Business: Property and Real Estate Essay

Words: 4263
Pages: 18

Final Examination – Anderson Princiles

1. Airspace above a parcel of land is: (a) real property (b) personal property (c) an encumbrance (d) a fixture

2. All of the following are real property except: (a) fruit trees (b) chattels (c) stock in a mutual water company (d) built-in stove

3. In a dispute over fixtures, courts tend to favor: (a) sellers over buyers (b) landlords over tenants (c) lenders over borrowers (d) grantors over grantees

4. The right of a landowner along a river to take water is called: (a) percolating rights (b) river water rights (c) user rights (d) riparian rights

5. All of the following "run
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Which of the following is not correct? (a) all real estate salespersons must have written employment contracts with their brokers (b) real estate salespersons are able to contract directly in their own name as an agent with the seller (c) the recovery fund may be used to reimburse qualified principals and buyers for damages suffered because of certain inappropriate acts by real estate licensees (d) most real estate agency agreements are between sellers and brokers, not buyers and brokers

28. A broker receives a deposit from a buyer with no instructions to hold the check uncashed pending the seller's acceptance of the offer. After the offer is accepted, the broker decides to put the check in a safe in the office for security purposes until the broker can get to the bank next week. The broker is: (a) guilty of conversion (b) innocent of any wrongdoing (c) guilty of commingling (d) required to place the deposit into a trust fund

29. A real estate broker, in order to entice a person to buy, states that the property conforms to all building codes. The agent knows a room was added without a building permit. The agent is guilty of: (a) misrepresentation (b) acting in a legal manner (c) false promise (d) ostensible promise

30. According to the Real Estate Law, for supervising