Blog

7. A person who is authorized by the Secretary of State to witness the acknowledgment of documents is known as a(n): a.  administrator.                      b.  librarian.         c.  document doctor. d.  notary public.

16. A document that uses a property to secure the payment of a debt or the discharge of an obligation is called a(n): a.  lien. b.  I.O.U. c. tax Assessment. d.  grant deed.

47. If tenant just moves out or vacates the premises without formal surrender and never returns, it is called: a.  forbearance. b.  surrender. c.  lease termination. d.  abandonment

33. A fiduciary relationship with the principal requires which of the following? a.  Reasonable skill and care b.  Honesty, loyalty, integrity c.  Good faith and fair dealing d.  None of the answers are correct

5. For about how much assessed value is the Homeowner’s Property Tax Exemption? a.  $1,000                        b.  $7,000            c.  $2,000 d.  $200  

34. The person who hires or employs an agent to work for him or her is known as a(n): a.  employer. b.  contractor. c.  principal. d.  third party.

42. The seller must provide the buyer of a condominium with: a.  the CC&Rs.                 b.  the bylaws.                 c.  a copy of the most recent financial statement. d.  all of the answers are correct.

40. You enter the coffee shop next door where you have an account, pour yourself a cup of coffee, hold it up to show the manager, and wave as you leave the store. This would be an example of a(n): a.  privilege. b.  express contract. c.  implied contract. d.  stealing.

48. The amount of money paid for the use of a property is known as: a.  booty. b.  rent. c.  dues. d.  fees.

36. The disclosure that reminds buyers and sellers of the importance of investigating a property before the sale is known as the: a.  Disclosure Regarding Agency Relationship. b.  Statewide Buyers and Seller Advisory. c.  National Hazard Disclosure. d.  None of the answers are correct.