There is little difference in the foreclosure rates on LMI mortgage loans vs.
conventional mortgage loans.
Mortgage Assistance Relief Programs are not now regulated as a result of new
regulations.
The growth in LMI loans was fueled by Fannie Mae’s purchases of such loans.
Acceleration clauses that take effect on default are void in home mortgage loans.
Age restrictions are valid when alternative housing is available.
Time-sharing interests cannot be transferred.
A nonconforming use cannot be expanded.
Equitable servitudes can be used instead of covenants.
There are 36 sections in a township.
The requirements for creating a valid codicil are more relaxed than the requirements for
a formal will.
Generally, leases longer than a year must be in writing.
A putative spouse may have property rights in the marital property.
Judicial liens can be recorded against the real property and collected upon sale of the
property.
The airplane is part of the modern environment of life, and the inconveniences which it
causes are normally not compensable under the Fifth Amendment.
To collect fees and assessments, homeowners’ associations need only a rule change.
The Rivers and Harbors Act was used, at one time, to control water pollution.
A public nuisance is one affecting an indeterminate number of people.
“To A my beloved wife, for so long as she is in good health” is an example of
a. A life estate
b. A fee simple determinable
c. A fee simple subject to a condition subsequent
d. A fee tail
Who is responsible for pre’‘conversion/pre’‘association expenses and improvements in a
condo conversion?
a. Unit owners
b. Developers
c. Both a and b
d. None of the above
Carey leased his steak house from Consiglio. Carey would not buy the property, and
Consiglio tripled the rent. Carey vacated the restaurant and took with him a walk’‘in
freezer, a dishwasher and an air conditioner. Which of the following would be most
significant in determining whether Carey could take the items with him?
a. The fact that he had put them there with Consiglio’s permission
b. The fact that Consiglio wanted to sell the property
c. The fact that the items are trade fixtures
d. None of the above
Which of the following descriptions is an adequate legal description for a valid deed?
a. ‘All my real estate’
b. ‘That part of my farm that includes the Welby Pond’
c. ‘228 East Gary Circle, Brisbane, MN’
d. ‘The fenced in area that I own in Laramie County, WY’
e. None of the above is a sufficient legal description
Under which of the following listing agreements can the seller find a buyer and not be
liable for a commission?
a. Open listing
b. Exclusive right’‘to’‘sell
c. Multiple listing
d. None of the above
Which of the following revokes a will?
a. Telling a neighbor you have revoked it
b. Tearing up a copy
c. Writing a new will
d. Drafting notes for a new will
Which party has the duty of maintenance and repair of an easement?
a. The dominant tenant
b. The servient tenant
Which of the following is not a requirement for a valid prenuptial agreement?
a. Time for review
b. Independent advice for each spouse
c. Disclosure of extent of assets
d. Consideration
An unlicensed broker
a. Can still collect a commission for property sold
b. Violates state law by taking listing agreements
c. Neither a nor b
d. Both a and b
Sally Ryan is purchasing a home from Reagan Davis. Reagan’s partner died at this
home while under hospice care. The cause of death was AIDS-related complications.
Reagan did not disclose this information to Sally. When Sally moves into the home the
neighbors share with her the history of the home. Which of the following is a correct
statement?
a. Reagan was not required to disclose the circumstances surrounding the death of her
partner
b. The circumstances surrounding the death of Reagan’s partner were material
information that should have been disclosed prior to the sale
c. There has been silent misrepresentation
d. There has been fraud
The Soldiers and Sailors Relief Act provides which of the following forms of relief for
soldiers on active duty?
a. Foreclosure on a house or car
b. Excused performance on all credit contracts
c. Excused performance on auto credit contracts
d. A maximum of 6 percent interest rates on all credit contracts
Which of the following have not been changed by statute in many states?
a. Rule in Shelley’s Case
b. Rule Against Perpetuities
c. Automatic termination of fee simple determinables
d. All of the above have been changed by state laws
Which of the following interests allows a grantor to control the use of the land given
with language in the grant?
a. Life estate
b. Fee simple determinable
c. The Rule in Shelley’s Case
d. None of the above
Which of the following must a broker disclose?
a. Dual agency
b. Sub-agency
c. That he/she is the buyer
d. All of the above
e. None of the above
MACRS is
a. A method of real property valuation
b. A method of depreciation
c. Eliminated after 1986
d. Not applicable to commercial property
Cora Roth received her advance estimate of closing costs of $2,316. When she closes
on her new home, the closing costs are $2,398.
a. There is no violation of RESPA because the actual costs were within 10% of the
estimate
b. There is no violation of RESPA because the actual costs were within 5% of the
estimate
c. There is a violation of RESPA because the actual costs were not within 1% of the
estimate
d. There is no violation of RESPA
Which is included in a cost’‘plus pricing formula?
a. Overhead
b. Actual costs
c. Profit
d. Both a and c
e. Both b and c
Contracts are an example of private law.
What agencies are responsible for enforcement of regulations on the environment?
The rule against perpetuities applies to options.
Discuss this state’s theory of priority of liens.
What happens when a tenant in common dies?
Jane Fromm is a real estate broker who has three listings in a neighborhood. When an
Asian couple asks to see one of the homes, Jane explains to the couple that there is
another area in which they would be more happy. When a couple from Mexico asks to
see one of the homes in the neighborhood, Jane explains to them that the home is
already under an offer. When a white couple asks to see one of the homes, Jane shows
the couple all three homes. Jane
a. Is permitted to use her knowledge and discretion in guiding buyers to suitable homes
b. Is engaged in steering, a violation of the Fair Housing Act
c. Is not a Fair Housing Act violation if Jane does not refuse to sell to any of the couples
d. None of the above
A life estate cannot be mortgaged.