Alaska Real Estate Exam
1,496+ Practice Questions & Answers
Every question includes a detailed explanation. Organized by the 11 topics on the Alaska real estate salesperson exam.
Property Valuation
175 questions- The appraisal approach most commonly used to value single-family residential properties in Alaska is the:
- In Alaska's remote areas, an appraiser may have difficulty using the sales comparison approach because:
- Depreciation in real estate appraisal refers to:
- A property generates annual net operating income (NOI) of $60,000. Using a capitalization rate of 8%, the estimated value using the income approach is:
- The principle of substitution in appraisal holds that:
- When a licensed appraiser estimates the value of a property, the appraiser is providing an opinion of:
- A comparable sale used in the sales comparison approach requires a positive adjustment when:
- External obsolescence affecting a property's value is caused by:
- In the sales comparison approach, an appraiser adjusts the comparable sale price when:
- The income capitalization approach to value is MOST appropriate for:
- An appraiser uses the cost approach for a property and estimates reproduction cost new at $380,000, land value at $75,000, and total depreciation at $55,000. What is the estimated value?
- Permafrost thaw beneath a building in Alaska is an example of which type of depreciation in an appraisal?
- The capitalization rate (cap rate) is calculated as:
- A commercial property in Juneau generates $120,000 in NOI annually. The prevailing cap rate for similar properties is 8%. What is the estimated value?
- Market value in an appraisal is defined as:
- Functional obsolescence in real estate appraisal refers to:
- External (economic) obsolescence affecting Alaska property values might be caused by:
- The principle of substitution underpins which appraisal approach?
- When appraising a remote Alaska property accessible only by floatplane, an appraiser should:
- Gross Rent Multiplier (GRM) is calculated as:
- The appraisal principle of 'progression' suggests that:
- A 'before and after' appraisal method is most commonly used in:
- In Alaska, assessed value for property tax purposes is set by boroughs. If a property has a market value of $400,000 and the assessment ratio is 80%, the assessed value is:
- An appraisal report prepared for a federally related transaction in Alaska must comply with:
- The cost approach is MOST reliable for which type of property?
- Economic life of a building refers to:
- An appraiser using the sales comparison approach in Alaska adjusts comparable sales for differences. If a comparable is inferior to the subject property in a particular feature, the appraiser will:
- The income approach to value is MOST appropriate for valuing which Alaska property type?
- In Alaska, functional obsolescence in a property could be caused by:
- What does a capitalization rate (cap rate) measure in real estate investment analysis?
- An Alaska commercial property has a net operating income of $60,000 per year. Using a 6% cap rate, the estimated value is:
- In Alaska, the cost approach to value is MOST useful when appraising:
- Curable depreciation in a property appraisal means:
- In Alaska, the principle of substitution states that:
- An Alaska duplex rents each unit for $1,200/month. Comparable duplexes sell at a GRM of 120. The estimated value is:
- An Alaska appraiser is determining the value of a property in a remote area with no comparable sales. Which approach would likely be MOST useful?
- External obsolescence in property appraisal is caused by:
- The principle of highest and best use in Alaska appraisal requires that the use be:
- Which of the following types of depreciation is generally considered incurable?
- Under the income approach, effective gross income (EGI) is calculated as:
- A property has an EGI of $120,000 and operating expenses of $48,000. What is the net operating income (NOI)?
- A licensee in Alaska performing a comparative market analysis (CMA) is:
- The principle of contribution in real estate valuation states that:
- Assessed value in Alaska municipalities is used to:
- Reconciliation in the appraisal process means:
- An Alaska property has a GPI of $150,000, a 5% vacancy rate, and operating expenses of $55,000. What is the NOI?
- When an appraiser determines that a comparable sale was made under duress (foreclosure), how should the appraiser treat it?
- In Alaska, which legal description method is most commonly used for rural and remote land?
- The principle of plottage (assemblage) in real estate valuation means that:
- In Alaska, economic life of a building refers to:
- A 'drive-by' or exterior-only appraisal in Alaska is formally known as a:
- Uniform Standards of Professional Appraisal Practice (USPAP) apply to Alaska appraisers and require:
- Obsolescence caused by a zoning change that allows an incompatible use adjacent to a residential property in Alaska is an example of:
- In Alaska, a property's effective age may be less than its actual age if:
- An Alaska property's reproduction cost is:
- An appraiser in Alaska uses the sales comparison approach and finds three comparable sales. After adjustments, the adjusted values are $310,000, $315,000, and $312,000. The most likely estimate of value using reconciliation would be:
- An Alaska property generates annual gross rental income of $36,000. The vacancy and collection loss is estimated at 5%, and operating expenses are $12,000. What is the net operating income (NOI)?
- In Alaska, the cost approach to value is MOST useful for appraising:
- External obsolescence in a property appraisal refers to depreciation caused by:
- An Alaska appraiser calculates a capitalization rate of 8% for an income property with an NOI of $40,000. Using direct capitalization, the indicated property value is:
- Which of the following is TRUE about the principle of conformity in real estate appraisal?
- Functional obsolescence in a property is caused by:
- In the sales comparison approach, a positive adjustment to a comparable sale is made when the comparable is:
- What does the Gross Rent Multiplier (GRM) method of valuation use to estimate property value?
- An Alaska residential property was appraised at $425,000. The owner disputes the value, claiming the appraiser failed to consider permafrost-related foundation issues that require $30,000 in remediation. This claim relates to which type of depreciation?
- The principle of 'highest and best use' in Alaska appraisal means:
- An Alaska appraiser is valuing a historic log cabin near Talkeetna. The cabin has a unique design with no comparable sales nearby. The appraiser would rely MOST heavily on:
- Depreciation in real estate appraisal is best defined as:
- An Alaska property with an NOI of $60,000 and a capitalization rate of 7.5% has an estimated value of:
- The 'principle of substitution' in appraisal states that:
- In the sales comparison approach, 'paired sales analysis' is used to:
- An Alaska waterfront cabin depreciates because a nearby factory was built after the cabin was constructed. This is an example of:
- Which of the following BEST describes 'effective age' in appraisal?
- When valuing an income property, the overall capitalization rate (OAR) is derived from:
- An Alaska residential lot comparable to the subject sold 18 months ago for $80,000. The market has appreciated 3% per year since then. What is the time-adjusted value of the comparable?
- In Alaska, the 'market data approach' (sales comparison approach) works best when:
- An Alaskan appraiser estimates that a property suffers from $15,000 in physical depreciation, $8,000 in functional obsolescence, and $5,000 in external obsolescence. Total depreciation is:
- The 'income approach' to value is MOST appropriate for which type of Alaska property?
- Which of the following statements about appraisal reconciliation is TRUE?
- An Alaska appraiser adjusts a comparable sale downward by $10,000 because the comparable has a garage and the subject does not. This adjustment suggests the market values a garage at approximately:
- The 'reproduction cost' in the cost approach refers to:
- In Alaska real estate practice, a broker price opinion (BPO) differs from an appraisal primarily because:
- An Alaska appraiser is estimating the value of a 20-unit apartment complex. The appraiser determines the NOI is $95,000 and selects a cap rate of 7%. The indicated value by the income approach is:
- The principle of 'contribution' in real estate appraisal means that:
- Under the Uniform Standards of Professional Appraisal Practice (USPAP), an appraiser who knowingly provides a false appraisal has committed:
- In Alaska, a 'drive-by appraisal' (exterior-only) is distinguished from a full appraisal because it:
- An appraiser in Alaska determines a comparable property sold in an estate sale at 10% below market value. To use this comparable, the appraiser should make:
- The 'gross income multiplier' (GIM) differs from the gross rent multiplier (GRM) in that GIM uses:
- Under USPAP, an Alaska appraiser who has a financial interest in a property they are appraising must:
- An Alaska appraiser using the cost approach calculates the following: land value $150,000, replacement cost new of improvements $400,000, total depreciation $80,000. The indicated value is:
- An appraiser uses an income multiplier of 9.5 for a property with annual gross income of $48,000. The indicated value is:
- In Alaska, 'assemblage' refers to:
- In Alaska, the 'economic life' of a building refers to:
- An Alaska property has a replacement cost new of $350,000 and is 30 years old with a 70-year economic life. Annual straight-line depreciation is approximately:
- A 'before and after' method is used in Alaska eminent domain appraisals to:
- Which of the following property types would an appraiser MOST likely value using only the income approach?
- In Alaska, the 'capitalization rate' is affected primarily by:
- An Alaska property appraised at $520,000 has an outstanding mortgage of $310,000. The owner's equity is:
- Under USPAP Standard 1, an appraiser must identify the 'intended use' of an appraisal because:
- A 'restricted use appraisal report' in Alaska is distinguished from a 'summary appraisal report' because it:
- An Alaska appraiser who has completed an appraisal must keep the workfile for at least:
- When an Alaska appraiser 'brackets' the subject property with comparables, they are:
- In Alaska, a property's 'insurable value' differs from its 'market value' because insurable value:
- An Alaska appraiser estimates that a property's highest and best use as vacant would be residential development. The highest and best use as improved is a commercial building. This difference suggests:
- An Alaska appraiser values a property 'as of' a specific date. This 'effective date' is significant because:
- In Alaska, when an appraiser refers to the 'subject property,' they mean:
- An Alaska appraiser using the sales comparison approach gives the most weight to which comparable?
- An Alaskan property recently sold for $500,000 in a non-arm's-length transaction between family members at a steep discount. An appraiser should:
- Under the income approach, 'potential gross income' (PGI) is the total rental income the property would generate if:
- An Alaska property with a 40-year-old structure in excellent condition has an effective age of 15 years. This reflects the principle that:
- What does 'plottage value' mean in Alaska real estate?
- An Alaskan property with an NOI of $75,000 is valued at $1,000,000. The overall capitalization rate is:
- In Alaska, 'deterioration' in appraisal refers to which form of depreciation?
- An Alaska appraiser must certify in their report that the appraisal was performed in accordance with:
- The 'market value' definition used in federally related transactions in Alaska requires that the transaction be:
- An Alaska appraiser finds that a property's 'as-if-complete' value assumes:
- In Alaska, the valuation of a 'partial interest' (such as a fractional ownership or minority interest) typically results in a value that is:
- The 'gross living area' (GLA) used in Alaska residential appraisals typically includes:
- An Alaska appraiser values a 5-acre rural parcel. Comparable sales exist for 2-acre parcels, but the 5-acre parcel does not simply equal 2.5 times the value of a 2-acre parcel. This reflects the principle of:
- In Alaska, an appraiser who is asked to value a property for a predetermined value is being asked to engage in:
- An Alaska appraiser who makes a 'negative 5% condition adjustment' to a comparable means:
- In Alaska, when two appraisers value the same property and reach different conclusions, the most likely explanation is:
- In the income approach, 'effective gross income' (EGI) is calculated as:
- An Alaska appraiser is asked to provide a 'retrospective appraisal' as of the date of a fire three years ago. The appraiser must:
- Under Alaska's property tax assessment system, what does 'equalization' refer to?
- An Alaska appraiser who determines that an existing commercial building's highest and best use is as a parking lot is suggesting that:
- In Alaska, which of the following would NOT be considered a 'component' of the cost approach value estimate?
- Under Alaska appraisal practice, a 'desk review' appraisal involves:
- The 'land residual technique' in appraisal is used primarily to:
- In Alaska, an appraiser who inflates an appraisal at the lender's request to make a purchase transaction work is committing:
- In Alaska, the 'direct capitalization' method of valuation divides which two figures?
- An Alaska commercial property has a potential gross income of $200,000, vacancy rate of 5%, and operating expense ratio of 45% of EGI. The NOI is:
- In Alaska, the value added by a swimming pool to a residential property may be less than its construction cost because of the principle of:
- Under USPAP, an 'extraordinary assumption' in an appraisal is an assumption that:
- An Alaska property sold for $485,000. The appraiser determines the land is worth $95,000. The improvements' depreciated value (from the cost approach) is:
- Which principle of value explains why a home across from a noisy industrial facility will sell for less than an identical home in a quiet residential area?
- An appraiser uses the 'age-life' method of depreciation calculation. For a building with a 60-year economic life that is currently 15 years old (effective age), the percentage of depreciation is:
- In Alaska, the 'income multiplier' approach is less precise than direct capitalization because it:
- In Alaska, the 'principle of regression' states that a high-value property surrounded by lower-value properties will:
- A Fairbanks property's estimated remaining economic life is 35 years. The building is 15 years old with an original economic life of 50 years. The effective age is:
- Which of the following factors would an Alaska appraiser MOST likely use to determine the appropriate capitalization rate for a multi-family property?
- An Alaska retail property has a base rent of $15/sq ft for 8,000 sq ft plus percentage rent of 5% of annual gross sales over $500,000. Tenant's gross sales are $750,000. What is the total annual rent?
- In Alaska, an appraiser who is reviewing the appraisal work of another appraiser provides a(n):
- Which of the following is TRUE about appraisal independence requirements for federally regulated lenders in Alaska?
- In Alaska, the 'income approach' is least appropriate for which type of property?
- In Alaska, an appraiser estimating the value of a large tract of remote land may use the 'subdivision analysis' approach, which involves:
- The 'land-to-value ratio' in an appraisal is significant because it:
- An Alaska appraiser who cannot find recent comparable sales may use a 'time adjustment' based on:
- Under USPAP, an appraisal report for a residential property used in connection with a federally related transaction must be prepared by:
- An Alaska appraiser is appraising a property 'subject to completion' of proposed improvements. This is considered a:
- In Alaska, a 'comparative market analysis' (CMA) prepared by a real estate agent differs from a formal appraisal because:
- In Alaska, when an appraiser uses 'gross adjustments' to evaluate comparable sales quality, smaller gross adjustments generally indicate:
- In Alaska, 'reconciliation' in the appraisal process means the appraiser:
- An Alaska appraiser determines that a property has an 'as-is' value of $400,000 and a 'value subject to completion' of $450,000 for a $75,000 renovation project. This analysis suggests:
- In Alaska, the 'principle of anticipation' states that value is based on:
- In Alaska, the 'principle of balance' in valuation refers to:
- An Alaska industrial property generates an NOI of $120,000. Similar industrial properties have sold at cap rates ranging from 6.5% to 8.5%. The indicated value range is:
- In Alaska, a 'letter appraisal' or 'form report' appraisal is MOST commonly used for:
- An Alaska appraiser must report all values within a 'reasonable range' to avoid a USPAP violation for:
- In Alaska, a 'desk review' of an appraisal is typically requested by lenders to:
- In Alaska, the 'allocation method' of land valuation estimates land value by:
- An Alaska property has a gross potential income of $96,000. After deducting a 5% vacancy allowance and $32,000 in operating expenses, the NOI is:
- In Alaska, the 'mortgage-equity' (Ellwood) technique is an income approach method that considers:
- In Alaska, a 'development approach' (also called 'developer's profit' analysis) to land valuation is used primarily when:
- An Alaska appraiser determines that comparable sales need a 'market conditions adjustment' of +2% per year due to price appreciation. For a sale that closed 18 months ago at $400,000, the time-adjusted price is approximately:
- In Alaska, a property that has been vacant for an extended period typically experiences which type of depreciation that affects its market value?
- An Alaska appraiser who determines a comparable is 'physically inferior' to the subject property will make which adjustment?
- An Alaska appraiser notes that several properties in a neighborhood sold at significant discounts because of a nearby industrial odor. This is an example of value lost to:
- In Alaska, a licensed appraiser must develop and report their opinion of value in a manner that is:
- An Alaska property leased below market rent has which effect on its income-approach value?
- In Alaska, when appraising a property that has recently been renovated, an appraiser should:
- In Alaska, an appraiser completing an appraisal for property tax appeal purposes would focus on estimating the property's:
- Under Alaska law, a property owner who believes their property has been over-assessed for tax purposes may:
- In Alaska, which of the following properties would MOST likely receive the HIGHEST capitalization rate from an appraiser?
- In Alaska, the appraisal concept of 'market exposure time' is relevant because it:
Alaska License Law
161 questions- Which state agency is responsible for regulating real estate licensees in Alaska?
- How many hours of pre-license education must a salesperson candidate complete before sitting for the Alaska real estate exam?
- The Alaska real estate licensing exam consists of how many questions, and what is the allotted time?
- What is the minimum passing score required on the Alaska real estate licensing exam?
- How often must Alaska real estate licensees renew their license?
- Under Alaska license law, which of the following actions constitutes commingling?
