Review3

209.    In a lending agreement, who benefits from the term Quiet Enjoyment?
A.    Lessor
B.    Lessee
C.    Beneficiary
D.    Trustor

210.   Which of the following types of loans are guaranteed?
A.    FHA
B.    VA
C.    Conventional
D.    FNMA

211.    What does the Gross Rent Multiplier find?
A.    A multiple of net rents to determine value
B.    A multiple of gross rents to determine price
C.    The capitalization value of the property
D.    The effective gross income after operating expenses

212.    A bring down fee would best be described as which of the following?
A.    A fee to update the title report
B.    A fee to originate a new loan
C.    A fee when a loan is assumed
D.    A fee to create a credit report

213.    In a deed, the clause that deals with easements, liens is called:
A.    Granting
B.    Habendum
C.    Appurtenance
D.    Limitation and restriction

214.    Buyer wants to know his cash on cash return. What is he most interested in?
A.    Appraisal
B.    Investment
C.    Price Paid
D.    Market Value

215. A buyer buys a property for $80,000. The property has a First Deed of Trust for $55,000 and a Second Deed of Trust for $7,000. The buyer will assume the second but requires that he first be paid in full. What is the order of recordation?
A. Record a general warranty deed then the deed of reconveyance
B. Record the deed of reconveyance then the general warranty deed
C. Record a quit claim deed and a deed of reconveyance
D. Record two quit claim deeds

216. A salesperson sells real estate out of state. Where does the commission come from to pay
the salesperson?
A. Seller
B. Buyer
C. Out of state broker
D. Employing broker

217.    When can an owner of a single family residence depreciate the property for tax purposes?
A.    When the property is sold
B.    If it is owner occupied
C.    If the property is a rental
D.    If it is held for 27 1/2 years
.
218. An owner of lakefront property has 50 acres and divides it into lots. Owner keeps the
lots closest to the lake. How is an easement to the lake preferred by lot buyers?
A. Easement in gross
B. Easement appurtenant
C. Easement by prescription
D. Easement by neccessity

219.    If an individual practices real estate without a license this would be considered:
A.    Class 6 Felony
B.    Class 3 Felony
C.    Class 1 Misdemeanor
D.    Class 3 Misdemeanor

220. A licensee is required to disclose the presence of lead based paint if the property was
built before:
A. 1988
B. 1978
C. 1989
D. 1992

221.    If there is a contract dispute, which of the following would take precedence?
A.    Printed word
B.    Items crossed out
C.    Handwritten words
D.    Boilerplate

222.    You own a duplex and rent one unit. Which of the following is true?
A.    You may deduct the expenses from both
B.    You may deduct the expenses only for the rented unit
C.    You may deduct the expenses only for the unit owner occupied
D.    You may not deduct the expenses for either unit

223.    Who gives instructions to sign the deed or reconveyance?
A.    Trustee
B.    Beneficiary
C.    Mortgagee
D.    Mortgagor

224.    What does a seller usually pay for at closing?
A.    Appraisal
B.    Deed preparation
C.    Credit reports
D.    Discount points

225.    In a co-op, what does an owner sell?
A.    Stock
B.    Fee Simple
C.    Air rights
D.    Air rights and an undivided interest in land and building

226. A co-op charges taxes based on:
A. Ad valorem
B. Price of property sold
C. Appraisal
D. Pro rata share

227. When the security and the note are one, it is:
A. Agreement for sale
B. Mortgage
C. Wrap around
D. All inclusive Deed of Trust

228. Which of the following is reflective of value given in exchange for a property:
A. Appraisal
B. Market value
C. Market price
D. Reproduction cost

229. The distance from the front of a house to the front lot line is:
A. Front feet
B. Easement appurtenant
C. Easement in gross
D. Set back

230. How could a lender save 5 months in a judicial foreclosure?
A. Waive service of process
B. File for an abandonment suit
C. Release notice of acceleration
D. Substitute the trustee

