Tim handles. For every appraisal Tim handles for him, Mike gives him a $100 gift card. In what illegal practice does it sound like they’re engaging?
Equity skimming
Falsely inflating appraisals
Under-valuing the homes
Violating fair housing laws
Drew and Hank were camping at Hank’s riverfront cabin. Hank told Drew that he rarely used the cabin and was thinking of selling it. Drew said that he’d buy it from Hank for $80,000, which Hank agreed was a fair price. It’s two months later, and Hank is upset that Drew now says he won’t buy it. Why isn’t this contract enforceable?
Drew didn’t have the financial resources to make the offer.
Real estate contracts must be in writing.
There was no offer and acceptance.
This wasn’t a legal purpose.
Lucky has just inherited a rental house from his grandmother, which is great timing because he needed a place to live. The house has a tenant, so he can move in ________________.
30 days after serving an eviction notice
After the lease has ended and the tenant has moved out
After the sheriff removes the tenant
Immediately
“I get why YOU want a buyer representation agreement,” your buyer tells you. “But what’s in it for me?” You answer ____________.
“It is required by law.”
“Without it, I owe you no duties.”
“Without it, I won’t work very hard for you.”
“Without it, you are unrepresented.”
A homebuyer is reading through paperwork related to their upcoming home purchase when they come across the following: “Southwest quarter of Southwest quarter (SW ¼ of SW ¼) and West Half of Southeast quarter of Southwest quarter (W½ SE¼ SW¼) of Section Eleven (11), Township Four (4) North of Range Eight (8) West.” What did the homeowner find?
Legal description
Mortgage clause
Quitclaim deed
Tax description
Which of the following documents is an example of a promissory note?
Borrower Keesha just signed a document that states that she pledges to pay back her mortgage loan of $310,000.
First Financial drafted a document for a borrower that includes, among other things, an acceleration clause.
The document that Darren is about to sign includes an acceleration clause.
The document that Sandra will sign also includes spaces for her lender’s and her trustee’s signatures.