ALABAMA REAL ESTATE FINAL EXAM STUDY GUIDE
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ALABAMA REAL ESTATE FINAL EXAM STUDY GUIDE - 60 HOUR COURSE ACTUAL QUESTIONS AND ANSWERS 2024/2025 SOLVED 100%
ALABAMA REAL ESTATE FINAL EXAM STUDY GUIDE - 60 HOUR COURSE ACTUAL QUESTIONS AND ANSWERS 2024/2025 SOLVED 100%
Which of the following ways of specializing is common in the real estate brokerage business?
A. By type of mortgage financing required
B. By years of experience in the business
C. By type of property
D. By background of client Ans
✔👌
- C. By type of property
Which of the following is included in the legal concept of land?
A. A corn crop
B. A lake
C. A felled tree
D. An abandoned vehicle Ans
✔👌
- B. A lake
A property abuts a non-navigable stream. What does the property owner own?
A. Land to the low-water mark
B. Underlying land to the middle of the waterway
C. Land to the high water mark
D. All water to the middle of the waterway Ans
✔👌
- B. Underlying land to the middle of the waterway
A retailer installs special display counters to exhibit her products. At the end of the lease term, the retailer moves to another state, leaving the counters in the store. At this point the counters are considered which of the following?
A. Trade fixtures, and therefore real property
B. Trade fixtures and therefore personal property
C. Real property, since the trade fixtures were abandoned
D. Personal property that must be returned to the retailer Ans
✔👌
- C. Real property, since the trade fixtures were abandoned
How is a legal life estate created?
A. By an owner's voluntary grant
B. By operation of law
C. Through the four unities
D. Through a defeasible conveyance Ans
✔👌
- B. By operation of law
Which of the following is true of a homestead?
A. A homestead interest can be conveyed by one spouse
B. A homestead interest cannot be exempt from creditors
C. A homestead interest is a form of legal life estate
D. A homestead is any privately owned single-family residence Ans
✔👌
- C. A homestead interest is a form of legal life estate
Three people have identical rights in a property, share an indivisible interest, but may sell or transfer their interest without consent of the others. This type of ownership is:
A. joint tenancy
B. tenancy by the entireties
C. estate in severalty
D. tenancy in common Ans
✔👌
- D. tenancy in common
A condominium estate is distinguished by:
A. Ownership of a share in an association and a condominium lease on the owned unit
B. Tenancy in common interest in airspace and common areas of the property
C. Fee simple ownership of a unit and undivided share of the common areas
D. Fee simple ownership of an equal share of the entire property Ans
✔👌
- C. Fee simple ownership of a unit and undivided share of the common areas
An easement by prescription requires that:
A. the use be continuous, known, and permitted by the owner for a period of time
B. the use by continuous, open, and hostile for a required period of time
C. the owner of an adjoining property be landlocked
D. the owner of the affected property be and adverse possessor Ans
✔👌
- C. the owner of an adjoining property be landlocked
In a lien-theory state:
A. Liens are recorded in trusts as opposed to title records
B. the lender records a lien while the borrower retains title
C. liened properties are foreclosed by strict foreclosure
D. trustees retain title during a mortgage period Ans
✔👌
- B. the lender records a lien while the borrower retains title
Five liens have been recorded against a certain house in the following order: first mortgage, mechanic's lien, second mortgage, real estate tax lien, special assessment lien. Which lien will be the last one to be paid from the proceeds of the sale of the house?
A. Special assessment lien
B. Mechanic's lien
C. Second mortgage lien
D. Real estate tax lien Ans
✔👌
- C. Second mortgage lien
For a conveyance by deed between private parties to be valid, the deed must be
A. warranted by the grantor
B. recorded by the grantee
C. signed by the grantee
D. accepted by the grantee Ans
✔👌
- D. accepted by the grantee
If a person dies with legal heirs and has left no valid will, what happens to the real property owned by that person?
A. It is taken by the state according to the process called escheat
B. It is probated according to the terms agreed to by the heirs
C. It is probated and passes to the heirs by laws of descent
D. It is conveyed to the highest bidder at a public auction Ans
✔👌
- C. It is probated and passes to the heirs by laws of descent
A miner openly lives and prospects on a 20,000 acre ranch. After twenty years, the owner notices the miner and kicks him off the property. The miner makes a claim of ownership to the property. This claim will likely be
A. upheld because the possession was not concealed
B. declined in favor of an easement by prescription
C. declined, because the occupancy period was insufficient
D. declined since the owner was not aware of the possession Ans
✔👌
- A. upheld because the possession was not concealed
A tenant obtains a low rental rate for a building, but agrees to pay all operating expenses. This is an example of a
A. Net Lease
B. Percentage Lease
C. Gross Lease
D. Proprietary Lease Ans
✔👌
- A. Net Lease
In accordance with the statute of frauds
A. Leases in excess of one year must be be recorded to be enforceable
B. Oral leases are not enforceable
C. A five-year lease must be in writing to be enforceable
D. An unwritten lease is fraudulent Ans
✔👌
- C. A five-year lease must be in writing to be enforceable
A property owner in a development is required to have a shake roof. This is a requirement is most likely to come from:
A. a deed restriction
B. a zoning ordinance
C. a building code
D. a condominium declaration Ans
✔👌
- A. a deed restriction
A master plan can be best described as
A. a forecast of existing land use patterns in a market
B. a plat of a subdivision preceding the design of a land use development
C. a fusion of land use laws and local land use objectives and strategies
D. None of the above Ans
✔👌
- C. a fusion of land use laws and local land use objectives and strategies.
