Real Estate Exam Questions And 100% Correct Answers

A lot measuring 240' by 400' is selling for $400 a front foot. What is the price? a) $1,600 b) $16,000 c) $72,000 d) $96,000 {Ans: d}Which lien would have top priority in the event of foreclosure of the subject property? a) state income tax lien recorded first b) federal estate tax lien recorded second c) mechanics lien for work commenced before any other lien was recorded d) state property tax lien recorded last {Ans: d}A man executed a will. After his death, the probate court declared the will invalid because it did not meet the state law requirements. Who will receive title to the mans estate? a) the devisees named in the will b) those entitled under that state laws of intestate succession c) the property escheats to the state d) the previous owners of the property {Ans: b}When you purchase property under an installment contract of sale (agreement of sale), you DO NOT have ...? a) an insurable interest b) an equitable interest c) legal title d) a transfer of possession {Ans: c}An acre is how many Sqft? {Ans: 43,560}Which is not an example of external obsolescence? a) population density b) direct effect