FREE CRS Ethics and Professional Standards Questions and Answers

Question 1

Which of the following terms would include the interests, benefits, and rights inherent in the Ownership of Real Estate?

Accepted Answer

Real Property

Answer

Chattel

Answer

Personal Property

Answer

Trade Fixtures

Question 2

Your uncle died without a will, and you inherited his real estate. How you would acquire his estate is by:

Accepted Answer

Succession

Answer

Accession

Answer

Escheat

Answer

Avulsion

Question 3

If an unmarried person dies, his estate shall be inherited by:

Accepted Answer

Parents only

Answer

Brother and sister only

Answer

Parents, brother and sister only

Answer

Parents, brother and sister and nephews and nieces

Question 4

The share of an illegitimate child is equivalent to

Accepted Answer

1/2 share of a legitimate child

Answer

Same as the share of the spouse

Answer

1/2 of the share of the spouse

Answer

Same as the share of a legitimate child

Question 5

Probate of a will means:

Accepted Answer

Filing and submitting the will to the court to determine authenticity and who will inherit the property of the deceased person.

Answer

Dividing the state of the testator based on his will

Answer

To prepare a will before a notary public

Answer

To distribute the property based on the testator's will

Question 6

Extrajudicial settlement of estate means:

Accepted Answer

Settling the estate among the heirs without going to court

Answer

Settling the estate of the testator based on his will

Answer

Filing a petition in court to divide the estate of the deceased or testator

Answer

Settling the estate by self-adjudication

Question 7

A real estate salesperson is employed by a Real Estate Broker who is accredited by John Doe Development  Corporation. Said the salesperson has a serious prospective buyer but was interested in a competitor Developer project. What should the salesperson do to close the sale?

Accepted Answer

Convince the buyer to buy from the project he is handling by giving all the advantages and selling points of the project.

Answer

Affiliate with another broker who is accredited with the competitor developer.

Answer

Ask the buyer to give a reservation fee to hold the unit without first obtaining an authority/accreditation from the competitor Developer.

Answer

Go to the competitor Developer and bring the buyer to be able to close the sale

Question 8

Under these rights, all landowners whose properties adjoin a river or stream, have the right to make reasonable use of it as it flows through or over their properties.

Accepted Answer

Riparian Rights

Answer

River Rights

Answer

Ad Valorem Rights

Answer

Littoral Rights

Question 9

What is the highest form of real estate ownership that is recognized by law, in which the owner can enjoy the property to its fullest extent?

Accepted Answer

Fee Simple Absolute

Answer

Life Estate

Answer

Fee Simple Defeasible

Answer

Estate at Will

Question 10

When you buy real property, you gain several different kinds of rights. One of which are rights called "subsurface rights." What are subsurface rights?

Accepted Answer

The rights to the natural resources lying below the earth's surface.

Answer

The right to use the surface of the earth.

Answer

The right to use any rock, soil, or hard object.

Answer

The right to the trees, ferns, and other plants.