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50) Changing the zoning from R3 to R1 (with less use density) is an example of: condemnation.                 police power.         involuntary conversion. downzoning.

14) Who makes an offer on a property that is for sale? Seller’s agent Offeree (Seller) Offeror (Buyer) All of the above

75) Which lender is a co-operative association organized to promote thrift among its members and provide them with a source of credit? REIT.                       Pension plan.                   Insurance company. Credit union.

45) Which appraisal method is known as the “replacement cost method”? Market data approach                         Cost Approach               Income approach All of the above

96) An outdated kitchen would be an example of: functional obsolescence.                    functional depreciation.                         economic obsolescence. none of the answers are correct.

73) The broker must place a buyer’s money deposit in a trust account or escrow: by the next day. within five days. within three business days. none of the above.

34) A mechanic’s lien is filed against the: property. owner. Iender. general contractor.

2) Which of the following is NOT a method to establish a real estate broker agency? Secret ballot Implied agreement       Express agreement   Estoppel

1) When a tenant voluntarily gives up a lease before the expiration of its term, it’s known as: forgiveness. forbearance. suspension. surrender.

17) Any sale of a substantial part of inventory or other supplies and equipment associated with a business: is illegal.          is a sale-leaseback. requires a PRLS license. is a bulk sale or transfer.