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Mock Midterm - FIN380 Mock Midterm Student This exam...

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FIN380 Mock Midterm Student: ___________________________________________________________________________ This exam consists of 150 multiple-choice problems. You need two SCANTRON forms to finish this test. You have 120 minutes. Good Luck. BE SURE TO WRITE YOUR NAME VERY CLEARLY. 1. One of the most important duties of agent to principal is the duty of A.salesmanship. B.loyalty. C.beneficial conduct. D.hard work. 2. Preliminary notice of intent to file a mechanic's lien should be given A.90 days after notice of completion. B.60 days after notice of completion. C.within 10 days of the starting time. D.within 20 days of the starting time. 3. When Aunt Winifred died, she left a life estate in Whiteacre to her nephew George. When George dies, Whiteacre will go to George's daughter Elizabeth. Elizabeth is a 4. In order to be valid, a grant deed does not require 1
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5. A fee simple estate that has no condition is a 6. A prohibition in a deed against a property use is known as a/an A.restriction. C.condition. B.easement. D.encroachment. 7. A fee simple estate that may be lost when some act is performed is a 8. When soil is deposited on a riverbank, gradually building out the land, this process is called 9. In medieval England, the highest form of land ownership was the 10. Rudy opens his brokerage office and immediately places an ad in the local newspaper: List Your House with Me and I Will Pay You $500 at Closing .This practice is A.acceptable. C.discouraged. B.mandated. D.prohibited. 11. Correct the format. When a real estate license expires, it may be renewed up to 2
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12. Personal property is usually transferred by a 13. In California, the term real estate is synonymous with 14. Broker Lightdeer showed a property to Mr. and Mrs. Chu without having an agency agreement with owner. Later the owner accepted the offer to purchase, which was submitted by Broker Lightdeer on behalf of Mr. and Mrs. Chu. The owner consented to Broker Lightdeer's unauthorized acts. Under these circumstances, an agency could be created by: A.fiduciary. B.estoppel. C.ratification. D.assumption.
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