- An Alaska real estate salesperson wants to advertise their services independently without mentioning their employing broker. This is:
- A licensee in Alaska is found to have engaged in misrepresentation and fraud. Which of the following disciplinary actions can the Alaska Real Estate Commission NOT impose?
- Under Alaska law, trust account funds belonging to clients must be kept:
- A broker's Alaska real estate license has lapsed for 6 months. The broker now wants to resume practice. What must the broker do?
- Which of the following activities requires a real estate license in Alaska?
- Under Alaska license law, dual agency means:
- In Alaska, for dual agency to be legal, what is required?
- A newly licensed Alaska salesperson may begin practicing real estate:
- Which of the following is an example of blockbusting under Alaska license law?
- The Alaska Real Estate Commission has the authority to:
- A licensee who uses a team name in advertising in Alaska must ensure the advertising:
- An Alaska broker who holds funds belonging to clients in a trust account is acting as:
- Under Alaska law, which of the following is grounds for disciplinary action against a real estate licensee?
- A real estate salesperson in Alaska receives an earnest money deposit from a buyer. The salesperson should:
- How many members serve on the Alaska Real Estate Commission, and what is the composition?
- Alaska real estate licenses must be renewed every:
- How many continuing education hours must an Alaska real estate salesperson complete each 2-year renewal period?
- A real estate licensee in Alaska who operates without being affiliated with a licensed broker is:
- The Alaska Real Estate Commission has authority to do all of the following EXCEPT:
- Under Alaska law, trust account funds must be deposited within:
- Commingling of client funds in Alaska means:
- A licensee whose Alaska real estate license has lapsed for fewer than 2 years may reinstate it by:
- Which of the following acts would constitute grounds for disciplinary action by the Alaska Real Estate Commission?
- In Alaska, a broker who wishes to conduct property management activities must:
- An Alaska real estate broker must keep transaction records for a minimum of:
- Which of the following individuals is EXEMPT from Alaska real estate licensing requirements?
- The Alaska Real Estate Commission's disciplinary process typically begins with:
- A licensee who receives an earnest money check but cannot deposit it in the trust account immediately because the bank is closed must:
- Under Alaska law, a salesperson who moves to a new brokerage must:
- Which of the following is TRUE about an Alaska 'associate broker' license?
- The Alaska Real Estate Commission may impose a fine of up to _____ per violation.
- All advertising by an Alaska licensee must:
- A licensee who pays another unlicensed person a referral fee for sending real estate business:
- Which of the following is a requirement for an Alaska broker license applicant?
- The primary purpose of Alaska's real estate licensing laws is to:
- An Alaska licensee who knowingly makes a material misrepresentation to a client faces:
- In Alaska, which person is NOT required to hold a real estate license to receive compensation for real estate activities?
- Alaska's real estate licensing law applies to activities involving:
- An Alaska broker must maintain a trust account unless:
- A broker's license in Alaska may be placed on inactive status if the broker:
- Which of the following actions requires a real estate license in Alaska?
- Under Alaska license law, a licensee who receives a check as earnest money from a buyer should:
- The Alaska Real Estate Commission's authority to discipline a licensee extends to acts committed:
- An applicant for an Alaska real estate license who has been convicted of a felony involving fraud:
- Which of the following best describes an 'employing broker' in Alaska?
- In Alaska, a real estate licensee who pays a kickback to a lender in exchange for loan referrals:
- When a buyer terminates a purchase agreement without a valid contractual reason and forfeits earnest money, the broker:
- Alaska requires licensees to provide a written agency disclosure to clients:
- A real estate team operating within an Alaska brokerage must ensure that:
- How many continuing education hours must an Alaska real estate licensee complete per two-year renewal cycle?
- What is the maximum fine the Alaska Real Estate Commission may impose on a licensee for a single violation?
- Under Alaska law, which of the following activities requires a real estate license?
- An Alaska salesperson license is initially valid for how long?
- Which of the following persons is exempt from Alaska real estate licensing requirements?
- In Alaska, an associate broker differs from a salesperson in that an associate broker:
- A licensee's license is placed on inactive status in Alaska. Which statement is TRUE?
- When an Alaska real estate salesperson changes sponsoring brokers, the licensee must:
- The Alaska Real Estate Commission is composed of how many members?
- Which of the following is grounds for the Alaska Real Estate Commission to revoke or suspend a license?
- A broker operating in Alaska must maintain client trust funds in:
- Commingling in Alaska real estate refers to:
- If an Alaska licensee's broker dies or becomes incapacitated, the salesperson should:
- Alaska law requires licensees to keep transaction records for a minimum of:
- A licensee in Alaska may accept compensation for a real estate transaction from:
- An Alaska real estate licensee who wishes to operate their own brokerage must hold a:
- To qualify for an Alaska broker license, an applicant must have at least how many years of active experience as a licensed salesperson?
- Under Alaska law, a licensee who fails to renew on time may:
- A real estate licensee in Alaska who is convicted of a felony involving fraud may face:
- Which of the following is required for an Alaska real estate advertisement to be lawful?
- Which of the following BEST describes 'net listing' in Alaska?
- An Alaska broker discovers that a salesperson in their office has been pocketing client security deposits. The broker's responsibility is to:
- How does Alaska law treat a licensee who pays an unlicensed person a referral fee for sending clients?
- When an Alaska licensee represents a client, the broker is responsible for the licensee's actions because of the legal doctrine of:
- A licensee in Alaska may legally do which of the following without a real estate license?
- An Alaska real estate salesperson license is valid for how long before renewal is required?
- What is the minimum age requirement to obtain a real estate salesperson license in Alaska?
- Under Alaska law, a real estate licensee's license is automatically suspended if the licensee:
- The Alaska Real Estate Commission has how many members?
- An Alaska broker must keep transaction records for a minimum of:
- Which of the following is an example of 'blockbusting' under Alaska's Fair Housing provisions?
- A licensee who wants to operate as an independent broker in Alaska must complete how many hours of broker pre-license education?
- Under Alaska regulations, a licensee who engages in misleading advertising may face:
- Which statement correctly describes an Alaska 'inactive' license status?
- Under Alaska law, a licensee acting as a property manager must:
- An Alaska licensee who has been convicted of a felony involving fraud must report this conviction to the Commission within:
- Under Alaska's continuing education requirements for license renewal, a salesperson must complete how many hours per renewal cycle?
- Which of the following actions by an Alaska licensee constitutes 'conversion' of trust funds?
- A real estate licensee in Alaska may NOT accept compensation from:
- Which of the following statements is TRUE about Alaska's requirement for errors and omissions (E&O) insurance?
- A licensee in Alaska who performs real estate services for an unlicensed entity in exchange for a fee would violate:
- Under Alaska law, a 'pocket listing' in which a broker withholds a listing from the MLS to offer it exclusively to the broker's own buyers may raise concerns about:
- The Alaska Real Estate Commission may audit a broker's trust account:
- In Alaska, a real estate team operating under a broker must ensure that:
- Under Alaska law, when a licensee advertises property, all advertising must clearly indicate:
- An Alaska broker who receives an earnest money deposit must maintain a separate trust account and may NOT:
- A real estate broker in Alaska who also holds a separate business providing mortgage services must:
- Under Alaska regulations, a licensee's license must be displayed or available at:
- An Alaska licensee who wishes to practice real estate in another state must:
- An Alaska licensee who fails to present a written counteroffer to the seller's broker within a reasonable time may be in violation of their duty of:
- A licensed broker in Alaska who employs a salesperson must provide:
- Which of the following is NOT considered a licensee's duty under Alaska's duty of disclosure to customers (non-clients)?
- When an Alaska broker's license is revoked, what happens to the salespersons affiliated with that broker?
- An Alaska real estate licensee who suspects a property has a material defect but is not certain should:
- Under Alaska law, a salesperson who receives a referral fee from an out-of-state broker for referring a client must ensure that:
- The Alaska Real Estate Commission's primary mission is to:
- A property management company in Alaska that collects rents and manages properties for owners must hold a:
- An Alaska broker who discovers evidence of fraud in a transaction the broker is not directly involved in has an obligation to:
- Under Alaska law, a licensed real estate salesperson may NOT accept compensation from which of the following?
- Under Alaska law, an employing broker may have an independent contractor relationship with salespersons for tax purposes while still maintaining supervisory responsibility. This means:
- A licensee in Alaska who makes a 'net listing' agreement (where the broker keeps everything above a target price) should know that such agreements:
- An Alaska real estate broker must maintain their principal place of business at:
- When an Alaska salesperson license is involuntarily suspended due to an E&O insurance lapse, the licensee must:
- The Alaska Real Estate Commission's authority over licensees does NOT extend to:
- Under Alaska statutes, which of the following activities does NOT require a real estate license?
- In Alaska, a broker applicant must demonstrate how many years of active experience as a salesperson before applying for a broker's license?
- When the Alaska Real Estate Commission investigates a licensee, the investigation is initiated by:
- Under Alaska's license law, a licensee who uses misleading before-and-after photos to advertise a property they are listing has violated which duty?
- In Alaska, the term 'licensee in charge' of a real estate office refers to:
- Alaska license law requires that a listing agreement include all of the following EXCEPT:
- An Alaska licensee may perform which of the following without a broker affiliation?
- The Alaska Real Estate Commission's authority to discipline licensees extends to:
- A real estate licensee in Alaska who is also a licensed mortgage loan originator (MLO) must:
- Under Alaska law, the maximum period a real estate license may be placed on 'inactive' status before requiring reactivation or renewal is:
- Which of the following is a valid basis for the Alaska Real Estate Commission to discipline a licensee?
- Under Alaska law, a licensee who is a party to a transaction they are handling must:
- The Alaska Real Estate Commission is authorized to issue a 'cease and desist' order against:
- An Alaska broker's trust account must be reconciled at least:
- A licensee in Alaska who operates a real estate team under a team name must ensure that:
- In Alaska, a real estate broker must maintain a separate trust account for:
- An Alaska licensee who knowingly participates in a fraudulent real estate transaction may face:
- Which of the following situations requires the employing broker's consent before a salesperson in Alaska may proceed?
- A new Alaska real estate salesperson who has just received their license must know that they can begin practicing real estate only when:
- Under Alaska regulations, a broker who manages multiple office locations must ensure that:
- In Alaska, which of the following requires a licensee to provide a written agency disclosure to a consumer?
- An Alaska licensee who assists a buyer in a real estate transaction where the buyer also has a family member who is a licensee at the same brokerage must:
- Under Alaska license law, a 'reciprocal' license may be issued to a licensee from another state who:
- An Alaska broker who accepts a listing on a property that the broker knows is involved in a fraudulent scheme is:
- Under Alaska's real estate regulations, a salesperson may sign a listing agreement on behalf of the brokerage:
- An Alaska broker who receives a security deposit from a property management client must:
- A salesperson in Alaska receives a complaint from a client. The salesperson should first:
- The Alaska Real Estate Commission's regulations regarding advertising require that all advertising must NOT be:
- Under Alaska law, when a licensed broker dies, the brokerage's real estate activities must:
- An Alaska licensee who is asked by a client to help them purchase a property in a specialized area (such as commercial real estate) in which they have no experience must:
- Under Alaska's real estate licensing statutes, a person who operates a real estate business without a license is subject to:
- An Alaska real estate licensee's duty of 'timely disclosure' requires them to:
- An Alaska salesperson who earns a referral fee from a title company for referring clients to them is likely violating:
- In Alaska, a 'managing broker' of a real estate brokerage is specifically responsible for:
- An Alaska licensee who discovers their employing broker is engaged in fraud should:
- Under Alaska real estate regulations, which of the following is the PRIMARY test for determining whether a person needs a real estate license?
- An Alaska broker who receives a complaint from a transaction participant about a salesperson's conduct must:
- In Alaska, a newly licensed salesperson who specializes in residential property is approached by a client who wants help buying commercial investment property. The salesperson should:
- Under Alaska law, a real estate broker who is temporarily unable to manage the brokerage (due to illness, for example) may designate which type of licensee to manage the office in their absence?
- An Alaska licensee who consistently charges clients fees above the market rate is:
- Having completed this comprehensive Alaska real estate exam preparation, a successful candidate should know that the Alaska Real Estate Commission's website (commerce.alaska.gov/web/cbpl/ProfessionalLicensing/RealEstate.aspx) provides which key resource?
- In Alaska, how often must a real estate licensee renew their license?
Contracts
157 questions- For a real estate contract in Alaska to be enforceable, it must be:
- Under the Alaska Uniform Vendor and Purchaser Risk Act, if a property is substantially destroyed after the contract is signed but before closing, and neither party is at fault, who bears the loss?
- A buyer makes an offer to purchase a property. Before the seller responds, the buyer calls to withdraw the offer. The withdrawal is:
- A seller's counteroffer to a buyer's original offer:
- A contract contingency that states 'This offer is contingent upon the buyer obtaining financing at no more than 7% interest within 30 days' is an example of:
- What is the legal effect when a buyer and seller sign a purchase agreement?
- A real estate contract that lacks consideration is:
- A buyer signed a purchase contract under duress. The contract is:
- In Alaska, an option contract grants the optionee:
- A listing agreement is an employment contract between a:
- Under an exclusive right-to-sell listing, the listing broker earns a commission if:
- A buyer defaults on a purchase contract in Alaska. If the contract contains a liquidated damages clause limited to the earnest money, the seller's remedy is:
- Under the Alaska Uniform Vendor and Purchaser Risk Act, if a property is materially damaged after the purchase agreement is signed but before closing, the risk of loss falls on:
- For a real estate purchase agreement to be enforceable in Alaska, it must contain all of the following EXCEPT:
- A buyer submits an offer on a home. Before the seller accepts, the buyer calls the agent to withdraw the offer. This is:
- A seller counters an offer by changing the closing date and price. The original offer is now:
- An option contract in real estate gives the optionee the:
- The doctrine of 'time is of the essence' in a real estate contract means:
- Which contract clause allows a buyer to exit the purchase agreement if they cannot obtain financing on specified terms?
- In Alaska real estate contracts, 'specific performance' is a remedy that:
- A contract entered into by a minor in Alaska is generally:
- An earnest money deposit in Alaska is best described as:
- A contract that appears valid but is unenforceable because of a legal defect, such as a missing written requirement, is called a:
- When a buyer and seller have signed a purchase agreement, the contract is classified as:
- An 'as-is' clause in an Alaska purchase agreement:
- Which of the following best describes a 'bilateral contract'?
- A contingency in a purchase agreement benefits primarily the party who:
- Under Alaska law, the Statute of Frauds requires real estate contracts to be:
- An Alaska purchase agreement includes a home inspection contingency. The inspector finds a cracked heat exchanger in the furnace. The buyer requests the seller repair it. If the seller refuses, the buyer may:
- In a real estate contract, 'novation' means:
- A 'right of first refusal' gives the holder the right to:
- Which of the following constitutes valid consideration in a real estate purchase contract?
- A purchase agreement that is 'void' differs from one that is 'voidable' in that a void contract:
- In an Alaska real estate transaction involving remote rural property accessible only by small aircraft, a buyer should be especially attentive to which contractual provision?
- An addendum to a real estate contract:
- Which of the following is true about an 'assignment' of a real estate purchase contract?
- A seller accepts an offer and then receives a higher offer the next day. The seller wishes to accept the new offer instead. The seller may:
- In Alaska, a purchase agreement is legally binding when:
- A buyer in Alaska submits an offer with a 48-hour acceptance deadline. The seller makes a counteroffer at hour 47. Which statement is TRUE?
- Which of the following is NOT an essential element of a valid real estate contract in Alaska?
- Under Alaska's Statute of Frauds, which of the following must be in writing to be enforceable?
- Earnest money deposited in an Alaska real estate transaction is best described as:
- A contingency in a purchase agreement allows:
- An Alaska buyer includes a financing contingency in the purchase agreement. The buyer is unable to obtain a loan. The buyer is entitled to:
- The legal remedy of 'specific performance' in an Alaska real estate contract means:
- In Alaska, a listing agreement is a contract between:
- An Alaska exclusive right-to-sell listing agreement means:
- An Alaska purchase agreement is 'void' when it:
- Which of the following best describes a 'voidable' contract in Alaska?
- In Alaska, the option period in an option-to-purchase agreement gives the optionee the right to:
- A bilateral contract in Alaska real estate is one where:
- A contract clause requiring all disputes to be submitted to arbitration rather than resolved in court is called a(n):
- In Alaska, liquidated damages in a purchase agreement typically refer to:
- Which of the following would make an Alaska real estate contract unenforceable due to the Statute of Frauds?
