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Homework answers / question archive / Acropolis School of Real Estate     Final Exam   Which of the following is NOT an improvement to land? Sewers

Acropolis School of Real Estate     Final Exam   Which of the following is NOT an improvement to land? Sewers

Real Estate

Acropolis School of Real Estate



Final Exam


  1. Which of the following is NOT an improvement to land?
  1. Sewers.
  2. Roads.
  3. Buildings.
  4. Crops.


  1.  To the seller’s agent, the buyer is properly described as a:
  1. Client.
  2. Customer.
  3. Principal.
  4. Fiduciary.


  1. Which appraisal approach computes the value of the land separately from the building?
  1. Cost.
  2. Income Capitalization.
  3. Market Date.
  4. Market Analysis.


  1. A person who has absolute control of a parcel of real estate is said to own a:
  1. Leasehold estate.
  2. Fee determinable.
  3. Life estate.
  4. Fee simple.


  1. Hannibal Barca lets his neighbor, Abraham Lincoln, store his camper in his yard for a few weeks, he does NOT charge him rent.  He has giving Lincoln:
  1. An Easement.
  2. An encroachment.
  3. An estate in land.
  4. A license.


  1. A house was listed for $84,900.  The seller received $71,424. after the broker deducted her 7% commission.  What was the selling price of the house?
  1. $73,566.00
  2. $76,424.00
  3. $76,800.00
  4. $78,957.00


  1. A legal description that defines the boundary lines is called:
  1. Geodetic survey.
  2. Metes and bounds.
  3. A rectangular survey.
  4. A recorded plat.


  1. Which of the following is considered dual agency?
  1. A broker acting for both buyer and seller.
  2. Broker cooperating in multiple listing service.
  3. Broker listing and selling to the same person.
  4. Salesperson listing two houses on the same street.


  1. Which of the following is a lien that does NOT need to be recorded?
  1. Money judgment.
  2. Real estate taxes.
  3. Voluntary lien.
  4. Trust deed.


   10)  The term depreciation refers to:

  1. The value of the real estate after the expiration of its useful life.
  2. A loss of value due to any cause.
  3. Cost incurred to modernize a building.
  4. Capitalized value of rental losses.


11)  Whether a salesperson is associated with a broker as an employee

          or as an independent contractor is important:

  1. For income purposes.
  2. When applying for a license.
  3. When listing property, because an independent contractor may list                     in his or her own name.
  4. When establishing the escrow account.


12)  A township contains:

  1. 6 square miles.
  2. 36 sections.
  3. 18 sections.
  4. 640 acres.


13)  A merchant signs a lease for $800.00 a month or 6% of the gross sales,                                 

          whichever is more.  In July gross sales were $14,000.00                                 

          How much is the rent for July?

  1. $480.00
  2. $800.00
  3. $840.00
  4. $2,800.00


14)  Michael Jackson gave the hospital a lot for “as long as is used for hospital

         purposes”.  The hospital owns a:

  1. Fee determinable.
  2. Remainder interest.
  3. Homestead.
  4. Leasehold estate.


15)  Buyer Ken Norton moves in and pays expenses and loan payments, but the

         seller retains title in a:

  1. Lease option.
  2. Purchase money sale.
  3. Land contract.
  4. Sale and leaseback.


16)  A tenant’s written one year lease expires on May 1.  To obtain possession on

         May 1, the landlord must give the tenant:

  1. Notice by April 30th.
  2. 60 days notice.
  3. One month’s notice.
  4. No notice.


17)  Buyer Eva Brown offers $26,280.00 for a 20% interest in a building. 

         What is the total value of the building?

