Wyoming Real Estate Practice Exam

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• What type of document does not convey ownership but is still essential in certain transactions?
• What is a corporation in the context of business operations?
• What instrument might be executed when a mortgagor chooses to transfer the property to the mortgagee to avoid foreclosure?
• What is the typical consequence of commingling in real estate?
• What is a loan that does not require federally sponsored insurance or guarantee?
• What type of agreement establishes a principal-agent relationship where the real estate professional acts on behalf of the buyer?
• What is the term for the process of covering a landfill with soil and planting grass to improve aesthetics and prevent erosion?
• What arrangement offers consumers a bundle of services?
• What are the basic elements of a joint tenancy?
• What is the principle that refers to the greatest value occurring when improvements are proportional to each other and the land?
• What describes a process involving two agents in an in-house sale, where one represents the seller and the other represents the buyer?
• What additional benefit does an LLC provide compared to a general partnership?
• What can be a consequence of a Brownfield site?
• What does condemnation mean in the context of eminent domain?
• What is an agreement that may accompany an earnest money deposit to show intention to complete a property purchase?
• In a cooperative ownership, who holds the title to the property?
• On a closing statement, what does a debit represent?
• What term describes the amount of goods people are willing and able to buy at a given time?
• Which of the following best describes community property?
• Which type of partnership limits liability to the amount invested by limited partners?
• What type of trust is created by a will after the owner's death?
• Which appraisal principle suggests that conditions affecting a property change over time?
• What are common elements in a condominium?
• What is the term for an easement that does not benefit any land owned by the easement owner?
• What term describes the illegal use of money received on behalf of the principal?
• What term refers to any document that transfers title to real property?
• What is considered something of value that induces a person to enter a contract?
• What is a codicil in relation to a will?
• What type of property ownership involves two or more persons holding title together?
• Which of the following describes two or more individuals owning property as joint tenants?
• What is a property that enjoys an appurtenant right to use an easement over another person's property called?
• What happens to a tenant's undivided interest when one co-owner dies?
• What term refers to property held jointly by individuals, whether they are married or unmarried?
• What is a commission in real estate?
• What term describes any document or claim that may impair the title to real property?
• What is another name for the systematic approach of determining a property's value?
• Which approach estimates the value of a property by considering land value and building costs?
• Which of the following represents the financial outcome after deducting operating expenses from gross income?
• In appraisal, what is the term used for the loss of value of property due to various causes?
• Which term best refers to a mortgage that allows partial releases upon payment of the debt?
• What is the purpose of a closing statement in a real estate transaction?
• What do we call a financial strategy for evaluating property investments based on future income expectations?
• What is the ethical concern with dual agency in real estate transactions?
• What is the primary role of a broker in real estate transactions?
• What term describes the succession of conveyances giving the present holder of real property its title?
• What is the legal document called that conveys title to or an interest in real estate?
• Which easement is acquired through continuous and hostile use of property for a legally defined period?
• What legislation prohibits racial discrimination in housing sales and rentals?
• What type of deed implies the grantor has the right to convey title but carries no warranties against liens?
• What process estimates the value of a property using the net operating income and a proper rate of return?
• What term is used to describe defunct, derelict, or abandoned commercial or industrial sites that may have toxic wastes?
• What type of contract legally obligates all parties to fulfill their promises?
• What is a covenant in real estate agreements?
• What does a real estate appraisal primarily evaluate?
• What is density zoning?
• What is the function of an appraiser in property valuation?
• What are common elements in condominium ownership?
• What is the primary purpose of forming a partnership of any type?
• An estate where each tenant holds an undivided interest and unity of possession describes which ownership type?
• What is a tenant allowed to claim if their landlord's actions materially disturb their enjoyment of the leased premises?
• What is the term for the event where promises in a sales contract are fulfilled and funds are distributed?
• What are comparables in the context of real estate appraisal?
• What term describes the combining of items into real property that are not fixed or fastened?
• What happens to property owned separately by a spouse before marriage?
• What occurs if a tenant in a Joint Tenancy decides to convey their interest to another person?
• What is the key characteristic of a limited partnership?
• Who is described as the individual for whom a trust operates or on whose behalf the income is drawn?
• Which aspect does a closing statement typically NOT include?
• What term describes the act of representing both parties in a real estate transaction?
• What is a computerized loan origination system used for?
• Which of the following best defines an easement appurtenant?
• What document provides a statement of opinion on title status for real property?
• What do building codes aim to ensure in construction practices?
• Which interest rate is set by the Federal Reserve that member banks are charged when borrowing money?
