the ce shop national exam

Elvin owns 150 acres of prime hunting land. Every year he has requests from private groups who would like to use his land for a day or two during hunting season. Some years he grants these requests, but this year he's decided to only use it personally and when with friends. Which right in the bundle of rights says that he can say no to these requests?

Which type of lender is a member-based cooperative that provides credit for auto loans and home loans, takes deposits, and offers savings vehicles and money markets?

You're showing a house when you notice piles of what looks like sawdust outside near the basement windows. This may be evidence of ______.

Rusty received an acceleration letter from his mortgage lender. What is the most likely reason for receiving this letter?

Use adjusted prices from sold comparables and refine the range with data about active listings, expired listings, and possibly pendings

Why might a licensee want a buyer to sign a buyer representation agreement?

Sam is an independent contractor licensee working for B & L Realty. Since Sam is an independent contractor, what supervisory responsibility does Sam's broker have?

In local land use, the connection of utilities is considered a ______.

What special concern do foreclosed properties often present?

Which of these is the best definition of a straight loan?

Janice is extremely excited to have purchased her first home. She was able to lock in her monthly payment at a very low rate for the first five years. In year six, Janice's payments will become significantly larger based on the going market rates. What type of loan does Janice have?

Its optional longer term means a lower monthly payment.

What's one benefit of a rural development loan?

Over how many years is a commercial property depreciated?

Related to title insurance, what is "subrogation"?

Interest rates determine buying power. Which of the following is a true statement?

The Bransons have a conventional loan for which they were required to obtain private mortgage insurance. Their local real estate market has been going like gangbusters, and their house is now appraised at twice their loan balance! Will their PMI be cancelled?

Rachel is talking with a co-worker, Shawna, about homebuying. Rachel shares some general market trends and talks about the impact of rising interest rates. She notes that the listing price of Shawna's neighbor's house seems lower than it should be, and then they talk about the importance of getting pre-approved for a loan early in the process. Which of her statements might have created an implied agency situation?

When considering buying property subject to an existing lease, it's critical for your client to clearly understand the lease terms, including the property management responsibilities, rent amount, renewal/purchase options, and the ______.

When market conditions indicate top-of-the-market pricing, is it always in your client's best interest to price it there?

What's a typical prepaid item that will go into a seller's credit column and a buyer's debit column on a closing statement?

The economic principle known as ______ means that the value of property today is impacted by the current value of the total expected future benefits.

Your buyers step outside to view the backyard of a property they're touring, but then they can't get the back door closed again. You recognize that this could be a symptom of ____, and realize that if they are interested in this property, they will want to discuss this issue with a home inspector.

One area of town has maximum building height requirements and setbacks for the front, side, and rear yards. These requirements are all indicative of ______.

what's a monument?

The MARIA acronym helps to identify the five tests of a fixture. Which of the following tests refers to how and whether the item is attached to the property?

What responsibility does the seller's agent have to the seller?

Homestead Realty had a listing agreement with Gertrude. The listing expired, and Gertrude moved the listing to another firm. Another licensee at Homestead Realty has a buyer client who's interested in Gertrude's property. What restrictions are in place for Homestead Realty?

William is a real estate licensee who's preparing a sale agreement that will include an unusual circumstance. What's the best course of action?

Jennifer is the owner of the single-family residence in which she resides. How long can she take to depreciate her property?

Margaret isn't ready to buy Jill's property, but she pays Jill a fee that guarantees she'll be notified if another buyer appears. If another buyer does make an offer, Margaret has the opportunity to purchase at the price and terms of the offer. Margaret has a(n) ______ on Jill's property.

Esther is thinking of signing an exclusive right-to-sell agreement with broker Sully, but first she asks, "What kinds of things does this agreement cover?" How should Sully answer?

You represent the buyer in one transaction and the seller in a different transaction. What type of agency relationship do you have with the buyer?

Margo's accountant tells her that she's eligible to deduct the property taxes she paid last year. Select the statement about this deduction that's true.