- An Alaska property management agreement is an example of a(n):
- In Alaska, time is of the essence in a purchase agreement means:
- A buyer in Alaska submits an offer that the seller accepts. Before closing, a natural disaster destroys the property. Under most Alaska purchase agreements, this is:
- An Alaska real estate broker's compensation is set by:
- What is an 'as-is' clause in an Alaska purchase agreement?
- An Alaska lease for one year with an option to renew is BEST classified as a(n):
- An Alaska seller accepts an offer with the notation 'subject to attorney review.' This means:
- In Alaska, which of the following situations represents a 'meeting of the minds' required for contract formation?
- A contract signed under duress in Alaska is:
- Rescission of an Alaska real estate contract means:
- A buyer in Alaska has been given possession of a property before closing under a 'pre-closing occupancy agreement.' If the sale falls through, the buyer's status is most like a:
- Under an Alaska exclusive agency listing, the seller may:
- An addendum to an Alaska purchase agreement:
- Under Alaska contract law, an offer to purchase real estate is effectively accepted when:
- A buyer makes an offer on a property and the seller responds with different terms. This seller response is best described as:
- Which of the following is NOT a required element for a valid real estate contract in Alaska?
- A contingency clause in a purchase agreement that states 'this offer is contingent upon the buyer obtaining a mortgage at no more than 7% interest' is an example of:
- In Alaska, the Statute of Frauds requires real estate purchase agreements to be in writing because:
- When a buyer fails to perform under a purchase agreement without legal excuse, the seller may retain the earnest money as:
- A seller in Alaska has accepted an offer with a financing contingency. The buyer is unable to obtain financing. Under most Alaska purchase agreements, the buyer may:
- Under Alaska law, a minor who signs a real estate purchase contract may:
- Which of the following contract terms means the seller agrees to carry the financing for the buyer?
- An Alaska purchase agreement that includes a 'time is of the essence' clause means:
- Under Alaska contract law, 'novation' means:
- A contract is 'void' rather than 'voidable' when:
- An Alaska buyer submits an offer with a 48-hour acceptance deadline. The seller does not respond within 48 hours. The offer:
- Specific performance as a remedy for breach of a real estate contract in Alaska is available because:
- In Alaska, a 'rescission' of a real estate contract means:
- An Alaska seller fails to disclose a material defect in a property. After closing, the buyer discovers the defect and sues. The buyer's cause of action is MOST LIKELY:
- An Alaska purchase agreement includes an 'as-is' clause. This provision means:
- Under Alaska law, an oral lease agreement for a term exceeding one year is:
- A buyer in Alaska wishes to back out of a purchase agreement after all contingencies have been removed. The seller chooses to keep the earnest money and release the buyer. This arrangement is called:
- In an Alaska installment land contract (contract for deed), legal title is held by:
- An Alaska purchase agreement states that the buyer's offer will expire at 5:00 PM on Friday. The seller signs the acceptance at 4:45 PM on Friday but it is not emailed to the buyer until 5:30 PM. The contract is most likely:
- In Alaska, a purchase agreement is modified by both parties through a signed addendum. This addendum:
- An Alaska seller receives two offers simultaneously. The seller's BEST course of action is to:
- Under Alaska law, a lease agreement for residential property must include:
- Which of the following is TRUE regarding the Alaska Residential Landlord and Tenant Act?
- Under Alaska landlord-tenant law, a landlord who fails to return a security deposit without explanation within the required timeframe may be liable for:
- An Alaska tenant who abandons their rental unit before the lease expires is responsible for:
- A 'holdover tenant' in Alaska is one who:
- An Alaska purchase agreement is silent on who pays for the survey. Under standard Alaska practice, the cost of a new survey is typically paid by:
- An 'option contract' in Alaska real estate grants the optionee (buyer) the:
- An Alaska purchase agreement provides that the buyer may cancel the contract if the property fails a home inspection for any reason. This type of contingency is called a(n):
- Under Alaska law, a contract is voidable when one party entered it under:
- An Alaska lease that is transferable to another tenant by the current tenant is said to contain a:
- A seller in Alaska receives an offer that includes a request for the seller to pay $8,000 toward the buyer's closing costs. This is called:
- In Alaska, a 'liquidated damages' clause in a purchase agreement specifies:
- In Alaska, a lease agreement for a commercial space that is silent on the topic of renewals will terminate:
- An Alaska seller accepts an offer with a 30-day closing period. On day 25, the seller refuses to proceed with the transaction without justification. The buyer's legal remedies include:
- Under Alaska's Residential Real Property Transfer Disclosure Act, sellers of residential property with 1-4 units must:
- An Alaska buyer's financing contingency expires. The buyer has not yet received loan approval. Without a written extension, the financing contingency is:
- In Alaska, a 'backup offer' is:
- An Alaska purchase agreement includes an 'earnest money forfeiture' clause. This means that if the buyer defaults:
- Under Alaska law, a real estate agent who drafts a complex legal addendum for a client that goes beyond standard contract forms may be:
- An Alaska purchase agreement provides that any disputes will be resolved through binding arbitration. This clause is:
- In Alaska, the 'merger doctrine' in real estate contracts means that:
- An Alaska seller who accepts a backup offer must inform the backup buyer when the primary contract:
- In Alaska, a 'survival clause' in a purchase agreement typically provides that:
- An Alaska buyer's contingency clause states the offer is contingent upon the property appraising at or above the purchase price. If the appraisal comes in below the purchase price, the buyer may:
- In Alaska, 'parol evidence' in a contract dispute refers to:
- An Alaska purchase agreement provides that 'time is of the essence for all deadlines.' The buyer misses the inspection deadline by one day. The seller may:
- In Alaska, an agreement that an agent will be paid only if a sale successfully closes is most accurately described as a:
- In Alaska, an agreement to pay a real estate commission must generally be in writing to be enforceable because of:
- An Alaska buyer who is under duress when signing a purchase agreement may later:
- In an Alaska purchase agreement, a 'possession date' that differs from the closing date means:
- Under Alaska's Residential Landlord and Tenant Act, which of the following is an acceptable reason for a landlord to withhold part of a security deposit?
- In Alaska, a contract is 'unconscionable' when it is:
- In Alaska, a signed 'letter of intent' (LOI) for a commercial real estate transaction is typically:
- An Alaska landlord who accepts rent after the lease term has expired is creating a:
- In Alaska, an option to purchase real estate requires:
- An Alaska purchase agreement contains a 'force majeure' clause. This clause would excuse contract performance in the event of:
- An Alaska real estate contract that was fraudulently induced is:
- In Alaska, a purchase agreement that includes a 'closing date extension' option typically allows:
- Under Alaska's landlord-tenant law, a landlord who enters a residential rental without proper notice except in an emergency is:
- In Alaska, when a purchase agreement includes an 'earnest money' clause, the earnest money is intended to:
- An Alaska property management agreement is best described as a(n):
- In Alaska, a 'net lease' in commercial real estate means the tenant pays:
- In Alaska, an 'integration clause' (or 'entire agreement' clause) in a purchase agreement states that:
- An Alaska tenant in a month-to-month tenancy has not paid rent for two months. The landlord may initiate eviction proceedings by first providing a:
- In Alaska commercial real estate, a 'gross lease' means the tenant pays:
- An Alaska purchase agreement contains a 'liquidated damages' clause with the earnest money set at $25,000 on a $500,000 purchase. If a court were to review this clause, the court would likely find it enforceable if:
- In Alaska, a lease for more than one year that has not been reduced to writing is:
- In Alaska, a 'right of first refusal' in a lease gives the tenant the right to:
- An Alaska builder/developer who sells new homes from a model home may NOT be required to provide a seller's disclosure statement because:
- In Alaska, a purchase agreement for land with an existing well must typically address which water-related contingency?
- Under Alaska law, which party in a residential real estate transaction bears the risk of loss if the property is damaged before closing but after the purchase agreement is signed?
- In Alaska, a lease with an 'option to purchase' allows the tenant to:
- In Alaska, a lease that is entered into by a tenant who is later declared legally incompetent is:
- In Alaska, a 'personal guarantee' on a commercial lease means that:
- Under Alaska law, an assignment of a lease differs from a sublease in that:
- An Alaska broker enters into a property management agreement with a rental property owner. The agreement creates a(n):
- In Alaska, a residential lease that violates the Residential Landlord and Tenant Act by including an illegal provision is:
- In Alaska, a seller's property disclosure statement is typically provided to the buyer:
- An Alaska seller accepts an offer but then decides they want a higher price before closing. Without the buyer's agreement, the seller:
- Under Alaska landlord-tenant law, a landlord must return a security deposit or provide an itemized statement of deductions within how many days after the tenant vacates?
- An Alaska purchase agreement includes a 'pre-closing inspection' or 'walkthrough' provision. This inspection allows the buyer to:
- In Alaska, a 'ground lease' is typically characterized by:
- An Alaska seller's agent suggests the seller include a 'home warranty' in the sale to increase buyer confidence. A home warranty typically covers:
- In Alaska, a 'title contingency' in a purchase agreement allows the buyer to cancel if:
- Under Alaska law, a buyer who defaults on a purchase agreement may face which remedies from the seller?
- In Alaska, a 'termination by abandonment' of a real estate contract occurs when:
- In Alaska, a 'net-net-net' or 'triple net' (NNN) lease most commonly provides that the tenant pays:
Finance
150 questions- Alaska is considered a 'lien theory' state, which means:
- A mortgage that requires equal monthly payments applied first to interest, with the remainder reducing the principal balance, is called a(n):
- The Truth in Lending Act (TILA) requires lenders to disclose the:
- A buyer in Alaska obtains a conventional loan with an LTV (loan-to-value) ratio of 90%. The lender will most likely require:
- An acceleration clause in a mortgage allows the lender to:
- A VA loan in Alaska is guaranteed by:
- The discount points paid by a borrower at closing primarily serve to:
- A due-on-sale clause in a mortgage means:
- What is the primary purpose of the Real Estate Settlement Procedures Act (RESPA)?
- A buyer assumes the seller's existing mortgage. The buyer is now primarily liable for the debt, and if the lender releases the seller from the original obligation, this is called:
- Alaska is classified as a lien theory state. This means that when a borrower obtains a mortgage:
- A buyer in Anchorage purchases a home for $450,000 with a 20% down payment. What is the loan amount?
- What is the loan-to-value (LTV) ratio on a $320,000 property with an $80,000 down payment?
- Private Mortgage Insurance (PMI) is typically required when the buyer's down payment is:
- An adjustable-rate mortgage (ARM) in Alaska that has a '5/1' structure means:
- The Truth-in-Lending Act (TILA) requires lenders to disclose the:
- A buyer obtains a $200,000 mortgage at 6% annual interest, interest-only for the first month. What is the first month's interest payment?
- A 'due-on-sale' clause in a mortgage contract:
- An Alaska veteran purchases a home using a VA loan. Which statement about VA loans is correct?
- A point paid at closing on a mortgage equals:
- In Alaska, a buyer using an FHA loan must pay:
- A 'balloon mortgage' is characterized by:
- RESPA requires that borrowers receive a Loan Estimate within how many business days of a complete loan application?
- A borrower's debt-to-income (DTI) ratio is calculated as:
- An Alaska property sells for $500,000. The buyer gets a loan for $400,000. The lender requires an appraisal. The appraiser values the property at $480,000. What is the maximum loan the lender will approve at 80% LTV based on appraised value?
- The primary purpose of an escrow account (impound account) held by a lender is to:
- Under the Equal Credit Opportunity Act (ECOA), a lender may NOT deny credit based on:
- A 'wraparound mortgage' involves:
- A buyer pays 2 discount points on a $350,000 loan. How much does the buyer pay in discount points at closing?
- The Federal Reserve's primary tool for influencing mortgage interest rates is:
- In Alaska, which type of mortgage clause allows the lender to demand full repayment of the loan upon the property's sale?
- A buyer in Alaska obtains an FHA loan. The minimum down payment required is:
- Which federal law requires lenders to provide borrowers with a Loan Estimate within three business days of receiving a loan application?
- An Alaska property sells for $350,000. The buyer makes a 20% down payment and finances the rest. What is the loan amount?
- What does 'points' mean in the context of Alaska real estate financing?
- A VA loan for an eligible Alaska veteran requires:
- The Alaska Housing Finance Corporation (AHFC) primarily provides:
- In Alaska, what is a 'wrap-around mortgage'?
- What is the purpose of private mortgage insurance (PMI) on an Alaska conventional loan?
- Which of the following is an example of predatory lending that federal law prohibits?
- An adjustable-rate mortgage (ARM) in Alaska has an initial rate of 4% and caps at 2% per year. If rates rise, the maximum rate increase in one year is:
- A balloon mortgage in Alaska is characterized by:
- Which government-sponsored enterprise (GSE) purchases conventional conforming mortgages in the secondary market, providing liquidity to Alaska lenders?
- The Truth in Lending Act (TILA) requires lenders to disclose the annual percentage rate (APR). The APR differs from the note rate because:
- A borrower's debt-to-income (DTI) ratio is 45%. Most conventional loan guidelines prefer a DTI of no more than:
- A seller in Alaska carries back a purchase money mortgage. This means:
- Which of the following correctly describes amortization in an Alaska mortgage?
- In Alaska, the Equal Credit Opportunity Act (ECOA) prohibits lenders from discriminating based on:
- A land contract (contract for deed) in Alaska means:
- What is the Alaska AHFC Veterans' Mortgage Program primarily designed to do?
- What is the maximum conforming loan limit and how does it apply in Alaska?
- Under Alaska Housing Finance Corporation (AHFC) programs, what type of property typically qualifies for financing?
- Which of the following best describes a 'short sale' in Alaska?
- In Alaska, a deed of trust differs from a mortgage in that a deed of trust:
- An Alaska property is sold at foreclosure for less than the outstanding loan balance. The difference the borrower may owe the lender is called:
- Which federal law prohibits lenders from requiring a borrower to use a specific title company or settlement service provider as a condition of the loan?
- What does 'assumption of mortgage' mean in an Alaska real estate transaction?
- The Home Mortgage Disclosure Act (HMDA) requires lenders to:
- A 'teaser rate' on an Alaska ARM loan is best described as:
- Which type of Alaska mortgage loan is specifically designed for rural areas and typically requires no down payment?
- A borrower in Alaska obtains a $300,000 mortgage at 6% interest with a 30-year amortization. The approximate monthly payment for principal and interest is:
- What is the primary purpose of private mortgage insurance (PMI) in Alaska real estate transactions?
- An Alaska buyer is purchasing a home for $400,000 with a 10% down payment. What is the loan-to-value (LTV) ratio?
- An adjustable-rate mortgage (ARM) in Alaska typically includes a 'cap' structure. The periodic cap limits:
- Which federal law requires lenders to provide borrowers with a Loan Estimate within 3 business days of receiving a complete loan application?
- A buyer in Alaska is using a VA loan to purchase a $350,000 home. The VA funding fee for a first-time user with no down payment is 2.15%. What is the funding fee amount?
- Under the Community Reinvestment Act (CRA), lenders are required to:
- An Alaska buyer assumes an existing mortgage. Which statement is TRUE about mortgage assumption?
- Which of the following best describes a 'balloon mortgage'?
- A borrower in Alaska has a gross monthly income of $8,000. Using the standard 28% front-end ratio, what is the maximum allowable PITI payment?
- What is the purpose of a 'due-on-sale' clause in a mortgage?
- An Alaska lender requires title insurance as a condition of making a mortgage loan. The cost is typically paid by:
- Which type of mortgage loan is characterized by a fixed interest rate and equal monthly payments that fully repay the loan over its term?
- Under RESPA (Real Estate Settlement Procedures Act), a lender may require the borrower to establish an escrow account for:
- The Truth in Lending Act (TILA) requires lenders to disclose the Annual Percentage Rate (APR). The APR differs from the stated interest rate because it includes:
- A 'point' in mortgage financing equals:
- Under the Equal Credit Opportunity Act (ECOA), lenders may NOT consider which factor when evaluating a mortgage application?
- A home equity line of credit (HELOC) in Alaska is best characterized as:
- FHA loans in Alaska are distinguished from conventional loans primarily because FHA loans:
- A buyer in Alaska uses an FHA loan and makes a down payment of 3.5% on a $280,000 home. What is the amount of the down payment?
- A 'non-recourse' loan in Alaska real estate means:
- In Alaska, a 'deficiency judgment' arises when:
- Which type of mortgage clause allows a lender to accelerate the entire loan balance when the borrower defaults?