A zoning board of adjustment might give favorable consideration to a land use variance if
A. compliance would cause the owner undue and unjustified hardship
B. the appeal is prepared by professional land use attorneys employing the correct procedures
C. the owner can demonstrate a valid homestead exemption
D. there is a grandfathering clause Ans
✔👌
- A. compliance would cause the owner undue and unjustified hardship
What are the dimensions of a township?
A. one mile square
B. Six miles by one mile
C. one mile by one mile
D. six miles by six miles Ans
✔👌
- D. six miles by six miles
A tract of land is described as the W 1/2 of the N 1/2 of the NE 1/4 Section 16. What is its acreage?
A. 20 acres
B. 40 acres
C. 80 acres
D. 160 acres Ans
✔👌
- B. 40 acres
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Related Questions
the information in the photo wants me to find out the working capital and current ratio
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Group Case Study:
As a loan officer in a bank, you received an application for a real estate loan from a borrower to buy an
apartment in Dubai. The apartment is an unfurnished one bedroom flat situated in Park Island building
(Sanibel) in Dubai Marina. Details about the property (and a comparable one sold in the same building) are
presented in the following table:
Property to be valued (A) Comparable Property (B)
in March 2022
Sale date
Selling price/value (AED)
Gross annual rent (AED)
January 2022
1,550,000
Annual Maintenance fees
20
20
(AED/square feet)
Vacancy rate (%)
Area (square feet)
Price (AED/square feet)
Gross annual rent (AED/square feet)
Proximity to A
Parking available
Floor level
Exterior (Building)
10
10
922
937
Same building
1.
1.
high
Floor to Ceiling Glass
Full Marina View
high
Floor to Ceiling Glass
Full Marina View
View
a. Using the market value approach, find the value of the property (A) (Suppose that the price listed is the
selling price).
b. Using the income…
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Question 6 of 20:
Select the best answer for the question.
6. An example of a contra-asset account is
OA. Advances from Clients.
O B. Prepaid Insurance.
OC. Office Supplies
D. Accumulated Depreciation.
Mark for review (Will be highlighted on the review page)
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Dashboard / My courses / FINA 415-1-20201 / General / FINAL EXAM- FINA 415- FALL 2020-21
Quiz nav
Question 18
Which of the deposits are used by business people in majority?
Answer saved
1
Marked out of 2
Select one:
10 11
Flag question
O a. None
O b. Recurring Deposits
20
19
O c. Savings Deposits
Finish atte
O d. Current Deposits
O e. Time Deposits
Clear my choice
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Unit 4 (3).pptx
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exercise for finance acc.pdf
O File | C:/Users/User/Desktop/FIN%20ACC/exercise%20for%20finance%20acc.pdf
D Page view
A Read aloud
T Add text
V Draw
E Highlight
O Erase
of 4
EXERCISES
For questions number 1 to 7, given the accounting transaction, indicate
whether the asset, liability or owner's equity has increase or decrease or
has no effect by circling the appropriate answer.
1 The owner invests personal cash in the business. (Example)
Asset
Increase
Decrease
No Effect
Liability
Increase
Decrease
No Effect
Owner's Equity
Increase
Decrease
No Effect
2 The owner withdraws cash from the business for personal use.
Asset
Increase
Decrease
No Effect
Liability
Increase
Decrease
No Effect
Owner's Equity
Increase
Decrease
No Effect
3 The company receives cash from a bank loan
Asset
Increase
Decrease
No Effect
5:29 PM
O Type here to search
IMI
26/10/2021
ENG
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A
B
C
D
E
F
G
K
M
N O
P
Formula: Divide; Cell Referencing
Using Excel to Perform Vertical Analysis
Student Work Area
PROBLEM
Required: Provide input into cells shaded in yellow in this template. Use mathematical
formulas with cell references to this work area.
Data from the comparative balance sheets of Rollaird Company is
presented here.
December 31,
December 31,
Using these data from the comparative balance sheets of Rollaird Company, perform vertical
analysis.
2022
2021
Accounts receivable (net)
2$
460,000 $
400,000
1.