Tyrell and Barb bought a commercial investment property in 2009 during the real estate market downturn. Through what year will they be able to depreciate the investment?

You represent a buyer in a transaction that includes a 2% cooperating agent commission that will be paid by the seller. Who's your client?

In the sales comparison approach, which of these are selected and evaluated both quantitatively and qualitatively against the subject property?

Which type of pest may make mud tubes—tunnels that run along your walls—or shed tiny wings?

You work for XYZ Realty under the supervision of broker Luke. Your buddy in the next county gave you a referral fee. The check came to your office in your name. You deposit it. Is this okay?

Which of the following is an example of sub-agency?

Elizabeth is financing a new home. She submitted her loan application on Monday, August 3. She's set to close on Thursday, September 21. By what date must her lender provide the Closing Disclosure?

Your buyers love the 1891 Victorian they have under contract, but they want to get both the water and the paint tested as soon as possible. What are they testing for in both water and paint?

Brandon has a right-to-use timeshare. What can he NOT do with this type of timeshare?

If there's no state or local building code to cover a specific situation, what code must the builder abide by?

As part of the sales contract, Garth, the seller, was supposed to provide a copy of the seller's disclosure to the buyer, Melanie, but he failed to do so. What type of contract is this?

DeeAnna thinks she's purchased an investment property, but the seller refuses to deliver the title to her. DeeAnna has met all of her obligations per the written contract that she and the seller signed. She decides to take the seller to court in an effort to force him to hand over the title. This is an example of ______.

As a part of a buyer's due diligence, which location-related issues should be researched?

Bethany has several clients who've used Jerrica, a local mortgage broker, for their mortgage loans. Jerrica recently had an opportunity to return the favor, and she referred a buyer client to Bethany. Through her broker, Bethany sent Jerrica a $200 gift card as a referral fee. Which of these statements best represents this transaction?

Which of the following can be defined as what it would take to recreate that property if it disappeared off the face of the earth today?

Vicky and Lee vacation in Cancun, Mexico, every year. They purchased the right to stay in a beach condo for the first two weeks in May, in perpetuity. They don't actually own a share of the unit. What did they purchase?

Maeve wants to get at least $350,000 when she sells her property and tells her listing agent, Stan, that he can keep anything above that amount.

Makes sure the terms of the trust are carried out

Regina purchases a farm with 80 acres and owns her property in severalty. What does this mean for the company that purchased the mineral rights from the previous owner?

Which of the following wouldn't need to be disclosed by the listing agent who noticed it when selling a home?

Which of the following would a home inspector note as a defect in a report, due to its link to lung cancer?

The Telephone Consumer Protection Act is overseen by ______.

Whose responsibility is it to supervise licensees and review transactional paperwork and advertising?

Which of these is an example of conversion of funds?

Dean and Michael have an oral contract. Dean said he would sell Michael his bike in return for Michael's vinyl album collection. What does the record collection represent?

Donald and Martina have decided to purchase a newly built home. Their agent Ed recommended that they have a home inspection. They had thought that inspections were only for existing homes. How should Ed respond to that?

Marcia Weinstein died, and her property wasn't held in a trust. Thus, her estate will go through ______ to ensure her property is distributed to her beneficiaries in accordance with her will.

Oscar bought an older home and hired a contractor to replace the old knob and tube wiring throughout the house. He was invoiced for the work, but 60 days have passed and Oscar has yet to pay the bill. The electrician filed a lien against Oscar's house. What type of lien is this?

What's the minimum number of business days prior to closing that lenders have to provide borrowers with the Closing Disclosure form?

Erik is acting in a single-agency capacity in a transaction. What does this mean?

Jerry and Simon signed a contract so that Jerry could purchase all of Simon's restaurant equipment for one price after Simon closes his restaurant next month. The contract contains a provision that states Jerry has one year from the purchase date to file a suit relative to the purchase. After the year is up, Jerry forfeits the right. What kind of contract clause is this?

Lauren obtained a loan that's insured and that only required a down payment of 3.5%. Which of these is most likely the type of loan Lauren has?