- Under Alaska law, foreclosure of a mortgage may occur through which process?
- A 'wraparound mortgage' in Alaska involves:
- The 'loan-to-value ratio' (LTV) is important to lenders because a lower LTV indicates:
- An Alaska buyer is seeking a mortgage under the USDA Rural Development Guaranteed Loan Program. This program is available for:
- What is the primary advantage of a 15-year mortgage compared to a 30-year mortgage at the same interest rate?
- Which federal act prohibits lenders from discriminating in mortgage lending based on the racial composition of a neighborhood?
- A mortgage 'discount point' paid at closing has the effect of:
- A 'reverse mortgage' in Alaska is a loan product primarily designed for:
- Which of the following is a characteristic of a 'jumbo loan' in Alaska?
- Under Alaska lending practices, which of the following best describes 'private money lending'?
- A 'construction loan' in Alaska is typically structured as:
- The 'Alaska Housing Finance Corporation' (AHFC) provides which of the following services?
- A 'hard money loan' in Alaska is typically characterized by:
- An Alaska property has a price of $450,000. The buyer obtains a conventional mortgage with 20% down. What is the monthly mortgage payment if the mortgage constant (factor) for a 30-year loan at 5.5% is $5.678 per $1,000?
- Under the Home Mortgage Disclosure Act (HMDA), lenders are required to:
- The 'secondary mortgage market' in Alaska and nationwide primarily consists of:
- A buyer in Alaska receives a 'Closing Disclosure' before closing. Under TRID, this document must be provided at least how many business days before consummation?
- Which of the following accurately describes the purpose of a 'loan origination fee'?
- A 'graduated payment mortgage' (GPM) in Alaska is characterized by:
- The 'Alaska Veterans' Mortgage Program' administered by AHFC provides:
- In Alaska, 'mortgage insurance premium' (MIP) on an FHA loan is paid by the borrower to:
- An Alaska lender charges a 'prepayment penalty' on a mortgage. This penalty is imposed when:
- An Alaska borrower's debt-to-income ratio is calculated by dividing:
- Under the Real Estate Settlement Procedures Act (RESPA), a 'controlled business arrangement' (now called affiliated business arrangement) requires:
- When an Alaska lender evaluates a borrower's creditworthiness, the 'Four Cs of Credit' include all EXCEPT:
- An Alaska commercial property loan (as opposed to a residential mortgage) is typically characterized by:
- Under the Dodd-Frank Act, a 'Qualified Mortgage' (QM) is significant because it:
- A 'blanket mortgage' covers:
- In Alaska, the 'Alaska Housing Finance Corporation First Home Program' typically offers:
- An Alaska lender's 'primary rate' versus 'secondary market rate' means that:
- Under Alaska lending law, a 'usury' violation occurs when a lender charges:
- An Alaska borrower with a $200,000 FHA loan pays an upfront mortgage insurance premium (UFMIP) of 1.75%. The UFMIP is:
- In Alaska, a 'participation mortgage' is one in which:
- An Alaska buyer takes out an 'interest-only' loan for 5 years before converting to a fully amortizing loan. During the interest-only period:
- The 'debt service coverage ratio' (DSCR) is used in commercial lending to ensure that:
- Under what circumstances would an Alaska homeowner most likely need to pay Private Mortgage Insurance (PMI)?
- The 'Ability-to-Repay' (ATR) rule under the Dodd-Frank Act requires lenders to:
- Under Regulation Z (Truth in Lending Act), lenders must provide the annual percentage rate (APR) because:
- An Alaska property has a mortgage constant of 7.2% and an NOI of $54,000. If the debt coverage ratio requirement is 1.2, what is the maximum loan amount the lender would approve?
- A buyer in Alaska uses a 'piggyback loan' (80-10-10 financing) to avoid PMI. This means:
- Which of the following types of income would a lender MOST likely accept when qualifying an Alaska buyer for a mortgage?
- In Alaska, the 'title theory' of mortgages (as distinguished from the 'lien theory') would mean that:
- A 'construction-to-permanent' loan in Alaska is primarily used for:
- In Alaska, a borrower whose credit score drops between the time of loan application and closing may find that the lender:
- Under the TILA-RESPA Integrated Disclosure (TRID) rules, a lender may charge the borrower more than the Loan Estimate disclosed amount for which fee?
- In Alaska, 'negative amortization' on a mortgage occurs when:
- An Alaska commercial lender considers 'loan-to-value' and 'debt service coverage ratio' (DSCR) as primary underwriting criteria. A property with an NOI of $100,000 and annual debt service of $75,000 has a DSCR of:
- In Alaska, a 'cooperative apartment' (co-op) financing differs from condominium financing because co-op buyers:
- An Alaska lender 'locks in' an interest rate for 45 days for a borrower. This rate lock:
- Under Alaska lending law, which of the following types of income is considered 'non-qualifying' for most conventional mortgage underwriting?
- An Alaska buyer is applying for a USDA Rural Development loan. One key eligibility requirement is that the property must be:
- In Alaska, a 'bridge loan' is typically used when:
- In Alaska, a 'VA loan' is available to qualified veterans and allows:
- In Alaska, a lender who 'sells' a mortgage loan it has originated is selling it to:
- The 'conforming loan limit' in Alaska is particularly significant because Alaska and Hawaii have:
- A 'mortgage servicer' in Alaska performs which of the following functions?
- An Alaska borrower who has been prequalified for a mortgage is:
- In Alaska, a 'due diligence' period for a commercial real estate transaction typically allows the buyer to:
- An Alaska buyer obtains a 'stated income' or 'no-documentation' loan. This type of loan:
- An Alaska property has a purchase price of $550,000. The buyer puts 20% down and obtains a 30-year fixed mortgage at 6.75%. The loan-to-value ratio at origination is:
- In Alaska, lenders typically require 'seasoned funds' for a down payment, meaning:
- In Alaska, the 'loan discount point' differs from the 'loan origination fee' in that a discount point is:
- An Alaska lender's 'underwriting guidelines' serve to:
- In Alaska, the 'annual percentage rate' (APR) is always higher than the stated interest rate because APR includes:
- A borrower in Alaska who makes a voluntary additional principal payment on their mortgage will:
- In Alaska, the 'Homeowners Protection Act' (HPA) requires private mortgage insurance (PMI) to be cancelled when:
- An Alaska investor analyzing a property's cash flow would calculate 'cash flow after debt service' as:
Property Ownership
150 questions- The Alaska Native Claims Settlement Act (ANCSA) of 1971 was significant because it:
- In Alaska, subsurface rights (oil, gas, and minerals) can be owned:
- Two siblings inherit a property in Alaska and take title as 'joint tenants with right of survivorship.' If one sibling dies, the other sibling:
- Riparian rights in Alaska refer to a landowner's rights regarding:
- A landowner in Alaska builds a cabin on what they believe is their property, but the cabin encroaches 3 feet onto the neighbor's land. The cabin is most likely classified as:
- Permafrost in Alaska can significantly impact real estate because:
- A tenancy in common differs from joint tenancy primarily in that:
- Alaska does NOT have a state income tax. However, property owners in Alaska are generally subject to:
- What is the purpose of Alaska's homestead exemption?
- An easement appurtenant benefits:
- In Alaska, subsurface mineral rights including oil and gas may be owned separately from the surface estate. This separation is called:
- The Alaska Native Claims Settlement Act (ANCSA) was passed in 1971 and primarily:
- Permafrost in Alaska affects real property primarily because it:
- A joint tenancy differs from a tenancy in common primarily because joint tenancy includes:
- Alaska does NOT recognize which of the following ownership forms?
- An owner who holds real property in 'fee simple absolute' has:
- Under Alaska water law, the doctrine of prior appropriation holds that:
- Alaska's homestead exemption protects a portion of a homeowner's primary residence from:
- A life estate grants the life tenant the right to:
- An easement appurtenant runs with the land, meaning that:
- In Alaska, adverse possession requires continuous, open, hostile, and exclusive use of another's property for:
- A condominium owner in Alaska holds:
- An encroachment occurs when:
- Which of the following creates a voluntary lien on real property in Alaska?
- In Alaska, riparian rights allow a property owner adjacent to a stream to:
- The government power of 'eminent domain' allows the government to:
- A deed restriction (private restriction) that violates public policy or fair housing laws is:
- ANCSA land held by Alaska Native corporations is unique in that Section 7(i) requires:
- A 'license' in real estate law differs from an easement in that a license:
- In Alaska, property taxes are assessed and collected by:
- In Alaska, which form of co-ownership includes the right of survivorship so that a deceased owner's share passes automatically to the surviving co-owner(s)?
- Alaska is NOT a community property state. How is property acquired during marriage typically classified in Alaska?
- A fee simple absolute estate in Alaska conveys:
- Under Alaska law, a life estate grants the life tenant the right to:
- In Alaska, which type of easement is created by long-term, open, notorious, hostile, and continuous use of another's land?
- What is unique about subsistence rights as they relate to rural Alaska property?
- Which of the following describes an appurtenant easement in Alaska?
- A property in Alaska is subject to a deed restriction prohibiting commercial use. This restriction is an example of:
- In Alaska, the government's right to take private property for public use, with just compensation, is called:
- Under Alaska adverse possession law, a person may claim title to land they have occupied openly, notoriously, and continuously for at least:
- A condominium owner in Alaska owns:
- In Alaska, a homestead exemption:
- Which of the following is a characteristic of a cooperative (co-op) ownership structure?
- What is an abstract of title in Alaska?
- The Torrens system of land title registration, used in some Alaska areas, differs from recording systems in that it:
- In Alaska, mineral rights can be severed from surface rights. This means:
- Most land in Alaska is owned by which entity?
- The Alaska Native Claims Settlement Act (ANCSA) of 1971 primarily:
- In Alaska, riparian rights determine a property owner's rights to:
- A license in real estate (not a professional license) differs from an easement in that a license:
- A fixture in Alaska real estate law is best defined as:
- Which of the following tests is used in Alaska to determine if an item is a fixture?
- Tenancy in common in Alaska is characterized by:
- A property in Alaska is described using the rectangular (government) survey system. A township is:
- Which of the following is a characteristic of real property (as distinguished from personal property) in Alaska?
- A ground lease in Alaska is a lease of:
- In Alaska, which of the following would NOT be considered real property?
- In Alaska, a deed restriction that has been violated can be enforced by:
- Air rights in Alaska allow a property owner to:
- Under the ANCSA, Alaska Native Regional Corporations received:
- In Alaska, land held in trust for Alaska Native peoples under the Alaska Native Claims Settlement Act (ANCSA) is primarily managed by:
- Which type of concurrent ownership in Alaska includes a right of survivorship?
- A property owner in Alaska who grants an easement to a utility company for power line installation has granted a(n):
- Under Alaska law, homestead exemptions protect a portion of a primary residence's equity from:
- A property owner in Alaska builds a fence 2 feet over their neighbor's property line. This encroachment may eventually create a property right through:
- In Alaska, a deed conveying property 'to John and Mary as joint tenants with right of survivorship' requires which of the four unities?
- Which of the following BEST describes a 'life estate' in Alaska?
- In Alaska, a 'remainder interest' in real estate refers to:
- Which type of deed provides the grantee with the GREATEST protection against title defects?
- Alaska contains a large amount of federal public land managed by which agency for multiple-use purposes including timber, grazing, and recreation?
- In Alaska, the term 'fee simple absolute' describes an ownership interest that:
- The Alaska Native Claims Settlement Act (ANCSA) extinguished most aboriginal land claims in exchange for:
- An Alaska property owner who grants a 'right of first refusal' to a neighbor is giving the neighbor:
- Which of the following BEST describes a 'prescriptive easement' in Alaska?
- Under Alaska law, adverse possession requires use of the property for a statutory period of:
- An easement 'appurtenant' in Alaska real estate benefits:
- A condominium unit owner in Alaska holds:
- In Alaska, a 'timeshare' creates what type of ownership interest?
- Which of the following instruments is used to transfer personal property that is NOT real estate?
- The process by which Alaska state land is sold or transferred to private ownership is commonly known as:
- In Alaska, the doctrine of 'riparian rights' applies to property owners who:
- Under Alaska's 'prior appropriation' water rights doctrine, the right to use water is based on:
- Subsistence rights in Alaska, protected under both state and federal law, primarily refer to:
- In Alaska, ownership of the tidelands (land between high and low tide lines) is generally held by:
- A 'mineral rights severance' in Alaska occurs when:
- A 'fee simple determinable' estate in Alaska is one that:
- In Alaska, personal property that has been permanently attached to real property and becomes part of it is known as a:
- Under Alaska's 'Rule Against Perpetuities,' future interests in real property must vest:
- In Alaska, which of the following correctly describes 'accretion' as it relates to property ownership?
- A cooperative (co-op) arrangement for housing in Alaska differs from a condominium primarily because co-op owners:
- In Alaska, 'escheat' refers to the process by which:
- A deed in Alaska must contain which of the following elements to be valid?
- A deed restriction in Alaska that requires properties in a neighborhood to be used only for residential purposes is an example of:
- In Alaska, a land patent is significant because it represents:
- An Alaska landowner who sells their property retains a life estate. When the seller dies, the property will pass to the named remainderman. This arrangement creates a:
- In Alaska, a 'trade fixture' differs from a regular fixture because:
- In Alaska, a 'warranty forever' covenant in a deed means the grantor promises to:
- In Alaska, 'intestate succession' refers to the distribution of property when:
- Which of the following correctly describes a 'lien' in Alaska real estate?
- In Alaska, a 'pur autre vie' life estate is one measured by:
- In Alaska, what is the legal status of a 'license' to use real property compared to an easement?
- In Alaska, a 'tenancy at will' is characterized by:
- Under Alaska law, what must a grantor have to validly convey title to real property?
- An Alaska property has 'riparian rights' that allow the owner to use water from an adjacent stream. If the state of Alaska establishes a water appropriation permit system, the riparian owner:
- Which of the following describes 'community property' and why it generally does NOT apply in Alaska?
- In Alaska, which of the following describes a 'constructive eviction'?
- In Alaska, the concept of 'quiet enjoyment' in a lease means the tenant has the right to:
- In Alaska, the recording of a deed in the public records provides:
- An Alaska property owner grants a 'license' to a neighboring farmer to drive a tractor across their land. The neighboring farmer sells their farm to a new owner. The license:
- In Alaska, a 'tenancy in common' differs from 'joint tenancy' primarily in that tenancy in common:
- In Alaska, a 'profit à prendre' is the right to:
- In Alaska, 'real property' includes all of the following EXCEPT:
- In Alaska, a 'right-of-way' is most accurately described as:
- Which type of ownership of real property in Alaska allows for the most flexibility in estate planning and avoidance of probate?
- In Alaska, 'abstract of title' versus 'title insurance' — a key practical difference is that an abstract:
- In Alaska, an 'air lot' or 'air parcel' refers to:
- In Alaska, which level of government has primary responsibility for land use planning in most urbanized areas?
- Which of the following correctly describes a 'fee simple subject to condition subsequent' estate in Alaska?
- In Alaska, a tenant who subleases their rental unit to another person:
- In Alaska, the difference between a 'mortgage' and a 'deed of trust' in practice often means that foreclosure through a deed of trust is:
- In Alaska, the federal government's power to regulate interstate commerce allows it to impose environmental regulations that can directly affect:
- In Alaska, a 'covenant running with the land' binds:
- Which of the following correctly describes 'appurtenant' as it relates to rights and easements in Alaska real estate?
- In Alaska, the concept of 'police power' allows government to:
- Under Alaska's Uniform Disposition of Community Property Act, a married couple who lived in a community property state before moving to Alaska may:
- In Alaska, the 'curtilage' of a residential property refers to:
- In Alaska, the doctrine of 'waste' in real estate means that:
- A condominium owner in Alaska wishes to make improvements to their unit. Under typical condominium documents, they may:
- In Alaska, the state's 'general grant of authority' to municipalities to adopt zoning stems from:
- In Alaska, a 'survivorship deed' is most closely associated with which type of co-ownership?
- In Alaska, 'tidelands' are generally owned by the state, but 'submerged lands' are owned by the state unless:
- A homeowners association in Alaska that has the right to collect assessments from unit owners has a lien right that is typically:
- In Alaska, 'mineral rights' may be owned separately from 'surface rights' in a concept known as:
- An Alaska property owner who wants to donate property to a land trust for conservation purposes may use:
- In Alaska, a 'planned unit development' (PUD) is characterized by:
- In Alaska, a 'habendum clause' in a deed defines:
- In Alaska, a 'covenant of seisin' in a warranty deed means the grantor warrants that:
- In Alaska, which party typically prepares the deed in a residential real estate transaction?
