241. FHA has established certain MPR’s that apply to loans that they insure. MPR is an abbreviation for:

A. Market Price Ratings

B. Minimum Property Requirements

C. Minimum Profitability Ratios

D. Mortgage Progression Times

Answer: B. Minimum Property Requirements

242. Under a construction loan, the final payment to the borrower is generally released when the:

A. Lien period has expired

B. Owner has accepted the property

C. Notice of Completion has been filed

D. Work has been completed

Answer: A. Lien period has expired

243. Recording a deed:

A. Conveys title

B. Gives actual notice

C. Presumes delivery of the deed

D. Guarantees possession

Answer: C. Presumes delivery of the deed

244. An executor of an estate is:

A. Appointed by the probate court

B. Named in the decedent’s will

C. Selected by the devisee

D. Appointed by the decedent’s attorney

Answer: B. Named in the decedent’s will

245. When a broker advertises a listed property for sale, the broker may not legally use an ad:

A. Which does not give the price of the property

B. Without stating the kind of financing that is available

C. Which fails to state the street address of the property

D. That gives the impression that the broker is the owner of the property

Answer: D. That gives the impression that the broker is the owner of the property

246. A client hirs a broker to buy a parcel of land for a specified sum on his behalf. The broker however purchases it for himself at a lower price and then sells it to his client at a higher price without revealing his costs. This is an example of:

A. Secret profit

B. Divided agency

C. Smart dealing

D. False promise

Answer: A. Secret profit

• An appraiser intends that the estimate of value as disclosed in his or her appraisal report on a property be valid:

A. As of the date of the appraisal only 

B. For a period of three months after the appraisal date 

C. For a period of six months after the appraisal date 

D. For a period of one year after the appraisal date

Answer: A

247. Which of the following is not a reason why agency relationship disclosure is required in a real estate transaction?

A. Required by statute

B. Ethics and professional responsibility

C. Imputed notice

D. Clarify responsibility

Answer: C. Imputed notice

248. Which state agency is empowered to prevent acts of discrimination in housing?

A. Real Estate Commission

B. Labor Commission

C. Department of Fair Employment and Housing

D. Division of Housing

Answer: C. Department of Fair Employment and Housing

249. The person who most likely would make use of the legal remedy known as “Unlawful Detainer” would be a:

A. Trustor

B. Holder of a note in default

C. Lessor

D. Grantor

Answer: C. Lessor

250. An estate in which a tenant who rightfully came into possession retains possession after the expiration of the term without the consent of the landlord is:

A. A life estate

B. A periodic tenancy

C. An estate at sufferance

D. An estate at will

Answer: C. An estate at sufferance