100 question test on california real estate need answers
Question description
A case involving questions of both federal and state law may be brought in:
a.
state court only
b.
federal court only
c.
state or federal court
d.
a special court that is reserved for cases with mixed federal and state issues
1 points
QUESTION 2
A change in a zoning ordinance that imposes requirements on one particular property that are different (either stricter or looser) from those that apply to surrounding properties is called:
a.
a rezone, and is illegal
b.
a rezone, and is legal
c.
spot zoning, and is illegal
d.
spot zoning, and is legal
1 points
QUESTION 3
A deed must be recorded:
a.
by the grantor, in the county where the grantor lives
b.
by the grantee, in the county where the grantor lives
c.
in the county where the subject property is located
d.
in the county where the grantee legally resides
1 points
QUESTION 4
A dispute resolution method where a neutral third party facilitates discussion between parties but does not impose a decision is:
a.
arbitration
b.
defenestration
c.
mediation
d.
negotiation
1 points
QUESTION 5
A federal income tax lien is a/an:
a.
involuntary and general lien
b.
involuntary and specific lien
c.
voluntary and general lien
d.
voluntary and specific lien
1 points
QUESTION 6
A government agency issues a determination of significance concerning a proposed project. This means that:
a.
an environmental impact assessment must be completed
b.
no environmental impact assessment is necessary, because the project must be modified before further action can be taken
c.
an environmental impact assessment has already been completed, and it recommended significant modifications to the project
d.
None of the above; developers, not government agencies, issue determinations of significance
1 points
QUESTION 7
A government takes title to a portion of a private citizen’s property, in order to widen a road. In return, the government pays the owner the fair market value of the land that was taken. This occurs through what type of legal action?
a.
Condemnation
b.
Dedication
c.
Eminent domain
d.
Escheat
1 points
QUESTION 8
A lis pendens is a:
a.
delayed discovery motion
b.
counterclaim
c.
right of recovery
d.
notice that a lawsuit has been filed that may affect a property’s title
1 points
QUESTION 9
A month-to-month tenancy is a type of:
a.
periodic tenancy
b.
term tenancy
c.
tenancy at will
d.
tenancy at sufferance
1 points
QUESTION 10
A person whose water rights are based on a water permit from the state is said to have:
a.
appropriative rights
b.
riparian rights
c.
permissive rights
d.
inalienable rights
1 points
QUESTION 11
A private restriction runs with the land. This means that:
a.
future owners must follow the restriction only if it is mentioned in the deed
b.
future owners must obey the restriction even if it’s not mentioned in the deed
c.
future owners can remove the restriction by recording a release and satisfaction
d.
future owners can ignore the restriction if a less-strict zoning law addresses the same issue
1 points
QUESTION 12
A real estate agent’s duty to inspect the listed property does not apply to:
a.
a lease with an option to purchase
b.
a manufactured home
c.
a new home in a subdivision offered for sale for the first time
d.
a residential four-plex
1 points
QUESTION 13
A real estate broker would be in violation of antitrust laws if she:
a.
told her agents to charge an 8% commission
b.
limited her agents to certain geographical areas of town
c.
agreed with another broker to set commission splits at 50/50 for all transactions
d.
told her agents to set commission splits of 50/50 for all in-house transactions
1 points
QUESTION 14
A secured creditor is one who:
a.
has been paid in full
b.
has a lien against a piece of property as security for the debt
c.
has loaned the debtor money based on the debtor’s income and credit rating
d.
will have to resort to suing the debtor for a money judgment should the debtor fail to repay the loan
1 points
QUESTION 15
A tenant who transfers an entire leasehold estate to another party is a/an:
a.
sublessee
b.
sublessor
c.
assignee
d.
assignor
1 points
QUESTION 16
A variance is an exception to an area’s zoning and would typically be used to allow:
a.
an existing business to continue operation even though the area had recently been changed to single-family residential
b.
a property owner with an oddly-shaped lot to build closer to the street than would normally be allowed
c.
a group of developers to build an industrial park project in an agricultural zone
d.
a hospital, cemetery, or other needed public service to operate in an area not zoned for that use
1 points
QUESTION 17
According to Max’s deed, Max has the right to drive across his neighbor’s property to access his own property. Max has a/an:
a.
license
b.
profit
c.
easement
d.
servient tenement
1 points
QUESTION 18
According to state law, which of the following is a duty owed by an agent to all parties, rather than only to a principal?
a.