  1. $131,400.00
  2. $209,600.00
  3. $262,800.00
  4. $525,600.00


18)  The Clintons own property that the city wants to use to extend the airport

         runway.  The Clintons refuse to sell.  The City may acquire this property by

         its right of:

  1. Eminent Domain.
  2. Easement.
  3. Accession.
  4. Recapture.


19)  Vladimir Putin sold his listed home himself and didn’t owe anyone a

         commission.  The listing he signed was probably:

  1. A multiple listing.
  2. A net listing.
  3. An exclusive right to sell.
  4. An exclusive agency.


20)  Federal income tax regulations allow a homeowner to reduce taxable income

         by amounts paid:

  1. Interest and property taxes.
  2. Repairs and maintenance.
  3. Insurance premiums.
  4. All of the above.


21)  A grantor becomes a lessee, and the grantee becomes the lessor, in a:

  1. Land contract.
  2. Lease option.
  3. Sale and leaseback.
  4. Wraparound mortgage.


22)  Chris Christie has defaulted in payment of several debts, and a court has

         ordered his property sold to satisfy them.  Which of the following would be

         considered the prior lien:

  1. The outstanding mortgage dated and recorded one year ago.
  2. Current real estate taxes.
  3. A mechanic’s lien for work that was started two months before the mortgage

was recorded.

  1. A court judgment rendered and recorded last month.


23)  A vacant lot has an assessed value of $55,250.00.  If the assessment is 85% of

         the market value, what is the market value?

  1. $46,962.50
  2. $62,500.00
  3. $64,537.50
  4. $65,000.00


24)  Fannie Mae:

  1. Buys FHA loans.
  2. Insures FHA loans.
  3. Makes FHA loans.
  4. Reviews FHA loans


25)  Which of the following does NOT acquire title to real estate?

  1. Vendee.
  2. Devisee.
  3. Grantee.
  4. Lessee.


26)  As agent for the seller, a real estate broker may:

  1. Promise that the seller will accept any offer that meets the terms of

the  listing contract.

  1. Solicit the buyer for an offer to purchase.
  2. Sign an acceptance to a bona fide purse offer.
  3. Refuse to forward a ridiculously low offer.


27)  The feral law known as RESPA:

  1. Requires a lender to estimate a borrower’s approximate loan closing cost on a residential mortgage.
  2. Forbids use of the term annual percentage rate.
  3. Prevents a broker from saying:  “FHA financing available” in a classified ad.
  4. Requires all mortgage loan applications to be made on standard

government forms.


28)  The amount of money that would be paid by a buyer to a seller both well

          informed and neither under duress, is real property’s:

  1. Exchange Value.
  2. Market Value.
  3. Appraised Value.
  4. Salvage Value.


29)  Property is listed for $160,000.00 and sells for $150,000.00 in a town that

         reassesses at sales price on transfer.  The Tax rate is $1.93 per $100.00

         How much is the tax bill?

  1. $289.00
  2. $308.80
  3. $2,895.00
  4. $3,088.00


30)  A real estate broker who received a commission for the sale of a home in a

         transaction in which neither the buyer or the seller was a principal acted as a:

  1. Transaction Broker.
  2. Seller’s Agent.
  3. Buyer’s Broker.
  4. Dual Agent.


31)  Which of the following is NOT essential to an enforceable real estate

         sales contract:

  1. Earnest Money Deposit.
  2. Writing.
  3. Offer and Acceptance.
  4. Consideration.


32)  Professor Henry Kissinger listed his home with Broker Joe Biden at

         $143,000.00 promising a 7% commission.  Broker Biden produced buyer

         Benito Mussolini, who made a written offer of $137,000.00.  Within a week,

         Kissinger had signed an agreement of sale with Mussolini for $140,000.00.

         Biden is entitled to:

  1. $9,590.00
  2. $9,800.00
  3. $10,010.00
  4. No commission


33)  A married couple who meet the ownership and occupancy requirements may

         sell a principal residence with no federal capital gains tax on profit of up to:

  1. $125,000.00
  2. $250,000.00
  3. $500,000.00
  4. Any amount.


34)  The amount of commission due a salesperson is determined by:

  1. Agreement between broker and seller.
  2. Agreement between broker and salesperson.
  3. The local association of REALTORS.
  4. State law.


35)  The practice of refusing to lend mortgage money in certain neighborhoods

          is called:

  1. Blockbusting.
  2. Redlining.
  3. Bird dogging.
  4. Steering.


36)  In a real estate sale, transfer tax fees are usually paid by:

  1. Seller.
  2. State.
  3. Buyer.
  4. Broker.


37)  Which of the following should you accept as evidence or proof of an

         estate in land?

