1. Personal property that, by its attachment to real property, is regarded as real estate is called _____________.

2. Investing can best be defined as _____________.

3. The law in all states provides that contracts for the sale of real estate or an interest in real estate are unenforceable unless they are in writing and signed by the parties. What law is this?

4. An owner of a parcel of vacant land and a prospective buyer enter into a written contract. For a nonrefundable fee, the owner agrees to keep the prospective buyer's offer on a property open--for a mutually-acceptable period of time. If the prospective buyer decides to buy the vacant land, both parties have agreed to a purchase price. If the prospective buyer decides against purchasing the property, the owner will keep the nonrefundable fee received from the prospective buyer at the time the contract was signed. Which term most accurately describes the contractual agreement between these two parties?

5. _____________ is NOT part of the property manager's responsibilities.

6. Construction on a single-family residence in a new subdivision started on June 1, 1977. Construction was completed on January 1, 1978. The current owner, John Ying, acquired the property via first deed out from the developer. The property has not been remodeled or rebuilt since it was originally constructed. Ying is now selling the property, and is represented by a licensee. All of the following choices related to compliance with federal lead-based paint disclosure rules are incorrect, except:

7. Your neighbors use a portion of your property to reach their guest apartment, which is on their property. As far as you can recall, you never gave them permission to use your property, and you discuss with your attorney the possibility of preventing the neighbors from using your property. Your attorney explains that the ownership of the neighbors' real estate includes an easement appurtenant giving them the right to use that portion of your property. Your property is the _____________.

8. In the middle of one of the worst snowstorms in the last 20 years, the heat went out in Lessee's residential apartment unit. Lessee immediately called--and spoke to--Lessor to report the problem. Lessor promised to have the heater fixed, but was vague about when the repair would occur. Lessee followed up with multiple phone calls, texts, and emails. After several days without heat, Lessee abandoned the residential rental unit, and subsequently refused to pay rent for the remaining term of the lease. Lessor sued Lessee for the unpaid rent. Who will most likely win the lawsuit?

9. An appraiser is hired to appraise a single-family residence as part of a purchase transaction. The subject property has 4 bedrooms and 4 bathrooms. The appraiser needs comparables to complete the appraisal, and finds 3 recently-sold properties in the same subdivision. The first comparable has 4 bedrooms and 4 bathrooms. The second comparable has 4 bedrooms and 3 bathrooms. The third comparable has 3 bedrooms and 4 bathrooms. What is a correct statement regarding the market data approach?

10. Which of the following lists correctly describes the physical and economic characteristics of real estate?

11. A 50-year-old surgeon was the sole owner of a parcel of residential real estate. She wanted her eldest son to have this parcel after she died. The mother properly executed a legal deed, designating him as the grantee to the property. "I have put the deed in the top, left-hand drawer of my desk," she told her son. "After I have died, you will find the deed there, and the property will be yours and yours alone." Twenty years later, she passed away. The son found the executed deed in her desk drawer. This fact pattern shows:

12. What is the main purpose of police power?

13. A lender is required under the Truth-in-Lending Act (Regulation Z) to furnish an applicant for a real estate loan with a copy of a _____________. This document must be given to the borrower before the borrower can be obligated to repay the loan.

14. Which of the following is the difference between the value of a property and the total amount of liens against the property?

15. If a person has complete control over their property, and the ownership in the property is not defeasible, what interest does the person have in the property?

16. The owner of a large parcel of real estate legally divided it into two smaller parcels. Parcel North was directly to the north of Parcel South. The only road in the area bordered Parcel South. The owner intended to keep Parcel North, and wanted to prevent it from becoming landlocked. In the deed to the buyer of Parcel South, the owner reserved a non-exclusive easement for ingress and egress purposes over the westerly 8 feet of Parcel South. After both parcels were sold to two new owners, the new owner of Parcel South fenced in the entire parcel, making ingress and egress over the westerly 8 feet impossible for the new owner of Parcel North. In a lawsuit between the new owner of Parcel North and the new owner of Parcel South, who will most likely win?

17. What is the name of the lender in a three-party security instrument that hypothecates real estate?

18. A real estate brokerage firm specializes in property management. Which one of the following property management activities is illegal?

19. Robin rents a unit from owner Joaquin. Therefore _____________.

20. As it pertains to a real estate brokerage firm, a "company dollar" is:

21. There are four separate, recently-sold parcels of real estate on Main Street. Parcel 1 was owned by a Real Estate Investment Trust and was voluntarily conveyed to the City where the property is situated. Parcel 2 was owned by four unmarried brothers and was voluntarily conveyed to their father. Parcel 3 was owned by two corporations, until one corporation recently sold its ownership interest in the property to the other corporation. Parcel 4 was owned by Mr. and Mrs. Kim, but was recently sold to Amanda Lee, Trustee of the Lee Family Revocable Trust. What do all of these buyers have in common?

22. There are no nationwide or statewide zoning laws.

23. The illegal and discriminatory practice of _____________ occurs when one person induces another to enter into a real estate transaction by insinuating that the real property values in neighborhood will decline as a result of a member of a protected class buying property in that neighborhood.

24. The legal act of transferring ownership, or the intention to have a deed be operative and effective is manifested by _____________ of the deed.

25. A developer purchases unimproved property to build a new subdivision. The land is $3,542.45 per acre. Here is the legal description of the property purchased: The Northwest Quarter of the Southeast Quarter