• What is a written governmental permission for the construction, alteration, or demolition of an improvement called?
• Which term best describes the concept where properties in a neighborhood should ideally have similar characteristics to maintain value?
• What type of easement is granted by law for the necessary enjoyment of a parcel of real estate?
• Which appraisal principle indicates that excess profits in a market will lead to increased competition?
• What concept describes land ownership that includes all legal rights to the land?
• What type of judgement is levied against a borrower in a foreclosure sale when the sale does not cover the full mortgage debt?
• What is the role of a buyer's representative in a real estate transaction?
• In real estate, what does the term "conciliation" refer to?
• What does the discount rate influence in the banking industry?
• What is the name for an easement created by the actions of the parties involved that reflects an intention to create an easement?
• Which term describes a calculated figure representing costs incurred in delivering services?
• What is one of the responsibilities of financial institutions under the Community Reinvestment Act?
• What is the primary characteristic of easement in gross?
• What does the Comprehensive Loss Underwriting Exchange (CLUE) provide for insurance companies?
• Which term refers to a system of property ownership where each spouse has equal interest in property acquired during marriage?
• In real estate terms, what is depreciation?
• Which of the following is NOT typically included in a bargain and sale deed?
• What term describes a real estate professional authorized by a broker to represent a specific principal in a transaction?
• What is a fee simple estate that returns to the original grantor when a specific condition occurs called?
• What term describes a governmental permission allowing a use inconsistent with zoning regulations?
• What is typically assessed on each condominium unit as an individual property?
• What actions by a landlord may lead to a tenant being forced to move out and terminating the lease without further rent liability?
• What term describes a violation of terms in a contract without a legal excuse?
• Which appraisal principle assesses the value of a property's component based on its contribution to the whole?
• What term refers to unlawful constraint that forces a person to perform an act against their will?
• In a Joint Tenancy arrangement, what happens to the deceased's interest upon death?
• What legal term indicates the requirement for a grant of authority to use property in a specific way?
• What is a characteristic of a cooperative housing arrangement?
• Which group typically comprises a property management team?
• What is an indication that a building has complied with local building regulations?
• Which financing technique is used to reduce the monthly payments for the first few years of a loan?
• What are the clauses in a deed that limit the future uses of a property called?
• Which document is commonly used to convey ownership of property during a sale?
• What is a real estate professional who locates property for a buyer and represents the buyer's interests?
• What is the process called when the title to a property is delivered by the grantor and accepted by the grantee?
• What does the term "competent party" refer to in legal contracts?
• Which term refers to a legal claim on a property to ensure payment of a debt?
• What is considered separate property in a marriage?
• What clause is used in leases and mortgages to cancel a specified right under certain conditions?
• What type of instrument grants a trustee full power to manage a parcel of real estate under a land trust?
• In a real estate transaction, what does the term 'buyer' refer to?
• What does one point equal in terms of loan charges?
• What is the name of the clause in a contract that protects a broker from losing a commission if a transaction is delayed until after the listing expires?
• Which professional primarily focuses on facilitating deals for buyers rather than sellers?
• What is the acquisition of an estate by inheritance called, where an heir succeeds to the property by operation of law?
• In which type of partnership do all partners participate in the management and share liability for losses?
• What is known as a second title search performed after closing and before new documents are filed?
• What defines the net spendable income from an investment in real estate?
• What clause allows judgment to be entered against a debtor without initiating legal proceedings?
• What are crops such as corn that are produced annually through labor known as?
• What is defined as a legally enforceable promise or set of promises?
• What allows cooperative members to occupy their apartments?
• What is common law?
• What is defined as something of value given to secure repayment of a debt?
• Under what condition can a joint tenancy be destroyed?
• What does a client signify in a real estate context?
• Which legal document is primarily associated with the rights of a beneficiary?
• Which action is necessary for the conveyance of property in a Tenancy by the Entirety?
• What is defined as the rate of return a property generates on the owner's investment?
• What refers to a promise that may not require consideration to be enforceable?
• Which term refers to a residential real estate professional who exclusively represents prospective buyers?
• Which term refers to the act of changing property from one form to another?
• Which term refers to the process of bringing together parties interested in a real estate transaction?
• What is the term for the profit earned from the sale of an asset?
• What type of ownership represents absolute ownership of a unit in a multi-unit building in Wyoming?
• Which type of co-ownership allows the right of survivorship?
• Which principle suggests that properties will be valued based on recent sales of similar properties?
• Which term refers to a general understanding of ownership derived from historical conveyances?
• Which form details all charges typically paid by the borrower and seller during a settlement?
