I . Which of the following would be best defined by t s relationship between a thing desired and a potential purchaser’? (A) utility (8) market cost aloe (I)) economic perfection 2. A subl5is: (A)an assigtunent of the lease (B) a transfer of the entire leasehold (C) void after fifteen years transfer of less-tanthe-entire leasehold 3. A tenant has entered into a two year lease. The lease makes no mention of assignment or subleasing. The tenant: °may assign or sublease to another tenant. because the lease made no mention of assignment or subleasing. (B) may sublease to another tenant, but only with the prior consent of the landlord (C) cannot sublease to another tenant (D) may assign the lease, but not sublease 4. Which of the following is not an encumbrance? (A) a lease (l3)an easement (C) a lien es homestead 5. Private restrictions on the use of land may be created by: (A) private ‘arc contras (13)smitten agreement (C) a developer’s Rani plan restrictions for a subdivision II of the above 6. What appraisal license is required to appraise a stip mall valued at 5500,000.7 (A general real estate appraiser (B) certified residential realcame license (C) residential live (B) trainee license
- When the highest and best use of a property is expected to change, the current the is called: interim use (B) the temporary use (C) the transitional use (0) the passible use 8. A seller deeded a property which adjoined his home to a buyer and moved an easement. The seller did not use the easement for 21 yen The seller now wants to use the easement. What will be the result? (A) the easement is voidable by the holder of the sovient cerement (B) the creation of the easement was null and void because casement cantos be earned by reservation (C) the easement was terminated by non-use for 21 years Ix easement is valid 9. An *VTR of land owiltrukn rights to water on. under, or adjacent to the land in which of the following? (A) oceans and bays ‘MI Of streams (C) underground eaves with waits (D) all of the above 10. The city planning commission recently changed the zoning for a residential neighborhood to allow for the constmelion of(pultiple family residential dwellings, The new zoning would most likely be: (A) 43 (3) C-3 (ff) M-3 11.-3 I/. Two buildings are leased on a long-tarn basis, one for a post office and theother for a haulm store. too Using the capitalization Approach to appraise the properties. the post offset would demand: lower capitalization rate (B) the same capitalization rate as the hardware wore (C) a higher capita lion rate (D) the two capitalization razesCOM not be compared because the properties involve different uses 12. Real property includes: (A) chattel mortgages (B) trust deeds vegetation (I)) furniture 13. Which of the following must be given to every buyer of a condominium unit? (A)copy of llit&R’s (B) copy of the bylaws (C) copy of the most recent financial statement of the condo association (D all of above
- The difference between property Wes and special Assessments is that: (A) assessment liens are always (C) foreclosure of assessment liens can only be achieved by court foreclosure special Otkr-C9MCI115 are subordinate to property tax liens (B) assessment liens can only be levied by lootniptovement districts !flied for the cost of specific local impcovements. while property tax revenue gees into the general find . 15. Willa of the fo owing is an example of a freehold estate? (A) the interest cleated by a trust deed r estate at will life estate (D) a leasehold estate
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