231. A broker and another, unlicensed, buyer are looking at the same house. What must the
broker disclose?
A. He can not purchase the property in competition with an unlicensed person
B. He can only purchase if the unlicensed buyer gives him a first refusal
C. He can buy the property if he discloses he has a license
D. He does not have the same right to buy as the unlicensed person

232. Two real estate licensees have a dispute that is handled outside the court. It is:
A. Arbitration
B. Lis pendens
C. Litigation
D. Interpleader

233. A hand-written will is called which of the following?
A. Codicil
B. Unenforceable
C. Holographic
D. Intestate

234. What does the gross rent multiplier indicate?
A. A factor of rents to price
B. Net operating income to value
C. Income minus expenses
D. Income minus expenses and depreciation

235. A person who receives real estate in a will is:
A. Devisor
B. Devisee
C. Bequestor
D. Bequestee

236. The first thing an appraiser looks for when appraising land is:
A. The highest and best use
B. Actual prices paid in the area
C. Market data
D. Physical depreciation

237. For the best appraisal of residential property, the appraiser would use:
A. A different neighborhood
B. The neighborhood adjacent to the subject neighborhood
C. A similar neighborhood
D. Only the cost method

238. Two sisters want to buy a property and leave it to their heirs. They should take title
A. As joint tenants with right of survivorship
B. As tenants in common
C. As tenants in severally
D. As community property

239. When you re-build today you would most likely use which principle listed below?
A. Replacement
B. Reproduction
C. Quantity Survey
D. Unit in Place

240. “S’ lists his property. “G” makes an offer. Who is “S”?
A. OfferOR
B. OfferEE
C. VendOR
D. VendEE

241. What would be done with the earnest money if the seller can not produce clear title?
A. Goes back to buyer
B. Seller will retain
C. Goes to broker
D. Will be split between broker and seller

242. When a subdivider wants to break up a parcel for sale and has a mortgage on the entire piece,
which of the following is true?
A. They could sell individual parcels if the loan contained a lot release
B. Would have to pay off the entire encumbrance before any lots can be sold
C. Could sell individual lots if the land was fully amortized
D. Could sell individual lots if it is an open end loan

243. Which of the following is true regarding a Graduated Payment Mortgage?
A. There would be a change in payment but not in rate
B. There would be a change in rate but not in payment
C. Interest rate will change with market conditions
D. Payment would increase or decrease based on market conditions

244. Property “A” is encroaching on Property “B’. Property “B” waits too long to take any
action. If property “A” obtains an easement it would most likely be:
A. Necessity
B. Prescription
C. In gross
D. Implied

245. What does the seller and listing broker have to agree on when listing a property?
A. Property Address
B. Title Report
C. Clouds on Title
D. Ending Date of Listing

246. Of the following which is taxed the most?
A. Vacant shopping center
B. Land
C. Full office building
D. Residential

247. Two people want to leave property to children upon death. They ask the broker the best
way to do this. The broker may advise:
A. Seek advise from attorney
B. Tenancy in partnership
C. Tenancy in entireties
D. Community property

248. A buyer does not have enough money to close the deal. All are available options to him except:
A. Relative
B. Secondary market
C. Purchase money mortgage
D. Seller carry back

249. What happens if a salesperson violates the Fair Housing Law?
A. Subject to $10,000 fine
B. Nothing
C. Lose his MLS key
D. Will be forced to attend Fair Housing seminar for days

250. How does a seller close on a purchase contract?
A. Sign escrow instructions
B. Deposit final monies
C. Deliver the deed to escrow
D. Sign and notarize all documents

251. How long does a broker have to move his sign?
A. 7 days after closing
B. Immediately upon request
C. 14 days after closing
D. 24 hours after closing

252. Condominium ownership is best described as:
A. Ownership in a unit and community ownership in common grounds
B. Fee simple in common grounds and a deed to condominium
C. Joint tenancy in common grounds
D. Ownership in condominium and tenancy in common for common grounds

