151. A lease based on the gross sales of a business is a:

A. Gross lease

B. Net lease

C. Sandwich lease

D. Percentage lease

Answer: D. Percentage lease

152. When a lease requires the tenant to pay certain expenses of the property in addition to the rent, the lease is called:

A. A gross lease

B. A percentage lease

C. An assignment of a lease

D. A net lease

Answer: D. A net lease

153. In which of the following contracts does one of the parties agree not to revoke an offer for a certain period of time?

A. An exchange listing

B. An option

C. A ratification

D. An exclusive right to sell listing

Answer: B. An option

154. All of the following fall within HUD’s definition of a “family” except:

A. A Single Person

B. Two Friends who live together

C. Two people living together as domestic partners

D. A couple of related people living together

Answer: B. Two Friends who live together

155. A lender usually uses an impound account for:

A. Interest rates

B. Escrow

C. Reserves

D. None of the above

Answer: C. Reserves

156. Legally and technically, property is defined as:

A. Freehold estates

B. Things which buyers and sellers own

C. Rights or interests which a person has in the thing owned

D. Only personal property

Answer: C. Rights or interests which a person has in the thing owned

157. An easement could be created for which of the following?

A. Perpetuity

B. The lifetime of a person

C. A term of years

D. Any of the above

Answer: D. Any of the above

158. The land that is benefited by an easement is called the:

A. Defeasible fee

B. Subjective property

C. Dominant tenement

D. Servient tenement

Answer: C. Dominant tenement

159. A change in a zoning ordinance could be initiated by:

A. A subdivider/developer

B. A local government agency

C. The owner of a property

D. Any of the above

Answer: D. Any of the above

160. The right or power to sell a property in the event of a default under the terms of the trust deed is given by the:

A. Trustee to the trustor

B. Buyer to the beneficiary

C. Buyer to the seller

D. Trustor to the trustee

Answer: D. Trustor to the trustee