  1. Quitclaim deed.
  2. Title insurance policy.
  3. Warranty deed.
  4. Affidavit.


38)  An appraiser would NOT generally use which of these items to determine the

         replacement cost of a building?

  1. Square Footage.
  2. Unit in Place.
  3. Original Cost.
  4. Quantity Survey.


39)  A void contract is one that is:

  1. Not in writing.
  2. Rescindable by agreement.
  3. Missing essential element.
  4. Executory.


40)  Franco Nero rents an apartment under a two-year written lease.  After one

         year, the building is sold.  Which statement is true?

  1. The sale has no effect on Franco’s tenancy.
  2. Franco must negotiate with the new owner.
  3. Franco must leave after 60 days’ notice to the owner.
  4. The new owner is free to increase the rent immediately.


41)  Title to real property is passed when a valid deed is:

  1. Escrowed.
  2. Signed.
  3. Delivered.
  4. Witnessed.


42)  A REALTOR is:

  1. Any active broker.
  2. An attorney-in-fact.
  3. Any licensed agent.
  4. A member of a trade association.


43)  Giorgio Broker received two offers at once, one through Sale salesperson of his

         office and one from Charlie competitor.  Giorgio should:

  1. Submit Sally’s offer first because he is the lister.
  2. Submit both offers at the same time.
  3. Submit Charlie’s first as a matter of courtesy.
  4. Reject both offers and tell them to try for a higher price.


44)  The act by which all parties agree to the terms of a contract is known as:

  1. Legality of object.
  2. Consideration.
  3. Meeting of the minds.
  4. Informed consent.


45)  A refusal to rent to a couple because they are unmarried violates:

  1. No law.
  2. New Jersey law.
  3. The Civil Rights Act of 1866.
  4. The Fair Housing Act of 1968.


46)  Exemption from a portion of property taxes is available to:

  1. Qualified veterans.
  2. Qualified senior citizens.
  3. Qualified nonprofit organizations.
  4. All of the above.


47)  Those who are entitled to inspect all documents recorded in the

         county clerk’s office include:

  1. Bank employees.
  2. Private individuals.
  3. Tax assessors.
  4. All of the above.


48)  Seller lists a home for $90,000. And listing broker tells a prospective buyer to

         submit a low offer because the seller is desperate.  Buyer offers $88,000 and

         seller accepts.  In this instance:

  1. The broker violated the agency relationship.
  2. The broker did NOT act improperly because no one was hurt.
  3. The action was proper because it obtained a quick offer.
  4. The broker was properly looking out for the buyer’s interest.


49)  When real property is sold at a foreclosure sale and not enough money is

         realized to pay the mortgage, the lender may:

  1. Seek a deficiency judgment.
  2. Foreclose on other real estate owned in the county.
  3. File a garnishment of the borrower’s wages.
  4. Ask a court to seize the borrower’s bank accounts.


50)  Which of the following represents economic obsolescence?

  1. Rusted boiler.
  2. Poor floors plans.
  3. Outmoded plumbing.
  4. Car lot next door.


51)  The law that requires most real estate contracts to be in writing is known

         as the statute of:

  1. Descent.
  2. Estoppel.
  3. Frauds.
  4. Limitations.


52)  Julius Cesar is a licensed salesperson who completed a difficult transaction.

         Julius may accept a bonus from:

  1. The grateful seller.
  2. The buyer.
  3. His own broker.
  4. Any of the above.


53)  VA and FHA mortgages are notable for their:

  1. Subsidized payments.
  2. Prepayment penalties.
  3. Adjustable rates.
  4. Low down payments.


54)  From which of the following does one obtain an FHA loan:

  1. Federal Housing Authority.
  2. Federal Home Loan Board.
  3. Local FHA lender.
  4. Farmers Home Agency.


55)  A broker may not act for both buyer and seller without:

  1. Notifying both of this fact after the sale is closed.
  2. Having both sign a sales contract.
  3. Having exclusive agreement signed by each.
  4. Obtaining prior written consent of both parties.