- In Alaska, a 'declaration of homestead' provides which type of protection?
- Which of the following correctly describes the 'bundle of rights' concept in real estate?
- In Alaska, which of the following describes a 'statutory lien' as opposed to a 'consensual lien'?
- In Alaska, the term 'fee simple' in real property law refers to:
- In Alaska, a 'ground rent' creates which type of ownership interest for the land occupant?
- In Alaska, a homeowner who installs a large generator that is wired into the home's electrical system has likely created a:
- In Alaska, a 'tenancy by the entirety' (if recognized) is distinguished from joint tenancy because it:
- In Alaska, a 'scenic easement' granted to a land trust or municipality would restrict the property owner from:
- In Alaska, a 'deed of gift' is used when:
- In Alaska, the 'doctrine of constructive possession' in adverse possession means that:
- In Alaska, a property sold at a foreclosure sale may be redeemed by the former owner during the statutory redemption period by:
- An Alaska property owner who transfers only air rights to a developer is conveying:
Agency
142 questions- In Alaska, a seller's agent owes which of the following duties to an unrepresented buyer?
- Which type of agency is created when an agent acts on behalf of a principal without explicit authorization, but the principal later approves the action?
- A buyer's agent in Alaska has a fiduciary duty to:
- Which of the following best describes a designated agency arrangement?
- An agent who represents neither the buyer nor the seller but facilitates the transaction is known as a:
- Under Alaska agency law, when must a licensee provide the agency disclosure to a potential buyer?
- A listing agent learns that the seller is willing to accept $20,000 less than the listed price. The agent should:
- Subagency occurs when:
- An agent's duty of loyalty to a client means the agent must:
- When a buyer's agent receives a counteroffer from the seller, the agent's duty is to:
- In Alaska, if a real estate firm represents both the buyer and seller in the same transaction without designating separate agents, this is considered:
- An agent's authority to bind a principal is limited to:
- Under Alaska law, dual agency requires:
- A listing agent who learns that the seller is in financial distress and must sell quickly:
- An agency relationship is most commonly created by:
- When does a seller's listing agency relationship terminate?
- A buyer's agent who fails to present an offer to the seller's agent because they believe it is 'too low' is:
- In Alaska, a transaction broker (facilitator) owes which of the following duties?
- An agent who exceeds the scope of authority granted by the principal is acting with:
- The fiduciary duty of 'accounting' requires a real estate agent to:
- Which statement about 'implied agency' is most accurate?
- The duty of 'loyalty' in an Alaska agency relationship means the agent must:
- A listing agent discovers structural damage to the foundation that the seller has not disclosed. The agent's obligation is to:
- Ostensible (apparent) agency in real estate most commonly arises when:
- When a seller's broker represents the seller and the buyer is unrepresented, the broker owes the buyer:
- A seller's listing agreement is a contract between the:
- The legal concept that holds an employing broker responsible for the acts of affiliated licensees is known as:
- A real estate agent who suggests a listing price that is unrealistically high to induce a seller to sign a listing agreement is engaging in:
- In Alaska, a 'facilitator' agency disclosure means the licensee:
- An agent's fiduciary duty of 'confidentiality' survives:
- Which of the following is NOT a fiduciary duty owed by an agent to a principal?
- A buyer's agent in Alaska who shows the buyer a property listed by the same brokerage should:
- The fiduciary duty of 'obedience' requires the agent to follow all client instructions EXCEPT:
- Subagency in Alaska traditionally meant that a cooperating broker:
- The minimum agency disclosure required under Alaska law must be made:
- If a seller's agent inadvertently creates an implied agency relationship with a buyer by extensively advising them, the most significant risk is:
- A property manager acting as an agent for a landlord in Alaska owes the tenant:
- Under Alaska agency law, which type of agency relationship requires written disclosure and consent from both parties?
- An Alaska buyer's agent owes which of the following duties to the buyer-client?
- In Alaska, designated agency means:
- A listing agent in Alaska discovers that the seller concealed a leaking roof. The agent's duty is to:
- When does an Alaska buyer's agency agreement typically terminate?
- What is the primary purpose of Alaska's agency disclosure form?
- A real estate licensee acts as a transaction broker in Alaska. This means the licensee:
- Which of the following best describes an agent's duty of 'obedience' to a client in Alaska?
- An Alaska seller's agent receives an offer well below the listing price. The agent should:
- Under Alaska law, when must a licensee provide the agency disclosure?
- A seller's agent in Alaska accidentally reveals the seller's bottom-line price to the buyer. This is a violation of the agent's duty of:
- An Alaska buyer's agent discovers that the property has an unrecorded easement. The agent's duty is to:
- Which of the following actions would terminate an agency relationship in Alaska by operation of law?
- An Alaska real estate agent who acts beyond the scope of their authorized duties without the principal's consent may create liability for:
- In Alaska, which statement about subagency is TRUE?
- What is the difference between expressed and implied agency in Alaska?
- In Alaska, an agent's duty to 'account' means the agent must:
- A property manager in Alaska who rents units and maintains a building for an owner owes which duty to the tenant?
- Ratification in agency law means:
- In Alaska, an agent who has 'apparent authority' is acting on authority that:
- A buyer's agent in Alaska who learns that the property has a hidden structural defect must:
- When must an Alaska licensee present a written disclosure of agency to a client in a residential transaction?
- In an Alaska real estate transaction, the listing broker's subagent cooperating broker represents:
- An Alaska real estate agent mistakenly tells a buyer that the property has no history of flooding when it does. The agent faces liability for:
- Which statement about a seller's agent in Alaska is TRUE?
- In Alaska, a buyer's agent owes which of the following duties to the seller?
- A real estate agent in Alaska who represents both buyer and seller in the same transaction is called a:
- Alaska law requires that agency disclosure be made:
- When a seller's agent accidentally discloses confidential seller information to the buyer, the agent has violated the duty of:
- Under Alaska agency law, a licensee acting as a 'facilitator' (non-agent) owes which duties?
- An Alaska listing agent learns from the seller that the well occasionally runs dry in summer. The agent must:
- Agency by estoppel arises when:
- In Alaska, a designated agency arrangement means:
- A salesperson's agency authority is best described as:
- Which of the following BEST describes the duty of 'obedience' in an agency relationship?
- In Alaska, a listing agreement that automatically renews unless cancelled is called a(n):
- Under an 'exclusive agency' listing in Alaska, the seller:
- The duty of 'loyalty' in an Alaska agency relationship primarily means:
- A listing expires without a sale. Three weeks later, the seller accepts an offer from a buyer who was shown the property by the original agent during the listing period. Under most Alaska listing agreements, the seller may owe a commission if:
- In Alaska, 'puffery' by a listing agent refers to:
- In Alaska, when does a buyer's agency agreement typically terminate?
- A listing agent in Alaska discovers the seller is trying to conceal a history of flooding from buyers. The agent should:
- Under Alaska law, an agent who represents a buyer in a new construction purchase must disclose their agency status to:
- A real estate licensee in Alaska acts as a 'transaction coordinator' without representing either buyer or seller. What fiduciary duties does the licensee owe?
- Which of the following BEST defines 'actual authority' in a real estate agency context?
- An Alaska salesperson shows a buyer a property that the salesperson's brokerage has listed. Without a designated agency arrangement, this creates:
- In Alaska, a buyer who verbally asks a seller's agent to help them negotiate is MOST likely creating:
- The duty of 'reasonable care and diligence' in Alaska agency law requires an agent to:
- An Alaska buyer's agent who discovers a previously unknown structural problem during a home visit should:
- A listing agent in Alaska has a duty to disclose to the seller all EXCEPT:
- An Alaska buyer's agent presents an offer below the listing price. The listing agent tells the buyer's agent that the seller 'needs to get at least $10,000 more than this offer.' This disclosure by the listing agent violates:
- In Alaska, an 'exclusive right-to-sell' listing agreement protects the broker's commission when:
- When an Alaska broker accepts a listing, the legal relationship created is between the:
- A buyer in Alaska signs a buyer representation agreement. This agreement typically includes:
- Under Alaska agency law, ratification of an unauthorized act by an agent occurs when:
- An Alaska listing agent discovers the property has a sinkhole risk due to underground cave formations. The agent should:
- An Alaska seller instructs the listing agent to tell buyers the property 'has no foundation issues' when the agent has seen evidence of settling. The agent should:
- In Alaska, the agency disclosure form must be provided to a consumer:
- In Alaska, a broker's duty to supervise salespeople includes ensuring that:
- An Alaska buyer's agent who has reason to believe the seller's disclosure statement contains false information should:
- In Alaska, a 'subagent' is best described as:
- Under Alaska agency law, a listing agent's duty to the seller MOST commonly includes all of the following EXCEPT:
- Under Alaska law, which action by an agent would constitute a breach of the duty of 'full disclosure' to a client?
- An Alaska agent who receives a deposit that belongs to the client is acting in a(n):
- In Alaska, an agent's authority to bind the principal (client) is limited to the scope of the:
- An Alaska buyer's agent discovers that the property the buyer wants to purchase is owned by the buyer's agent's parent. The agent must:
- A buyer's agent in Alaska negotiates a lower price for the buyer. The agent's commission is based on the sale price. If a lower price means less commission, this creates a potential:
- In Alaska, a 'disclosed dual agency' arrangement requires:
- Under Alaska law, a listing agent is required to present all offers regardless of:
- In Alaska, an agent's duty of 'accounting' requires the agent to:
- An Alaska listing agent who believes a buyer's offer is too low may:
- In Alaska, a seller's agent who shows the property to an unrepresented buyer is interacting with that buyer as a(n):
- Under Alaska's agency law, a broker who manages a property also owned by the broker has a duty to:
- An Alaska agent who represents the buyer in a transaction is obligated to tell the buyer if the seller is under financial distress because:
- In Alaska, the 'fiduciary duty of loyalty' means an agent will NOT:
- In Alaska, the type of listing that gives the seller the most control over who earns the commission when the seller also finds a buyer is:
- In Alaska, the duty of an agent to 'exercise skill' means the agent must:
- Which of the following correctly describes the relationship between an Alaska broker and affiliated salespersons?
- An Alaska buyer's agent who knows the buyer's maximum budget should NOT:
- In Alaska, a real estate agent acting as a 'facilitator' (non-agent) primarily differs from an agent because the facilitator:
- An Alaska agent who provides 'ministerial' services to a party is performing:
- In Alaska, when is the agency relationship between a listing agent and seller typically terminated?
- In Alaska, an agent's responsibility for 'material adverse facts' about a property means the agent must disclose:
- An Alaska real estate agent who has a personal financial stake in the outcome of a transaction (such as owning shares in the buyer's company) has:
- In Alaska, a buyer's agent who discovers that the property the buyer is interested in is owned by another licensee at the same brokerage should:
- An Alaska real estate agent who consistently recommends a specific home inspector to all clients without disclosing that they receive a referral fee for each recommendation is:
- In Alaska, a listing agent may be authorized by the seller to accept offers on the seller's behalf under which type of authority?
- An Alaska buyer's agent who represents a buyer purchasing new construction from a developer must know that:
- When an Alaska seller's agent presents a low offer to the seller, the agent's duty is to:
- An Alaska buyer's agent who negotiates a lower purchase price on behalf of the buyer saves the buyer $15,000. If the agent is paid 3% of the sale price, the agent's compensation:
- In Alaska, a seller who expressly instructs the listing agent not to disclose that the neighborhood was affected by flooding 5 years ago is asking the agent to:
- Under Alaska law, the agent who earns a commission by procuring a buyer is called the:
- In Alaska, a broker is always the agent for the:
- An Alaska agent who does not disclose their professional opinion that the buyer is overpaying for a property is:
- In Alaska, a buyer's agent who submits an offer below the listing price on behalf of the buyer is:
- An Alaska listing agent's 'duty to market' the property includes which of the following?
- In Alaska, an agent who acts as both a listing agent and property manager for the same property owner has a duty to:
- An Alaska buyer tells their agent they want a house with an assumable mortgage. The agent has a duty to:
- In Alaska, an agent who consistently steers one type of client toward lower-priced properties while showing higher-priced properties to another type of client is engaging in:
- An Alaska agent who is representing a buyer discovers the property has a code violation the seller is unaware of. The agent should:
- An Alaska seller's agent receives an unsolicited text message from a buyer that contains information about the buyer's maximum purchase price. The agent should:
- In Alaska, the doctrine of 'apparent authority' can bind a principal when:
- In Alaska, an agent's duty to the client 'to account' for all money or property received includes:
- When an Alaska buyer's agent shows the buyer a property that is not in the MLS (a 'pocket listing'), the agent should:
- In Alaska, when a listing agent is also the managing agent for the property, their agency relationships create potential conflicts because they owe fiduciary duties to the seller/owner but may also interact with tenants. The agent should:
Fair Housing
141 questions- The federal Fair Housing Act of 1968 (as amended) prohibits discrimination based on which protected classes?
- Steering in real estate refers to:
- A landlord refuses to rent to a family with three children, citing a policy that no more than two people can occupy a two-bedroom apartment. This policy may violate the Fair Housing Act because:
- Redlining is the illegal practice of:
- Under the Fair Housing Act, a reasonable accommodation for a person with a disability includes:
- Who is exempt from the federal Fair Housing Act's prohibition against discrimination based on familial status?
- A fair housing complaint must be filed with HUD within how many days of the alleged discriminatory act?
- A real estate agent uses different qualification criteria when evaluating buyers of different national origins. This is an example of:
- The federal Fair Housing Act of 1968 prohibits discrimination based on which protected classes?
- Which of the following is an example of 'steering' under the Fair Housing Act?
- Blockbusting is the illegal practice of:
- Under the Fair Housing Act, a landlord may legally refuse to rent to a prospective tenant who:
- Under the Fair Housing Act's disability provisions, a landlord must allow a tenant with a disability to:
- A Fair Housing complaint filed with HUD must be submitted within:
- The Fair Housing Act's 'familial status' protection covers:
- An Alaska property manager is required to provide a reasonable accommodation to a tenant with a disability. A reasonable accommodation is:
- Which of the following advertisements violates the Fair Housing Act?
- The Civil Rights Act of 1866 is significant in fair housing law because it:
- The Fair Housing Act exempts which of the following from its prohibitions?
- Under the Fair Housing Act, a person who wins a fair housing lawsuit may recover:
- Alaska state fair housing law adds which protected class(es) beyond the federal Fair Housing Act?
- A real estate agent who tells a buyer 'you wouldn't want to live in that neighborhood' without explanation may be engaged in:
- The federal Fair Housing Act prohibits discrimination based on which protected classes?
- Alaska state law adds which protected classes beyond the federal Fair Housing Act?
- Steering in real estate means:
- Redlining is a fair housing violation that involves:
- Under the Fair Housing Act, a landlord in Alaska must make reasonable accommodations for a tenant with a disability. A reasonable accommodation means:
- Which of the following advertisements would violate the Fair Housing Act?
- A complainant in Alaska may file a fair housing complaint with HUD within how many days of the alleged discriminatory act?
- The Americans with Disabilities Act (ADA) primarily applies to:
- Which exemption allows a private individual who owns no more than three single-family homes to sell without using a broker exempt from the Fair Housing Act?
- A landlord in Alaska refuses to rent to a family with children, citing a 'adults-only' policy for the building. This likely violates:
- The Housing for Older Persons Act (HOPA) exempts qualifying senior housing from the familial status prohibition if:
- A mortgage lender in Alaska charges a higher interest rate to an applicant because of the neighborhood where the property is located, which has a predominantly minority population. This practice is known as:
- Under the Fair Housing Act, a reasonable modification is different from a reasonable accommodation in that a modification:
- An Alaska real estate agent shows minority buyers only homes in certain neighborhoods and never in others. This is an example of:
- The National Do Not Call Registry applies to real estate agents in that:
- An Alaska landlord requires all applicants to provide proof of citizenship. This policy likely violates the Fair Housing Act because:
- Sexual harassment by a landlord or their employee toward a tenant in Alaska is a violation of:
- An Alaska property owner is selling their one personally owned home without an agent, and does not advertise. Are they exempt from the Fair Housing Act?
