Free Alaska Property Practice Test — LicenseIQ

Question 1

On a property condition disclosure form, if a seller does not know the age of the roof, the seller should:

Accepted Answer

Only the seller completes the form, reporting what is known and stating when something is unknown; guessing creates liability.

Question 2

Which person is exempt from Alaska real estate licensing?

Accepted Answer

Executors and other fiduciaries are exempt under AS 08.88.900. Collecting rent or listing for others for a fee is licensed activity under AS 08.88.161.

Question 3

A life estate is measured by:

Accepted Answer

A life estate lasts for the duration of a specified person's life, then passes to the remainderman or reverts to the grantor. A fixed term describes an estate for years (a leasehold).

Question 4

A $4,000,000 sewer project is assessed against properties with a combined assessed value of $160,000,000, payable over 5 years. What is the ANNUAL assessment on a property assessed at $240,000?

Accepted Answer

Rate = $4,000,000 / $160,000,000 = $0.025 per $1. Total = $240,000 x 0.025 = $6,000; annual = $6,000 / 5 = $1,200.

Question 5

Which appraiser credential allows appraisal of any type of property, residential or commercial, without a value limit?

Accepted Answer

Certified General appraisers may appraise any property. Certified Residential appraisers are limited to 1-4 unit residential; Licensed Residential to noncomplex 1-4 units under $1 million.

Question 6

A property that fails to sell at the foreclosure auction and becomes owned by the lender is called:

Accepted Answer

When no bid meets the lender's minimum, the lender takes title and the property becomes REO inventory.

Question 7

A property is assessed at $280,000 and the tax rate is 22 mills. What is the annual tax?

Accepted Answer

1 mill = $1 per $1,000. $280,000 / 1,000 = 280; 280 x 22 = $6,160.

Question 8

A deed that conveys only whatever interest the grantor has, with no warranties, is a:

Accepted Answer

A quitclaim deed conveys the grantor's interest, if any, with no warranties - often used to clear clouds on title.

Question 9

The fiduciary duty that requires an agent to safeguard and account for all money and property received on behalf of the client is:

Accepted Answer

The duty of accounting requires the agent to track, report on and properly handle all funds and documents belonging to the client.

Question 10

In a lease, the tenant holds a ____ estate and the landlord holds a ____.

Accepted Answer

The lessee has a leasehold (non-freehold) estate; the lessor retains the leased fee interest plus the reversion.

Question 11

The subject property has a garage; a comparable that sold for $300,000 does not. The garage is worth $15,000. The adjusted value of the comparable is:

Accepted Answer

Adjust the comparable, never the subject. The subject is superior, so add $15,000 to the comp: $315,000.

Question 12

Property management fees are disbursed from the trust account:

Accepted Answer

12 AAC 64.240(c) requires monthly disbursement of management fees after the contract's receipts are collected and expenses paid.

Question 13

A property is assessed at $200,000 and the tax rate is $2.50 per $100 of assessed value. What is the annual tax?

Accepted Answer

$200,000 / 100 = 2,000 units; 2,000 x $2.50 = $5,000.

Question 14

Which action may a life tenant take WITHOUT the remainderman's consent?

Accepted Answer

A life tenant may occupy or lease the property for the duration of the life estate but cannot sell, mortgage or commit waste that harms the remainderman's future interest.

Question 15

Recording a deed in the county records primarily serves to:

Accepted Answer

Recording provides public (constructive) notice, protecting the owner's interest against later claims.

Question 16

For a deed to be valid it must be:

Accepted Answer

Transfer requires a valid deed signed by the grantor and delivered to and accepted by the grantee. Recording gives constructive notice but is not required for validity between the parties.

Question 17

A built-in dishwasher attached to the cabinetry is best classified as:

Accepted Answer

Once personal property is permanently attached to real estate it becomes a fixture and is treated as real property. A trade fixture is installed by a tenant for business use, which is not the case here.

Question 18

When a buyer signs an offer, the licensee must provide a written statement of whom the licensee represents in a paragraph or document titled:

Accepted Answer

AS 08.88.615(a)(8) requires a 'Licensee Relationships' paragraph or document at the time an offer is signed. The other titles belong to the conflict and neutral consent forms or other states.

Question 19

A property manager wants to sell a property he manages. He needs:

Accepted Answer

12 AAC 64.550(d) requires authorization in the management contract or a separate listing agreement.

Question 20

Alaska's detailed rules on real estate trust accounts are found primarily in:

Accepted Answer

Trust account rules are Commission regulations in 12 AAC 64 Article 5 (12 AAC 64.180-.271). AS 34.03 touches tenant deposits but is not the brokerage trust account rulebook.

Question 21

A property manager may transfer funds between two accounts held for the same owner only with:

Accepted Answer

12 AAC 64.550(c) requires the owner's written authorization and full ledger entries.

Question 22

A buyer's representative has no duty to show a property for which:

Accepted Answer

AS 08.88.620(6) excuses the buyer's licensee from showing property where there is no written compensation agreement.

Question 23

An Alaska broker must keep a complete record of all real estate transactions for:

Accepted Answer

AS 08.88.351(a)(1) requires three years.

Question 24

Before advertising a property for sale, a licensee must have:

Accepted Answer

12 AAC 64.130 lists advertising without first obtaining written authority from the owner or the owner's authorized agent as a ground for discipline.

Question 25

The maximum civil penalty the Commission may levy for each offense of unlicensed real estate activity is:

Accepted Answer

AS 08.88.167(b) caps the penalty at the greater of $5,000 or the gain realized plus $5,000. A flat $5,000 ignores the gain-based alternative.

Alaska real estate property practice test

1. On a property condition disclosure form, if a seller does not know the age of the roof, the seller should:

2. Which person is exempt from Alaska real estate licensing?

3. A life estate is measured by:

4. A $4,000,000 sewer project is assessed against properties with a combined assessed value of $160,000,000, payable over 5 years. What is the ANNUAL assessment on a property assessed at $240,000?

5. Which appraiser credential allows appraisal of any type of property, residential or commercial, without a value limit?

6. A property that fails to sell at the foreclosure auction and becomes owned by the lender is called:

7. A property is assessed at $280,000 and the tax rate is 22 mills. What is the annual tax?

8. A deed that conveys only whatever interest the grantor has, with no warranties, is a:

9. The fiduciary duty that requires an agent to safeguard and account for all money and property received on behalf of the client is:

10. In a lease, the tenant holds a estate and the landlord holds a .

11. The subject property has a garage; a comparable that sold for $300,000 does not. The garage is worth $15,000. The adjusted value of the comparable is:

12. Property management fees are disbursed from the trust account:

13. A property is assessed at $200,000 and the tax rate is $2.50 per $100 of assessed value. What is the annual tax?

14. Which action may a life tenant take WITHOUT the remainderman's consent?

15. Recording a deed in the county records primarily serves to:

16. For a deed to be valid it must be:

17. A built-in dishwasher attached to the cabinetry is best classified as:

18. When a buyer signs an offer, the licensee must provide a written statement of whom the licensee represents in a paragraph or document titled:

19. A property manager wants to sell a property he manages. He needs:

20. Alaska's detailed rules on real estate trust accounts are found primarily in:

21. A property manager may transfer funds between two accounts held for the same owner only with:

22. A buyer's representative has no duty to show a property for which:

23. An Alaska broker must keep a complete record of all real estate transactions for:

24. Before advertising a property for sale, a licensee must have:

25. The maximum civil penalty the Commission may levy for each offense of unlicensed real estate activity is:

Sources