Reversion.
Appurtenance is defined as anything that, by right, is used by the land for its benefit, often referenced as “runs with the land”.
When property is taken for public improvements from an unwilling owner, it is referred to as?
Which of the following statements best describes what happens to mineral rights when the Land is sold?
If the seller does not reserve the mineral rights then according to the contract all interest they have in the property including mineral rights transfer to buyer
A buyer made an offer on a house and the seller excepted the offer written. The buyer wanted some of the sellers personal property to remain with the house. The personal property were transferred to the buyer under which of the following conditions
If it was included in the contract
A buyer bought a property. The property contained a nice set of built-in bookshelves. Which Statement is true regarding built-in bookshelves
They stay with the property as they are permanently attached
The state government can take property that has been Abandoned by the owner through what right?
Fee simple title would best be described as receiving?
The maximum rights in a property
A child owns a life estate and sells the property to a friend. Which of the following statements is true regarding the friends estate
It ends when the child dies
Jimmy and Susan own a commercial property as joint tenants. If Susan dies, who would receive the property?
A person leased there condominium to Katherine for one year. What did this create?
Which of the following is a voluntary lien against a person’s property?
A trespass of an improvement is which of the following?
Which of the following would transfer legal use but not ownership of the property?
Which of the following is an encroachment
A building with the roof that extends over the boundary line
Who would determine the amount for maintenance fees in a condominium?
An owner of a condominium unit failed to pay their property taxes. Which of the following acts is most likely to occur?
Ownership of the condominium unit will be jeopardized
When ownership is conveyed by the transfer of shares of stock this is?
As a condition of owning space in a condominium, the owners were assessed a monthly fee for the use of the clubhouse and swimming pool. And owner did not use either the Clubhouse or the swimming pool. The owner?
Would it still be required to pay the full monthly assessment
I relocation company purchased a property. The relocation company in trying to sell the property only wanted to guarantee the property since the time they have owned it. The type of deed necessary to accomplish this would be a?
The purpose of an encumbrance clause in a General warranty deed is to protect against?
Unrecorded lien’s that may affect the value of the property
When does title to real estate transfer from seller to buyer?
When the deed is delivered and excepted
Documents are recorded to provide?
In which of the following instances is a quick claim deed most generally used?
Too quiet a cloud on the title
Which of the following items would not place a limitation on your rights in the property
An established family grocery store is in an area that has recently been zoned residential. If the grocery store was to be sold, what document would be needed to allow continued use of the grocery store?
Pre-existing nonconforming use
Property used for something other than the current zoning is referred to as a
What is the purpose of a mortgagor giving a mortgage to the mortgagee
To pledge property as security for the loan
The primary purpose of a mortgagor giving a mortgage to the mortgagee is to
A property appraised for 42,000. If the buyer borrowed 28,000 what is the difference between the two amounts called?
Which of the following statements is true of an adjustable rate mortgage (arm)
The interest rate changes based on the market indexes agreed to upfront
Upon which of the following events would a prepayment penalty be enforced
The loan being paid in full before it’s due date
Two creditors have an agreement to switch the lien priority. This agreement would be referred to as:
A buyer purchased the sellers home and assumed the seller’s loan. The seller does not want to remain liable for the loan. What should the seller do?
Arrange for the lender to give a release of liability to the seller
A loan or mortgage that uses both real and personal property as security?
A seller sold property to a buyer. Since the buyer did not have enough money for the down payment, the seller took back a mortgage on the property and loaned the down payment money to the buyer. The sellers interest in the property is secured by a
In order for a veteran to receive a VA loan, the veteran must first obtain a?
Certificate of eligibility
Which of the following statements is correct regarding a VA loan?
The lender makes the loan and the VA guarantees the loan
What is the purpose of a barrower paying for private mortgage insurance?(pmi)
To ensure the lender against loss for a portion of the mortgage.
Discount points of 1% would be computed based upon the?
