Real Estate Practice Exam 3

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A licensed sales associate of a brokerage corporation may

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Henry has a capital gain on the sale of his home of $197,000. He has owned the property for two years. The sales price was $425,000. Costs of sale were $7,000, qualified fix-up costs were $1,000 and moving costs were $2,000. How much must Henry pay in capital gains taxes on this sale if his normal tax rate is 25%?

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If an owner arrives before the foreclosure sale and pays the entire debt, court costs and legal fees, and interest on the property, he is exercising his

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To be valid, a deed must be

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Which of the following is not required on a contract?

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Which of the following situations requires disclosure of brokerage relationship to a customer? I. sale of improved property with four units or fewer II. leasing of property with four units or fewer unless the owner occupies one of the units III. sale of agricultural property with 10 acres or less

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An owner wishes to have a survey made of a commercially-zoned parcel. It is 90 feet on the front, 159 feet on the north side, 120 feet on the back and 180 feet on the south side. It is not in a recorded subdivision. Which survey method would be most appropriate for the parcel?

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Title to real property passes to the grantee when the deed is

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Dexter Bonham is purchasing property through Lawrence Hafner, licensed real estate broker. Hafner sold the same piece of property last year. Because Bonham is experiencing financial difficulties, Hafner tells him that the title was insured last year, and that he will go to the courthouse to determine if there have been any liens filed since then. This would save the buyer nearly $500. Which is correct?

Please select 2 correct answers

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Permission to use another's property that may be withdrawn at will is

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. Which brokerage relationship status requires that a broker disclose known facts that materially affect the value of residential property?

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Jim, Matt and Jack were co-owners of a parcel of real property. Matt died, and his coownership passed, according to his will, to become part of his estate. The parties owned the property as

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Which of the following is immediately south of Township 2 South, Range 6 West?

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A subdivision developer gives the county title to streets in a subdivision. The county accepts the streets for maintenance. This transfer of title is known as

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An easement created when a person has been using a roadway without permission for over 20 years is called an

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All the following are methods of transferring legal title to real property except by

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Which of the following acts as an insurance agency?

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A single agent broker who wishes to remain loyal to the principal yet be involved in both sides of a transaction

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The most common method used by the Federal Reserve Board to control the supply of money is by

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Which happens to the monthly payments on a fixed payment mortgage?

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