Disclosure of material facts
b.
Integrity
c.
Loyalty
d.
Utmost care
1 points
QUESTION 19
According to the imputed knowledge rule:
a.
the principal and agent are held liable only for what they actually know
b.
if the principal or agent has information that should be communicated to the other, then each is considered to know that information, even if they don’t
c.
the principal is liable for what the agent knows, but the agent is not liable for what the principal knows
d.
the agent is liable for what the principal knows, but the principal is not liable for what the agent knows
1 points
QUESTION 20
After the tenant vacates a residential unit, the landlord must return the tenant’s security deposit within:
a.
7 days
b.
14 days
c.
21 days
d.
28 days
1 points
QUESTION 21
All of the following will terminate an escrow, except:
a.
the transaction closes
b.
one party breaches the escrow agreement
c.
both parties agree to terminate the escrow
d.
unilateral withdrawal by one party
1 points
QUESTION 22
All of the following may be used as sanctions by the Real Estate Commissioner in a disciplinary proceeding except:
a.
a fine of up to $10,000
b.
imprisonment for up to one year
c.
permanent revocation of a real estate license
d.
temporary suspension of a real estate license
1 points
QUESTION 23
Amy owns shares of stock in the corporation that holds title to the building she lives in, and she has a long-term lease on her unit. Amy lives in a/an:
a.
community apartment complex (CAC)
b.
condominium
c.
cooperative
d.
planned development
1 points
QUESTION 24
An activity or conduct that interferes with a property owner’s use and enjoyment of her property is considered to be a/an:
a.
trespass
b.
nuisance
c.
easement
d.
attractive nuisance
1 points
QUESTION 25
An agency relationship is a fiduciary relationship, which means that:
a.
the agent occupies a special position of trust in regard to the principal
b.
the agent owes special legal duties to the principal that he doesn’t owe to third parties
c.
the agent’s duty to the principal is more important than the agent’s own interests
d.
All of the above
1 points
QUESTION 26
An estate of potentially infinite duration is the:
a.
fee simple determinable
b.
fee simple absolute
c.
freehold estate
d.
life estate
1 points
QUESTION 27
Ana has a contract to buy Su Ling’s painting, which is by a famous artist. Su Ling changes her mind and refuses to sell the painting. If Ana sues Su Ling for breach of contract, the court may order Su Ling to fulfill the terms of the contract and sell the painting to Ana, as originally agreed. This remedy is called:
a.
rescission
b.
specific performance
c.
liquidated damages
d.
unjust enrichment
1 points
QUESTION 28
At a chamber of commerce dinner party, two brokers begin discussing other local real estate agents. Broker A comments that Jim, a local salesperson, is dishonest and that Broker A refuses to do business with him. Broker B nods and says, “That’s a good idea. Why should we send buyers to a dishonest agent?”
a.
Although questionable, the brokers are not doing anything illegal since their motivation is to protect buyers
b.
If the brokers put their agreement in writing, they will have violated antitrust laws
c.
This conversation could be seen as an illegal conspiracy to restrain trade
d.
None of the above.
1 points
QUESTION 29
Broker Delgado of Main Street Realty notices that her neighbor has listed his home for sale with Steamboat Realty. Broker Delgado knows that Steamboat Realty was recently disciplined by the Real Estate Commissioner for a trust account violation, and tells her neighbor that Main Street Realty could do a much better job of selling the neighbor’s home. Which of the following statements is true?
a.
Broker Delgado has done nothing wrong because she has her neighbor’s best interests at heart
b.
Broker Delgado has committed a tort called commercial obstruction of business
c.
Broker Delgado has committed a tort called interference with contractual relations
d.
None of the above
1 points
QUESTION 30
Broker Jones operates her brokerage business under the name Glorious Realty. She registered a fictitious business name statement for the name Glorious Realty; her real estate license is issued in her name, Tabitha Jones.
a.
This is legal, because she took the necessary step of registering her fictitious business name
b.
Broker Jones has violated the license law; her real estate license must be issued under the fictitious name
c.
Broker Jones has done nothing wrong, because all she needs is a valid real estate license
d.