56)  A building sold for $949,000.  The total commission was $56,940.

         What was the rate of the commission?

  1. 5%
  2. 6%
  3. 6.5%
  4. None of the above.


57)  In the purchase of real estate the buyer is held responsible for facts and

         information obtainable through actual notice and also through:

  1. Caveat Emptor.
  2. Incorporeal Interest.
  3. Eminent Domain.
  4. Constructive Notice.


58)  The power of Eminent Domain is exercised through a court proceeding

         known as:

  1. Specific Performance.
  2. Condemnation.
  3. Escheat.
  4. Adverse Possession.


59)  Private restrictions on land use may be created by:

  1. Zoning Regulations.
  2. Building Codes.
  3. Deed.
  4. Any of the above.


60)  A home seller may avoid federal capital gains tax on profit from the sale

         of a principal residence only if:

  1. The property has been owned and occupied as a principal residence                        for two of the preceding five years.
  2. Either the seller or seller’s spouse is over the age of 55.
  3. A replacement residence of equal value is purchased within two years              of the sale.
  4. Fixed-up expenses were paid within 90 days of the sale.


61)  The use of subtle means to induce buyers to settle in neighborhoods the broker

         thinks appropriate is know as:

  1. Blockbusting.
  2. Redlining.
  3. Birddogging.
  4. Steering.


62)  Real Estate brokers may protect themselves in case of professional lawsuit

         through a special type of insurance known as:

  1. Malpractice.
  2. Errors and Omissions.
  3. Inland Marine.
  4. Floaters.


63)  The amount of commission due on sale is determined by:

  1. State Law.
  2. Local Custom.
  3. Court Decisions.
  4. Agreement between Broker and Client.


64)  No exceptions are permitted by federal law when the discrimination

          is based on:

  1. Race.
  2. Marital Status.
  3. Sex.
  4. Disability.


65)  Regulation Z would require full disclosure of all financing terms if                

         an advertisement mentioned:

  1. “Payment:  $463.00
  2. “Terms Negotiable”.
  3. “$80,000. Mortgage available”.
  4. “Owner will finance”.


66)  A purchaser in a cooperative usually receives:

  1. Title to the land on which the unit stands.
  2. A proprietary lease to one living unit.
  3. Ownership and use for a certain portion of each year.
  4. A Life Estate.


67)  A Comparative Market Analysis:

  1. Helps an investor determine feasibility of a proposal.
  2. Is intended for use as evidence in a court proceeding.
  3. Is often used in condemnations.
  4. Helps a seller establish the right listing price.


68)  The amount of earnest money deposit is determined by:

  1. State Law.
  2. The Broker.
  3. Agreement of the parties.
  4. The local association of REALTORS.


69)  Which of the following represents functional obsolescence:

  1. Used-car lot next door.
  2. Outmode plumbing.
  3. Change in Zoning.
  4. Leaky roof.


70)  Robert E. Lee purchased a duplex from Julius Cesar for $100,000. paying

         $37,500. Down and financing the balance.  About two years later he sold

         the property for $115,000.  Mr. Lee has realized:

  1. Plottage.
  2. Capital Gain.
  3. Escalation.
  4. Highest and Best Use.


71)  When real estate is operated by a general partner who is fully liable for

         operating loses and is owned jointly with several passive partners who are

         liable only to the extent of their investment.  This type of ownership is called a:

  1. Joint Tenancy.
  2. Real Estate Investment Trust.
  3. General Partnership.
  4. Limited Partnership.


72)  Every deed in the subdivision has a restriction forbidding toolsheds or

        doghouses.  Mr. Ratzinger and his son, Mancow, erect both in their backyard. 

        Their neighbors may:

  1. Do nothing because they have no authority.
  2. Go to court and obtain injunctive relief.
  3. Call the local police.
  4. Borrow their tools and their dog.