253. Grandfather water rights:
A. Run with the land
B. Remain with the seller
C. Are available to buyer at additional costs
D. As of 1986 Grandfather Water Rights are sole property of the state

254. What is the smallest unit of measurement?
A. Metes and bounds
B. Sectional survey
C. The boilerplate form approach
D. Lot and block

255. What is redlining?
A. Steering buyers into certain areas
B. Lender who will not make loans in outlined areas
C. Telling buyers to sell because minorities are moving in
D. An attorney taking kick-backs on subdivided land

256. A handicap person moves into an apartment and wants grab-bars. He may do so at:
A. The tenants costs
B. Landlords costs
C. Landlord must provide prior to tenant moving in
D. Any person handicap or not may not alter unit at anytime

257. After a foreclosure of a mortgage excess funds would be given to the:
A. Mortgagee’s attorney
B. Mortgagor’s attorney
C. Beneficiary
D. Mortgagor

258. A loan that is paid in full at the end of the term is known as:
A. Term
B. Amortized
C. Blanket
D. Package

259. Mr. Brown wants to purchase land with a mortgage and later on erect a building on the
property. What clause should he put in the mortgage?
A.     Subrogation
B.     Subordination
C.     Alienation
D.    Acceleration

260. A mechanics lien, when recorded, reverts back to:
A. Start of work
B. Completion of work
C. Five days after completion
D. Two months after completion

261. Standard title insurance would insure all the following except:
A. Survey mistake
B. Mental incompentence of grantor
C. Forgery
D. Recorded mechanics liens

262. Which of the following can be deducted from income tax?
A. Property taxes and interest payments
B. Depreciation
C. Maintenance
D. Principal loan payments

263. Which of the following is an example of a freehold estate?
A. Leasehold
B. Chattel Real
C. Fee Simple Estate
D. Estate in Absolute

264. If you live along a stream and have the rights to the water, this is called:
A. Reliction
B. Riparian
C. Avulsion
D. Assured Supply

265. Which of the following best describes prior appropriation?
A. Reliction
B. First in time, first in right
C. Riparian Rights
D. Adequate Water Supply

266. An encumbrance that affects the use of the property would be:
A. Lien
B. Deed Restriction
C. Deed of Trust
D. Property Tax Lien

267. The tenant’s right to harvest crops after a lease expires is called:
A. Remainder Rights
B. Leasehold
C. Reversion Rights
D. Emblements

268. Which of the following is not true regarding a property tax auction?
A certificate of purchase will be issued
Successful bidder must foreclose after 3 years
Property auction is held in February
The auction starts at 16% interest

269. Once a salesperson passes the state exam how long do they have to activate the license?
90 days
6 months
1 year
2 years

270. If a property owner does not evict a trespasser after a period of time, they may
acquire a:
A. Fee Simple Title
B. Remainder Estate
C. Leasehold Estate
D. Easement by Prescription

271. A real estate mortgage would be:
Involuntary lien
General lien
Voluntary lien
Statutory lien

272. A leasee puts in a book case for commercial use; at the end of the lease the book case is
removed. The book case would be considered:
A. Real Property
B. Trade Fixture
C. Appurtenant
D. Chattel Real

273. Low income loans are usually purchased by:
FNMA
GNMA
FHLMC
Federal Reserve

274. Which of the following loan would have PMI?
FHA
VA
Package Mortgage
Conventional

275. Which of the following would not be a clause in a mortgage?
Alienation
Subrogation
Subordination
Acceleration

276. Which of the following does not convey title?
Warranty Deed
Quit Claim Deed
Lease
Deed in Lieu of Foreclosure

277. To have a trustee sale, the beneficiary notifies the:
Trustor
Beneficiary
Mortgagee
Trustee

278. Which of the following is personal property?
Lease
Fixtures
Tenements
Easement Appurtenant

279. A sa1esperson's right to compensation is based on:
A. Obtaining a listing
B. Obtaining a signed contract
C. Closing of an escrow
D. Having a valid license

