(Do Last) School Exam Study Guide 1

An appropriation of land for some public use made by the owner and accepted for such use by or on behalf of the public, such as streets in platted subdivision, is called

• an easement

• dedication

• a public grant

• condemnation

The buyer should keep the original recorded deed because

• it is only evidence of title

• if lost, the buyer loses title

• it is needed to transfer title

• it is proof of title

Which is TRUE of first refusal given to a prospective buyer?

• The seller must sell if the buyers decides to buy

• The seller must accept the buyer's offer

• The buyer must buy if the seller decides to sell

• The seller must offer the property to the prospective buyer if the seller decides to sell

Compensation often follows a court action relating to a

• trustee's sale

• police power

• condemnation

• quiet title

The joint tenancy creation acronym PITI stands for

• principal, interest, taxes, title, and time

• principal, income, taxes, and title

• possession, interest, time, and title

• possession, income, time, and title

Replacement cost is BEST described as the

• original cost adjusted for inflation

• cost of building a property of equivalent utility with modern materials

• cost of purchasing an equally desirable property

• cost of building an exact replica of the subject

The taxes on a house for the fiscal year July 1 to June 30 are $900, to be paid in advance. If the house is sold February 15, what is the amount of the prepaid portion owed back to the seller?

• $56.25

• $100.00

• $337.50

• $562.50

Highest and best use is NOT concerned with

• net yield to owner

• utility of surrounding area

• relationship to regional development

• interest rate on investment loans

A real estate broker enters a neighborhood bordering a blighted area and, in good faith, offers owners a reduced commission rate if they list with the firm and the property is sold within 180 days. There is no mention of the blighted area. This practice is

• blockbusting

• steering

• redlining

• acceptable

A broker promises to give a $20,000 bonus to the first salesperson who sells 20 houses. What type of contract is this?

• Unilateral

• Executed

• Bilateral

• Nominal