• What type of co-ownership allows a spouse to inherit the other spouse's ownership interest upon death?
• What term refers to expressing or implying permission, approval, or agreement?
• What is the purpose of corrective maintenance?
• What does the covenant of quiet enjoyment guarantee?
• What is the term for an estate where the holder has a fee simple title that may be divested upon the occurrence of a specified event?
• What reflects the changes in the market or physical condition of property over time?
• What distinguishes joint tenancy from tenancy in common?
• What is the term for a horizontal plane used to measure heights and depths?
• What is commingling in real estate practice?
• What does the Latin phrase "Caveat emptor" mean?
• Who is defined as an individual who purchases goods or services that are not for resale?
• What term describes a deed given to a mortgagee when the mortgagor is in default?
• What term describes the nonperformance of a duty or obligation?
• What term refers to the third party or non-represented consumer in real estate?
• What type of broker might handle the process of an open house?
• What is the term for the process of settlement in which the buyer and seller never meet and the paperwork is handled by an escrow agent?
• What type of real estate professional assists the seller in marketing properties?
• Which type of contract binds only one party to act?
• Which of the following is true about a deed of reconveyance?
• In which situation might a due-on-sale clause be enforced?
• What does a certificate of sale signify in a tax foreclosure?
• What is the IRS term for depreciation known as?
• What does a lease agreement typically outline?
• What is the term for the main imaginary line running east and west used in land surveying?
• What role does an escrow agent play in real estate transactions?
• What term applies to the ownership interest in a condominium in terms of both the unit and common elements?
• Who is referred to as the principal in an agency relationship?
• What is a residential multi-unit building held by a trust or corporation for the benefit of its residents?
• What defines a corporation?
• What is a common consequence of a balloon payment on a loan?
• Which of the following is a key characteristic of a determinable fee estate?
• Which ownership model is based on the principle that spouses are equal partners in the marriage?
• In which type of property ownership do both spouses have equal, undivided interest?
• What is the term for a mortgage that covers multiple parcels of real estate?
• Which of the following best describes a transfer of title in real estate?
• Which type of loan is typically easier to obtain because it does not involve federal backing?
• What federal agency has established rules and regulations interpreting practices affected by federal law in housing?
• What legal right allows the government to acquire private property for public use?
• What is the primary purpose of the Community Reinvestment Act of 1977?
• Which of the following best describes a Brokers Price Opinion (BPO)?
• What term describes a final payment on a mortgage that is significantly larger than the regular periodic payments?
• What clause in a mortgage states that the total balance is due upon sale or transfer of the property?
• What is a credit on a closing statement?
• Which document might specify conditions on how the property can be used?
• What is curtesy in real estate law?
• What is the opinion of real estate value that is commissioned by a bank or attorney and provided by a broker called?
• What is a trust in real estate?
• What term describes the period during which an improvement will add value to land?
• What is the implication of a base line in surveying?
• What is a counteroffer in real estate terms?
• Which term describes an association of two or more persons who carry on a business for profit as co-owners?
• What is the correct classification of a multi-unit dwelling ownership type where each owner has a separate interest in their unit?
• Which term refers to taxes that are unpaid and past due?
• Which of the following best describes a contract in real estate?
• What document does a trustee use to return title back to the trustor when a note is repaid?
• In which form of property ownership do co-owners have unity of possession?
• What term describes someone who acts as an intermediary on behalf of others for a fee or commission?
• What is the legal process to dissolve the relationship between two co-owners of real estate called?
• What document is provided to indicate the appraised value of a property financed with a VA loan?
• What does the term "cost" refer to in real estate?
• What type of easement is considered to follow along with the land?
• In condominium ownership, what do owners hold title to?
• What does a coinsurance clause in an insurance policy require?
• What are the provisions in a contract that require an action to occur before the contract becomes binding?
• What is a common consequence of a default in a mortgage payment?
• What is the consequence of holding a fee simple title in condominium ownership?
• What type of trust is created during the owner's lifetime?
• What advantage does a limited liability company (LLC) offer its members?
• Which appraisal principle states that the greater the similarity among properties, the better they will hold their value?
• In the capitalization formula, income divided by rate equals:
• What illegal practice involves inducing homeowners to sell by making false representations about demographic changes in a neighborhood?
• What is the term for property ownership by a single individual or entity?
• What is the term for an ordinance that specifies minimum standards of construction for buildings to protect public safety and health?
• When property is owned by two or more individuals, what is this type of ownership called?
• Which of the following terms describes properties that are similar to a subject property in an appraisal report?