Real Estate Fundamentals Exam

The phrase "bundle of rights" is properly included in

Land is considered

An owner leased store space to a tenant to open a restaurant.  The tenant as installed ovens, booths, counters and other equipment.  When would these items become real property?

A bill of sale is used to transfer ownership of

Which is considered an indefeasable fee?

In PA, mine subsidence refers to

The owner of 50 acres of land with 500 feet of frontage on a desirable lake wishes to subdivide the parcel into salable lots.  She wants to gain control over the lake frontage over the lake fronatge while allowing lot owners to have access to the lake.  What type of access rights should sje give propective lot purchasers?

A man conveys pwnership of his house to his mother and stipulates that upon her death, he will recapture ownership.  The interest that the man has in the property is

Two partners bought a store building, take titile as joint tenants.  One partner dies testate.  The other partner now owns the store

A person who owns one unit in a multiunit structure together with a specifies undivided interest in the common elements own a

Two people own a building as joint tenants with rights of suvivorship.  One of the owners dies intestate.  The other now owns the building

WHich is a characteristic of a metes-and-bounds legal description

The



The following is not considered accepatble as legal identification of land

The General warrenty deed provides the greatest protection from the seller to the purchashers of a property

A mechanic's lien is properly classifed as a

After a borrowers defaults on morgage paymets, a court orders real estate sold to satisfy the unpaod lien.  This is an example of

A title search revealed several outstanding liends against a property.  Which has the highest priority?

In general, how is lien prirotiy determined?

Under the terms of a trust established by a will, the trustee is required to sell the realestate the trust holds.  The dee that will be delivered at settlement of such sale is a

The seller conveyed a quitclaim deed to the buyer.  Upon receipt of the deed, the buyer may be sertain that

A single person owned a parcel of land.  Subequent to the owner's death, the probate court determined the distribution of the land in accordance with the state's statutes.  Ther person died

A grantor does not wish to be responsible for defects in the title that arise from a previous owners but will guarantee the title for the time the grantor had ownership.  What type of deed would that convey?

Title Insurance Policy is acceptable evidence of marketable titiel

Generally, if some defect in the title to real property is found by the preliminary titile search, the effect on a sales contract is that

A deed that has covenants of quiet enjoyment and futher assurances is a

The fee charged by a mortagebroker to arrange a loan is a

The clause in a trust deed or mrtage permits the lender to declare the entire unpaid balance immediately due and payable upon default is the

A propery dold for $230,000.  The buyer put down 10 percent of the purchase price in an escrow accounts and promised to bing another in cash to the closing.  The buyer obtained an 80% loan to value LTV, loan for balance of the purchase price.  The lender charged two  discount points on the loan.  Including the earnerst money deposit, how much cash did the buyer need to cover the expenses of the down payment and the discount points.

The absence of an agreement to the contrary, the mortgage having priority will be the one

What type of mortgate loan requires equal payment for 30 years, at which both time the princlipal and the interst will be fully satisfied

A lender is concerned that interst rates will rise in the furture.  What clause can the lender include in the note to prevent the locan from being assumed with the current low interest?

The sellers decided that they did not wish to sell after they entered into a contract with buyers, who really want this particular home.  What option is avaialble to the buyers?

Who may file a lien against real property for payment services rendered?

When a subdivision ws developed, a deed restriction covering all the properties set aside to the back six feet of each parcel of a combnation green belt area and a bicycle path.  A property owner has converted the back one half of his yard, including the set aside space, into an organic garden.  What, if anything, can be done to enforce the deed restriction?

What is the official value of real estate used for tax purposes?

A tire company has a manufacturing plant located in the area that has just been rezpned for residential use.  The company is allowed to continue operating the plant under the zoing clssification.  However, if the plant is destroyed by fire or other hazzard, the tire company most likely--

Under the existing ordinance, no signs that extend more than three feet above the highest point of a room, may be placed on any building.  An owner wants to errect a nine-foot-high revolving sign on the roof of his store.  In order to do this legally, the owner must get

A method of ealing off disintegrating asbestos is called

In regulations regarding lead-based paint, the Department of Housing and Urban Development (HUD) requires that

THe condemnation of private property for public use is allowed under the state's right of

The Real Estate Commision conducts it's activities to

The Commission has the authority

The commission has the authority to take disciplinary action against

What action can the Commission take if a salwsperson advertises a properyt for sale without the owner's permission?

How many years of active licensure, if any, are required to a salesperson licensee to qualify for a broker's license?

A broker is responsible for which activity?

To be eligable for a salesperson's license, an indivudualy must do all of the following, except

If a residentail tenant rents a property from a landlord for three years, the maximum amount of security deposit the landlord may require from the tenant in the thrid year is

A salesperson's license must be

A broker can be subject to disciplinary action of a salesperson is found guilty of misconduct

When a property is advertised for sale by a salesperson, what information must be included in the ad?

Who must first obtain a real estate license before conduction real estate activities

A broker's license will expire at the end of May.  The following is due as of June 1?

To obtain a salesperson's license, a person must

The purpose of the recovery fund is to enable