End of class exam questions WITH NO ANSWERS
(ANSWERS WILL BE REVEALED WITH PROPER SUBSCRIPTION)
1) A licensee is a broker for several real estate companies. In this situation , the licensee should request that the DBPR issue them
- a) a group license
- b) multiple licenses.
- c) one broker and register the various companied as branch offices
- d) one broker license and require him to appoint another licensee as the broker for the other companies.
2) A sales associate was issued his initial Florida sales associate’s license last year. The sale associate wants to become a licensed real estate broker. To be eligible for a broker’s license, he must
- a) submit proof of completed real estate transaction during the previous five-year period.
- b) complete 14 hours of continuing education for his sales associate’s license
- c) wait at least 12 months before submitting his broker application.
- d) show proof that he has held an active real estate license for at least 24 months
3) Which expenses may NOT be deducted when calculating taxable income for an investment property?
- a) Property taxes
- b) Hazard insurance
- c) Depreciation
- d) Reserve for replacements
4) A developer purchased two 115-front-foot lots for $23,500 net each and divided them into three lots of equal footage. The developer sold the lots for $225 per front foot. Calculate the developer’s percentage of profit.
- a) 10.11%
- b) 9.75%
- c) 9.00%
- d) 9.15%
5) Federal Housing Administration (FHA) and Department of Veterans Affairs (VA) loans differ in that the
- a) VA changes a mortgage insurance premium; the FHA charges a funding fee.
- b) VA requires the borrower to make a down payment on a single-family, fixed-rate loan; the FHA does not.
- c) FHA guarantees the mortgage and requires a set minimum down payment; the VA does neither
- d) FHA insures the mortgage and establishes a maximum mortgage amount; the VA guaranteed the mortgage and has no legislated down payment requirement.
6) The interest on an assumed mortgage is entered on the closing statement as a
- a) debit to the seller and credit to the buyer
- b) debit to the seller only
- c) debit to the buyer only
- d) credit to the seller and debit to the buyer
7) A license sales associate decides to have personalized key rings made. Which statement is TRUE regarding the key rings?
- a) The name on the real estate brokerage firm for which the associate works must be printed on the key rings
- b) As long as the sales associate is paying the entire cost of the rings, he can put any wording on them he chooses.
- c) If the sales associate’s employment status is independent contractor, he need only print his name and phone number on the key rings.
- d) The sales associate is required to have his license status printed on the key rings.
8) Which individual must hold a Florida license?
- a) Person who works for an owner-developer and is paid a salary plus a bonus on each lot sold in the development
- b) Attorneys-at-law acting within the scope of their professional duties
- c) Person who rents lots in mobile parks
- d) Person who sells cemetery lots
9) A broker is NOT required by law to notify the FREC of conflicting demands in which situation?
- a) The day after signing the sale contract and receiving the condominium documents, the buyers notify the broker that they want cancel the contract
- b) Buyer finds another property at a lower price and demands a refund of the earnest money deposit; seller refuses to sign the release of escrow funds
- c) Buyer decide not to go through with a purchase one week after signing the contract; seller and buyer both claim earnest money deposit.
- d) Sellers decide they do not want to sell the property and refuse to allow the broker to release buyer’s earnest money deposit.
10) Developers of 25 or more lots must provide buyers with which document before signing the sale contracts?
- a) Prospectus
- b) Declaration
- c) Survey
- d) Property report
- You are appraising a four-year-old single family residence. The livable area is 52 feet by 45 feet. The garage is 25 feet by 19 feet. According to figures obtained from a cost-estimating service, the base construction cost per square foot of livable area is $102 and $88 per square foot for the garage. Calculate the reproduction cost of new structure.
12) Which statement MOST accurately describes the first year of a 30 year level payment fixed rate mortgage?
- a) Principal payments remain constant while interest payments increase
- b) Principal comprises the majority of the payments
- c) Monthly payments remain constant, and the interest portion comprises the majority of the payment amounts.
- d) Interest payments remain constant while principal increase
13) A buyer and a seller are disputing a contract for sale and purchase. They agree to submit the matter to a third party who will make a binding determination regarding the matter. This type of settlement is called
- a) Mediation
- b) Ligation
- c) Arbitration
- d) Counseling
14) If a tenant vacates a rental unit at the end of the lease period, how many days does the landlord have by the law of return the security deposit to the tenant if the landlord does NOT intend to claim part of the security deposit?
