1. The Flynns have lost their jobs, fallen behind on mortgage payments, and are about to lose their home to foreclosure proceedings, which have already started. At the last minute, Bob Flynn's father agrees to give them all the money they owe plus legal costs. The Flynns can stop the foreclosure using their

2. In order to find out if fair housing laws are being followed, real estate offices are sometimes visited by

3. The Real Estate Settlement Procedures Act (RESPA) applies to

4. The amount of commission a salesperson receives is set by

5. Brokers are responsible by law or regulation for the actions of subagents. Clients are liable for errors made by brokers or subagents by

6. In May, the Kleins signed their acceptance of an offer to sell their house to the Grosses. In July, the Grosses paid the purchase price and received a deed to the house and the keys. After July their contract was considered

7. If the lease states that the landlord will provide heat, the tenant whose apartment is freezing may break the lease claiming

8. An owner of property conveys interest in that property to a private school with the stipulation that the land can only be used as a playground. Several years later, the school trustees announce that the school is going to expand by building an addition onto this property. The previous owner can do any of the following EXCEPT

9. A rectangular tract of land measures 860 feet by 560 feet. Approximately how many acres is this?

10. The definition of land includes all of the following EXCEPT

11. A legal description that includes phrases such as ''starting at the intersection of Smith and Baird roads and proceeding westerly 150 feet to a stream is referred to as"

12. The gross rent multiplier system is often used to test the result of

13. The difference between the value of a property and the sum of the liens against it is called

14. An owner is planning to build on newly purchased property. Zoning laws state that no improvement may exceed 50 feet in height, a restrictive covenant limits improvements to 45 feet in height, and the deed restriction states the maximum height to be 30 feet. What is the tallest building the owner can legally construct?

15. Office space is usually rented by the

16. Sue Addison owns an apartment building that was constructed in 1965. According to federal law, which of the following must be attached to the leases Sue prepares for prospective tenants?

17. The remaining balance on Shari Larson's mortgage is $185,500. The interest rate is 8.5% and the monthly payment is $1,426.50. About how much of her monthly payment will be applied to principal?

18. The buyer broker contract states that the agent is to locate a specific property in a particular area for the client to purchase. The contract specifies price, location, amenities, and terms. The agent locates an acceptable property and, on behalf of the client, obtains a ratified offer to purchase. All of the following are true at this point in the transaction EXCEPT that the agent

19. The federal government requires a leaflet about possible lead paint contamination to be given to any potential purchaser or tenant of a residence built before

20. When property is appraised as part of the loan application process, a copy of the appraisal

21. In an agency relationship, the client is also known as the

22. After paying a 7% commission to his broker, a seller receives $103,000 from the sale of his house. How much did the house sell for?

23. Which of the following would best be handled by a property manager of commercial property?

24. Zoning ordinances typically regulate the

25. Simon Hersch, a salesperson associated with broker Bob King, lists a house for sale for $120,000, with 6% commission due at closing. Three weeks later the owner accepts an offer for $115,000, brought in by Simon. Bob's practice is that 45% of commissions go to the office and the rest to the salesperson. How much will Simon make on the sale?