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

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
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 A.reversioner. B.remainderman. C.holder of a life estate. D.joint tenant with right of survivorship. 4. In order to be valid, a grant deed does not require A.a granting clause. B.recording. C.the signature of the grantor. D.a proper writing. 1
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
5. A fee simple estate that has no condition is a A.life estate. B.remainder C.fee simple on condition subsequent D.fee simple absolute 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 A.life estate. B.fee simple absolute. C.remainder. D.fee simple on condition subsequent. 8. When soil is deposited on a riverbank, gradually building out the land, this process is called A.accretion. C.avulsion. B.alluvion. D.subsidence. 9. In medieval England, the highest form of land ownership was the A.estate for years B.leasehold estate C.life estate D.freehold estate 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 A.one year later. C.three years later. B.two years later. D.four years later. 2
Background image of page 2
12. Personal property is usually transferred by a A.will. C.bill of sale. B.deed. D.purchase contract. 13. In California, the term real estate is synonymous with A.land. C.real property. B.fixtures. D.personal property. 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.
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 02/23/2010 for the course FIN 81824 taught by Professor Mcgrath during the Winter '09 term at CSU San Bernardino.

Page1 / 32

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

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online