- a) 30
- b) 7
- c) 3
- d) 15
15) When real property is pledged as security for a debt, it is called
- a) hypothecation
- b) subordination
- c) estoppel
- d) novation
16) In Florida, which type of brokerage relationship is presumed?
- a) general
- b) no brokerage
- c) transaction broker
- d) single agent
17) the first step in protesting the assessed value of real property is to
- a) contact the zoning department
- b) file a suit against the county commission
- c) contact the value Adjustment Board
- d) contact the county property appraiser or a representative
18) On an adjustable-rate mortgage loan, the lender’s estimated overhead costs plus profit equals the lender’s
- a) index
- b) margin
- c) calculated interest rate
- d) points
19) Which law requires lenders to provide borrows with an estimate of closing costs at the time of the loan application or within three business days?
- a) Consumer Credit Protection Act
- b) Real Estate Settlement Procedures Act
- c) Truth in Lending Act
- d) Equal Credit Opportunity Act
20) Which requirement must a deed contain in order to be valid?
- a) the signatures of the grantor, grantee, and reorder
- b) the notarized signature of the grantee
- c) the seal of the clerk of the court
- d) the property witnessed signature of the grantor
21) In order to enlarge your home by extending the side of your home beyond the setback boundary you must first obtain
- a) a variance
- b) a special exception
- c) Nonconforming use
- d) site plan approval
22) A parcel of real estate has been left through her husband’s will for the wife’s use and enjoyment during her lifetime, with the provision that the property go to wife’s stepson at her death. What interest does the stepson hold?
- a) Life estate
- b) Tenancy by the entireties
- c) Tenant at will
- d) Remainder estate
23) How is the documentary stamp tax on a promissory note entered on the closing statement?
- a) Debit to the buyer only
- b) credit the seller and debit the buyer
- c) debit to seller only
- d) debit the seller and credit the buyer
24) Which statement is FALSE regarding a temporary real estate license?
- a) the active duty member must be assigned to duty in florida
- b) A temporary license may be renewed only one time
- c) a temporary license expires six months after date of issue
- d) a temporary license may be issued to the spouse of an active duty member of the armed forces
25) A sales associate received a cash earnest deposit before noon on Friday. The associate is required to deliver the deposit to her broker before the end of business on
- a) Monday of the next week.
- b) Friday.
- c) Tuesday of the next week.
- d) Saturday.
26) The loan-to-value ratio for home purchased for $285,000 with a down payment of $ 42,750 is
- a) 75%
- b) 80%
- c) 85%
- d) 15%
27) A real estate broker has been hired to manage an apartment complex on behalf of the landlord. How must the broker as agent handle the receipt of security deposits and advance rent?
- a) Post a surety bond for $50,000 and deposit the funds into the broker’s operating account.
- b) Place the funds in an interest-bearing account in a Florida bank and pay the tenant 5%
- c) Place the funds in the broker’s operating account.
- d) Place the funds in the broker’s escrow account.
28) A resident zoning category requires at least 12,000 square feet per lot. The developer is reserving 25% of the land to the streets, sidewalks, and a community center. The tract of land for development consists of 150 acres. How many residential lots are available for development?
- a) 545
- b) 408
- c) 272
- d) 306
29) Which mortgage provision allows another mortgage created at a later date to take priority?
- a) Partial release
- b) Subordination
- c) Acceleration
- d) Exculpatory
30) Three brothers join together to purchase property. The brothers want their interest in the property to go to their spouses in the event of their deaths. What type of estate or tenancy have they created?
- a) Estate for years
- b) Tenancy in common
- c) Tenancy by the entireties
- d) Joint tenancy
31) Local government can recover the cost of widening a street in an existing neighborhood by changing the neighborhood property owns a
- a) higher millage rate.
- B) fee based in the assessed value of the property
- c) special assessment
- d) recapture tax when the property is sold
32) A buyer was defrauded by a real estate licensee. The buyer is awarded a judgment against the licensee in the amount of $60,000 damages plus $12,500 for attorney’s fees and court costs. The buyer has been unable to collect the judgment. It is determined that the buyer may seek restitution from the Real Estate Recovery Fund. How much can the buyer recover from the Fund?
- a) $50,000
- b) $60,000
- c) $25,000
- d) $72,500
33) A Baptist church owns a convalescent home for its members. The church only admits members of its church to the convalescent home. Which statement is TRUE regarding this practice?
- a) This is a violation of Title VII of the Civil Rights Act of 1968.
- b) This is permissible only if the church is registered as having exempt status with the DBPR.