280. A retail store has been in the same location for 20 years. The land around the store is
sold for a housing development. Which of the following is true regarding the retail store?
A. The store must close
B. The store is grandfathered in
C. The store must relocate
D. The store will be converted to residential

281. What type of loan has the highest loan to value ratio?
A. FHA
B. Variable Rate
C. VA
D. Graduated Payment

282. Which of the following is not in the secondary market?
A. FNMA
B. FHA
C. FHLMC
D. GNMA

283. The right of the mortgagor to regain title is called:
Redemption
Reinstatement
Reversion
Hypothecate

284. Under certain conditions a utility may acquire an easement by:
A. Police power
B. Eminent Domain
C. Appurtenant Right
D. Adverse Possession

285. The right of ingress and egress is best associated with:
A. Police power
B. Appurtenant
C. Life Estate
D. Habendum

286. A plat map would include everything except:
A. Buildings
B. Lot size
C. Easements
D. Lot and Block

287. A remainderman receives the property after a:
A. Leasehold Estate
B. Estate at Will
C. Life Estate
D. Estate at Sufferance

288. Which of the following leases escalate?
A. Net
B. Index
C. Gross
D. Estate for years

289. Markers and degrees are found in what type of survey?
A. Section Survey
B. Lot and Block / Flat Map
C. Metes and Bounds
D. Government Rectangular Survey

290. In a property management contract, what relationship does the manager have with the owner?
A. Implied Agency
B. Agency by Estoppel
C. Leasehold Interest
D. Fiduciary

291. A holdover tenant would have:
A. An Estate at Sufferance
B. An Estate at Will
C. Freehold Estate
D. Remainder Estate

292. Who does a salesperson represent?
A. Client
B. Customer
C. Employing Broker
D. Co-operating Broker

293. When a tenant moves out because the landlord will not maintain the property in a
liveable manner, this is called:
A. Constructive Eviction
B. Actual Eviction
C. Forcible Detainer
D. Writ of Restitution

294. Which of the following would not be part of a property management agreement?
A. Management Reports
B. Beginning and Ending Date
C. Methods of Deposit and Accounting
D. List of prospective tenants

295. A salesperson tells a client, “there is no need to consult an attorney, I can handle all
documents,” - this statement would violate:
A. Arizona State Law
B. Commissioner Rules
C. Statute of Fraud
D. Arizona Constitution Article XXVI

296. A broker relationship to a seller would most likely be:
A. General
B. Special
C. Implied
D. Ostensible

297. Which of the following is not an appurtenant to real property?
A. Easements
B. Buildings
C. Fixtures
D. Reversionary Rights

298. Which type of deed is not necessarily Evidence of Title?
Warranty
Special Warranty
Grant Deed
Quit Claim

299. A Deed of Trust would do which of the following?
A. Convey legal title to Trustee
B. Convey legal title to Trustor
C. Convey legal title to Beneficiary
D. Convey legal title to Mortgagor

300. When a borrower pays off a loan, how long does the lender have to give the borrower a Release and Reconveyance?
A. 10 days
B. 30 days
C. 60 days
D. 90 days

301. How can you tell a property has older person housing exemptions?
A. Residents are handicapped
B. Residents are on Social Security
C. Advertising for residents 55 yrs and older
D. The size of the units

302. What is tax deductible on your personal residence?
A. Depreciation
B. Principal loan payments
C. Interest and Taxes
D. Maintenance Costs

303. In an Agreement for Sale when the acceleration clause is used, which of the following is
true?
A. Seller may declare the buyer equity forfeited immediately
B. Buyer must vacate at once
C. Acceleration clauses are not allowed in an agreement of sale
D. Seller may enforce the acceleration clause by foreclosing as a mortgage

304. In a correctional township, fractional sections are:
Northeast Sections
Southwest Sections
North and West
South and West