A buyer was interested in purchasing a home. The buyer found a house to buy but had to obtain financing to purchase. The buyer talked to a lender who gave the buyer in writing a commitment on the interest rate and discount points. This letter is called a?
A contract for deed can be best referred to as an?
Installment sale contract
What is it called when a buyer purchases the property, makes monthly installment payments to the seller, and receives the deed after the entire purchase is completely paid
Which document is required under the real estate settlement procedures act to be given before closing
A good faith estimate of closing costs
According to the real estate settlement procedures act “RESPA”, the closing statement must be signed by the buyers, sellers, and?
Which of the following would be an example of a lender violating the usury laws?
A lender charging more than the maximum legal amount
Is dual agency legal in Kansas?
What does a person have who can sign legal papers for another person?
Which type of relationship is established between a principal and a broker?
Is a sales person an agent for their broker?
I listing agent is showing the listed property to a prospective buyer. The buyer tells the listing agent that A favorable change in zoning is coming with regard to the listed property. What should the listing agent do?
Tell the seller because of the fiduciary obligation to the seller
Between the time of buyer and seller signed a sales contract and closing, the zoning on the property was changed. Does the listing agent need to disclose this fact to the buyer who is a customer?
Yes, the agent should notify the buyer immediately as it is a material fact
Which of the following would be a violation of the Sherman anti-trust law’s?
A group of brokers setting a common commission rate
At closing, all parties receive a copy of the
If a person is employed by utility company to acquire easements on behalf of the utility. Which of the following statements is true
No license would be required if the person acquired gross easements, not appurtenant easement
Can an auctioneer sell land without a license?
No, Unless it’s part of the government regular duties
Does the Arkansas broker need a license to do seminars and Kansas on properties for sale in Arkansas?
How are the Kansas real estate commissioners compensated
A resident licensee of another state who wants a Kansas license must do all except?
Maintain an office in Kansas
If I Kansas license is denied or rejected for licensure in another state, how many days does that person have to notify the KREC
How long can a licensee remain in active Without having to re-test?
You would begin to be assessed penalty hours after two years. At the end of five years he would be required to retest
Would a broker have to notify the Kansas real estate commission if they change the business location
Can a broker advertise commission rates
How long is a broker required to keep all real estate records
When can earnest money be disbursed out of an escrow account in the event of a dispute between buyer and seller
In the main office of a real estate company, who is responsible for assigning the escrow numbers to all escrow documentation
A branch broker is not required to maintain a transaction numbering system if
The branch office maintains no trust account. It could be kept at the main office
The Kansas real estate commission can suspend or revoke a person’s license after what circumstances except
Failure to renew in a timely manner
A licensee had their real estate license revoked by the KREC. The licensee could appeal their decision to the?
Court for judicial review
If an agent is representing a seller and tells a buyer they could purchase At a lower price and the seller finds out the KREC could
Fine, restrict or revoke the sales person’s license
A broker has been found guilty on two minor violations of the Kansas license law. What is the maximum fine that can be imposed by the KREC.
First offense is $1000 if it is the second offense it could be 2000 per violation
When would money be paid from the recovery fund?
Money will not be paid until there is a court order
The recovery fund has dropped below 100,000. License has been sent a notice to pay the $5 or $10 to reimburse the fund. However the license has not responded. What could the KREC do
Suspend the license until the amount is paid
What is the maximum amount that can be paid out of recovery fund for one person
Under the brokerage relationships and real estate transactions act, if I listing broker is aware of a roof leak, the broker is required to? BRRETA
Disclose to all buyers as this is a material condition concerning the property
according to BRRETA what must a sellers agent disclose to a customer?
Any and all material defects in the title if known
Would encouraging a seller or buyer client to cancel the agreement with their agent be a violation under the brokerage relationships and real estate transactions act? BRRETA
The brokerage relationships in real estate transaction act does not prohibit which of the following
And oral, non-exclusive listing
Which of the following would not be considered a ministerial act
Suggesting a fair offer a price to a buyer customer. You cannot suggest or advise a consumer without being their agent
Who interprets or explains the license law?