This is legal, as long as Broker Jones uses the name Glorious Realty in all her advertising and business dealings
1 points
QUESTION 31
Broker Lisa misreads a city zoning map and, as a result, gives incorrect zoning information to a buyer. The buyer purchases the property based on what Lisa told him about the zoning. Lisa’s actions would be an example of:
a.
actual fraud
b.
constructive fraud
c.
deceit
d.
flagrant disobedience
1 points
QUESTION 32
CERCLA’s Superfund is designed to:
a.
pay cleanup contractors when a potentially responsible party cannot be located or avoids financial liability
b.
compensate contiguous property owners
c.
pay every property buyer a small fee so they can satisfy the all appropriate inquiries requirement
d.
offer financial subsidies to innocent landowners of contaminated property
1 points
QUESTION 33
California has abolished the fee simple:
a.
defeasible
b.
absolute
c.
determinable
d.
subject to a condition subsequent
1 points
QUESTION 34
Channeling prospective renters into specific neighborhoods based on race is an example of:
a.
steering
b.
blockbusting
c.
panic selling
d.
public accommodation
1 points
QUESTION 35
Claire sues John and is awarded a judgment for $10,000. Claire lives in Rockingham County, New Hampshire; John lives in Ocean County, New Jersey, where he owns property. To create a judgment lien, Claire must:
a.
record a lis pendens in Rockingham County
b.
record an abstract of judgment in Ocean County
c.
record an abstract of judgment in Rockingham County
d.
None of the above
1 points
QUESTION 36
Compared to the federal Fair Housing Act, California’s Fair Employment and Housing Act contains a:
a.
narrower range of protected classes and fewer exemptions
b.
wider range of protected classes and fewer exemptions
c.
narrower range of protected classes and more exemptions
d.
wider range of protected classes and more exemptions
1 points
QUESTION 37
Each of the following must be present before an antitrust violation will be found, except:
a.
the existence of a monopoly
b.
an unreasonable restraint of trade
c.
a conspiracy
d.
an impact on competition
1 points
QUESTION 38
In California, a successful adverse possession claim requires possession of the property for at least:
a.
one year
b.
three years
c.
five years
d.
ten years
1 points
QUESTION 39
In California, the sale of personal property is governed by the:
a.
Uniform Commercial Code (UCC)
b.
National Commercial Code (NCC)
c.
California Code of Personal Property
d.
Statute of Personalty
1 points
QUESTION 40
In California, the statute of limitations requires that a lawsuit over a written contract be brought within ____ years of the breach.
a.
two
b.
four
c.
eight
d.
ten
1 points
QUESTION 41
In California, which of the following is true?
a.
Both civil and criminal verdicts must be unanimous
b.
Both civil and criminal verdicts require three-fourths of the jurors to agree
c.
Civil case verdicts must be unanimous; criminal case verdicts require three-fourths of the jurors to agree
d.
Civil case verdicts require three-fourths of the jurors to agree; criminal case verdicts must be unanimous
1 points
QUESTION 42
In a civil case, which of the following is NOT a possible remedy?
a.
Monetary damages
b.
Injunction
c.
Rescission
d.
Imprisonment
1 points
QUESTION 43
Isabel wins a judgment for $100,000 in Kern County Superior Court. Which of the following describes the widest range of counties where she can record an abstract of judgment and create an enforceable lien?
a.
Kern County against any property the defendant owns in Kern County
b.
Any county in California where the defendant owns property
c.
Any county in the U.S. where the defendant owns property
d.
None of the above; the abstract of judgment should be recorded at the state capitol
1 points
QUESTION 44
Jeff wants to put his house on the market because he wants to move to Florida. His neighbor, Helen, is a real estate agent. She finds out about his plans and drops by with interested buyers. Jeff and Helen have no agreement whatsoever, but Jeff treats Helen as if she’s his agent, and never says otherwise to third parties. The potential buyers believe Helen is Jeff’s agent. Jeff has given Helen:
a.
express authority
b.
ostensible authority
c.
practical authority
d.
authority by necessity
1 points
QUESTION 45
Juan grants his house to his sister, Maria, for the rest of her life. Upon her death, the property will go to his son, Guillermo. Guillermo is the:
a.
life tenant
b.
measuring life
c.
remainderman
d.
reversioner
1 points
QUESTION 46
Maria and Alejandro are an unmarried couple who purchase a home together. The deed to their new home does not mention how the couple is taking title to the property. In this case, the default form of co-ownership will be:
a.
community property
b.
joint tenancy
c.
tenancy in common
d.
tenancy in partnership
1 points
QUESTION 47
Marsha lists her house with American Realty. Three weeks later, she finds a buyer herself. However, she still owes American Realty a commission. This is because the listing agreement was an:
a.
exclusive agency listing
b.
exclusive right to sell listing
c.
open listing
d.
oral listing
1 points
QUESTION 48
Melissa, Sonja, and Raziyah own property as joint tenants. Sonja decides to move and sells her interest to Carlos. Which of the following is true?
a.
