Measuring elevations REAL ESTATE EXAM QUESTIONS & ANSWERS
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Question 1
For what are datums and benchmarks used?
Calculating area
Determining land acquisition costs
Measuring distance
Land surveyors use datums and benchmarks to measure elevations.
Question 2
What phrase or words are required on a deed and are considered an "act of conveyance"?
"Between and ."
"Forever and always" 1 / 4
A gas furnace
Multiple licenses "Grant and convey" "Witnesseth and acknowledged"
The phrase, "grant and convey," or either word must be on a deed as a part of the granting clause and is considered an act of conveyance.
Question 3
Which one of the following may cause carbon monoxide to be present in a home?
A detached garage
An electric dryer
An electric stove
A gas furnace, gas stove, and an attached garage can all increase carbon monoxide levels in the home. These things should be checked annually.
Question 4
Jeanie is a broker for Sun Valley Realty and for Peak, LLC. To be the broker for both of these businesses, Jeanie must have .
A group license
At least one sales associate working for her at both businesses
Out-of-state licenses 2 / 4
It restricts building density.
Take out new ads correcting the misinformation in his original ad.As a broker, Jeanie can hold multiple licenses, one for each business entity for which she is the broker.
Question 5
What purpose does bulk zoning serve?
It homogenizes the look of the area.
It keeps similar races together.
It provides increased density.
Bulk zoning restricts the density of buildings in an area through practices like setbacks and open space requirements.
Question 6
Ken, a licensee, has published an ad claiming that he can sell homes for 25% more than any of his competitors. The Federal Trade Commission determined this to be a deceptive ad. What might the FTC require Ken to do as a penalty for his deception?
Discontinue publishing any ads for one full year.
Live up to the claims in his ad within the next six months or go to prison.
Pay each client 25% of the sale price for every house he sells.
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Reproduction cost
The license reverts to involuntary inactive status The FTC may impose informational remedies designed to help consumers understand the deception that occurred. Ken will likely be required to take out new ads to correct the misinformation. He may also be required to include a disclosure in future ads.
Question 7
What do appraisers use in addition to depreciation to determine the indicated value when using the cost approach?
Comparisons to similar properties
Market data
Potential income generation
The cost approach determines the indicated value by estimating the reproduction cost of the new improvement and subtracting the amount of depreciation. Then, the appraiser adds an estimate of the site value as if it were vacant and available to be developed to its highest and best use.
Question 8
Tim's license is in voluntary inactive status and it's time for renewal. What happens if he does not renew before the license expiration date?
The license becomes null and void
The license remains in voluntary inactive status
The license reverts to active status
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