Principles of Real Estate 1 Final Exam with complete solutions If a real estate salesperson closes on a transaction, who pays the salesperson their commission?
- correct answer The salesperson's sponsoring broker
A means of comparing similar type properties, which have recently sold, to the subject property is known as the? - correct answer Market Comparison Approach The market comparison approach is commonly used for this property type? - correct answer Residential The amount of goods offered for sale within a given market at a given price during a given time period is known as? - correct answer Supply A real estate agent is an example of what type of agent? - correct answer Special agent A refrigerator is typically considered? - correct answer Personal Property Mobile homes not permanently attached to the land are generally considered? - correct answer Personal Property Which of the following is considered a legal test for determining if an item is a fixture or not? - correct answer Mode and permanence of how the item was attached Adaptation of the item Intention of the parties All of the above 1 / 2
The right of exclusion, which allows a landowner to prevent others from entering or occupying their property, is included in the? - correct answer Bundle of rights Which of the following is an example of a fixture? - correct answer Kitchen cabinets Which of the following is an advantage to owning a home? - correct answer Potential for asset appreciation Tax benefits Pride of ownership All of the above An individual who has not owned real property for at least the previous two years is known as a? - correct answer First-time homebuyer Which of the following is NOT a form of real property? - correct answer Cooperative A form of ownership of real property recognized in all states that consists of individual ownership of some aspects and co-ownership in other aspects of the property is known as a? - correct answer Condominium A mortgage payment typically includes? - correct answer Interest Principal Insurance Real estate brokers have a ...... relationship with the principal? - correct answer Fiduciary The 'L' in the acronym C.O.A.L.D. stands for which fiduciary duty? - correct answer Loyalty
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