Melissa, Raziyah, and Carlos will own the property as tenants in common
b.
Melissa, Raziyah, and Carlos will own the property as joint tenants
c.
Melissa and Raziyah will own the property as joint tenants with respect to each other; Carlos will own the property as a tenant in common
d.
Carlos only has a life estate; when Sonja dies, her reversionary interest will automatically pass to the remaining joint tenants
1 points
QUESTION 49
Mike, Lynn, and Donna own a house together as joint tenants. Donna mortgages her interest to finance her new business. Unexpectedly, she dies two weeks later. On Donna’s death, Mike and Lynn:
a.
receive Donna’s interest with the lien intact
b.
do not receive Donna’s interest; the lienholder is the new owner of Donna’s interest
c.
receive Donna’s interest without the lien
d.
become tenants in common
1 points
QUESTION 50
Ming, a real estate broker, always recommends Best Mortgage to her buyers, because if she sends enough customers their way, she earns “reward points” from the company that can add up to a free trip to Las Vegas. Which statement is true?
a.
This arrangement violates federal law
b.
This arrangement violates California law
c.
This arrangement is legal, provided the broker has a good faith belief in the quality of the services provided by the mortgage company
d.
Both A and B
1 points
QUESTION 51
On May 1, Jim sells his property to Carol, who does not record the deed until May 7. On May 2, Jim sells his property to Mario (who is unaware of the previous deed to Carol) and Mario promptly records his deed that day. Which deed has priority?
a.
Carol’s deed, because Carol was the first to purchase the property
b.
Carol’s deed, because the sale to Mario is invalid
c.
Mario’s deed, because he was the first to record his deed
d.
None of the above
1 points
QUESTION 52
Part of the Fifth Amendment to the U.S. Constitution states “…nor shall private property be taken for public use, without just compensation.” This is known as the:
a.
Due Process Clause
b.
Equal Protection Clause
c.
Property Compensation Clause
d.
Takings Clause
1 points
QUESTION 53
Rights that go along with ownership of a particular piece of property are known as:
a.
covenants
b.
appurtenances
c.
personalty
d.
undivided interests
1 points
QUESTION 54
Some areas of law are addressed:
a.
by both state and federal law
b.
primarily by state law
c.
primarily by federal law
d.
Any of the above may be correct
1 points
QUESTION 55
Suppose an agent has no express authority when she commits an act that benefits the principal, but the principal approves the act after the fact. This creates an agency by:
a.
estoppel
b.
express agreement
c.
implication
d.
ratification
1 points
QUESTION 56
The Americans with Disabilities Act requires property owners to:
a.
rent a certain percentage of their units to the disabled (in residential properties with more than 4 units)
b.
modify their policies and procedures to accommodate the disabled
c.
remove unreasonable architectural, communication, and transportation barriers to disabled access
d.
Both B and C
1 points
QUESTION 57
The Real Estate Settlement Procedures Act (RESPA) prohibits:
a.
kickbacks
b.
unearned fees
c.
a seller requiring a buyer to use a particular title company
d.
All of the above
1 points
QUESTION 58
The ______ method of land description identifies a parcel by establishing a starting point, and then giving directions that allow a surveyor to trace around the parcel’s boundaries.
a.
government survey
b.
metes and bounds
c.
recorded map
d.
plat map
1 points
QUESTION 59
The boundary line between Sam’s property and Rachel’s property is about one foot from the back of Rachel’s barn. Rachel stores several ladders, wooden pallets, and other farm equipment behind her barn, most of it resting on Sam’s property. This is an example of a/an:
a.
public nuisance
b.
encroachment
c.
continuing trespass
d.
Both B and C
1 points
QUESTION 60
The duty of _________ requires an agent to act ethically, to follow the rules, and to accept responsibility.
a.
utmost care
b.
integrity
c.
honesty
d.
loyalty
1 points
QUESTION 61
The federal Endangered Species Act protects:
a.
endangered plants on all land in the U.S.; endangered animals only on federal land
b.
endangered plants only on federal land; endangered animals on all land in the U.S.
c.
both endangered plants and animals only on federal land
d.
both endangered plants and animals on all land in the U.S.
