PRACTICE FINAL EXAM

TILA/RESPA Integrated Disclosure Rule (TRID) integrates the disclosure requirements of RESPA and Truth-in-Lending, replacing the old Good Faith Estimate form and HUD-1 Uniform Settlement Statement a new Loan Estimate form and Closing Disclosure form, respectively

TILA/RESPA Integrated Disclosure Rule (TRID) integrates the disclosure requirements of

The Americans with Disabilities Act requires landlords in certain circumstances to

Complaints alleging fair housing violations must be filed with the Office of Fair Housing and Equal Opportunity within

The Fair Housing Act allows for exemptions under a few specific circumstances, such as

Which of the following statements is true regarding a regulatory jurisdiction’s Recovery Fund account?

The parties in an option-to-buy contract are the

Which of the following describes the purpose of earnest money?

Who should sign the real estate sales contract in addition to the buyers?

Which of the following agents is engaging in a dual agency?

Which fiduciary duty extends beyond the closing of the real estate transaction?

Which agent is exercising his or her fiduciary duty of care?

An agency relationship automatically terminates upon

The most common type of relationship between the broker and the client is the

Which of the following is an example of redlining?

Which of the following is an example of an agent engaging in steering?

Which of the following is an example of an agent engaging in discriminatory behavior?

The Fair Housing Act prohibits discrimination in housing based on

If an appraiser uses manuals and estimates of labor costs, overhead, and builder’s profit to estimate the cost of constructing separate components of the subject, the appraiser is using the

Which of the following is always considered to be an incurable form of depreciation?

The cost approach is used for which of the following types of properties?

A broker who uses earnest money funds for personal use is

A broker’s commission is usually

Which of the following statements is true regarding a legal description?

A means to legally identify property to a degree acceptable by courts of law is known as

Which of the following statements is true regarding the Lead-based Paint Act?

Which of the following statements is true regarding a licensee’s liabilities relative to environmental laws?

The Comprehensive Environmental Response, Compensation and Liability Act (CERCLA) regulates

A hazardous material once commonly used as fireproof insulation for household plumbing is known as

A homeowner is violating a usage restriction in a given municipal zone. Which of the following is used to cause the violator to cease and desist?

A ____________ allows use that differs from the applicable ordinance for a variety of justifiable reasons

A zoning change that leaves existing properties in violation of the new ordinance is known as

A tenant who pays portions of the operating expenses has a

High vacancy rates can be the result of which of the following?

Net operating income is calculated by

At the closing, the payment of any real estate taxes that are owed by the seller but not yet due or billed will appear on the closing statements as a

RESPA prohibits

Which of the following is descriptive of a closing statement?

A tenant who vacates the leased premises due to the landlord’s negligence is fulfilling a(n)

Which of the following is an example of a special assessment?

Miscellaneous tax exemptions may be granted to classes of property owners, for example

The assessed value of a property is determined according to state law, usually by the

Which of the following describes a form of seller financing?

The Consumer Financial Protection Bureau (CFPB) requires lenders to use the

The Real Estate Settlement Procedures Act (RESPA) applies to purchases of

The Equal Credit Opportunity Act (ECOA) requires the lender to

Under the terms of Regulation Z, which of the following statements is true?

Which of the following identifies an account required by the lender as periodic payments of real estate taxes and insurance for the property to be held in a special account to ensure payment?

Which of the following theories describes a state whose laws give a lender on a mortgaged property equitable title rather than legal title?

The use of real property as collateral for a mortgage loan is known as

A valid mortgage or trust deed financing arrangement requires

Regional and national economic forces influence the local real estate market in the form of

The primary forms of government influence on real estate markets are

The underlining determinants of supply and demand are that markets

If the parties wish to create a new contract to replace the canceled contract, such substitution is called

A failure to perform according to the terms of the agreement is called

A contract signed under duress may be considered

A valid contract must include

Under the Uniform Residential Landlord and Tenant Act (URLTA), a landlord is obligated to do which of the following?

Which of the following statutes requires that leases for a period exceeding one year must be in writing to be enforceable?

In a leasehold estate, the landlord acquires a

Which of the following leasehold estates allows the lessee the security of knowing the exact termination date?

The overall general warranty covenant makes which of the following promises?

The warranty of quiet enjoyment assures that the

Which of the following is an example of a voluntary transfer of title to real estate?

The use of a written instrument to transfer title to real estate is called

The term “actual knowledge” is synonymous with which of the following terms?

A mortgage loan transaction gives the lender the right to execute a strict foreclosure. To remedy default in this case, the transaction provisions will

The interest or right to obtain legal title to a property in accordance with a sale or mortgage contract between the legal owner and a buyer or creditor is known as

A lien terminates upon which of the following conditions?

An example of an encroachment is

Which of the following is an example of an easement by necessity?

For a prescriptive easement order to be granted, all of the following circumstances must be true EXCEPT

The property enjoying the usage right of an easement is called the

The receiver of an easement right is referred to as the

Which of the following statements is true regarding encumbrances?

A joint tenant may transfer his or her interest in the property to an outside party, but only as a

Which of the following is a defining characteristic of joint tenancy?

A form of co-ownership traditionally reserved for husband and wife, though now available for same-sex spouses in some states, is known as

Which leasehold estate does not have a definitive end date?

Which term is used to describe a life estate which endures over the lifetime of a third person?

Which of the following is a perpetual estate not conditioned by stipulated or restricted uses?

Which of the following is a feature of a determinable estate?

Which of the following is the term used to describe the act of converting personal property to real property by attaching it to real estate?

The customer in an agency relationship is known as the

Which of the following terms describes two parcels that appear precisely the same although inherently different because each parcel has a unique location?

The three unique physical characteristics of land are heterogeneity, indestructibility and

Littoral rights concern properties’ water rights. Specifically, for littoral rights to take effect, the body of water must be a

The real estate industry is regulated by