Questions and Answers to Help You Pass Real Estate Exam
Includes 5
Practice Exams
and more than
1,900 Practice
Questions
PL
M
SA
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
M
SA
JOHN REILLY AND PAIGE BOVEE VITOUSEK, WITH KAREN STEFANO,
CONTRIBUTING EDITOR
E
Questions & Answers to Help
You Pass the Real Estate Exam
NINTH EDITION
QA_Help_Pass_RE_Exam_9E.indb 1
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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
E
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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
SA
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
SA
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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