- Under the Fair Housing Act, the maximum civil penalty that HUD may impose for a first-time violation after a hearing is approximately:
- In Alaska, which statement about source-of-income discrimination is correct?
- A property advertised as 'perfect for empty nesters' would be scrutinized for potential:
- An Alaska landlord refuses to make a reasonable accommodation for a tenant with a mobility impairment. The landlord argues the building has fewer than 15 units. Is this a valid defense?
- In Alaska, disparate impact theory in fair housing means that a policy may be unlawful if:
- Under the Fair Housing Act, 'familial status' is defined as:
- A fair housing tester in Alaska poses as a homebuyer to test an agent's compliance. The agent treats the tester differently than white testers. This evidence is:
- Under the Fair Housing Act, which of the following is a permitted exception for a religious organization's housing?
- An Alaska newspaper refused to print an ad it believed violated the Fair Housing Act. The Alaska licensee who submitted the ad faces:
- A 'Mrs. Murphy exemption' under the Fair Housing Act applies to:
- Under the Fair Housing Act, a landlord who uses a criminal background screening policy must ensure it does not:
- The federal Fair Housing Act of 1968 prohibits discrimination based on which original protected classes?
- A landlord in Alaska refuses to rent to a family with three children, citing a 'two persons per bedroom' policy as the sole basis for denial. This MOST likely violates:
- Under the Fair Housing Act, a real estate agent who steers a minority buyer away from neighborhoods with a majority of the buyer's own ethnic group and toward heavily minority areas is engaging in:
- Under the Fair Housing Act, which of the following is a valid exemption?
- A hearing-impaired tenant in Alaska requests permission to install a visual doorbell alert system in a rental unit. Under the Fair Housing Act, the landlord must:
- Which of the following advertising statements is ILLEGAL under the Fair Housing Act?
- The maximum civil penalty for a first-time fair housing violation in a HUD administrative action is approximately:
- An Alaska real estate agent tells a prospective buyer that a certain neighborhood is 'changing' and suggests the buyer look elsewhere. This agent may be engaged in:
- The Alaska Human Rights Act provides fair housing protections that extend beyond the federal Fair Housing Act. Which additional protected class does Alaska law include?
- A fair housing complaint filed with HUD must generally be filed within how many days of the alleged discriminatory act?
- Under the Americans with Disabilities Act (ADA), new commercial properties must include accessible features. This requirement applies to:
- A landlord in Alaska who charges a higher security deposit from a tenant because of the tenant's national origin is engaging in:
- Which of the following properties is EXEMPT from the Fair Housing Act's prohibition on familial status discrimination?
- Disparate impact discrimination in housing refers to:
- An Alaska real estate agent shows a buyer every neighborhood except one because the agent 'doesn't think the buyer would like it.' This practice may be:
- Under Alaska fair housing law, which of the following is considered a 'reasonable accommodation' for a person with a disability?
- The Fair Housing Act's prohibition on discrimination in 'the terms, conditions, or privileges of sale or rental' means landlords cannot:
- Under HUD's enforcement process, after a fair housing complaint is filed, HUD must complete its investigation within:
- Alaska's Alcoholism and Drug Abuse program protections under the Fair Housing Act mean that:
- A real estate agent's duty to comply with fair housing law includes:
- Which federal law prohibits lending discrimination based on a neighborhood's racial or ethnic composition?
- A real estate agent in Alaska tells a buyer that a particular neighborhood is 'not the right fit' for their family without any factual basis. This statement may constitute:
- Under the Fair Housing Act, a landlord who requires all applicants to provide the same information and uses consistent screening criteria is:
- A real estate advertisement in Alaska that says 'ideal for young professionals' may violate fair housing provisions because:
- Under HUD's guidance, which of the following demonstrates a landlord's obligation to accommodate a tenant with a physical disability?
- The 'three-prong test' for qualifying senior housing (55+ community) exemption under the Fair Housing Act requires:
- In Alaska, a real estate agent representing a buyer must not:
- The Equal Housing Opportunity (EHO) logo and slogan are required in real estate advertising under:
- When a disabled tenant in Alaska requests to modify the bathroom to install grab bars, the landlord may require the tenant to:
- Which of the following describes 'source of income discrimination' in Alaska housing?
- Under the Fair Housing Act, which type of housing is NOT exempt from familial status protections?
- An Alaska real estate company policy that requires all applicants to speak English is MOST likely:
- The Fair Housing Act's prohibition on 'discriminatory terms and conditions' means a landlord cannot:
- A prospective tenant in Alaska with a service dog is told by the landlord that the no-pets policy applies to service animals. The landlord is most likely violating:
- Which of the following best describes 'tester' programs used to enforce fair housing law?
- The Alaska Human Rights Commission handles fair housing complaints for:
- An Alaska developer refuses to install accessible features in a new 8-unit apartment building. This likely violates:
- What is the difference between a 'reasonable accommodation' and a 'reasonable modification' under the Fair Housing Act?
- An Alaska real estate company that uses a referral network that primarily sends minority buyers to lower-priced neighborhoods may be engaging in:
- A fair housing investigation in Alaska may be triggered by:
- In Alaska, protected classes under the federal Fair Housing Act include all EXCEPT:
- An Alaska landlord can legally ask a prospective tenant about their:
- Under the Fair Housing Act, when a lender offers different loan terms to borrowers in different neighborhoods based on the racial composition of the neighborhoods, this is called:
- An Alaska bank that targets minority borrowers for predatory high-cost loans when they could qualify for standard loans is engaging in:
- Alaska law protects which additional class not covered by the federal Fair Housing Act?
- An Alaska property management company's policy of screening only male applicants for a certain rental because of the building owner's preference is:
- Under Alaska fair housing law, a landlord may apply which screening criteria consistently to all applicants?
- A tenant in Alaska files a fair housing complaint against their landlord. The landlord then attempts to evict the tenant. This could constitute:
- Under Alaska fair housing law, which of the following is TRUE about housing providers' obligations regarding criminal history screening?
- An Alaska newspaper publishes a real estate advertisement that shows photos of only white families. This potentially violates fair housing advertising rules because:
- The Fair Housing Act's coverage extends to which types of housing?
- A sex harassment claim under the Fair Housing Act may arise when:
- In Alaska, a landlord who rents to all applicants but systematically places Black applicants in older, less desirable units while placing white applicants in newer units may be engaging in:
- Which of the following describes an 'aggrieved person' who may file a fair housing complaint?
- Which of the following best describes the purpose of 'affirmatively furthering fair housing' (AFFH) under federal law?
- Under the Fair Housing Act, which of the following is an example of a permissible occupancy standard?
- An Alaska seller instructs their listing agent to 'not show the property to anyone with young children.' The agent should:
- A property manager in Alaska who requires a larger security deposit from tenants with service animals compared to tenants without pets is:
- Under the Fair Housing Act, which form of housing is granted the most complete exemption from its requirements?
- Under Alaska law, sexual harassment in housing is considered a form of:
- In Alaska, an agent who asks buyers about their religious beliefs to match them to 'appropriate' neighborhoods is:
- A fair housing complaint may be brought against which of the following parties in Alaska?
- An Alaska HOA that enforces CC&Rs more strictly against residents of one race than another may be violating:
- Under the Fair Housing Act, 'source of income' discrimination is:
- An Alaska real estate professional who successfully completes fair housing training will understand that the most important principle in fair housing is:
- A disability-related housing modification request in Alaska is evaluated under the Fair Housing Act primarily by assessing:
- In Alaska, which of the following would NOT likely constitute a reasonable accommodation for a disability?
- Under the Fair Housing Act, which of the following best describes 'quid pro quo' sexual harassment in housing?
- In Alaska, the fair housing protected class of 'familial status' covers:
- An Alaska landlord who denies a rental application because the applicant has a psychiatric disability is most likely violating:
- An Alaska real estate agent who meets a buyer couple and assumes they want to purchase in neighborhoods populated by people of their own race is exhibiting:
- Which of the following is NOT a permissible form of housing advertising under the Fair Housing Act?
- An Alaska housing provider who requires a larger deposit from families with children while charging single adults the standard deposit is:
- Under the Fair Housing Act, the burden of proving that a neutral policy does not have an unjustified disparate impact rests with:
- An Alaska homeowner selling their home without using a real estate agent who makes discriminatory statements in their advertising is:
- In Alaska, a real estate licensee who witnesses another agent engaging in housing discrimination should:
- In Alaska, the principle that all housing providers must apply the same standards to all applicants without regard to protected class membership is known as:
- An Alaska property manager who requires all tenants to provide the same documents (lease application, credit authorization, income verification) and uses the same scoring criteria for all applicants is:
- Under the Fair Housing Act, a housing provider who makes statements that indicate a preference against renting to persons from a particular country is engaging in:
- An Alaska real estate licensee who has just completed fair housing training knows that their obligations under fair housing law are:
- In Alaska, a property manager who asks prospective tenants about their disability to evaluate whether they can live independently is:
- Under the Fair Housing Act, the statute of limitations for filing a complaint with HUD is:
- An Alaska property manager's 'no smoking' policy that applies equally to all tenants is:
- An Alaska landlord rents to a tenant who subsequently acquires a disability. The landlord must:
- In Alaska, the fair housing protected class of 'color' is distinct from 'race' because it:
- In Alaska, an online real estate listing platform that uses algorithms to show different property listings to users based on their perceived race or national origin would be:
- In Alaska, which of the following fair housing practices involves the most nuanced analysis?
- An Alaska real estate agent who shows a military veteran buyer only homes located near the military base 'because veterans usually prefer that' is exhibiting:
- Under the Fair Housing Act, the protections for persons with disabilities include those with:
- In Alaska, which of the following is the MOST effective way for a real estate professional to ensure fair housing compliance?
Escrow & Title
140 questions- A title insurance policy that protects the lender's interest is called a:
- A 'cloud on title' refers to:
- In Alaska, the escrow process involves a neutral third party that:
- Which type of deed provides the greatest protection to the buyer?
- A title search reveals a mechanic's lien filed by a contractor who was not paid for work on the property. At closing, this lien should be:
- Proration of property taxes at closing means:
- In an Alaska real estate transaction, the escrow holder's primary function is to:
- A title search in Alaska examines the public records to:
- Owner's title insurance protects:
- Lender's (mortgagee's) title insurance is typically required by:
- A 'cloud on title' is best described as:
- The chain of title is the:
- In Alaska, a general warranty deed provides the buyer with the broadest protection because:
- A quitclaim deed in Alaska:
- The Real Estate Settlement Procedures Act (RESPA) prohibits:
- Which type of title transfer does NOT require a deed?
- Proration of property taxes at closing in Alaska means:
- Title insurance in Alaska is typically issued based on a search of:
- A preliminary title report (title commitment) in Alaska is best described as:
- Escrow 'closes' when:
- A mechanic's lien in Alaska may be filed by:
- In Alaska, a neutral third party that holds funds and documents and follows instructions from both buyer and seller is called:
- A title search in Alaska is conducted to:
- Owner's title insurance in Alaska protects:
- A warranty deed in Alaska provides the grantee with:
- A quitclaim deed in Alaska conveys:
- RESPA (Real Estate Settlement Procedures Act) prohibits:
- In an Alaska real estate closing, proration of property taxes means:
- Which type of title insurance policy protects the lender's interest in an Alaska mortgage transaction?
- In Alaska, a lis pendens recorded against a property signals:
- The chain of title for an Alaska property refers to:
- In Alaska, the closing disclosure (CD) must be provided to the borrower at least how many business days before closing?
- A mechanic's lien in Alaska is filed by:
- In Alaska, a judgment lien attaches to real property when it is:
- Which of the following is a general lien that attaches to all of a debtor's real and personal property?
- In Alaska, the priority of liens is generally determined by:
- An encumbrance on an Alaska property is best defined as:
- A special assessment lien in Alaska is levied by a municipality to:
- In Alaska, after a deed is recorded, it provides:
- Actual notice in Alaska real estate law means:
- An Alaska deed must be acknowledged (notarized) before it can be:
- In Alaska, when is a deed considered delivered and effective?
- A title binder (commitment) in Alaska is best described as:
- In Alaska, a purchaser buys property with an existing mortgage they assume. If the seller is released from the debt by the lender, this is called:
- Which of the following describes a marketable title in Alaska?
- In Alaska, who typically pays for the owner's title insurance policy?
- A prorated real estate tax at closing in Alaska benefits the buyer when:
- A subordination agreement in Alaska allows:
- In Alaska, which of the following items would a title search typically NOT reveal?
- In Alaska, property taxes that are delinquent typically result in:
- An ALTA survey in an Alaska commercial transaction differs from a simple boundary survey in that it also shows:
- In Alaska, which of the following BEST describes the role of an escrow agent?
- A title insurance policy that protects the lender's security interest in the property is called a(n):
- In a preliminary title report for an Alaska property, Schedule B exceptions typically include:
- Which of the following title defects would likely NOT be discovered through a standard title search of public records in Alaska?
- Under Alaska's recording acts, the 'race-notice' statute means that a subsequent purchaser prevails if they:
- In Alaska, a 'chain of title' refers to:
- A 'cloud on title' in Alaska is:
- In a typical Alaska closing, which of the following is a SELLER debit on the settlement statement?
- Which of the following BEST describes 'constructive notice' in Alaska real estate?
- An abstract of title in Alaska is best described as:
- In Alaska, a 'deed of trust' differs from a mortgage primarily because:
- Alaska's recording statutes protect a good-faith purchaser who:
- A 'title commitment' issued in Alaska is best described as:
- Which of the following would be a seller debit at closing in Alaska?
- A mechanic's lien in Alaska must be filed within how many days of the last date of work or material delivery?
- In Alaska, which of the following would be MOST likely to show up as an exception in Schedule B of a title commitment?
- An Alaska title company discovers a judgment lien against the seller. At closing, this lien must:
- The purpose of a 'satisfaction of mortgage' (or deed of reconveyance in a trust deed state) is to:
- In a closing statement, a proration is used to:
- Under RESPA, which of the following is prohibited?
- In Alaska, 'marketable title' means:
- A 'lis pendens' recorded in Alaska gives notice that:
- Which of the following is NOT typically covered by a standard owner's title insurance policy?
- In an Alaska closing, the buyer's earnest money deposit is shown on the settlement statement as:
- A deed in Alaska must be acknowledged (notarized) primarily to:
- In Alaska, a 'quiet title action' is a legal proceeding used to:
- Which of the following is a 'voluntary lien' in Alaska real estate?
- When is a deed considered legally delivered in Alaska?
- In Alaska, which type of deed provides NO warranty of title?
- Property taxes in Alaska that are not paid create a(n):
- In Alaska, an 'easement by necessity' arises when:
- The 'ALTA' (American Land Title Association) owner's policy compared to a standard owner's policy provides additional coverage for:
- In Alaska, a 'deed in lieu of foreclosure' allows a borrower to:
- A 'short sale' in Alaska occurs when:
- Under Alaska recording laws, which document would have priority over all others if all were recorded on the same day?
- In Alaska, a 'wild deed' in the chain of title refers to:
- In Alaska, a 'subordination agreement' in real estate allows:
- In Alaska, a 'release clause' in a blanket mortgage allows a borrower to:
- In Alaska, property sold at a tax deed sale is typically transferred via a:
- The 'Torrens system' of title registration, which is available in some states, differs from the recording system used in Alaska because the Torrens system:
- An Alaska seller agrees to carry back a second mortgage to help the buyer qualify for financing. This is described on the closing statement as:
- In Alaska, the person responsible for preparing and distributing the Closing Disclosure to the borrower is:
- In Alaska, a 'grant deed' conveys:
- When property is conveyed 'to A and B as joint tenants with right of survivorship,' what happens to A's interest when A dies?
- Under Alaska law, a 'partial release' from a blanket mortgage is triggered when:
- In Alaska, a 'materialman's lien' (mechanics' lien) can be filed by which of the following parties?
- In Alaska, a judgment lien becomes effective on a debtor's real property when it is:
- In Alaska, which type of title insurance policy protects the buyer from title defects that existed before the policy date?
- Under Alaska recording statutes, which of the following instruments MUST be recorded to be enforceable against third parties?