73)  Estimating market value by considering sales of similar properties is used in

         which appraisal approach?:

  1. Cost.
  2. Income.
  3. Market Data.
  4. Capitalization.

74)  In a new subdivision, streets, sidewalks and curbs are usually provided by the:

  1. Municipality.
  2. County.
  3. Property Owners.
  4. Developers.


75)  Jennifer Flowers holds a proprietary lease on her apartment and directs that

         shares of stock in the corporation that owns the building be registered in the

         name of Jennifer Flowers:

  1. Condominium.
  2. Real Estate Investment Trust.
  3. Cooperative.
  4. Syndicated Venture.


76)  Which of the following represents a voluntary lien?

  1. Mortgage.
  2. Special Assessment.
  3. Estate Tax.
  4. Ad Valorem Tax.


77)  The term condominium refers to a(n):

  1. Apartment.
  2. Type of ownership.
  3. Type of building.
  4. PUD.


78)  Radon is:

  1. A foul-smelling gas.
  2. A colorless, odorless gas.
  3. A hazardous mineral.
  4. Found only in the Reading Prong.


79)  A Perc Test:

  1. Determines de suitability of soil for installing a septic system.
  2. Is only necessary if a house will be hooked up to a sewer system.
  3. Determines how much coffee a restaurant is allowed to brew.
  4. Should never be conducted before you buy vacant land.


80)  The current value of a piece of property is $350,000, and assessed value is 40%

         of its current Rent Value.  The Tax Rate is $4 for $100.  What is the amount of

         the Tax?:

  1. $1,400.
  2. $1,470.
  3. $3,333.
  4. $5,600.


81)  In New Jersey, a lease for four years:

  1. May be recorded.
  2. Is Valid.
  3. Is not Legal.
  4. Involves an option.


82)  A broker’s license is suspended by the Real Estate Commission. 

         His salespeople must immediately:

  1. Find a new broker to associate with.
  2. Carry on the business until he regains his license.
  3. Stop listing and selling.
  4. Obtain broker’s licenses.


83)  Although federal law does not mention it, New Jersey law forbids

         discrimination on the grounds of:

  1. Political Affiliation.
  2. Prison Record.
  3. Sexual Orientation.
  4. Race.


84)  The Real Estate Commission prohibits:

  1. Listing a home phone number on business cards.
  2. Vague “vicinity” advertisements.
  3. Real Estate advertisements on cable television.
  4. Puffery ads with words like “superb” or “terrific”.


85)  Jefferson bought acreage in a distant country, never went to see it, and did not

         use it.  Impson moved his mobile home onto the land, had a well drilled, and

        live there for the past 22 years.  A court might find Impson has become the

        owner of the land through:

  1. Adverse Possession.
  2. Statute of Frauds.
  3. Prescription.
  4. Accretion.


86)  The term Commingling refers to:

  1. Mixing the broker’s funds with escrow deposits.
  2. Soliciting the services of another broker’s salespersons.
  3. Falling to deliver copies to contracts.
  4. Promoting business at social gatherings.


87)  A real estate broker must keep all documents relating to real estate

         transactions for how long?

  1. Two Years.
  2. Four Years.
  3. Six Years.
  4. Indefinitely.


88)  A duty licensed salesperson may accept a bonus from:

  1. A grateful seller.
  2. A grateful buyer.
  3. Another Salesperson.
  4. None of the above.


89)  The New Jersey Real Estate Commission:

  1. Is funded from the general treasury.
  2. Is under the Department of Banking and Insurance.
  3. Sets commissions rates.
  4. Controls the truth in Rental Law.


90)  The multiple Dwelling Reporting Rule is required by the:

  1. New Jersey Real Estate Commission.
  2. Public Advocate.
  3. Attorney General of New Jersey.
  4. Department of Consumer Affairs.


91)  A New Jersey real estate licensee may NOT:

  1. Sell Vacant Land.
  2. Sell Mobile Homes.
  3. Negotiate Rental Contracts.
  4. Draw up a Sales Contract for an Eight-unit Apartment complex.


92)  If the Real Estate Commission wants to inspect a broker’s office.

         How much notice must be given?

  1. 30 days.
  2. 10 days.
  3. 24 hours.
  4. None.