305. Finance contracts that call for interest only payments usually include which of the
following provisions?
A. Prepayment Penalty
B. Maturity Date
C. Variable Interest
D. Graduated Payments

306. How many townships are in a 24 mile square?
A. 8
B. 12
C. 16
D. 24

307. Which of the following actions stop a Trustee Sale after Notice of Election to Sell has
been filed?
A. Trustor files a Notice of Homestead
B. Trustor files for Bankruptcy
C. Lender files a Notice of Completion
D. Trustee dies

308. When it becomes necessary to foreclose on a Deed of Trust:
A. Trustee would order Beneficiary to foreclose
B. Trustor files Liz Pendens
C. Notice of Sale is sent to Debtor
D. Debtor has 60 day Redemption Period

309. J & S have a purchase contract. J wants to transfer to H. This would be done with
which of the clauses listed below?
A. Attachment
B. Assignment
C. Subrogation
D. Subordination

310. Which of the following liens are paid first after a foreclosure?
A. IRS Lien
B. Mechanics Lien
C. First Mortgage
D. Property Taxes

311. Who pays the funding fee on a VA loan?
A. Buyer
B. Seller
C. Agreement of parties
D. Broker

312. When a borrower stops making payments in a mortgage, what clause is activated?
A. Acceleration
B. Alienation
C. Due on Sale
D. Subordination

313. Where do condominium owners rights come from, regarding the property usage?
A. State Law
B. Common Law
C. Title Insurance Policy
D. Declarations and By-Laws

314. Which of the following is true regarding Arizona Property taxes?
A. Became a lien on October 1st
B. IRS supersedes Arizona Property Taxes
C. Taxes are based on Ad Valorem
D. Interest on delinquent taxes is 10%

315. A valid contract must have:
A. Offer and Acceptance
B. Street Address
C. Earnest Money
D. Escrow Instructions

316. When a Deed of Trust is paid in full, the owner gets which of the following:
A. Deed of Reconveyance
B. Satisfaction of Mortgage
C. Conveyance Deed
D. Quit Claim Deed

317. Who buys in the secondary market?
A. Local Banks
B. Fannie Mae
C. Federal Reserve
D. Federal Home Loan Bank

318. Which of the following is not a financial intermediary?
A. FHA
B. Local Banks
C. Mortgage Brokers
D. Life Insurance Companies

319. An owner’s interest in the condominium common ground is best described as:
A. Sole and Separate
B. Undivided Interest
C. Joint Tenancy
D. In Severalty

320. You sign a contract but do not receive the deed until the contract is paid in full. You
signed a/an:
A. Deed of Trust
B. Mortgage
C. Agreement for Sale
D. Leasehold Estate

321. Which of the following is not true regarding a Deed of Trust?
A. Lender is Beneficiary
B. Trustor is Borrower
C. Trustee holds Legal Title
D. Lender is the Trustee

322. The Federal Fair Housing Law prohibits:
A. Blockbusting
B. Advertising to College Students
C. Advertising to Religious Communities
D. Advertising to Group Housing

323. A loan you obtain in installments and payoff at maturity is called:
A. Amortized
B. Variable Rate
C. Construction
D. Take Out

324. What does not affect property value?
A. Easements
B. Encroachments
C. Liens
D. Title Insurance

325.    A makes an offer to B. B makes a counter offer back to A. Who is the offeree?
A.    A
B.    B
C.    A and B
D.    neither A nor B

326. A makes an offer to B and B makes a counter offer and then dies. Which of the following
is true?
A. A contract exists
B. The agreement is binding on As heir
C. No contract exists
D. The agreement is binding on B’s heir

327. A lists his property with a broker. The broker finds a buyer who would like to buy the property. The buyer tells the broker that he is also buying the two properties next door and tells the broker not to tell the seller. Which of the following is true?
A. The broker may not tell the seller because it was told in confidence
B. It would be the brokers decision
C. The broker would be obligated to tell the seller due to the fiduciary relationship
D. The buyer may take legal action against the broker if he discloses