1 points
QUESTION 62
The federal Fair Housing Act prohibits discrimination against people in all of the following categories except:
a.
national origin
b.
gender
c.
handicap
d.
sexual orientation
1 points
QUESTION 63
The federal Fair Housing Act provides exemptions for all of the following kinds of transactions except:
a.
the sale or rental of a single-family home by a private owner
b.
a room rental in an owner-occupied residence
c.
any sale or rental where the owner is represented by a licensed real estate broker
d.
the rental of noncommercial lodgings by a religious organization
1 points
QUESTION 64
The greatest estate that can exist in land is the:
a.
fee simple subject to a condition subsequent
b.
fee simple determinable
c.
fee simple absolute
d.
life estate
1 points
QUESTION 65
The listing agent must give a copy of the agency disclosure form to the seller:
a.
before the seller signs the listing agreement
b.
within three days of the seller signing the listing agreement
c.
within five days of the seller signing the listing agreement
d.
within seven days of the seller signing the listing agreement
1 points
QUESTION 66
The lobby, swimming pool, and parking lot of a condominium complex are likely to be considered:
a.
limited interest fixtures
b.
common elements
c.
shared stock features
d.
publicly owned amenities
1 points
QUESTION 67
The person named in a will to act as the personal representative of the testator’s estate is the:
a.
devisee
b.
legatee
c.
executor
d.
grantee
1 points
QUESTION 68
The right of survivorship always applies to:
a.
community property
b.
joint tenancy
c.
ownership in severalty
d.
tenancy in common
1 points
QUESTION 69
The sale or lease of a business, including the inventory, equipment, goodwill, and other assets, is the definition of a:
a.
lease-option transaction
b.
commercial property transaction
c.
business opportunity
d.
tenancy in partnership
1 points
QUESTION 70
The standard of proof in a civil case is:
a.
beyond a reasonable doubt
b.
a mere scintilla of evidence
c.
a preponderance of the evidence
d.
Both A and C
1 points
QUESTION 71
The state government’s power to adopt and enforce laws for the protection of the public health, safety, morals, and general welfare is called:
a.
inverse condemnation
b.
police power
c.
enactment power
d.
power of eminent domain
1 points
QUESTION 72
The statutory redemption period following a trustee’s sale is:
a.
six months, if the sale proceeds were adequate to pay off the debt plus costs and interest
b.
three months, if the sale proceeds were adequate to pay off the debt plus costs and interest
c.
three months, if the sale proceeds were not adequate to pay off the debt plus costs and interest
d.
There is no statutory redemption period for a nonjudicial foreclosure
1 points
QUESTION 73
There are three basic types of title insurance coverage: standard, extended, and homeowners. Unlike standard coverage, extended coverage and homeowner’s coverage offer protection against a/an:
a.
deed with a forged signature
b.
deed lacking a necessary spousal signature
c.
deed signed by an incompetent grantor
d.
adverse possession claim
1 points
QUESTION 74
This document gives one person the authority to sign a deed or other document on another person’s behalf:
a.
lis pendens
b.
power of sale
c.
power of termination
d.
power of attorney
1 points
QUESTION 75
To be recorded, a deed must be acknowledged. A deed is acknowledged when the:
a.
grantee accepts the deed
b.
grantee signs the deed
c.
grantor declares before a notary public that his signature is voluntary
d.
grantee declares before a notary public that her acceptance is voluntary
1 points
QUESTION 76
To pay for maintaining and repairing common areas, a homeowners association may:
a.
sell stock in the association
b.
impose and collect homeowner dues
c.
levy special assessments
d.
Both B and C
1 points
QUESTION 77
To record a mechanic’s lien, the notice of completion and the claim of lien must be:
a.
filed within 120 days of project completion
b.
served on the parties and posted on the property
c.
acknowledged and delivered
d.
filed at the recorder’s office in the county where the property is located
1 points
QUESTION 78
Under CERCLA, a potentially responsible party (PRP) may include:
a.
the polluter, now a former owner
b.
an owner who bought the property after the pollution occurred, but whose examination wasn’t thorough enough to discover the pollution
c.
an owner who bought the property after the pollution occurred, and whose examination uncovered the old pollution, but who allowed rain runoff to worsen the problem
d.
All of the above
1 points
QUESTION 79
Under California law, a prepayment penalty on the early payoff of a residential loan can be applied only during the first:
a.
year
b.
five years
c.
ten years
d.