Attorney general of Kansasr/>
Who enacts/makes the real estate license law in Kansas
What info is required when requesting and getting a real estate license in Kansas
A person passed the salesperson’s test in March. They did not make application for licensure until November. In order to obtain license does the person need to submit proof they have been a Kansas resident the past one year minimum.
A person passed the salesperson’s test in March. They did not make application for licensure until November. In order to obtain license, what are 3 things they need to do
- retake and pass the test
- Affiliate with a broker
- Submit proof that the person is honest, reliable and has good integrity
A salesperson has to renew their license how soon
The last calendar day of the proceeding the license expiration date
A salesperson with 2 years experience wanted to obtain a broker’s license. In order to apply for a broker’s license they must accomplish...
Complete a broker’s 24 hour pre license class within the preceding 12 months and pass the test.
A salesperson let their license expire on May 31st, 1998. In order to renew license in the next 6 months, the licensee would have to
Who can de-activate a license
Does a licensee have to report suspension from local board of realtors to the KREC
Does a licensee have to report a rejection for license by another state to KREC?
Does a licensee have to report civil action for a real estate commission to the KREC
Does the licensee have to report change of personal address to the KREC?
A broker who decided to move his office to a new address in the same town should
Move and notify the KREC within 10 days
Does a licensee with a de-activated license need continuing education to renew a license
Must a broker obtain approval from the KREC if wanting to use a name for the brokerage company other than the brokers own name?
If a broker wants to use a name for the brokerage company other than the brokers own name must they register the name with the Secretary of State
Is depositing $500 of the broker’s own money into the brokers escrow account to cover costs of operating it allowed under the Kansas License Law?
Under the Kansas License Law can a broker call the seller who was listed with another broker under an open listing.
A buyer gives an expensive necklace as an earnest deposit. The broker should
Write on the contract that the earnest deposit is in the form of a necklace.
If a buyer gives an expensive necklace as an earnest deposit does the broker have to have it appraised to determine value
Who has the right to inspect a broker’s trust account records?
Can the broker keep the interest with written consent of all parties earned on a broker’s escrow account?
How many days do you have a licensee to renew your license without penalty after the expiration date
5 members appointed by the governor
How many years is a license issued for
Does the director of the KREC have to vote at the commission meetings
Does the director of the KREC have to call a meeting if two or more commissioners request it
Does the director of the KREC have to keep records of all the meetings
Does the director of the KREC have to certify records to the district court?
Who holds the license of a salesperson operating out of a broker’s branch office
A branch office must be supervised
By a broker approved by the KREC
When a leased space becomes uninhabitable because of the landlord’s neglect in maintaining the property. What term describes the tenant’s right to terminate the lease.
In an exclusive agency agreement only the broker or the owner may sell the property?
Which type of listing would NOT have the commission listed as a percentage of the selling price
In order to be in compliance with the Statute of Frauds, a sales contract must be
When is the purchaser said to have “equitable title”
At the signing of the sales contract by both buyer and seller
An agreement has been signed by all parties but the terms have NOT been fully performed. What best describes the current status of this agreement
A contract where one party is bound to perform but the other party is not would be referred to as.
Knowingly misrepresenting a material fact in a deliberate way so that someone else suffers a loss in an attempt to make money is:
Which of the following terms best describes an “option to purchase”?
-Deposit
-Down payment
-Contract
-Lease
When an option to buy is exercised, the contract becomes
Is a Broker depositing payroll funds into the trust account considered commingling by a licensee?
The Metes and Bounds method of giving a legal description uses
Which of the following statements is true about a Metes and Bounds description?
-it is no longer considered to be an accurate legal description
-the description must end by taking the last leg of the description back to the
point of beginning
-the last leg must intersect with a meridian or base line.