328. When legal action is being used to enforce a contract this is called:
A. Defeasance
B. Specific Performance
C. Laches
D. Mediation

329. ALTA policy would most likely cover which of the following defects:
A. Rights of the government
B. Building permits
C. Zoning issues
D. Unrecorded Mechanics Liens

330. What is the best appraisal approach to use on a fifty year old school?
A. Market
B. Cost
C. Income
D. Highest and best use

331. In a listing held by a broker, what does not require the owner’s approval?
A. Place a sign in the yard
B. Advertise the property for sale
C. Transfer the listing to another salesperson
D. Transfer the listing to another brokerage

332. A property is being foreclosed and the entire balance is due, this is called:
A. Defeasance
B. Acceleration
C. Alienation
D. Due on Sale

333. An owner puts up a fence that violates deed restrictions, what remedy would the
association take?
A. Take action in court
B. Call the local police
C. Remove the fence
D. File for forcible detainer

334. An easement given to a person would most likely be:
A. Prescription
B. Appurtenant
C. In Gross
D. Dominant

335. In the market approach of appraisal, the appraiser would consider all of the following
except:
A. Original cost
B. Amenities
C. Past sales in the area
D. Current listings

336. The difference between debits and credits on a closing statement is:
A. Buyer’s equity
B.    Buyer's equity
C.    Amount needed to close
D.    Buyer's proceeds

337. If a loan is assumed, what happens to the ALTA policy?
A. Must buy new policy
B. Policy is cancelled
C. Still in effect
D. Policy is optional

338. Who can sign a contract for a seller?
A. Listing broker
B. Selling, broker
C. Escrow company
D. Attorney-In-Fact
.
339. When a salesperson intentionally misstates a material fact to cause someone financial
harm, this is called:
A. Fraud
B. Misrepresentation
C. Due Diligence
D. Laches

340. Cash on cash return would involve which of the following concepts?
A. Economic depreciation
B. Adjusted gross income
C. Leverage
D. Economic life

341. A survivorship interest is created in which of the following?
A. Tenancy at sufferance
B. In severalty
C. Tenancy in common
D. Tenancy by entirety

342. A chronological summary of title is called:
A. Deed report
B. Abstract of title
C. ALTA policy
D. Title insurance report

343. Which of the following regulations requires the lender toshow the true interest rate?
A. RESPA
B. HUD
C. REG Z
D. PMI

344. A loan is paid off but the lender never records the lien release. The property would:
A. Be free and clear
B. Be subject to foreclosure
C. Have a cloud on title
D. Require sheriff action to remove the lien

345     A contract has been signed but title has not yet passed. This is called:
A.     Executed
B.     Executory
C.     Recorded
D.    Estopped

346. A developer may not impose a deed restriction on which of the following?
A. Property usage
B. Number of cars on site
C. Testifying at future zoning hearings
D. Type of landscaping

347. Which of the following would not be included in a public report?
A. Names of developers
B. Legal description
C. Access to utilities
D. Market value

348. You write an offer on another broker’s listing. What should you do?
A. Take the offer to the seller
B. Contact the listing broker
C. Wait a mandatory twelve hours, then present to seller
D. Have the buyer contact the seller to present offer

349. Standard title insurance policy would be for the benefit of:
A. Grantee
B. Grantor
C. Beneficiary
D. Trustee

350. Which of the following would not be an operating expense?
A. Property taxes
B. Property insurance
C. Vacancies and loss of credit
D. Daily maintenance costs

351. You own a large apartment building in an area that is being re-zoned single family
residential. Which of the following is true regarding the apartment building?
A. Apartment building must close
B. Apartment building may remain but not expand
C. No further rentals can take place
D. All future apartments must be one story

352. What charge would be paid at closing on a high risk conventional loan?
A. MIP
B. Funding fee
C. Bring down fee
D. PMI

