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80. Which clause in a purchase agreement sets, in advance, a specified amount of money as compensation if there is a breach? a.  Statute of Limitations                          b.  Pre-Nuptial Agreement                    c.  Liquidated Damages Agreement d.  Advance Breach Agreement

18. The “Disclosure Regarding Real Estate Agency Relationships” form tells the seller and the buyer that their agent is working as: a.  the seller’s agent.      b.  the buyer’s agent. c.  both seller’s and buyer’s agent.      d.  any of the answers are correct.

71. A set number of days in which a lender will allow payments to be late without penalty is known as a: a.  waiting period. b.  grace period.  c.  maturation period. d.  none of the answers are correct.

67. What is NOT one of the four unities involved in the establishment of a joint tenancy? a.  Conveyance   b.  Title      c.  Time d.  Interest

94. A clause allowing an owner to continue using property in a way that is now prohibited by new zoning is called: a.  a conditional use permit.                  b.  police power.              c.  a grandmother clause. d.  a grandfather clause.  

HIE is: __________________.

52. An emancipated minor: a.  has legal capacity.       b.  is always emancipated.                    c.  can acquire property.       d.  all answers are correct.

77. When a lessee (tenant) pays property taxes, insurance, and operating expenses, it is called a: a.  graduated lease.                 b.  gross lease.               c.  net lease. d.  all answers are correct.

73. In a trust deed, the trustee is the: a.  third (disinterested) party.    b.  lender. c.  borrower. d.  state controller.

69. Which of the following is true regarding joint tenancy? a. Joint tenants have the right of “survivorship”        b. A joint tenancy can be willed c.  The surviving joint tenant is responsible for unsecured debts d.  None of the answers are correct