Comprehensive Practice Exam Pt 1

A buyer is purchasing an apartment building and obtained a loan from a local bank. In this transaction, the buyer is the

A and B enter into an agreement; B will mow A,s lawn every week during the summrt. Later, B decides to go into a different business and C would like to assume B's obligation to mow A's lawn. A agrees and enters into a new contract with C. A and B tear up their original agreement. this is known as

One of the requirements of the Consumer Financial Protection Bureau (CFPB) disclosure rules is that the lender provide the purchaser with a

A property owner placed the title to his building in a trust, with himself as the beneficiary. When the property owner died, his will directed the trustee to sell the building and distribute the proceeds of the sale to the owner's heirs. The trustee sold the building in accordance with the will. What type of deed was delivered at closing?

Which of the following activities, performed for a fee, usually requires a real estate license?

A homeowner is preparing her income tax return. Which of the following expenses may she deduct from her income on her tax return?

An apartment manager decides to minimize the threat of criminal activity on the property by adding security cameras and new electronic locks with passkeys on all the entrance doors to the building. This form of risk management is known as

Land described as being the SW1/4 of the SE1/4 of the NW1/4 of the S1/2 of a section is valued at $3,000 per acre. The total value of the property is

A broker receives a chack for earnest money from a buyer on Friday and deposits the money in his personal checking account over the weekend. This action may expose the broker to a charge of

A property owner wishes to measure the return from a real estate investment. To accomplish this, the owner likely use the property's

A veteran wishes to refinance her home with a VA-guaranteed loan. The lender is willing, but insists on charging 3 1/2 discount points. In this situation