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5. The difference between “property taxes” and “special assessments” is that: a.  special assessments are levied for the cost of specific local improvements, while property tax revenue goes into the general fund. b.  assessment liens can only be levied by local improvement districts. c.  foreclosure of assessment liens can only be achieved by court foreclosure. d.  assessment liens are always subordinate to property tax liens.

6. Under the Income Approach, which of the following would be considered an operating expense? a.  Property taxes b.  Manager fees c.  Utilities d.  All answers are correct.

4. Which of the following forms is including in the CAR® “Listing Package”? a.  Disclosure Regarding Real Estate Agency Relationship                         b.  Possible Representation of More Than One Buyer or Seller                c.  Wire Fraud and Electronic Funds Transfer Advisory d.  All answers are correct

25. Which of the following would prevent the contractual requirement of genuine consent? a.  Menace           b.  Undue influence        c.  Duress d.  All answers are correct

40. A lease-purchase option is the: a.  right to renew a lease.          b.  right to purchase the property.        c.  right to terminate a lease. d.  none of the answers are correct.

21. An on-site residential manager: a.  is a tenant of the property.                 b.  handles tenants’ complaints.          c.  maintains the premises. d.  all answers are correct.

56. Which of the following is TRUE concerning “illusory contacts”? a.  They are unenforceable                   b.  They are definite and certain                       c.  They are enforceable d.  None of the answers are correct

54. ¼ of a section is ½ mile by ½ mile and has how many acres? a.  320       b.  160       c.  240 d.  120

70. The income approach is most effective: a.  with single-family homes or lots.                 b.  with new, unique, or public buildings.                    c.  for properties that can generate income. d.  all answers are correct.

10. The right to reasonable use of water from a river or stream, if the land borders it, is called: a.  none of the above.                    b.  a mineral right.                                       c.  a potable right. d.  a riparian right.