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RE test

How would an unmarried couple take ownership to real property if they wanted full ownership upon the death of other co-owner?
Joint Tenancy
Severalty
Tenancy by the Entirety
Tenancy in Common
A person bought 3 lots for $22,000 net each and dived them into 4 equal lots. Lots were then sold for $18,000 each. What was the approximate percentage of gross profit?
3%
9%
12%
33%
In a trust, legal title to real property is transferred to a person to be held and managed by the person for the benefit of the:
Trustee
Trustor
Beneficiary
Grantor
A person who purchases shares of stock in a corporation that owns a building and receives a proprietary lease to a specific unit within the building has purchased a:
Condominium
Cooperative
Timeshare
Limited partnership
Several persons own a property as tenants in common. One of the owners dies and the heirs want to sell the property where as the others prefer to retain the property. If the parties can't reach an agreement, which of the following actions would most likely be taken by the heirs who want to sell?
Force the remaining owners to buy his or her interest
File a partition action
File a foreclosure action
File a quiet title action
A father conveyed the family property to his daughter by will pur auto vie estate for the life of her mother. If the daughter should die before her mother, who gains possession to the property?
Remainderman
Mother
Father
Daughter's heirs
Under cooperative ownership the lease that grants occupancy of a specific unit to the stockholder is called a:
Percentage lease
Proprietary lease
Sublease
Net lease
Which of the following best describes Interval ownership?
A timeshare ownership
Ownership interest in limited partnership
Leasehold interest in a cooperative
Trust ownership
Which of the following transactions would most likely be subject to states blue sky laws?
Sale of a single family residential home
Sale of a limited partnership interest or condo
Purchase securities in a timeshare ownership plan
Rental of a commercial office building
The owner of a residential condominium unit and a tenant under a lease both have:
A lien on the property
An estate in the property
A lis pendens
The right of first refusal
An item of personal property that, by process of attachment, and by intent, has become real property is called:
An estate
A fixture
Chattel
An embelment
In Georgia, the legal description section of the listing agreement would NOT contain information about the following items:
State and county
City and state
Plat book and page
Range and townships
In Georgia, the Georgia time share act requires developers of timeshare projects make disclosures to prospective buyers of all material facts about the property, including the buyer's right to rescind the contract within seven days. This info would be contained in the:
Purchase and sale agreement
Public offering statement
Seller's property disclosure statement
Warranty deed
In Georgia, the principal source of the legal description is:
The sellers warranty deed
Public record
The listing company
The plat map
In Georgia, when locating the point of beginning in a metes and bounds legal description which of the following terms NOT render the legal description void?
Approximately
More or Less
Exactly
About
In Georgia, the prevailing legal description is:
Lot and block method
Rectangular (government) survey
Metes and bounds
Street address
In Georgia, when a corporation owns property, the listing agreement must have the corporate seal affixed and the signature of an authorized officer. In the absence of the corporate seal the listing must be signed by:
Corporate president and treasurer
Two authorized officers
A notary
Superior court judge
The owner of a parcel of land leases the land to a farmer to grow crops. The crops would be considered:
The real property of the landowner
The real property of the farmer
The personal property of the landowner
The personal property of the farmer
The owner in a residential subdivision gets a building permit from the county to put a fence on his property. The fence is in violation the subdivisions restrictions (CC&R). An adjoining neighbor in the subdivision objects to the fence. If the HOA fails to enforce the restrictions the neighbors best action would be to:
Have the county enforce the restriction
Apply to the court for an injunction
Have the permit revoked
File a lis pendens as soon as possible
Rules established by the local government to regulate building and construction standards are called:
Building permits
Building codes
Certificates of occupancy
Building restrictions
Which of the following statements best describe a lien on real property?
An encumbrance that effects the use of the property
A monetary claim secured by real property
An easement to use the adjoining property
A monetary encumbrance affecting title to a property
Nancy wants her neighbor Bill to give her the privilege to cross his property to access the lake. Bill is concerned about a new owner accessing his property. Bill should consider giving Nancy:
An easement
A license
An encroachment
A lis pendens
Broker Dole is showing a buyer different apartments for rent. The buyer asked Dole for a place wit no children for quiet. Broker Dole should:
Tell the buyer to look for "adult only" ads
Inform the buyer this is "steering" and illegal
Inform the buyer only bona fide retirement communities can legally restrict children
Inform buyer all properties are open to children by law
A salesperson is showing a property in a racially changing neighborhood. Which of the following statements by a salesperson would be appropriate in this situation?
I'll show you the property but I wouldn't live here
Because of the changes happening I don't think you'd like it here
I need to inform you this is a racially changing neighborhood
Based on the info you have provided, I don't think you can afford that property.
Under the federal fair housing act familial status would apply to:
A single person
A married person
A person 62 or older
A pregnant woman
In Georgia, two licencees affiliated with the same broker are assigned by the broker to represent the buyer and seller respectively in the same transaction. Under BRRETTA this would be considered:
Designated agency
Dual agency
Implied agency
Ostensible agency
A licensee should search the National Do Not Call Registry on a regular basis and drop registered consumer phone numbers from their call lists. This should be done at least once every:
31 days
60 days
90 days
180 days
Under the CAN-SPAM Act opt-out request must be handled within:
10 business days
30 business days
31 business days
3 months
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