Real Estate Quiz

A house with outmoded plumbing is suffering from

• curable physical deterioration

• external depreciation

• incurable physical deterioration

• functional obsolescence

In order to be a License member of the commission, a person must be

• a KY citizen

• a non-felon

• all of the above

• a licensed broker

A licensed real estate professional acting as a point of contact between two or more people in negotiating the sale, rental, or purchase of a property is known as a(n)

• sales affiliate

• property manager

• appraiser

• broker

A landowner constructed a building 7 stories high. Several years later the municipality changed the zoning ordinance, prohibiting buildings that exceed 6 stories in height. Which of the following is true regarding the existing 7-story building?

• the owner must obtain a variance

• it is nonconforming use

• it is a conditional use

• the building must be demolished

All of the following should be a consideration in selecting a tenant for the property EXCEPT

• size of the available space relative to the tenant's requirements

• compatibility of the tenant's business with those of other tenants

• tenant's ability to make the rental payments

• Ethnic background of the tenant and his or her employees

A mechanic's lien would be properly classified as a(n) ______.

• lien

• easement

• deed

• contract

Which of the following is a specific lien?

• equitable lien

• voluntary lien

• general lien

• specific lien

All of the following are prohibited under the antitrust laws EXCEPT:

• Competing property management companies agreeing to standardized management fees

• competing brokers allocating markets based on the value of homes

• a broker's setting a company commission schedule

• real estate companies agreeing NOT to cooperate with a broker because of the fees that broker charges

A rancher owns a parcel of land on which oil was discovered. If the rancher has not previously conveyed the oil rights, who owns the oil?

• the federal government

• the tenant to whom the property has been leased

• the state government

• the rancher

Abel and Baker are joint tenants. Baker sells his interest to Charlie. What is the relationship of Abel and Charlie?

• they are joint tenants

• they are tenants in common

• there is no relationship because Baker cannot sell to Charlie

• Abel owns a 2/3 interest and Charlie owns a 1/3 interest