ORES Ohio Real Estate Salesperson Examination - Set 1 - Part 2

Test your knowledge of technical writing concepts with these practice questions. Each question includes detailed explanations to help you understand the correct answers.

Question 21: A modest home sits among larger, more expensive houses. Which of the following principles explains why the modest home's value is lifted by its better neighbors?

Regression

Contribution

Progression

Conformity

Question 22: Which of the following principles identifies the use that is physically possible, legally permitted, financially feasible, and maximally productive for a site?

Highest and best use

Conformity

Anticipation

Contribution

Question 23: Which of the following terms describes the increase in value that results when several adjoining parcels are combined under one owner into a more useful whole?

Subordination

Accretion

Severance

Plottage

Question 24: Which of the following approaches to value is generally considered the most reliable for appraising a single-family residence?

The cost approach

The income approach

The sales comparison approach

The gross rent multiplier

Question 25: Which of the following single-family residences would receive the most accurate appraisal using the reproduction cost approach to value?

A rental duplex

A vacant tract home

A typical suburban ranch

A historic residence

Question 26: An appraiser applying the cost approach must choose between reproduction cost and replacement cost. Which of the following best distinguishes replacement cost from reproduction cost?

Replacement builds an exact replica

Replacement builds equivalent utility with current materials

Replacement excludes the land value

Replacement ignores all depreciation

Question 27: A factory built next door reduces a home's value through a cause outside the property itself. Which of the following types of depreciation does this illustrate?

Physical deterioration

Functional obsolescence

External obsolescence

Accrued appreciation

Question 28: In the income approach, which of the following correctly describes how the capitalization rate relates to value when net operating income is held constant?

A lower cap rate raises value

The cap rate has no effect

A higher cap rate raises value

The cap rate equals the interest rate

Question 29: Which of the following valuations does a real estate licensee prepare to help a seller set a listing price, and which must not be presented as an appraisal?

A USPAP appraisal

A comparative market analysis

An automated valuation model

An insurable value report

Question 30: Which of the following standards must a licensed or certified appraiser follow when performing an appraisal for a federally related transaction?

RESPA

The Interstate Land Sales Act

The Statute of Frauds

The Uniform Standards of Professional Appraisal Practice

Question 31: A lender orders a valuation of a home before approving a mortgage. Which of the following best describes what the appraiser provides about the property?

An independent opinion of value

A guarantee of the future sale price

A value the appraiser personally sets

A commission based on the value reached

Question 32: Which of the following deeds provides the buyer the greatest protection by warranting title against defects arising throughout the entire chain of ownership?

A quitclaim deed

A special warranty deed

A bargain and sale deed

A general warranty deed

Question 33: Which of the following deeds is most commonly used to cure a cloud on title, such as a misspelled name in a prior recorded deed?

A general warranty deed

A fiduciary deed

A quitclaim deed

A sheriff's deed

Question 34: An executor selling estate property warrants only against defects arising during the estate's ownership and not against earlier owners' acts. Which of the following deeds reflects this limited warranty?

A special warranty deed

A general warranty deed

A grant of full covenants

A deed of reconveyance

Question 35: Which of the following is required for title to actually pass from grantor to grantee under a deed?

Recording at the county recorder

The grantee's signature

Delivery and acceptance

Payment of the conveyance fee

Question 36: Which of the following terms describes the documented sequence of conveyances tracing ownership from earlier owners down to the present owner?

The habendum clause

The chain of title

The granting clause

The abstract continuation

Question 37: Which of the following best describes the coverage of a lender's title insurance policy compared with an owner's policy?

It protects the buyer's equity

It covers future zoning changes

It lasts forever at purchase price

It declines with the loan balance

Question 38: A title company agrees to insure a parcel even though a known minor defect appears in the records. Which of the following standard does this best illustrate?

Marketable title

Perfect record title

Insurable title

Equitable title

Question 39: Which of the following is the primary legal effect of recording a deed in the county recorder's office?

It transfers title to the grantee

It gives constructive notice to the world

It pays off the seller's mortgage

It satisfies the conveyance fee

Question 40: Which of the following describes acquiring title to another's land by possessing it openly, continuously, and without permission for the statutory period?

Escheat

Eminent domain

Adverse possession

Foreclosure

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