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27. A condominium does NOT have: a.  a separate grant deed.         b.  a separate trust deed. c.  private ownership of land and improvements. d.  a separate tax bill.

13. Which of the following is NOT a method to establish a real estate broker agency? a.  Secret ballot         b.  Implied authority                   c.  Ratification     d.  Estoppel

37. A lien placed on more than one parcel, all parcels having the same owner, is known as a: a.  full lien. b.  blanket encumbrance.          c.  multi-tract lien. d.  none of the answers are correct.

34. Which of the following is TRUE concerning negotiable instruments? a.  They are easily transferable from one person to another. b.  Promissory notes are considered negotiable instruments. c.  The most common example of a negotiable instrument is a personal check. d.  All answers are correct.

45. In a sale-leaseback, the original property owner: a.  evicts his or her tenant.                b.  loses money.             c.  becomes the lessee. d.  none of the answers are correct.

59. The nominal interest rate is: a.  the effective interest rate.     b.  compounded daily.   c.  a guarantee of negative amortization. d.  stated on the note.

95. A Federal Estate tax return must be filed for any U.S. resident whose gross estate exceeds: a.  $10,000,000.                         b.  $5,000,000.                c.  $1,000,000. d.  all of the answers are correct.

35. Which advisory form reminds the buyer and seller of the importance of investigating a property before the sale? a.  Residential Listing Agreement (RLA)                              b.  Natural Hazard Disclosure Statement (NHD)                              c.  Statewide Buyer and Seller Advisory (SBSA)   d.  None of the answers are correct

63. The cost approach is most effective: a.  at finding similar comparable properties.              b.  with new, unique, or special purpose buildings.               c.  for properties that generate income. d.  all of the answers are correct.

55. Which of the following statements constitutes an example of progression? a.  A home of greater value is worth more when located among homes of lesser value. b.  A home of greater value is worth less when located among homes of lesser value. c.  A home of lesser value is worth less when located among homes of greater value. d.  A home of lesser value is worth more when located among homes of greater value.