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Real Property Exam Prep

MANTLE REALTY

Real Property Exam Prep

An appraisal is valid only on its effective date because of:
- The principle of appraiser income maximization
- Cost savings for the client- higher price could buy an effective date range
- The principle of change
- The simplicity report model is being used by the appraiser
A section of land legally described as the north one-half of the northwest quarter of the southeast quarter of a section of land contains:
- 80 acres
- 40 acres
- 10 acres
- 20 acres
A Competitive Market Aanalysis (also known as a Comparative Market Analysis, or CMA) is prepared to estimate the likely sales price of a property. This analysis is based on the:
- Cost approach
- GRM approach
- Income approach
- Sales Comparison approach
If the buyer in contract for deed (land contract) who has paid less than 20% of the purchase price defaults, the seller may:
- File a judgment lien
- Wait ten days, and then sell to someone else
- Initiate foreclosure proceedings
- initiate forfeiture proceedings
A property owner paid $25 per front foot for a lot 600 ft. x 1,452 ft. How much did he pay for the lot?
- $15,500
- $16,000
- $14,500
- $15,000
A legal description of property based on principle meridians, baselines, townships, and sections is described as:
- Meets and bounds
- Rectangular Survey, or Governmental Survey
- Lot and block
- Recorded plat of subdivision
What type of legal description would a new residential sub-developer most likely use?
- Governmental rectangular
- Sections and townships
- Meets and bounds
- Lot and block
A home seller would purchase title insurance for a buyer. What type of insurance would a buyer purchase for a lender?
- Homeowner's insurance
- Automobile insurance
- Life insurance
- Mortgage title insurance
The transfer of rights under a contract without the release from obligation is known as:
- Recession
- Succession
- Novation
- Assignment
The income approach is probably most appropriate for which of these?
- A museum
- A historic residential home
- A residential property in a desirable area
- An apartment building
At what point does a deed transfer a grantor's interest to a grantee?
- When the title insurance is issued
- When the grantor signs the deed
- Upon recording of the deed
- Upon delivery to and acceptance by the grantee
How many acres are there in a government rectangular survey that consists of the SW 1/4 , NE 1/4, NW 1/4 of section 13, Blendon Township?
- 80 acres
- 40 acres
- 20 acres
- 10 acres
Who picks the title insurance company?
- Buyer/buyer's agent
- Seller
- Anyone
- The lender/bank
The life cycle of a neighborhood occurs in these four stages, in this order:
- Growth, stability, decline, revitalization
- Revitalization, stability, decline, growth
- Growth, decline, revitalization, stability
- Decline, stability, growth, revitalization
The square footage of a 2-story building that is 54 x 40 is:
- 4,320
- 1,030
- 2,160
- 2,160, plus the garage

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High Point

2212 Eastchester Dr
High Point, NC 27265

Kernersville

202 W Mountain St
Kernersville, NC 27284

Lexington

7224 Old U.S. Hwy 52
Lexington, NC 27295

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