UOG Real Estate State Practice Exam

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• What does capital gains tax refer to in real estate?
• What is the purpose of the Board of Equalization?
• Which of the following best describes an easement?
• What does due diligence involve in real estate transactions?
• Explain the term "foreclosure."
• What is true about a holder of an inactive real estate license?
• Which concept relates to assessing a property’s condition and market value?
• What must landowners do before developing property with wetlands?
• What distinguishes a realtor from other real estate agents?
• Who provides an unbiased opinion of a property's value?
• What is the height restriction for A, R1, R2, C, M1, and M2 zones?
• Which of the following actions is considered a violation of antitrust laws?
• What is constructive eviction?
• Which of the following describes 'Non-Conforming' properties?
• How are the members of the Guam Land Use Commission appointed?
• What are the typical components of a mortgage payment?
• In real estate, what is a "closing cost"?
• In Guam zoning, what does M1 typically indicate?
• When establishing boundaries using metes-and-bounds, what role do monuments play?
• A short sale involves selling a property for what circumstance?
• What is the Guam System Development Charge used for?
• What does "HOA" stand for and what is its function?
• What is a potential consequence for a buyer who withdraws from a real estate deal after submitting earnest money?
• In real estate, what are monuments used for?
• What is the required side setback for zones A, R1, R2, and M1?
• Which process is commonly used to determine a property's listing price?
• Which act governs the physical traits of condominiums in Guam?
• Who is referred to as the 'Ex-officio Assessor'?
• What is the financial value of Guam's Homestead Exemption?
• What are special assessments in the context of real estate?
• What is "joint tenancy" in real estate?
• What is the minimum lot area per dwelling unit for agricultural zones, excluding the northern aquifer area?
• What are the functions of the Board of Equalization?
• What is "dual agency"?
• What is the standard size of a parking stall?
• What does zoning refer to in a municipality?
• What is a zoning variance?
• Which of the following actions does the Guam Land Use Commission NOT typically handle?
• What does 'Conditional Use' refer to in zoning regulations?
• What typically happens to property held as tenancy by the entirety upon the death of one spouse?
• What benefit does a real estate investment trust (REIT) offer to investors?
• How long is the term for a Renewal License in real estate?
• What is the purpose of a property appraisal?
• What is a "binding contract" in real estate?
• What type of properties benefit from exemptions for educational purposes?
• Which of the following properties are exempt from Guam property tax assessment?
• When is the first installment of Guam property taxes due?
• What is the significance of the "deed" in a real estate transaction?
• What is one of the requirements for an Original Broker's License regarding professional affiliation?
• How many members are on the Board of Equalization and what is their term length?
• What is the term for the legal process of transferring property ownership?
• What is the current assessed rate on Guam?
• Which of the following best describes the term 'antitrust laws'?
• In real estate investing, cash flow refers to what?
• What is negative amortization in real estate?
• What is a "financing contingency" in a real estate purchase agreement?
• What is the primary legal document used to transfer property ownership?
• What is meant by "investment property"?
• What is the special 'setback requirement' from the Mean High Water Mark?
• Which of the following components is NOT part of COLDAC?
• What action can lead to negligence in performing licensed duties?
• What does the listing price refer to in real estate?
• What is the minimum lot area per dwelling unit for an agricultural zone?
• How should a salesman's or associate broker's license be handled upon withdrawal from a practice?
• What is the purpose of a real estate disclosure statement?
• How many members are on the Real Estate Commission and what is their term length?
• Which of the following is one of the title companies operating in Guam?
• What is the duration of an Original License issued in Guam?
• How is "investment return" defined?
• Which entity considers and approves most zone changes on Guam?
• What does homeowners insurance provide?
• What is the continuing education requirement for a Renewal Salesman license?
• What is the main function of the Guam Land Use Commission?
• What is the area of land required for one standard parking stall?
• Who has the authority to suspend or revoke a real estate license on Guam?
• Which of the following defines "title insurance"?
• What does "contingency" mean in real estate contracts?
• What is the term length for a member of the Board of Equalization?
• What is the tax exemption percentage for senior citizens on Guam?
• What is the maximum lot size allowed in the residential zone?
• What is a real estate investment trust (REIT)?
• How long is the contractor's homeowner's warranty period for a new home on Guam?
• How many members are there in the Guam Land Use Commission (GLUC)?
• Which entity has the authority to enforce land use regulations in Guam?
• What is the main role of an escrow officer?
• What does the law of agency in real estate define?
• What type of listing agreement provides the most protection to the broker?
• Where is the Guam Land Use Commission (GLUC) located?
• How many years should an assessor ascertain the value of all property which became taxable since the last valuation?
• What is NOT a function of the Real Estate Commission in Guam?
• What is a requirement to obtain an Original Broker's License on Guam?
• Define "zoning" in the context of real estate.
• What is the front setback requirement for properties in C zone?
• Who typically applies for a Certificate of Occupancy?
• What does "principal reduction" refer to?
• What type of deed provides the least protection for the grantee?
• What does MLS stand for in real estate contexts?
• When do property taxes become delinquent in Guam?
• What is the purpose of the Protection Period Clause (Safety Clause) in real estate?
