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39. An ownership interest in real property that only exists for the life of any designated person or persons (often the grantee) is called a(n): a.  life estate.             b.  estate in waiting.        c.  less-than-freehold estate. d.  estate in remainder.

31. The Fair Employment and Housing Act prohibits: a.  targeting.                            b.  redlining                      c.  redistricting. d. gerrymandering.

65. Which of the following forms are included in the “Listing Package”? a.  Disclosure Regarding Real Estate Agency Relationship (AD)   b.  Possible Representation of More Than One Buyer or Seller – Disclosure and Consent      (PRBS) c.  Wire Fraud and Electronic Funds Transfer Advisory (WFA) d.  All of the answers are correct

12. When prices rise due to shortages of available properties, it is known as a: a.  buyer’s market.                             b.  seller’s market.                                  c.  lender’s market. d.  deflationary market.

2. A contract that is binding and enforceable in a court of law is said to be: a.  proprietary.       b.  illusory.           c.  valid.           d.  all answers are correct.

15. Which of the following is a requirement of a lease? a.  Length or duration of lease                       b.  Amount of rent                      c.  Names of parties d.  All answers are correct

38. When the Federal Reserve wants a “loose” money market, it: a.  buys back bonds.      b.  lowers the discount rate.       c.  lowers the reserve requirements of banks. d.  all of answers are correct.

30. When an improvement is permanently attached to real property it becomes: a.  private property.                   b.  personal property.                c.  real property. d.  none of the answers are correct.

16. Which of the following is NOT an essential element of a real estate contract? a.  Cash     b.  Mutual consent         c.  Capacity         d.  Proper writing

32. A required form, provided by the seller, which identifies items of value attached to the structure or land and states whether these items are operational, is called a(n): a.  operational form. b.  list of items working. c.  transfer disclosure statement. d.  none of the answers are correct.