21. Which of the following would be classified as economic obsolescence?
A. Poor architectural design
B. Termite damage
C. Deferred maintenance
D. Blighted neighborhood
Answer: D. Blighted neighborhood
22. Based on the Statute of Frauds which of following contracts would not be required to be
in writing:
A. An option to purchase real estate
B. An agreement by its terms that is not to be performed within one year
C. A general partnership agreement
D. A land contract of sale
Answer: C. A general partnership agreement
23. The trustor under a deed of trust is the:
A. Borrower
B. Lender
C. Party that holds the naked legal title
D. One who issues the reconveyance
Answer: A. Borrower
24. The consent of the beneficiary should be obtained before the trustor enters into:
A. A boundary line change agreement
B. A sale of a portion of the secured property
C. A restrictive agreement
D. Any of the preceding
Answer: B. A sale of a portion of the secured property25. The court action taken by a landlord to evict a tenant for non-payment of rent is known
as:
A. Prescription
B. Condemnation
C. Bankruptcy
D. Unlawful detainer
Answer: D. Unlawful detainer
26. A lease for a fixed period of time at a set rate of rent is known as a:
A. Sandwich lease
B. Flat, fixed or straight lease
C. Net lease
D. Graduated lease
Answer: B. Flat, fixed or straight lease
27. A reconveyance deed would be used in connection with a:
A. Mortgage
B. Contract of sale
C. Trustee’s deed
D. Trust deed
Answer: D. Trust deed
28. When considering the risks involved in granting a loan on real property, the lender will
consider:
A. Borrower’s credit rating
B. Value of the property
C. Scarcity or availability of money
D. All of the preceding
Answer: D. All of the preceding29. The right of an owner of land whose property borders on a river, to take and use a
reasonable amount of the water is known as:
A. Appropriation rights
B. Riparian rights
C. Acquistion rights
D. Surface rights
Answer: B. Riparian rights
30. Real Property consists of:
A. Land
B. All that is aOixed to it
C. That which is appurtenant it
D. All of the above
Answer: D. All of the above