Questions and Answers to Help You Pass Real Estate Exam

Includes 5

Practice Exams

and more than

1,900 Practice

Questions

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JOHN W. REILLY AND PAIGE BOVEE VITOUSEK,

with Karen Stefano, Contributing Editor

E

Questions & Answers

to Help You Pass the

Real Estate Exam

NINTH EDITION

PL

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JOHN REILLY AND PAIGE BOVEE VITOUSEK, WITH KAREN STEFANO,

CONTRIBUTING EDITOR

E

Questions & Answers to Help

You Pass the Real Estate Exam

NINTH EDITION

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This publication is designed to provide accurate and authoritative information

in regard to the subject matter covered. It is sold with the understanding that the

publisher is not engaged in rendering legal, accounting, or other professional

advice. If legal advice or other expert assistance is required, the services of a

competent professional should be sought.

SA

President: Dr. Andrew Temte

Chief Learning Officer: Dr. Tim Smaby

Executive Director, Real Estate Education: Melissa Kleeman-Moy

Development Editor: Christopher Kugler

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QUESTIONS & ANSWERS TO HELP YOU PASS THE REAL ESTATE EXAM

NINTH EDITION

?2015 Kaplan, Inc.

Published by DF Institute, Inc., d/b/a Dearborn Real Estate Education

332 Front St. S., Suite 501

La Crosse, WI 54601

All rights reserved. The text of this publication, or any part thereof, may not be

reproduced in any manner whatsoever without written permission from the

publisher.

Printed in the United States of America

ISBN: 978-1-4754-2481-2 / 1-4754-2481-7

PPN: 1970-0409

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CONTENTS

Introduction

About the Authors

P A R T

P A R T

vii

xii

Valuation of Real Estate

A

CHAPTER 6

Land Description

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Real Property and Laws

Relating to Ownership

Interests in Real Property

79

Key Words 79

Government Survey System 80

Metes and Bounds 82

Subdivision Lot and Block Numbers (Plat and

Parcel System) 84

Questions 85

Answers 88

CHAPTER 1

Key Words 4

Mistaken Identity

Questions 7

Answers 15

B

3

6

CHAPTER 7

Appraisal

Key Words 92

Mistaken Identity

Questions 97

Answers 106

CHAPTER 2

Forms of Ownership

91

21

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Key Words 21

Questions 25

Answers 31

95

CHAPTER 8

Taxes and Assessments 113

CHAPTER 3

Condominiums and Cooperatives

Key Words 36

Mistaken Identity

Questions 40

Answers 45

35

39

P A R T

CHAPTER 4

Encumbrances: Easements,

Restrictions, and Liens 49

Key Words 51

Mistaken Identity

Questions 54

Answers 60

52

CHAPTER 5

67

C

Financing of Real Estate

CHAPTER 9

Sources of Financing: Conventional,

Governmental, and the Secondary

Mortgage Market 125

Key Words 127

Mistaken Identity

Questions 131

Answers 144

130

E

Governmental Limitations: Building

Codes, Zoning, and Eminent

Domain 65

Key Words 66

Mistaken Identity

Questions 68

Answers 73

Key Words 114

Questions 115

Answers 120

iii

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iv

Questions & Answers to Help You Pass the Real Estate Exam Ninth Edition

CHAPTER 10

CHAPTER 15

Mortgages and Foreclosures

Key Words 154

Mistaken Identity

Questions 158

Answers 170

153

251

CHAPTER 16

Sales Contracts and Options 267

D

Transfer of Property Ownership

CHAPTER 11

Acquisition of Title: Deeds 179

Key Words 180

Mistaken Identity

Questions 182

Answers 190

249

Key Words 250

Mistaken Identity

Questions 252

Answers 261

156

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P A R T

Listings

Key Words 268

Mistaken Identity

Questions 271

Answers 285

270

CHAPTER 17

Federal Fair Housing, Truth in Lending,

the National Do Not Call Registry, and

Environmental Disclosures 295

181

Key Words 297

Questions 300

Answers 312

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CHAPTER 12

Settlement Procedures: Escrow, Evidence

of Title, and Recording 197

CHAPTER 18

Key Words 198

Property Management, Lease

Mistaken Identity 199

Agreements, and Securities 319

Questions 200

Answers 209

CHAPTER 13

Real Estate Settlement Exercises 215

Key Words 216

Settlement Statement Guide

Questions 221

Answers 224

P A R T

E

218

CHAPTER 19

Real Estate Mathematics

349

APPENDIX A

Salesperson¡¯s Practice Final

Examination 379

Agency and Business Ethics

232

229

General Information 379

Specific Information 379

Exam Content Outline and Allocated

Percentage 380

Sample Salesperson Real Estate Licensing

Examination 382

Answers 391

E

CHAPTER 14

QA_Help_Pass_RE_Exam_9E.indb 4

323

Questions 351

Answers 366

Real Estate Brokerage

Key Words 230

Mistaken Identity

Questions 233

Answers 242

Key Words 320

Mistaken Identity

Questions 325

Answers 339

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