- An Alaska title company's preliminary commitment shows an exception for 'any claim due to the rights of parties in possession not shown by public records.' This exception warns the buyer to:
- In Alaska, a 'subordination, non-disturbance and attornment (SNDA) agreement' in a commercial lease transaction primarily protects:
- In Alaska, an 'ILC' (improvement location certificate) or 'as-built' survey shows:
- An Alaska buyer pays $450,000 for a property on which the seller has a $300,000 mortgage. At closing, the seller's net proceeds (ignoring other costs) are:
- In Alaska, a 'reconveyance deed' is recorded when:
- In Alaska, the 'buyer's agent's commission' in a cooperative sale is typically offered by:
- In Alaska, a 'gap commitment' in a title insurance transaction is issued to:
- In Alaska, what is the purpose of a 'fixture filing' under Article 9 of the Uniform Commercial Code (UCC)?
- An Alaska seller retains a real estate attorney to review the purchase agreement. Attorney's fees for this service are typically paid by:
- In Alaska, when multiple liens exist on a property and it is sold at foreclosure, which general priority rule applies?
- An Alaska real estate closing in which the buyer and seller are in different locations is most commonly facilitated by:
- In Alaska, a 'power of attorney' may be used in a real estate closing to allow:
- Under the Real Estate Settlement Procedures Act (RESPA), a 'controlled business arrangement' (AfBA) requires all EXCEPT:
- In Alaska, a 'judicial foreclosure' differs from a 'non-judicial foreclosure' primarily because judicial foreclosure:
- In Alaska, the legal description in a deed must be sufficient to:
- In Alaska, a 'UCC-1 financing statement' filed against real property is typically associated with:
- In Alaska, 'escrow' is fundamentally a legal arrangement in which:
- In Alaska, which of the following is TRUE about owner's title insurance?
- In Alaska, a 'buyer's closing costs' typically include all of the following EXCEPT:
- In Alaska, a 'legal description by reference' in a deed means the property is identified by:
- Under Alaska's recording system, the first party to record a deed takes priority over a subsequent unrecorded deed ONLY if the recording party:
- In Alaska, a 'statutory right of redemption' in foreclosure allows the former owner to:
- In Alaska, a 'subordinate mortgage' is one that:
- In Alaska, the 'Torrens Title' system, while not used in Alaska, provides what advantage over Alaska's recording system?
- In Alaska, title insurance 'Schedule A' in a commitment typically contains:
- A buyer in Alaska purchases a property and later discovers there is an existing lease the seller did not disclose. Under the principle that 'a lease survives sale,' the buyer:
- In Alaska, a buyer who purchases a property subject to an existing first mortgage that is NOT being paid off at closing takes the property:
- Under Alaska's recording system, a 'constructive notice' differs from 'actual notice' because constructive notice:
- In Alaska, a property tax 'lien date' is significant because on that date:
- An Alaska property is transferred by deed with a retained 'right of reentry' by the grantor. This is associated with which type of estate?
- In Alaska, a 'homestead exemption' available through the recording of a declaration of homestead protects a property owner's home from:
- In Alaska, a 'tax certificate' or 'tax deed sale' for delinquent property taxes follows which general process?
- In Alaska, a 'covenant against encumbrances' in a warranty deed means the grantor warrants that:
- Under Alaska's trust account requirements, when must an earnest money check be deposited in the broker's trust account?
- In Alaska, a buyer who receives a 'survey exception' in the title insurance commitment should:
- In Alaska, which of the following is considered an 'involuntary transfer' of title?
- In Alaska, a 'title plant' maintained by a title insurance company is a comprehensive collection of:
- In Alaska, a 'notice of lis pendens' affects a real estate transaction by:
- In Alaska, when a mortgage company goes bankrupt, the mortgages it originated and still holds are:
- In Alaska, an 'indemnification agreement' in a real estate closing typically requires one party to:
Real Estate Math
138 questions- A property sells for $350,000. The buyer makes a 20% down payment. What is the loan amount?
- A commercial property sells for $750,000. The total commission is 6%, split 50/50 between the listing and selling broker. The listing broker pays their salesperson 70% of the listing broker's share. What is the listing salesperson's commission?
- A seller wants to net $225,000 after paying a 6% commission. What must the property sell for (rounded to the nearest dollar)?
- A rectangular lot measures 150 feet by 200 feet. How many acres is this lot? (1 acre = 43,560 sq ft)
- A broker earns a 5% commission on the sale of a $480,000 property and splits it 50/50 with the cooperating broker. The listing salesperson receives 60% of the listing broker's half. How much does the listing salesperson earn?
- A property has an assessed value of $320,000. The local mill rate is 12 mills. What is the annual property tax?
- A property in Fairbanks sells for $285,000. The broker charges a 6% commission. The listing agent and selling agent each receive 50% of the total commission. How much does each agent receive?
- A home sells for $420,000. The seller pays a 5.5% commission and $3,200 in closing costs. What are the seller's total selling costs?
- A rectangular parcel in Alaska is 660 feet wide and 1,320 feet deep. How many acres is the parcel?
- A buyer's monthly principal and interest payment is $1,850. Annual property taxes are $3,600 and homeowner's insurance is $1,200 per year. What is the buyer's total PITI monthly payment?
- A property has a NOI of $45,000 and sells at a 7.5% cap rate. What is the sale price?
- A borrower obtains a 30-year, $240,000 mortgage at 7% annual interest. The monthly payment factor is $6.65 per $1,000 borrowed. What is the approximate monthly payment?
- A homeowner wants to net $310,000 after paying a 6% commission. What must the property sell for?
- A property is assessed at $260,000. The mill rate is 12.5 mills. What is the annual property tax?
- A 10-unit apartment building in Anchorage generates $1,200/month per unit. Vacancy and credit loss is 5%. What is the Effective Gross Income (EGI) per year?
- A buyer makes a $425,000 offer on a home. The lender requires a 75% LTV. What is the required down payment?
- A parcel of land is described as the W½ of the NE¼ of a section. How many acres does this parcel contain?
- A property originally purchased for $195,000 sells 3 years later for $240,000. What is the percentage appreciation over the holding period?
- A property in Anchorage sells for $425,000. The commission rate is 5.5%. What is the total commission?
- A Fairbanks property is assessed at 85% of its market value of $300,000. The property tax rate is $12 per $1,000 of assessed value. What is the annual property tax?
- An Alaska buyer obtains a 30-year, $240,000 mortgage at 7% annual interest. What is the first month's interest payment?
- A property sells for $180,000 and was originally purchased for $150,000. What is the percentage of appreciation?
- A rectangular Alaska parcel is 660 feet by 1,320 feet. How many acres does it contain?
- A listing agent and buyer's agent split a 6% commission equally on a $500,000 sale. Each brokerage then splits with its agent 60/40 (agent gets 60%). How much does the buyer's agent (salesperson) receive?
- An Alaska investor buys a property for $200,000 and sells it two years later for $230,000. Selling costs are $14,000. What is the net profit?
- A property manager charges 8% of collected monthly rent. If monthly rents total $12,500, what is the monthly management fee?
- How many square feet are in a quarter section of land?
- A buyer pays $315,000 for a home. The down payment is 10%. What is the loan-to-value (LTV) ratio?
- A house sells for $450,000 with a 6% commission. The listing broker and selling broker split the commission 50/50. How much does each broker receive?
- A buyer makes a 5% down payment on a $380,000 Alaska home. What is the mortgage amount?
- An Alaska property has an annual NOI of $45,000 and was purchased for $600,000. What is the overall cap rate?
- A parcel of land in Alaska is described as the S½ of the NW¼ of Section 12. How many acres does this parcel contain?
- A seller nets $280,000 after paying a 6% commission. What was the original selling price (rounded to nearest dollar)?
- A loan of $200,000 at 6% annual interest is interest-only for the first year. What are the total interest payments in the first year?
- An Alaska property sold for $525,000. The buyer paid 3 points on a $420,000 loan. How much did the buyer pay in points?
- A monthly rent of $1,800 is prorated at closing on the 10th of a 31-day month. The seller receives credit for how many days?
- A property is appraised at $340,000. The tax rate is 15 mills (15 per $1,000 of assessed value). If assessed at 100%, the annual tax is:
- What is the transfer tax on an Alaska property selling for $400,000 if the rate is $1 per $500 of value?
- An Alaska property manager collects $8,400 in monthly rents and charges a 7% management fee plus a 50% leasing fee on first month's rent for one new tenant paying $1,200/month. What are the total fees this month?
- A buyer purchases a $260,000 Alaska home with an FHA loan at 3.5% down. The FHA upfront MIP is 1.75% of the loan amount. What is the upfront MIP?
- An Alaska parcel is the NE¼ of the SW¼ of a section. How many acres is this parcel?
- A property sells for $375,000. Closing costs are 2% of the sales price and the commission is 6%. What are the total seller costs (closing costs + commission)?
- A buyer pays $350,000 for an Alaska home that was listed at $375,000. The list-price-to-sale-price ratio is approximately:
- An Alaska investment property was purchased for $500,000. It depreciated at the straight-line rate over 39 years (commercial). What is the annual depreciation deduction?
- A broker receives a $18,000 commission on a sale. She pays the listing agent 40% and the buyer's agent 35%. How much does the broker retain?
- An Alaska buyer's monthly housing payment is $2,400. Their gross monthly income is $8,000. What is their front-end (housing) debt-to-income ratio?
- An Alaska property is listed for $420,000 and sells for 97% of the list price. What is the sale price?
- A mortgage loan of $320,000 at 6.5% annual interest. What is the monthly interest for the first payment?
- An Alaska buyer purchased a home for $380,000 and sold it 3 years later for $425,000. What was the percentage increase in value?
- A commercial property in Anchorage sold for $1,200,000. The commission rate was 5%. The listing broker retained 60% and paid the buyer's broker 40%. How much did the buyer's broker receive?
- A rectangular parcel in Alaska measures 660 feet by 1,320 feet. How many acres does it contain?
- An Alaska property is assessed at 60% of its $500,000 market value. The tax rate is $15 per $1,000 of assessed value. What is the annual property tax?
- A salesperson earned $9,600 in commission on a sale. The commission rate was 6% and the salesperson received 40% of the total commission. What was the sale price of the property?
- An investor purchases an Alaska property for $250,000 and wants a 12% annual return on investment. The monthly net operating income must be at least:
- A property in Fairbanks has a GRM of 120 and generates monthly gross rent of $2,200. What is the estimated market value?
- An Alaska property sold for $315,000, which was 5% more than the original listing price. What was the original listing price?
- A buyer in Alaska closes on June 1. Annual property taxes are $4,380 and were paid by the seller through December 31 of the prior year. Using a 360-day year, how much does the buyer owe the seller at closing for the tax proration?
- A mortgage loan of $200,000 at 5% interest has an annual interest payment of how much in the first year (interest only)?
- A duplex in Juneau generates monthly rents of $1,400 and $1,500. Annual operating expenses are $9,600. What is the annual NOI?
- An Alaska property has a loan balance of $180,000. Monthly principal and interest payment is $1,250. Of that, $900 is interest. How much is applied to principal reduction?
- A property in Alaska is purchased for $500,000. The buyer makes a 20% down payment and finances the remainder. What is the mortgage amount?
- A lot in Alaska is 150 feet wide and 200 feet deep. A developer wants to build a structure that covers no more than 35% of the lot (lot coverage ratio). What is the maximum footprint?
- An investor in Alaska is offered a property for $650,000. The property generates an NOI of $52,000. What is the cap rate?
- A broker in Alaska earned a total commission of $18,000. The listing broker received 55% and paid the selling broker 45%. The selling salesperson received 60% of the selling broker's share. How much did the selling salesperson earn?
- A buyer in Alaska paid $345,000 for a home and wants to net $400,000 after a 5% commission when they eventually sell. What minimum sale price must they achieve?
- Under Alaska property tax law, a property assessed at $280,000 has a millage rate of 18 mills. What is the annual property tax?
- An Alaska property rents for $2,500 per month. The property sold for $375,000. What is the Gross Rent Multiplier (GRM)?
- A rectangular parcel in Alaska measures 1,320 feet by 2,640 feet. How many sections does this represent?
- An Alaska investor purchases a fourplex for $600,000. Each unit rents for $1,200/month. The vacancy rate is 8% and annual operating expenses are $28,000. What is the NOI?
- A buyer in Alaska closes on October 1. Annual property taxes of $3,600 have not yet been paid for the current year. Using a 360-day year (30 days per month), the seller owes the buyer a tax proration credit of:
- A property in Anchorage is listed for $595,000 and sells for 97% of list price. The seller pays a 5.5% commission on the sale price. What is the commission paid?
- An Alaska homeowner wants to add a deck that costs $18,000. Studies show improvements of this type return 75% of cost at resale. How much value does the deck add?
- An Alaska salesperson closes a transaction and earns a 3% commission on a $420,000 sale. The broker receives 40% and the salesperson receives 60% of the total commission. How much does the salesperson earn?
- A building in Alaska has a replacement cost of $800,000. It is 25 years old with a 50-year economic life. Using straight-line depreciation, what is the depreciated value?
- An Alaska property generates annual gross rents of $72,000. The vacancy rate is 5% and operating expenses equal 40% of effective gross income. What is the NOI?
- A borrower in Alaska has a debt-to-income (DTI) ratio limit of 43%. Their gross monthly income is $6,500. What is the maximum total monthly debt payment allowed?
- An Alaska property sold for $350,000. The seller's remaining mortgage balance was $185,000, commission was 6%, and other closing costs were $2,500. What are the seller's net proceeds?
- A section of land in Alaska contains 640 acres. The NE quarter of the SW quarter of Section 10 contains how many acres?
- An Alaska investor borrows $250,000 at 7% interest for 6 months on a short-term bridge loan. Interest only is paid. Total interest paid is:
- A 40-acre parcel in Alaska is priced at $1,800 per acre. The total purchase price is:
- An Alaska property has a market value of $480,000 and is assessed at 85% of market value. The mill rate is 12 mills. What is the annual tax?
- A listing broker in Alaska splits the 6% commission equally with the buyer's broker. The salesperson who listed the property receives 70% of the listing broker's share. On a $390,000 sale, how much does the listing salesperson earn?
- A buyer in Alaska makes an offer of $325,000 with 5% down. The lender requires a loan-to-value not exceeding 95%. What is the maximum loan amount?
- An Alaska home appreciates 4% per year for 3 years starting at $275,000. What is the value at the end of year 3?
- An Alaska commercial building has 10,000 rentable square feet. The annual rent is $18 per square foot. Annual operating expenses total $65,000. What is the NOI?
- An Alaska buyer pays 2 points on a $240,000 mortgage. What is the dollar cost of the points?
- A seller in Alaska lists a property at $560,000. After 45 days, the price is reduced by 3.5%. What is the new listing price?
- An Alaska buyer closes on March 15. Annual HOA dues of $2,400 were paid by the seller for the full year. How much does the buyer owe the seller at closing (using a 360-day year)?
- An Alaska tenant signs a lease for $1,800 per month and must pay first month's rent, last month's rent, and a $1,800 security deposit at move-in. Total amount due at move-in is:
- An Alaska buyer finances $320,000 at 6.5% annual interest on a 30-year mortgage. The approximate monthly payment factor is $6.32 per $1,000. What is the approximate monthly P&I payment?
- An Alaska investor paid $175,000 for a lot and sells it for $210,000. What was the percentage profit?
- A commercial property in Alaska is offered for sale at an 8.5% cap rate. The NOI is $68,000. What is the asking price?
- An Alaska property is assessed at $190,000. The homeowner's exemption reduces the taxable value by $20,000. The mill rate is 14.5 mills. What is the annual tax?
- A property in Fairbanks sells for $295,000. The listing agent and buyer's agent each receive a 3% commission. The listing salesperson receives 55% of the listing broker's half. How much does the listing salesperson earn?
- An Alaska property owner wants to net $280,000 after paying a 6% commission. What must the minimum sale price be?
- An Alaska property is worth $500,000 and depreciates in value by 2% per year for 5 years. What is the value after 5 years?
- A rectangular building in Anchorage measures 60 feet by 80 feet. The owner leases it at $12 per square foot annually. What is the annual rent?
- An Alaska mortgage has a balance of $165,000 at 5.25% annual interest. What is the interest charged in the next month?
- An Alaska property was purchased for $275,000 and the buyer made a 20% down payment. If the home appreciates 5% per year, what will it be worth after 2 years?
- A building in Anchorage has 12 units, each renting for $1,650/month. Annual operating expenses are $42,000 and vacancy is 6%. What is the NOI?
- An Alaska commercial lease requires the tenant to pay $22 per square foot per year for 3,500 sq ft. What is the monthly rent?
- In Alaska, a seller paid $415,000 for a property. They want to sell it for a price that will return 8% profit after paying a 6% commission. What is the minimum sale price?
