Free LA-RESP Practice Questions

Question 1

During a pre-closing walk-through, a buyer finds that the seller removed a wall-mounted television bracket, leaving bolt holes in the living-room wall. The purchase agreement states that fixtures remain and specifically excludes only the television. The bracket was bolted to wall studs and painted to match the room. Which conclusion is most supportable?

Accepted Answer

The bracket is likely a fixture, while the excluded television remains personal property

Answer

Both the television and bracket are fixtures because they were used together

Answer

Both are personal property because electronics are normally movable

Answer

The bracket belongs to the seller unless the agreement names it separately

Question 2

An owner conveys land "to the City of Pine Ridge so long as the premises are used as a public park; otherwise title automatically returns to Grantor." What estate does the city receive?

Accepted Answer

A fee simple determinable with a possibility of reverter

Answer

A fee simple subject to condition subsequent, enforceable only if the grantor exercises a right of entry

Answer

A life estate measured by the city's continued public use

Answer

An easement in gross for recreational purposes

Question 3

An appraiser is valuing a small apartment building. Annual potential gross income is $96,000; expected vacancy and collection loss is $6,000; operating expenses are $30,000; annual mortgage debt service is $18,000; and the market capitalization rate is 7.5%. Using direct capitalization, what indicated value should the appraiser report?

Accepted Answer

$800,000

Answer

$560,000

Answer

$1,040,000

Answer

$1,200,000

Question 4

At 2:00 p.m., a seller receives a buyer's signed offer that remains open until 6:00 p.m. The seller signs at 4:00 p.m. but changes the closing date from June 15 to June 30 before transmitting it. Legally, the seller's response is best characterized as:

Accepted Answer

A counteroffer that rejects the original offer and proposes new terms

Answer

An acceptance because it was signed before the deadline

Answer

A valid acceptance with a minor clarification

Answer

An option contract that keeps the buyer bound through the revised closing date

Question 5

A purchase agreement gives the buyer 10 calendar days, in the buyer's sole discretion, to terminate after inspections by delivering written notice; upon timely termination, the earnest money is to be returned. On day 8, an inspector reports that the roof is near the end of its useful life but has no active leak. The buyer sends the specified notice. What is the buyer's contractual position?

Accepted Answer

The buyer may terminate and recover the earnest money

Answer

The buyer must close because the roof is still functioning

Answer

The buyer may terminate only if the seller first refuses to replace the roof

Answer

The buyer is in breach because the condition is not an emergency

Question 6

A property manager at a community that is not exempt housing for older persons learns that balcony rail openings in several units are wide enough for a small child to slip through. The owner proposes banning households with children under 12 from upper-floor units. Which response best addresses the safety problem without violating federal fair-housing law?

Accepted Answer

Correct the railing hazard and apply the same neutral eligibility standards to all households

Answer

Ban children from upper floors because the policy protects them from a known hazard

Answer

Require families with children to sign a liability waiver before leasing upstairs

Answer

Offer upper-floor units only to adult households, provided the restriction is disclosed consistently in every advertisement

Question 7

While showing a vacant house, a salesperson notices a strong rotten-egg odor and hears hissing near the furnace. A prospective buyer suggests flipping on the basement light to locate the source. What should the salesperson do first?

Accepted Answer

Get everyone outside without operating switches, then call 911 or the gas utility from a safe location

Answer

Turn off the furnace at its electrical switch, then open the windows

Answer

Use a phone inside the house to call the listing broker for instructions

Answer

Check the nearby gas shutoff valve and close it if accessible

Question 8

In an ordinary sale of an occupied 1965 single-family house, no federal exemption applies. The seller reports no known lead-based paint and has no records. Before the buyer becomes obligated under the contract, which federal requirement still applies?

Accepted Answer

Provide the lead warning and EPA pamphlet, disclose the absence of known hazards or records, and allow a 10-day inspection opportunity unless changed or waived in writing

Answer

The seller must hire a certified risk assessor, test every painted surface, and complete abatement before accepting an offer

Answer

No lead disclosure is required because the seller has no actual knowledge

Answer

The disclosure may be postponed until closing if the buyer receives a credit

Question 9

A home inspection includes a short-term radon result of 6.2 pCi/L. No state law or contract clause automatically cancels the sale. How should a licensee accurately frame the finding?

Accepted Answer

It exceeds EPA's 4 pCi/L action level; qualified follow-up and mitigation should be considered

Answer

Treat the property as legally uninhabitable and advise the buyer that federal law requires immediate termination of the contract

Answer

The result is below the action level and requires no further consideration

Answer

Only the local building department can determine whether the reading creates a legally material defect in the transaction

Question 10

Three days before consummation, a borrower receives a Closing Disclosure. The lender later revises the loan to add a prepayment penalty that was not previously disclosed. What must occur before consummation?

Accepted Answer

Issue a corrected Closing Disclosure and restart the three-business-day waiting period

Answer

No new waiting period is required; the lender may give the corrected disclosure at consummation if the borrower acknowledges receipt

Answer

A one-business-day delay is sufficient if the borrower initials the change

Answer

The lender may proceed if the annual percentage rate remains unchanged

Free LA-RESP Practice Questions

Domain 1: National - Real Property Characteristics, Legal Descriptions, and Property Use

Question 1

Domain 2: National - Forms of Ownership, Transfer, and Recording of Title

Question 2

Domain 3: National - Property Value and Appraisal

Question 3

Domain 4: National - Real Estate Contracts and Agency

Question 4

Question 5

Domain 5: National - Real Estate Practice

Question 6

Question 7

Domain 6: National - Property Disclosures and Environmental Issues

Question 8

Question 9

Domain 7: National - Financing and Settlement

Question 10

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