• In which zone are cemeteries considered a Conditional use?
• What does "seller financing" refer to?
• What must a salesperson be in order to not maintain a place of business?
• Which action could be considered a tie-in agreement under antitrust laws?
• Which of the following is NOT a function of the Board of Equalization?
• In a real estate transaction, what is disclosed in the disclosure statement?
• Which legal description method is used in Guam?
• Which zoning classification allows for commercial uses?
• What does the term 'setback' refer to in real estate?
• What is required from a property owner upon completion of construction?
• Which entity is responsible for all issues related to zoning on Guam?
• Which part of COLDAC emphasizes trust in the client-agent relationship?
• What type of deed is a special warranty deed?
• What is the difference between a fixed-rate mortgage and an adjustable-rate mortgage?
• What is typically included in closing costs?
• What type of tax is applied to profits from the sale of real estate?
• What is the main difference between M2 and M3 zoning?
• What does a Planned Unit Development (PUD) allow for?
• Which position is not included in the membership of the Real Estate Commission?
• What is the composition of the Board of Equalization?
• Which term best describes the division of land for development?
• In which zone is a junk yard classified as a permitted use?
• What is the continuing education requirement for obtaining an Original Salesman license?
• Which of the following permits may allow a property owner to use land for a purpose not initially allowed?
• What is the name of the committee comprising various GovGuam agencies that supports the GLUC?
• What is a Split Zone in the context of property ownership?
• Which of the following best describes a setback requirement in zoning?
• What is an example of a monument in real estate?
• What is one primary purpose of wetland regulations for developers?
• What is the role of a real estate broker?
• If a landowner wishes to use their property for a purpose beyond its current permitted use, which of the following may they request?
• What happens in a negative amortization situation?
• Which of the following is a reason for the suspension or revocation of a real estate license?
• What is meant by principal in real estate finance?
• What is the fee to obtain a Renewal Salesman's License?
• What is the primary purpose of a Building Permit?
• What does market analysis involve in real estate?
• Which commission is responsible for Conditional Use, Variances, Zone Change and Subdivision?
• What does "equity" refer to in real estate?
• Which of the following is NOT a requirement to obtain an Original Salesman License on Guam?
• What does it mean to die intestate?
• What does it mean if a property is under contract?
• Which of the following best defines zoning?
• What is earnest money in a real estate transaction?
• What does a quitclaim deed accomplish?
• What is the maximum assessed value allowed for properties on Guam?
• What is defined as a homestead in real estate?
• What is a primary responsibility of the Real Estate Commission?
• What is typically outlined in a listing agreement?
• Who does a buyer's agent represent?
• What is a common method used for property valuation?
• What is the percentage of the Senior Citizens property tax exemption in Guam?
• A contract for deed is best described as?
• How many zoning classifications are there on Guam?
• What type of insurance specifically protects homeowners against property loss?
• What is the size of a compact parking stall?
• Which of the following is NOT a requirement to obtain a real estate license?
• What is the fee for transferring a license, duplicating a license, and reinstating a license?
• What is the purpose of a survey in real estate?
• What does "escrow" mean in real estate?
• What is the primary role of a real estate appraiser?
• What must a property owner apply for before starting construction to ensure compliance with building codes?
• Which of the following representations corresponds to residential use zones?
• What is the definition of tenancy by the entirety?
• Which of the following must be submitted with an application for an Original Salesman License?
• What was the assessed value rate change for Guam in 2016?
• What does "earnest money" signify in a real estate transaction?
• What is the purpose of a quiet title action?
• What does an inactive license certificate indicate?
• What are closing costs?
• What is a "lease" in real estate?
• What is the primary purpose of a real estate license?
• What is the primary function of an appraisal?
• Where do you go to appeal the appraised value of your property for tax assessment?
• For how long must a child keep a lot received from a Parental Subdivision?
• What type of real estate professional helps buyers find properties?
• Name one common type of real estate fraud.
• How long must a real estate broker be actively engaged in Guam to be eligible for the Real Estate Commission?
• What does "indefeasible title" refer to?
• What is the main purpose of a sales contract in real estate?
• When must a salesman's or associate broker's license be returned for cancellation after withdrawal from an office?
• What type of property development is characterized by mixed land use?
• What is the required parking space for office buildings as per Guam zoning law?
• In which situation might the Board of Equalization be involved?
• In which scenario is a quitclaim deed most commonly utilized?
• Which agency oversees the enforcement of the Fair Housing Act?
• All of the following are components of the Application Review Committee except?
• What is meant by "equity" in real estate?
• What is an example of a modification that may fall under Zone Variance?
• What is a zone variance?
• Which of the following are considered tax deductions for property owners?
• What is the fee to obtain an Original Salesman's License?
• What should a person with an inactive license do every 4 years?
• What services do property taxes primarily fund?
• How many members are on the Board of the Guam Land Use Commission and what is their term length?
• What might trigger a need for a zone variance?
• What does the term subdivision refer to in real estate?
• What is the primary purpose of a listing agreement?
• What is the purpose of a title search?
• What outcome is expected from a short sale?
• What is title insurance designed to protect against?