93)  The New Jersey Real Estate Commission includes:

  1. Three Members at Large.
  2. At least two lawyers.
  3. At least one minority member.
  4. Eight Members.


94)  Which of the following words must be conspicuously displayed by brokers?

  1. Licensed Real Estate Broker.
  3. Licensed REALTOR.
  4. Licensed Real Estate Agent.



95)  The Real Estate Broker who also holds an insurance license is NOT allowed to:

  1. Sell insurance and real estate to the same person.
  2. Operate the insurance business from a real estate office.
  3. Include Insurance Placement in the Real Estate Contract.
  4. Discuss insurance with the seller who lists property.


96)  A Salesperson sold a house.  When her broker received the commission check,

         he asked her to wait for her share until the check had cleared the bank.

         The broker must pay her the agreed-on split within:

  1. Three Days.
  2. One Week.
  3. Ten Days.
  4. One Month.


97)  A Salesperson left a real estate firm to work at a bank.  The broker must

         account for all commissions due the former Salesperson within:

  1. 3 Days.
  2. 1 Week.
  3. 10 Days.
  4. 30 Days.


98)  The Real Estate Guaranty Funds:

  1. Pays commissions due if the broker’s client fails to pay them.
  2. Is administered by the Salesperson’s sponsoring broker.
  3. Receives funding from license applicants
  4. Sets minimum wages for licenses.


99)  The Real Estate commission does NOT allow brokers to cooperate on:

  1. Multiple Listing.
  2. Price Fixing.
  3. Referral Fees.
  4. Fee Splitting.


100)  Broker John Bloomfield dies.  A temporary broker’s license to carry on the

           work of the office may be granted to:

  1. Mrs. Bloomfield.
  2. The Bloomfield’s attorney.
  3. A salesperson who could qualify to be a broker.
  4. A salesperson with one year of experience.


101)  In New Jersey, landlord Smith places tenants’ security deposits in an

            interest-bearing bank account.  He must give his tenants:

  1. All the interest earned.
  2. Half the interest earned.
  3. All but 1% of the interest earned.
  4. None of the interest earned.

102)  Someone whose license is suspended may receive a fine for a first offense

            of not more than:

  1. $500.
  2. $5,000.
  3. $1,500.
  4. $2,000.


103)  The New Jersey Real Estate Commission was established to:

  1. Raise money for the public treasury.
  2. Settle disputes between real estate agents.
  3. Ensure equitable payment of broker’s commissions.
  4. Protect the interest of the public.


104)  An applicant for a broker’s license who claims full-time experience in

           real estate should be able to show at LEAST how many transactions

           per category a year?

  1. 6.
  2. 10.
  3. 12.
  4. Not specified.


105)  Who of the following is required to take the 75-hour course before applying

            for a real estate license?

  1. Attorney.
  2. College graduate with a real estate major.
  3. Licensed Insurance broker.
  4. Broker from another state.


106)  Any advertisement placed by a salesperson must also include the:

  1. Salesperson’s home telephone number.
  2. Name of the brokerage firm.
  3. Exact listing price of the property.
  4. Exact term “fee appraisal” if one is being offered.


107)  Any later change in assigned contract must be:

  1. Made only by an attorney.
  2. Retyped and distributed to all the parties.
  3. Initialed by all the parties.
  4. Renegotiated with a new contract by novation.


108)  Salesperson David Stuart has his license revoked because he lied

           on his license application.  His broker, Howard Barney, also loses his license:

  1. Automatically.
  2. If he knew at the time what Stuart was doing.
  3. If Barney has any previous offense on his record.
  4. If Stuart broke any rules while associated with Barney.

109)  Real Estate licenses must be renewed:

  1. Every July 1.
  2. Only after completion of continuing education.
  3. On or before the licensee’s birthday.
  4. Every five years.


110)  A fully qualified broker who chooses to remain in the role of a salesperson

           under another broker’s supervision is known as a(n):

  1. Licensed Salesperson.
  2. Broker-Salesperson.
  4. Adjunct Broker.









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