1. Benchmarks, iron spikes, and wooden stakes are examples of
2. Which of the following is FALSE regarding legal descriptions?
3. A check is an area of land that is
4. The smallest unit of land in the government survey is the
5. Section number 1 will always be located in the
6. The section that is reserved for a school is section number
7. Which of the following statements is incorrect?
8. The NW1/4 of the SW1/4 of the NE1/4 contains
9. The SW1/4 of the SE1/4 of the NW1/4 and the S 1/2 of the SE1/4 contains
10. The bronze disk that is used to establish elevations and altitudes above sea level is the
11. To determine the heights of buildings the surveyor would locate the
12. A spot survey would include the
13. The deed stated that the angle of the measurement was "South East for 45 degrees 7 minutes." This type of description would be found in a
14. In regards to legal descriptions, POB means
15. An agent is listing a vacant city lot. Which method of legal description would MOST LIKELY be found in the deed?
16. When listing which of the following properties would an agent MOST LIKELY recommend a survey of the property?
17. The deed that a buyer received at closing stated that the property contains 4.5 acres more or less (MOL). The agent recommended that the buyer have the property surveyed, but the buyer refused. The agent had the buyer sign a waiver stating that refusal. Six months after the closing, the buyer had the property surveyed and according to the survey, it is 3.98 acres. Which of the following would MOST LIKELY occur under these circumstances?
18. A surveryor would calculate which of the following to compensate for the curvature of the earth?
19. A section of land is one mile by one mile. However, since the earth is not flat, the section sizes can vary. Oversized or undersized sections are called
20. A developer owns 20 acres of land. He was required to set aside 36,000 square feet for roads and sidewalks. If each lot measures 75' x 100', how many lots will he have?
21. All of the following are included in the bundle of legal rights EXCEPT
22. Emblements are classified as
23. Nonhomogeneity describes a/an
24. A transaction broker is NOT known as a/an
25. A real estate licensee who has listed a property is a/an
26. The sale price of the property is $150,000 and borrower has a 20% down payment. The mortgage rate chart indicates that the monthly payment on a 30 year loan at 4% is 4.775 per $1,000. How much is the monthly payment?
27. An appraiser is going to estimate the market value of a library. Which appraisal method will he/she most likely use?
28. Negligent misrepresentation occurs when
29. Buyers met an agent at an open house. In order to buy the listed property, the buyers needed to sell their house. The agent wrote an offer to purchase with the following terms. "Purchasers shall list purchasers property at 567 Main Street, Your Town, Your State with XYZ Realty within 24 hours of the acceptance of this offer, or this offer shall become null and void and the earnest money shall be refunded to the purchaser." Is this legal?
30. In most states which of the following situations would MOST LIKELY be grounds for suspension or revocation of a real estate license?
31. A person died testate. After an extensive search, no additional heirs were found. The person's real property would transfer by
32. Which of the following would be future interests in a fee simple defeasible estate?
33. Agnes, Zelma and Jayne are sisters and own a property as joint tenants. Jayne sold her share to Maggie. Upon closing, Maggie is a
34. If state law permits, the unities of time, title, interest, possession and person would be created when
35. Henry is securing a home equity line of credit on his residence. His property appraised at $175,000 and he has a loan balance of $80,000. The lender will negotiate a loan of 80% of the appraised value, minus the first loan. Harry's line of credit will be
36. The S1/2 of the NE1/4 and the NW1/4 of the SE1/4 would contain
37. In 1969 Carmel purchased a condo for $15,000. Today she sold the property for $85,000 and agreed to finance the loan for the buyer.
This transaction is known as a/an
38. A lot that measures 475' x 525' sold for $275,000. What was the cost per front foot?
39. A lot that measures 475' x 525' sold for $275,000. What was the cost per acre?
40. The seller accepted the buyer's offer of $375,000 and the buyer had a 10% down payment. If the property appraised at $373,000, what was the loan amount?
41. Two brothers owned a property and decided to list it with Agent Tejasi. Thirty minutes before the listing appointment, one of the brothers was called out of town on an emergency. So, a friend signed the listing contract for him. Tejasi had no idea that the person signing was not the owner. The status of the listing contract is
42. A habendum clause would be found in a/an
43. The borrowers negotiated a $125,000 for 20 years at 7% interest. Their monthly principal and interest payment is $969.12. How much interest will the buyers pay of the life of the loan?
44. An agent received a thank you note from a lender for the referral of a buyer. The note included a $35 gift card to a local restaurant. The law that makes this kickback illegal is
45. All of the following advertisements would be illegal EXCEPT the ad which reads,
46. If a listing has expired, the listing agents and agents of the brokerage firm may call the seller
47. Which of the following mortgages can be obtained only by people 62 years of age or older?
48. A lender has hired an appraiser. The appraiser has MOST LIKELY been hired to
49. An agent listed a property that was built in 1951. By federal law, the agent must have the sellers fill out
50. A potential buyer asks the agent if all the buildings were within the boundary lines. The only way this could be determined would be to