The description must end by taking the last leg of the description back to the point of beginning
A sale of interstate real estate securities would be governed by which organization?
A corporation who purchased a piece of real estate as a co-owner with an individual would usually take title in which of the following manners?
An owner decided not to list their property for sale with a broker but rather decided to be a for-sale-by-owner. Which would be true regarding advertising under the Federal Fair Housing Laws.
The owner would have to following rules advertising under Fair Housing Law applies to all residential sales
A mobility impaired person was renting a unit in an apartment complex. Half of the units have assigned parking spaces near the door. The other half do not. The owner:
Must give a parking space near the door to the handicapped person if one is available and a need is demonstrated
Which of the following terms BEST describes the practice of encouraging owners to move from an area due to minorities moving in making the neighborhood more integrated?
-steering
-blockbusting
-redlining
-puffing
An apartment building was exempted from the rules regarding familial status under the fair housing law. Which of the following applicants would
it be allowed to accept and still fall under the familial status exemption?
-50 year old nurse currently employed
-retired construction worker who is age 53
-54 year old retired teacher
-63 year old postal worker currently employed
Retired construction worker who is age 53
A seller listed their single family home with a broker. The seller refused to sell to some particular buyers. When would this be a possible violation of law?
The buyers had a handicapped relative who was going to live in the house
A 50 unit garden style apartment was completed in 1992. It has two stories but does not have an elevator. Under the 1988 amendments to the Fair Housing Law, which of the following areas must need handicap
specifications?
-only the first floor
-the first and second floor
-only the second floor
-modifications can be made as handicapped persons move in
Which of the following would have the greatest influence on appraisal value?
-Local economic conditions
-the average of local comparable sold properties
-assessed value of the property
-original price owner paid for the property
Local economic conditions
What is the recompense for an appraiser?
A fee based on the amount of time and effort
The difference between reproduction cost and present value is
A residential property was equipped to handle electrical service of 60 amps. The standard in the rest of the homes in the area was 100 amps. Having only 60 amps causes the home to suffer from
The purpose of capitalization of income is to:
Convert net income into a value indication
Which of the following methods of appraisal would MOST likely be used when appraising a single family house?
-reproduction and income
-reproduction and market data
-market data and capitalization rate
-market data and residual land
Market data and residual land
Which of the following terms BEST describes personal
property that, by attachment to real property, is regarded as real estate?
-emblements
-personalty
-fixtures
-appliances
A salesperson who prepares a written listing agreement with a seller is helping to create a contractual relationship between the:
Salesperson’s broker and the seller
Which of the following clauses in a conventional mortgage instrument entitles the lender to accelerate the loan if the loan is assumed?
-prepayment
-right to sell
-due on sale
-variable interest rate
The term “holdover tenant” refers to a lessee who takes what action?
Remains in possession of a leasehold beyond expiration of the lease
A veteran is entitled to what benefits upon repayment of the full loan balance of a VA mortgage.
Restoration of loan benefits for future use
Charging an interest rate higher than the legal limit is called
One of the required elements of a valid real estate sales contract is that it MUST:
-provide for possession of the property by the buyer
-provide for installment payments
-be signed by the seller
-contain a metes and bounds description of the property
Under a sales contract, the legal remedy that may be used to force the seller to consummate the sale is called
The provision in a mortgage or deed of trust that gives the lender the right to call the entire balance due upon a default in any payment is called an
If the value of a property is affected by negative forces outside the property which are beyond the control of the owner, this is referred to as
When a husband and wife take title to a property as tenants in common, they have elected a form of ownership that allows for
Unequal shares of ownership
The owners of a house sign a listing agreement and later tell the salesperson that the garage roof leaks. If they tell the salesperson not to reveal the roof’s condition to any prospective buyers, the salesperson MUST
Advise the sellers that they must disclose the condition of the roof to prospective buyers