SC Real Estate Pre-Licensing Practice

Ownership of a property by only one person is known as

Jane Doe and Richard Roe, who are not married, want to buy a house together. In order to ensure that if one dies the other automatically becomes full owner, their deed must state that they are

Mary White and Elizabeth Brown, widowed sisters, are buying a home together. To ensure that if one dies her share will go to her children, they should purchase the property as

An article of personal property that is permanently attached and becomes part of the real estate is known as

All of the following are approaches that an appraiser may use to establish value EXCEPT

In order to reach the lake, the Browns have a permanent right of way across their neighbor's lakefront property. The Browns own

Express covenants that protect the grantee are found in a

A subdivision has a deed restriction requiring houses to be at least 2,000 sq feet. The town, however, has no such restriction and gives the Smith-Joneses a building permit for a little bungalow in the subdivision. If the neighbors object, their best course of action would be to

Henkel is buying an abandoned church as an investment for future development. His appraiser will use which of the following appraisal approaches to arrive at the best determinant of value?

When Pete makes statements about the quality or condition of his property that a reasonable person would recognize as nonfactual or extravagant, Pete's actions

The difference between the market value of a property and the sum of the liens against it is called

An acre contains approximately

Bill's house has four bedrooms and one bath. When he sells the house and the appraiser uses the cost approach to value, what kind of depreciation would the appraiser consider in establishing value?

A legal description that includes phrases such as "starting at the intersection of Smith and Baird roads and proceeding westerly 150 feet to a stream" is referred to as

Title insurance protects the owner or lender against unexpected claims arising from past

An abstract of title contains

Michael Harrison refuses to sell his farm to the estate, which needs it to complete the route for a new highway. The state may go to court and ask that his farm be condemned, allowing the state to purchase the land using its right of

With regard to electromagnetic fields (EMFs), which of the following statements is true?

Agency is the act of representing someone in the purchase, sale, or lease of a property. Subagency is the act of representing

Mary Jones is the listing agent for the Greens' property. She has been approached by Jack Smith to prepare an offer to purchase the property. Smith does not have his own buyer agent. Smith's relationship to Mary is that of a

When describing the particulars of a property, the agent does not disclose that a capital improvement project has been approved that will result in a special assessment to the owner in the near future. The broker has

To be legally entitled to a commission related to a real estate transaction, the agent must be all of the following except

A listing agent would be required to disclose all of the following except that

A seller, anxious to sell, tells a cooperating agent that she will give the agent a riding lawnmower if he brings an acceptable offer by the end of the week. All of the following are true in this situation except

A broker lists a property for sale. As time goes by, it is evident that the property is not very desirable. The broker and a partner observe that with a zoning variance and some modest remodeling, the character of the property could be changed to make it more valuable and salable. The partner purchases the property without revealing the plan to the seller or identifying his relationship with the broker. Which of the following is true of this transaction?

Within the agency agreement is a statement that binds the buyer to paying the broker's fee if, within a stated number of days following the expiration of the agreement, the buyer purchases a property that was shown to the buyer during the agency period. This clause is called the

Any qualified person wishing to obtain a mortgage loan for the purchase of a home may obtain any of the following types of loans except a

A farmers' market had been in operations continuously for 50 years at the intersection of Route 50 and 29. A new master plan, approved by local jurisdiction, placed that tract of land in a residential zone. In order to stay in business, the owner of the farmers' market should

A commercial property investment has a tax liability when the

The Comprehensive Environmental Response Cleanup and Liability Act (CERCLA) establishes the potentially responsible parties who are liable for the cleanup of toxic contaminated sites. Which of the following would be considered a potentially responsible party?

The term commingling refers to

The Webers own three pieces of real estate: their house, a lakeside cottage, and a tract of woodland. Which of the following expenses may be deducted for all three properties on the Webers' income tax return?

Minimum standards for materials and construction of buildings are set by

In most states, no property tax is levied on land belonging to

When a real estate broker is involved, the Federal Fair Housing Laws are applicable in all of the following transactions except

Maud is selling a house she bought in 1960. Which of the following should Maud be required to disclose?

Someone who feels discriminated against in the attempt to buy or lease a home could seek which of the following remedies?