State usury laws are typically not applicable to what type of lending?

Which ownership type is defined by four unities: time, title, interest, and possession?

Ned is a listing agent who has learned of a material fact related to the transaction. To whom and when must he disclose this information?

Morty, a land surveyor, was called out to survey a property. After doing some research, he located the legal description for the property in question. Now, if he could just find the point of beginning located at the iron pin on the southerly line of state route 117, 30 feet east of the oak tree next to Bear Creek. What type of legal description is Morty working with?

What's a township?

Don and Becky realized too late that the contract they signed for the sale of their home didn't include any language about a rent-back if the home they're building isn't ready in time. What can their listing agent do?

A client terminates a listing agreement before its expiration date. What happens now?

Which of these is NOT an example of price fixing?

Breanna signed a purchase offer stating she'd buy Kathy's home for $150,000. Kathy replied, "No way," but offered to sell it to her for $200,000. Breanna agreed to these terms, and they added their signatures. Which of the following statements is correct?

Lot and Block Realty received a cease-and-desist order from the FTC due to misleading ads the firm was running. When does the order become effective?

Jared, a seller, has found his own buyer and wants to terminate his exclusive right-to-sell listing agreement with Sue, his listing broker. May he do so without penalty?

In which of these situations has the licensee compromised the duties of loyalty and disclosure?

Malcolm purchased an old convenience store, and after renovations will open a small vegan grocery. He paid $517,000, of which $417,000 was for the building, and renovations cost him $107,000. What does the amount $524,000 represent?

Which of these professionals' type of activity is NOT covered by the Fair Housing Act?

Which of these examples describes a prepayment penalty?

If you represent the buyer and seller in the same transaction, what type of agency relationship do you have with your clients?

Which of the following actions would result in the legal termination of an agency agreement?

Imagine that you're an active real estate licensee as well as an architect, and you'd like to partner with a builder who's just beginning a development. Which of these creates agency coupled with interest?

In a real estate transaction, which of the following is established when parties enter into an agreement voluntarily with full understanding of the contract terms?

In completing a CMA, finding a comparable (competitive) property that had a quick sale can indicate that ______.

What does CAN-SPAM Act stand for?

With the cost approach to value, what is the replacement cost?

As a licensee, which of the following questions from a potential buyer could you answer while staying within your scope of expertise?

Tyra owns a nail salon that’s located in a strip mall. Her rent every month includes $1,800 base rent and 10% of her gross sales. What kind of lease does Tyra have?

Ed is a homebuyer reviewing the Loan Estimate he received from a lender. He notices the loan terms include a prepayment penalty. Because he’s a savvy consumer, he ______.

Why would a buyer want to know if any easements or encroachments exist on a property?

The amount and disposition of security deposits for commercial tenancy are defined by ______.

Which of the following is true regarding the definition of agency?

How many acres are in a parcel described as, "The NE 1/4 SW 1/4 Section 3, Township 4S, Range 2W of the 6th PM"?

Adams County implemented a 10 p.m. curfew for youths under age 18 because of the high number of fights that have been occurring late at night in public places. Which of the following gives Adams County the right to restrict the movements of its minor citizens?

Your 15-year-old son just signed a contract joining a health club which costs $50 a month. Is this contract valid?

Lorenzo just received a prestigious fellowship to study abroad for a year! However, he still has six months left on his one-year apartment lease. His landlord has given him permission to draw up a new agreement with his sister Maggie, whereby Maggie will live in the apartment, pay rent to Lorenzo, and then Lorenzo will pay the landlord. This is an example of ______.

Kelly is closing on the house she’s purchasing on Wednesday. Which of these statements is true?

Mick focuses on originating mortgage loans at a company that has in-house loan processors and underwriters. The options he offers consumers are limited to the products his company offers. What's Mick's position?

Chip is a residential and commercial agent. His friend asks him to list his cattle ranch for sale, but Chip’s never listed an agricultural property before. How should Chip handle this listing so he can still work for his friend but also not work outside his area of expertise?