1. The definition of _ value is the highest value that a property will
bring in a competitive open market.
2. Highest and best use of a property is that which preserves its utility and yields a
and best use
1. The lessor is the landlord; the lessee is the _.
2. The four types of leases are: Leasehold estates, estate at will, periodic will, estate for years
sale of the property
3. Death of the landlord or _does not terminat
1. In order for a document to be recorded at the registry of deeds, it must be
acknowledged or notarized
_ by a public official who certifies the signing
of the document.
his interest first
2. Under a Race statute, the buyer w
1. RESPA requires that at the closing the buyer receives a
Mortgage servicing disclosure
_ and a _statement.
2. HUD-1 settlement statements are used for closings on
One to four family residential estates
1. Real property is pledged to the lender as collateral for the payment of debt in a
process called _. The borrower retains
_ and enjoyment of the property.
2. In a fully amortized loan, each payment is
1. An express contract may be written or _. I order lunch at a
diner; there is an express contract that I will pay $6.95 for my meal when I am
2. An _ contract is created through the act
1. If the borrower defaults, the _ clause allows the lender to call
the entire balance due.
2. When the borrower voluntarily sells his property to someone else, according to the
_ or due-on-sale clause the borrower mus
1. As the buyer agent, your commission may be paid by the seller; the source of
compensation does not create _.
2. _ means that the potential buyer has met with a loan
originator. If all representations ma
less than what is owed
1. With a short sale, the lender agrees to accept _ on the
2. The purpose of a deed is to _.
3. A _ listing is illegal; it stipulates a net price to the owner and the
1. An appraisal is an estimate of _ prepared by a licensed
Broker price opinion
2. A _ is an estimate of a propertys value provided by a
licensee to a lender.
3. A CMA is a _ of what a property
1. Expressing an opinion about a property, such as, Its the nicest house in the
neighborhood, is an example of _.
2. A false statement of a material fact that someone relies on, to her detriment, is
1. The right to use the land of another but not to possess it is called
2. An easement that involves two parcels of land is called an
3. The land that benefits from an appurtenant easement is
1. The Civil Rights Act of 1866 gives to all citizens the same rights as enjoyed by white
citizens to inherit, purchase, lease, sell, hold and convey _.
2. Fair Housing laws regulate the sale or lease of _
1. Please give a definition of real estate.
Land and all appurtenances attached to the land.
2. Why do we say that a property owner owns real estate from the center of the
earth to the highest of heavens?
The owner owns all of
1. The first step towards avoiding relationship problems with buyers and sellers is to
clearly dne the relationship
2. An agent owes fiduciary duties to a _.
3. A licensee does not owe fiduciary duties to a _
1. The law that collected taxes on the chemical and petroleum industries to create a
fund to clean up hazardous waste sites is called _.
2. A fact that is so important that it would affect the decision of the person to w
1. Real estate owned by one person, one entity or one corporation is referred to as
being owned in _.
2. Tenants in Common share the unity of _.
3. Joint tenants share the four unities of _, _,
1. In the overwhelming majority of real estate agencies, what is the legal relationship of a
licensee to the agency?
2. Mark the circle to indicate whether each statement describes an employer/employee
1. The commission that provides information to the public regarding land use plans,
and anticipates and prepares for future growth, is called the
2. The document that serves as a guide for public and priv