Zoning laws may be imposed by

Samantha Mulder goes to a bank and borrows money for the purchase of her first home, thereby becoming a

A building permit may be issued without question even if the proposed structure violates existing

If a person dies leaving no will and no natural heirs, his or her property passes to

The term APR stands for

Zoning laws

Anna Jamison rents a small building for her boutique. In addition to rent, she also pays property taxes, utility bills, and insurance on the property. She must have a

One example of a periodic estate is

Barry represents Sally, who is buying her first home. In his zeal to make the best deal for his client, Barry includes in the contract that Sally will have the right to cancel the contract if she cannot secure financing. Is this action permissible?

Unique or special purpose buildings, like a church or a school, are best valued giving most weight to the

Economic or external obsolescence refers to loss of value due to

The type of depreciation always classified as incurable is

Tom Jones asks Sarah Smith, a real estate salesperson, to help him set the right asking price for his home. Sarah's broker will help her prepare

The seller has agreed to pay three points to the lending institution to help the buyers obtain a mortgage loan. The house was listed for $200,000 and is being sold for $180,000. The buyers will pay 10% in cash and borrow the rest. How much will the seller owe to the lender for points?

An investor recently paid $500,000 for a building that yields about $65,000 in annual net operating income (NOI). The cap rate on the investment is around

On January 1, Fred buys a small residential rental property for $300,000, with the land accounting for 20% of the value. The IRS allows him to depreciate the property investments over a period of 27.5 years. How much can Fred deduct as a charge for depreciation on this year's income tax return?

After paying a 7% commission to his broker, a seller receives $103,000 from the sale of his house. How much did the house sell for?

Bob and his former classmate in real estate school have the two largest real estate firms in Beeville County. At one of their frequent lunches, they conspire to set all their commission rates at higher than most of the other brokerage offices. This action would be a violation of

Property on Main St in Lake Pleasant is selling for $250 per front foot. If Mary Akerman buys a lot that is 300 x 500, how much should it cost her?

The Owens are buying a $100,000 house with 5% down and an FHA mortgage for the rest. They must pay an upfront MIP of 1.5%, in addition to other closing costs that total $1,000. How much money will they need at the closing?

Richard gets a call from a prospective buyer for his listing. The caller does not want to be represented by a broker. Richard would owe the caller the duty of

How many acres are contained in a parcel 121 feet wide and 240 yards deep?

Administration of which of the following would best be handled by a property manager?

If Betty's property is determined to be partially or totally a federal wetlands, what would possibly allow Betty to develop the site?

The buyer gives the owner a $5,000 payment and a written agreement stating that on July 1 of the following year, the buyer may purchase the property for $150,000 cash or the owner may keep the money. This transaction is known as

If a contract for real estate is vague in its basic terms, a court could hold that it is

A buyer makes the required number of monthly payments, and the owner conveys the property title to the buyer. This transaction is known as

Kelly lists her house and tells her listing agent, Sheila, "I'm listing for $180,000, but I might take less." Sheila may properly

Ron will be in Tokyo for several months until he sells his house, and then he will move there to take a full time job. Ron lists his house with Charlie, giving her the exclusive right to sell as well as the duties of maintenance, bill paying, and making any decisions concerning the house. The agency created would be a

The best way for a broker acting as a dual agent to minimize his or her risk to

The typical relationship between broker and salesperson for tax purposes is known as

The Hansons' home was listed with a broker, but they ended up locating a buyer at Mr. Hanson's place of employment and sold the property themselves. They were still obligated, however, to pay a brokerage fee. What kind of listing had they agreed to?

The listing broker's commission is earned when

Which of the following statements is true of a land contract?

A deed is the instrument used to convey ownership of

A customer orders dinner in a restaurant. At the end of the meal, is the customer legally obligated to pay the check?

The statue of frauds requires that

Delta Dawn, a salesperson working for Betty, lists Sally's house with an exclusive right to sell listing agreement. Which of the following occurrences would not cause the termination of this agreement?

The duty of faithful performance, meaning that the agent is to obey all legal instructions given by the principal and to apply best efforts and diligence to carry out the objectives of the agency, is also known as they duty of

In May, the Kleins accepted an offer to sell their house to the Grosses. In July, the Grosses paid the purchase price and received a deed to the house and the keys. After July, their contract was considered

Repair or remodeling of a property generally adds to its value. In recognition of the role contractors and suppliers play in increasing the value of a property, in many states, they are assured payment for their goods and services by being able to file a

When several real estate brokers are invited to list a property, with commission due only to the one who produces the first acceptance buyer, the owner is offering

The earnest money accompanying a purchase offer