None of the above; there is no limitation on prepayment penalties
1 points
QUESTION 80
Under California law, if a subdivision has fewer than five lots, the developer only needs to file a:
a.
conditional map
b.
final map
c.
parcel map
d.
tentative map
1 points
QUESTION 81
Under state law, when property is leased without a termination date and the rental period is not specified, the rental period is determined by:
a.
the frequency of the rental payments
b.
the average of the other rental periods offered by the same landlord
c.
whatever the tenant wants
d.
the total duration of occupancy for that tenant
1 points
QUESTION 82
When a court is trying to determine if an item is a fixture, the most important common law test is the:
a.
adaptation of the item to the realty
b.
intention of the annexor
c.
relationship of the parties
d.
None of the above
1 points
QUESTION 83
When a real estate broker is acting as the escrow agent in a transaction, any trust funds he receives must be placed in the hands of the principal, a neutral escrow depository, or the broker’s trust account no later than:
a.
the same day in which they were received
b.
the next business day after receipt
c.
two business days after receipt
d.
three business days after receipt
1 points
QUESTION 84
When do growing crops become personal property?
a.
Upon constructive severance
b.
When the landowner sells the entire property to another
c.
When they are planted
d.
At the end of the tenancy
1 points
QUESTION 85
When the security instrument is a deed of trust, the lender is called the:
a.
beneficiary
b.
mortgagee
c.
trustee
d.
trustor
1 points
QUESTION 86
Which doctrine states that appellate court cases establish precedents, and judges deciding subsequent cases should follow those precedents?
a.
Caveat emptor
b.
Res ipsa loquitur
c.
Stare decisis
d.
Sui generis
1 points
QUESTION 87
Which method of land description uses a series of grids based on fixed survey markers?
a.
Government survey
b.
Lot and block
c.
Metes and bounds
d.
Recorded map
1 points
QUESTION 88
Which of the following parties can be named grantee of a deed?
a.
A mentally incompetent senior citizen
b.
A minor child
c.
A valid corporation
d.
All of the above
1 points
QUESTION 89
Which of the following is true?
a.
All leases must be in writing and signed by both parties
b.
Leases for over a year must be in writing and signed by the lessor
c.
Residential leases need not be in writing, unless the security deposit is greater than the equivalent of six months’ rent
d.
Residential leases don’t have to be in writing, but commercial leases do
1 points
QUESTION 90
Which of the following would need a real estate license?
a.
A mortgage loan broker who is not an employee of a financial institution or insurance company
b.
A trustee under a deed of trust who conducts a foreclosure sale
c.
An attorney who needs to sell a property in order to administer a deceased client’s estate
d.
A real estate broker’s employee, who performs only clerical tasks
1 points
QUESTION 91
Which of the following can be constructively severed from real property?
a.
Air rights
b.
Mineral rights
c.
Oil rights
d.
All of the above
1 points
QUESTION 92
Which of the following is a possessory interest in land?
a.
An easement
b.
An estate
c.
A lien
d.
A restrictive covenant
1 points
QUESTION 93
Which of the following is not always a requirement for a valid contract?
a.
Consideration
b.
Contractual capacity
c.
In writing
d.
Mutual consent
1 points
QUESTION 94
Which of the following statements about dual agency is false?
a.
A dual agent may not disclose confidential information about one party to the other
b.
A dual agent may reveal to the seller the maximum price the buyer is willing to pay for the property
c.
A dual agency is legal only with the written consent of both the buyer and the seller
d.
Both the buyer and the seller must be informed that they will not receive full representation
1 points
QUESTION 95
Which of the following describes a tie-in arrangement?
a.
Two real estate agents in a brokerage agree to work together on listings
b.
A broker requires all her clients to use a certain escrow service
c.
A developer won’t sell builders vacant lots unless the builders agree to list the completed houses with a certain broker
d.
Both B and C
1 points
QUESTION 96
Which of the following statements about title insurance is false?
a.
If a problem occurs with the title, the insurer is always liable for the total amount of the insured’s losses
b.
The lender’s policy remains in force until the loan has been paid off
c.
The owner’s policy remains in force for as long as the buyer or her heirs own the property
d.
Title insurance requires only one premium payment, which is paid at closing
1 points
QUESTION 97
Which of the following is NOT a type of tenancy?
a.
At will
b.
Periodic
c.
Term
d.
Concurrent
17 hours ago