- A parcel of land in Alaska is described as the S½ of the NW¼ of Section 14. How many acres does it contain?
- An Alaska homeowner refinances a $240,000 mortgage to a new loan at a lower rate. The refinance saves $185/month in payments. Closing costs are $5,000. The break-even period is approximately:
- An Alaska property appraiser finds the cost to replace improvements is $620,000. Physical depreciation is 15%, functional obsolescence is 5%, and external obsolescence is 3%. Total depreciation is:
- A commercial property in Juneau sells at a 9% cap rate. The annual NOI is $81,000. What is the sale price?
- An Alaska buyer borrows $180,000 at 4.5% for 15 years. The monthly factor is $7.65 per $1,000. Monthly P&I payment is:
- A broker in Alaska lists a property at $375,000 and it sells at 98% of list. The commission is 5.5%. What is the total commission?
- A buyer in Alaska purchases a $420,000 home, making a 15% down payment. How much private mortgage insurance is required annually if the PMI rate is 0.75% of the loan amount?
- An Alaska property generates monthly rent of $3,200. The owner's gross rent multiplier for the area is 130. What is the estimated market value?
- An Alaska home sold at a 4% loss for $312,000. What was the original purchase price?
- An Alaska broker receives a 6% commission on a sale. The broker pays the listing salesperson 50% and the selling salesperson 40% of their respective halves. The sale price is $480,000. How much does the selling salesperson earn?
- An Alaska commercial lease requires a base rent of $24,000 per year plus a percentage rent of 4% of gross sales over $300,000. If the tenant's gross sales are $600,000, what is the total annual rent?
- An Anchorage property assessed at $340,000 qualifies for a $50,000 senior citizen exemption. The mill rate is 16.5 mills. What is the annual property tax?
- A seller in Alaska nets $198,000 after paying a 6% real estate commission. What was the sale price?
- An Alaska buyer gets a 30-year loan at 7% for $320,000. Using a factor of $6.653 per $1,000, the monthly P&I payment is:
- An Alaska income property has an annual NOI of $66,000 and sells at a 7.5% cap rate. The buyer finances 75% of the purchase price at a 6.5% mortgage constant. What is the annual debt service?
- A house in Anchorage lists for $580,000 and sells for 102% of list price after multiple offers. What is the sale price?
- An Alaska home was purchased for $290,000 three years ago. It is now worth $341,000. The total appreciation over 3 years as a percentage is approximately:
- A borrower in Alaska has a $175,000 mortgage. After 1 year of making monthly payments, the principal balance has decreased by $3,600. The LTV ratio on a property now worth $225,000 is:
- An Alaska investment property costs $600,000. The investor pays 25% down and finances the rest at a 7.5% annual interest rate (interest only for the first year). What is the first-year annual interest payment?
- An Alaska broker earns a commission of $31,200 on a sale. The commission rate was 6%. What was the sale price?
- A triplex in Alaska generates monthly rents of $1,400, $1,550, and $1,350. Annual vacancy is 8%. Operating expenses are $18,000 per year. What is the annual NOI?
- An Alaska agent lists a property for 90 days. The property sells on day 72. The listing broker receives $24,000. If the total commission was 5%, what was the sale price?
- An Alaska property sold for $395,000. The buyer made a 20% down payment. Transfer tax in the municipality is $3.50 per $1,000 of sale price. What is the transfer tax?
- An Alaska investor puts $80,000 down on a $400,000 property. After one year, the property is worth $420,000. What is the return on equity (equity appreciation only)?
- A 40-unit apartment complex in Anchorage has units renting at $1,800/month. A new property manager reduces vacancy from 10% to 5%. How much additional annual income does this generate?
- A buyer in Alaska makes an offer of $450,000 on a property listed at $475,000. The seller counters at $462,000. The buyer and seller split the difference. The final sale price is:
- An Alaska property sells for $615,000. The seller's outstanding mortgage is $320,000. Commission is 5.5% and other closing costs are $4,800. The seller's net proceeds are:
- A commercial building in Alaska has 18,000 sq ft of rentable space, 90% occupied at $16/sq ft/year. Annual operating expenses are $95,000. What is the NOI?
- An Alaska buyer takes a $275,000 mortgage at 5.75% interest. The first month's interest payment is:
- An Alaska condo has an HOA fee of $375/month. Annual property taxes are $3,800 and homeowner's insurance is $1,200/year. What is the total annual PITI plus HOA (excluding P&I mortgage payments)?
- An Alaska property is listed for $560,000. The seller agrees to pay 3% of the sale price toward buyer closing costs. If the property sells at full price, how much does the seller contribute to closing costs?
- An Alaska buyer obtains a $380,000 mortgage. Monthly P&I payment is $2,394. Of the first payment, $1,806 is interest. How much principal is reduced?
- An Alaska investor buys a property for $750,000 with a 30% down payment. The property generates NOI of $60,000/year. The cash-on-cash return (ignoring debt service) before financing is:
- An Alaska real estate agent passes the exam in June. Their first renewal period ends in December two years later. They must complete 20 hours of continuing education. If they complete 8 hours in year 1 and need to complete the rest, how many hours remain for year 2?
- An Alaska homeowner's insurance is $1,800/year, property taxes are $4,200/year, and the mortgage payment (P&I) is $1,650/month. What is the monthly PITI payment?
- A quarter section of land in Alaska is offered at $1,250 per acre. What is the total asking price?
Land Use & Zoning
74 questions- A legal nonconforming use in Alaska refers to:
- A variance in zoning law is:
- The government's right to regulate the use of private property through zoning ordinances is an exercise of:
- A property owner in Alaska petitions to have their land rezoned from residential to commercial. This process is called:
- A nonconforming use in Alaska zoning law is a use that:
- A variance in zoning law is permission to:
- In Alaska, large areas outside organized boroughs:
- A conditional use permit (special exception) allows:
- A deed restriction is different from a zoning ordinance in that a deed restriction is:
- Spot zoning refers to:
- Subdivision regulations in Alaska boroughs typically require a developer to:
- A 'buffer zone' in land use planning is typically created to:
- The police power of government authorizes municipalities in Alaska to enact zoning laws to:
- Permafrost considerations in Alaska often affect building codes and land use in that construction on unstable permafrost may require:
- In Alaska, which entity typically has primary authority to adopt local zoning ordinances?
- A nonconforming use in an Alaska zoning context means:
- A variance in Alaska zoning law is best described as:
- A conditional use permit (CUP) in Alaska allows:
- In Alaska's unorganized borough areas, which level of government typically has land use authority?
- Eminent domain in Alaska requires the government to pay the property owner:
- What is a buffer zone in Alaska land use planning?
- In Alaska, a plat must be recorded before:
- Which Alaska state agency oversees the disposal and management of state-owned lands?
- Under Alaska law, a dedication occurs when:
- An Alaska municipality adopts a comprehensive plan. The plan is best described as:
- Building codes in Alaska primarily regulate:
- In Alaska, an environmental impact statement (EIS) is required for:
- Which of the following is an example of police power as applied in Alaska land use regulation?
- In Alaska, a planned unit development (PUD) differs from conventional zoning because it allows:
- The purpose of a setback requirement in Alaska zoning is to:
- In Alaska, the recording district is the equivalent of a:
- A 'taking' under the Fifth Amendment without just compensation may occur when government regulation:
- An Alaska property owner wants to divide a large parcel into multiple smaller lots for sale. This process is called:
- In Alaska, the federal Bureau of Land Management (BLM) administers:
- In Alaska, which government entity typically issues building permits?
- An Alaska property owner complains that a new zoning regulation eliminates all productive use of their land without compensation. They may file a claim based on:
- Which Alaska land use term describes a use that is allowed in a zone only if specific conditions are met and approved by the zoning board?
- In Alaska's coastal zone, development activities typically require review under:
- Density bonuses in Alaska zoning allow developers to:
- In Alaska, 'spot zoning' is generally considered legally questionable because it:
- An impact fee in Alaska is charged to developers to:
- The Alaska Subdivision Code requires that new subdivisions provide:
- In Alaska, a certificate of occupancy (CO) is issued when:
- Under Alaska law, 'exactions' in land use regulation refer to:
- In Alaska, a 'conditional use permit' (CUP) allows:
- A 'nonconforming use' in Alaska zoning law refers to:
- Under Alaska land use law, a 'variance' may be granted when:
- In Alaska, floodplain management regulations in communities participating in the National Flood Insurance Program (NFIP) primarily require:
- Alaska's Coastal Management Program, administered under the Alaska Coastal Management Program Act, was primarily designed to:
- Under Alaska law, a 'plat' is best described as:
- Eminent domain in Alaska allows the government to take private property for public use, but requires:
- A 'buffer zone' in Alaska zoning ordinances typically refers to:
- In Alaska, the Kenai Peninsula Borough and other boroughs have authority to:
- The Alaska Right-to-Farm Act protects agricultural operations from nuisance lawsuits when:
- In Alaska, 'spot zoning' refers to:
- In Alaska, a 'setback' requirement in a zoning ordinance specifies:
- Alaska's Subdivision Land Act governs the process by which:
- A 'cluster development' in Alaska zoning is designed to:
- An Alaska property owner wants to build a second dwelling unit on their single-family lot. This may be permitted as a(n):
- When a municipality in Alaska annexes adjacent unincorporated land, what typically happens to the zoning on that land?
- The purpose of a 'design review' process in Alaska municipalities is to:
- Under Alaska's Coastal Zone Management Act (before its 2011 lapse), coastal districts had the authority to:
- A 'general plan' (comprehensive plan) in Alaska primarily serves as:
- Alaska's large amount of federally owned land affects private real estate markets primarily by:
- In Alaska, a 'Transfer of Development Rights' (TDR) program allows:
- In Alaska, an 'overlay zone' is:
- The Alaska Department of Fish and Game may affect real estate development through its authority over:
- In Alaska, a 'development agreement' between a local government and a developer typically provides the developer with:
- In Alaska, 'impact fees' charged by municipalities to developers are used to:
- Under Alaska's planning law, a borough may require a developer to dedicate land for a public park as a condition of subdivision approval. This is an example of:
- In Alaska, which of the following is typically NOT a permitted use in a 'residential-1' (single-family) zoning district?
- The Alaska Statehood Act of 1958 granted Alaska the right to select how many acres of federal land for state ownership?
- In Anchorage, the 'Anchorage Bowl' refers to the:
- In Alaska, rural land outside organized boroughs is regulated for land use purposes primarily by:
Environmental
68 questions- In Alaska, a real estate licensee who lists a property with known underground storage tanks (USTs) on the property should:
- The primary federal law governing the cleanup of contaminated properties and holding responsible parties liable for hazardous waste cleanup is:
- Radon gas is a concern in some Alaska properties because:
- Lead-based paint disclosure requirements under federal law apply to:
- In Alaska, a seller's duty to disclose permafrost conditions on a residential property is based on which principle?
- Which federal statute requires the seller of a property with known contamination to disclose that contamination to buyers?
- An underground storage tank (UST) on an Alaska property that has leaked petroleum products creates what type of concern for a buyer?
- Asbestos in a commercial building in Alaska poses the greatest risk when:
- When a property in Alaska is located near an active landfill, the primary environmental concern for a real estate agent to disclose is:
- Permafrost beneath an Alaska structure can cause which serious building problem?
- An Alaska real estate agent is aware that a property's well water tested above the EPA action level for arsenic. The agent should:
- The primary federal law governing underground storage tank (UST) cleanup and notification in Alaska is:
- Heating oil tank leaks are a particular concern for Alaska residential properties because:
- Under CERCLA (Superfund), which party may be held liable for contamination cleanup costs?
- Radon is a concern in some Alaska properties primarily because:
- An Alaska property is near a former dry cleaning facility. The primary hazardous substance of concern would be:
- The federal Coastal Zone Management Act (CZMA) affects Alaska coastal properties by:
- What is the significance of Section 404 of the Clean Water Act for Alaska real estate?
- Lead-based paint disclosure requirements under federal law apply to residential properties built:
- Permafrost in Alaska is defined as:
- Which of the following is a primary concern for real estate construction on permafrost in Alaska?
- Under the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA/Superfund), which party can be held liable for hazardous waste cleanup costs?
- Radon is a concern in Alaska real estate because it is:
- An Alaska property is found to have underground storage tanks (USTs) on the premises. A real estate agent must:
- Asbestos-containing materials (ACM) in an Alaska commercial building are considered a hazard when they are:
- The Alaska Department of Environmental Conservation (ADEC) regulates which of the following in the context of real estate?
- Section 404 of the Clean Water Act requires federal permits for:
- A property with polychlorinated biphenyls (PCBs) discovered in the soil would most likely be subject to cleanup under:
- Methane gas from a former landfill site in Alaska is a concern for adjacent real estate because:
- An Alaska buyer performing due diligence on a commercial property would typically commission a 'Phase I Environmental Site Assessment' (ESA) to:
- In Alaska, the Alaska Contaminated Sites Program (under ADEC) assists property owners by:
- Wetlands in Alaska are significant for real estate because they:
- The discovery of mold in an Alaska rental property requires the landlord to:
- An Alaskan property located near a fish hatchery or salmon stream may be subject to restrictions under:
- Which federal agency regulates hazardous waste disposal under the Resource Conservation and Recovery Act (RCRA)?
- A 'brownfield' in Alaska is best described as:
- An Alaska homeowner discovers their drinking water well is contaminated by a neighbor's old heating oil tank. The homeowner's MOST appropriate course of action is to:
- In Alaska, building on unstable slopes subject to landslide risk requires particular consideration because:
- In Alaska, an oil spill on a property creates environmental liability that:
- Alaska's extreme seismic activity means that earthquake risk is a material fact that sellers should disclose when:
- The Trans-Alaska Pipeline System (TAPS) easements affect real estate along its 800-mile route primarily by:
- In Alaska, the discovery of an abandoned mine on a property being considered for purchase should prompt:
- Under the National Environmental Policy Act (NEPA), federal agencies must prepare an Environmental Impact Statement (EIS) for:
- In Alaska, properties located near military installations may have contamination from which specific substances?
- Under Alaska law, which agency is the lead agency for responding to oil spills in Alaska's marine environment?
- An Alaska buyer purchasing land near Fairbanks discovers the property was previously used as an automobile wrecking yard. The buyer should be concerned about contamination from:
- In Alaska, 'carbon monoxide' is a household safety concern in real estate primarily due to:
- The 'innocent landowner defense' under CERCLA protects a buyer from Superfund liability if the buyer:
- In Alaska, testing for PCE (tetrachloroethylene) contamination is most common near:
- Alaska's tundra fires can affect real estate by:
- A buyer performing due diligence on an Alaska property should check for which specific concern unique to Alaskan coastal properties?
- Under the Resource Conservation and Recovery Act (RCRA), a property owner who generates hazardous waste must:
- In Alaska, a licensee who represents a buyer purchasing property near a Superfund site should advise the buyer to:
- Alaska's unique geography creates a significant real estate concern around 'tsunami inundation zones' primarily because:
- In Alaska, 'geohazard' disclosures relevant to real estate include all of the following EXCEPT:
- Under the National Historic Preservation Act (NHPA), properties listed on the National Register of Historic Places in Alaska may:
- An Alaska buyer is purchasing property adjacent to an active coal mining operation. Environmental concerns may include:
- In Alaska, the 'Voluntary Cleanup Program' (VCP) administered by ADEC encourages property owners to clean up contaminated sites by:
- In Alaska, 'glacier retreat' and 'permafrost thaw' are increasingly affecting coastal real estate by causing:
- Which of the following environmental conditions MOST directly reduces a property's market value in Alaska?
- In Alaska, the discovery of Native cultural artifacts or human remains on a property being developed triggers protections under:
- A property in Anchorage is located in a FEMA-designated Special Flood Hazard Area (SFHA). The owner has a conventional mortgage. Flood insurance requirements are:
- An Alaska seller is required to disclose which of the following environmental conditions?
- In Alaska, a property's value may be reduced if it is located in a 'tsunami runup zone.' This type of value reduction is most accurately classified as:
- Under the Alaska Oil and Hazardous Substance Pollution Control Act, who has the primary responsibility for cleaning up spills that occur on their property?
- In Alaska, a seller of residential property built before 1978 who fails to provide the required lead-based paint disclosure may be liable for:
- In Alaska, 'black water' in plumbing is defined as wastewater from toilets, while 'gray water' refers to:
- A real estate licensee in Alaska who learns that a property has a 'recognized environmental condition' (REC) from a Phase I ESA has a duty to:
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