December 31, 2021
Inventory
Total assets
780,000
650,000
December 31, 2022
3,164,000
2,800,000
Amount
Percent
Amount
Percent
Accounts receivable (net)
$ 460,000
$
400,000
Inventory
780,000
650,000
Total assets
3,164,000
2,800,000
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pter 10 HW
eBook
Allocating Payments and Receipts to Fixed Asset Accounts
The following payments and receipts are related to land, land improvements, and buildings acquired for use in a wholesale ceramic business. The receipts are identified by an asterisk.
a.
Fee paid to attorney for title search
$3,200
b.
Cost of real estate acquired as a plant site: Land
335,600
Building (to be demolished)
31,900
C.
Delinquent real estate taxes on property, assumed by purchaser
18,900
Cost of tearing down and removing building acquired in (b)
5,300
e.
Proceeds from sale of salvage materials from old building
3,100*
Special assessment paid to city for extension of water imain to the property
12,600
9.
Architect's and engineer's fees for plans and supervision
46,100
h. Premium on one-year insurance policy during construction
4,400
i.
Cost of filling and grading land
18,500
Money borrowed to pay building contractor
787,000*
k. Cost of…
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8
Chapters 1, 2, 14 Terminology Review
Print Share Edit Answers E
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✓9. Examples: Salaries, cost of goods, shipping costs,
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✓11. Ability to pay obligations expected to become due
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1. Increase in assets or decrease in liabilities
3. The left side of an account
✓5. Examples: Cash, property, plant, and equipment
✔6. Goods available for future sales or use in service for
customers
✓7. The right side of an account
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see attached table1
Additional information:
Depreciation (2018): R483.
The firm spent R250m in profitable projects during the course of 2018
WACC : 15%
Cost of equity of the firm: 10%
Tax rate : 40%
Table 2: FBC statement of comprehensive income
(R millions except for share data)
2018
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EBIT
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محمود
Business Language p -
General
Final Exam - Business Language
Business Language
نظری - طولكرم
Question 44
Not yet answered
Marked out of 0.50
P Flag question
is a large amount of money used for
starting a new business
Select one:
a. Supply chain
b. Capital
c. Concept
d. Lucrative
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Midterm Exam - Business Language
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COLUMBAN COLLEGE INC., OLONGAPO CITY
SENIOR HIGH SCHOOL- BASIC EDUCATION DEPARTMENT ASINAN
LEARNER'S MODULE
Section:
Name of the Student
1,100,000
2,500
Inventories
Office Supplies
Prepaid Insurance
Land
Building-
Machinery & Equipment
Furniture and Fixture
Accum. Depreciation - Building
Accum. Depreciation - M & E
Accum. Depreciation - F&F
Investment in associates at Equity
Financial Assets - Non Current
24,000
120,000
450,000
৪5,000
35,000
4.500
8,500
1,500
85,000
350,000
6,500
Patents
95,000
25,000
Trademark -
Long-term advances to officers
Accounts Payable
Notes Payable
Accrued Interest on Notes payable
Income Tax Payable
Dividends Payable
Unearned Revenue
Notes Payable - Short Term
Current Portion of Bonds Payable
Bonds Payable
Notes Payable (long term)
Deferred Tax Liability
Dave, Capital
TOTAL
Required:
150,000
75,000
750
6,500
12,000
7.500
250,000
13,000
225,000
85,000
6,500
3.407.000
4,258,250
4,258,250
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Current Attempt in Progress
The following information is related to the sole proprietorship of Carol Garcia, attorney.
Legal service revenue-2022
$331,000
Total expenses-2022
218,000
Assets, January 1, 2022
Liabilities, January 1, 2022
Assets, December 31, 2022
Liabilities, December 31, 2022
Drawings-2022
V:
91,000
e Textbook and Media
60,000
170,000
107,000
Prepare the 2022 owner's equity statement for Carol Garcia's legal practice. (List items that increase owner's equity first.)
CAROL GARCIA, ATTORNEY
Owner's Equity Statement
For the Year Ended December 31, 2022
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Transactions
Innovative Consulting Co. has the following accounts in its ledger: Cash, Accounts Receivable, Supplies, Office Equipment, Accounts Payable, Common
Stock, Retained Earnings, Dividends, Fees Earned, Rent Expense, Advertising Expense, Utilities Expense, Miscellaneous Expense.
Journalize the following selected transactions for October 20Y2 in a two-column journal. Journal entry explanations may be omitted. If an amount box
does not require an entry, leave it blank.
Oct. 1. Paid rent for the month, $2,500.
4. Paid advertising expense, $1,000.
5. Paid cash for supplies, $1,800.
6. Purchased office equipment on account, $11,500.
12. Received cash from customers on account, $7,500.
20. Paid creditor on account, $2,700.
27. Paid cash for miscellaneous expenses, $700.
30.…
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