353. Which of the following would be least important when appraising property?
A. Building code
B. Zoning
C. Highest and best use
D. Location of property

354. Capitalization rates would usually consider:
A. Gross income
B. Gross rent multiplier
C. Market comps
D. Net income

355. RESPA would not cover which of the following?
A. New loans
B. FHA and VA loans
C. Loan assumptions
D. Federally related loans

356. When your time has run out to assert a claim, this is called:
A. Laches
B. Novation
C. Reliction
D. Subject to

357. When cap rate goes up, value goes:
A. Down
B. Up
C. Remains the same
D. Will be lowered dollar to dollar

358. If property is to be depreciated, it must be:
A. Fee simple ownership
B. Unimproved
C. Improved
D. Profit making venture

359. Incurable depreciation would apply to:
A. Physical depreciation
B. Economic depreciation
C. Functional depreciation
D. Regression

360. When appraising land, the best approach would be:
A. Highest and best use
B. Income
C. Cost
D. Market

361. Which of the following is not a form of involuntary alienation?
A. Sheriff sale
B. Erosion
C. Trustee sale
D. Dedication

362. Planning and zoning are government rights of:
A. Police power
B. Confiscation
C. Condemnation
D. Eminent domain

363. All of the following are specific liens except:
A. Property taxes
B. Income taxes
C. Deed of Trust
D. Attachment

364. Ad Valorem property taxes are based on which of the following listed below?
A. Pro Rata Share
B. Assessed Value
C. Market Value
D. Benefit

365. An Estate at Will would be for:
A. Definite duration
B. Indefinite duration
C. Freehold duration
D. Life estate

366. A remainderman would most likely be concerned with:
A. Property taxes
B. Property insurance
C. Property estates
D. Property boundaries

367. Which of the following is required for a valid deed?
A. Signature of Grantee
B. Signature of Grantor
C. Recordation
D. Specific named price

368. A graduated payment loan would:
A. Increase in principal amount
B. Increase in interest rate
C. Have a level loan payment
D. Decrease in principal amount

369. An Agreement of Sale would be:
A. Executory unilateral
B. Executory bilateral
C. Unilateral executed
D. Unilateral executory

370. In the income approach of appraising, the most important figure would be:
A. Gross income
B. Net income
C. Adjusted gross income
D. Depreciated amount

371. The difference between replacement cost and present value is:
A. Used value
B. Market value
C. Regression
D. Depreciation

372. After gathering all appraisal data, the appraiser would:
A. Establish a value
B. Reconcile and correlate
C. Average all three approaches
D. Establish Gross Rent Multiplier
.
373. Which of the following is true regarding a real estate branch office?
A. Sign must say branch office
B. Broker must be on site
C. Manager of office must be a broker
D. All sales license must be displayed

374. When a title company pays a claim to the insured due to an error made by the title
company, which of the following concepts would most likely apply?
A. Subordination
B. Subrogation
C. Alienation
D. Lis Pendens

375. A property has a first lien of $50,000, there is a second lien of $12,000. The owner gives
a quit claim deed to the first lien holder. What is the status of the second lien?
A. Eliminated
B. Second now in first position
C. Second will remain in second
D. Second must foreclose to protect their interest

376. A gives a life estate to B for the life of C. B dies. Who has the estate?
A. A in reversion
B. C in remainder
C. B’s heirs
C. C’s heirs

377. A buyer sees a worn path across the property he is interested in buying. The buyer
should be concerned about:
A. Easement in Gross
B. Easement by Prescription
C. Condemnation
D. Police Power

378. If a seller places an acceleration clause in a Deed of Trust and the buyer defaults, which
of the following is true?
A. Seller must give the 90-Day Reinstatement Period
B. Seller may foreclose like a mortgage
C. Buyer will forfeit his interest upon default
D. Seller may evict the buyer upon default

379. A plat map shows eveiything except:
A. Lot and block
B. Lot size
C. Name of the subdivision
D. Orientation of structure