- c) This is a violation of the Civil Rights Act of 1866
- d) This is permissible under the Fair Housing Act.
34) Which feature applies to the mortgagee title insurance policy?
- a) Policy is transferable
- b) Benefits the owner and the owner’s heirs
- c) issued for the purchase price
- d) Seller typically pay this expense
35) In the government survey system, the six mile vertical strip of land that extends from the north to the south of Florida, located immediately west of the of the Tallahassee Principal Meridian, is called
- a) Township 1 Range 1.
- b) Range 1 West.
- c) Principal Range 1.
- d) Range 1 North.
36) The direction opposite South 45 degrees West in a metes-and bounds description is
- a) North 90 degrees West.
- b) South 90 degrees West.
- c) South 45 degrees East.
- d) North 45 degrees East.
37) Which standard can be used for judging whether an item is a fixture?
- a) Relationship or agreement of the parties.
- b) Size of the item.
- c) Date of purchase of the item.
- d) Cost to install the item.
38) Right of survivorship is contained in which tenancy?
- a) At sufferance
- b) Leasehold
- c) Joint
- d) in common
39) A commercial tenant pays a fixed rent each month. The landlord pays the property taxes, hazard insurance, and maintenance expenses. The tenant has what type of lease?
- a) Expense
- b) Net
- c) Gross
- d) Percentage
40) Positive leverage is defined as
- a) the increase in return on equity from using borrowed funds.
- b) gaining a higher rate of return on real estate than on other types of investments.
- c) selling a commercial property for more than its purchase price.
- d) using the art of persuasion to sell real estate at the highest price.
41) A broker may reopen a branch office in the same location during the same license period
- a) by informing the DBPR in writing the 10 business days.
- b) by requesting a reissue of the branch office license.
- c) by paying an additional fee.
- d) without further action by operation of law.
42) Which is TRUE regarding the federal telemarketing law?
- a) Real estate licensees may advertise their residential listings by faxing promotional flyers to a list of local businesses and hospitals that are on the National Do Not Registry.
- b) Real estate licensees may contact their former customers for up to 18 months following the closing of a transaction, even if the customer’s name in on the National Do Not Call Registry.
- c) Real Estate licensees may call all the for-sale-by-owner sellers in a community to solicit listings without regard to whether the homeowners are listed in the National Do Not Call Registry.
- d) Real estate licensees are exempt from the telemarketing laws.
43) Which type of contract allows the legal title to remain with the seller while the buyer has an equitable interest in the property?
- a) Contract for mortgage
- b) Contract for deed
- c) Contract for assignment
- d) Deed-in-lieu of foreclosure
44) What is required to make a contract valid?
- a) Signatures of two witnesses
- b) Good-faith deposit
- c) Offer and acceptance
- d) Notarization
45) Property values have increased in a residential neighborhood approximately 8% per year. An appraiser chooses a comparable sale that occurred six months ago in the same neighborhood, Which adjustment will be required?
- a) Plus 6% for conditions of sale
- b) Minus 4% for conditions of sale
- c) Plus 4% for market conditions
- d) Minus 6% for market conditions
46) Which type of listing allows the seller to list the property with multiple brokers?
- a) Net
- b) Agency
- c) Right-of-sale
- d) Open
47) The Federal Reserve’s Regulation Z does NOT require disclosure of which loan costs?
- a) Title insurance fee
- b) Amount financed
- c) Finance charge
- d) Total payments
48) Which is the section number immediately north of section 24?
- a) 25
- b) 13
- c) 23
- d) 19
49) The street in front of your house is to be paved at a cost of $35 per foot. The city has agreed to pay 30% of the paving cost and will assess abutting properties for the remainder. If your lot frontage on the street is 75 feet, what is your portion of the special assessment?
- a) $2,625.00
- b) $787.50
- c) $918.75
- d) $1,837.50
50) Which statement is TRUE regarding a title company holding the escrow funds?
- a) The broker must be a signatory on the title company’s escrow account if the broker is using the title company’s escrow in lieu of his own escrow account.
- b) The broker must provide the principal with the account number of the title company’s escrow.
- c) Within 10 business days after the deposit is due under the sale contract, the broker must make a request in writing to the title company for a written verification of receipt of the deposit.
- d) If the buyer and the seller both make demands for the escrowed funds, the broker can ask the FREC to issue an escrow disbursement order.
51) A rental property has an annual income of $200,000 and operating expenses of $211,000. Which statement is TRUE regarding this property?
- a) The NOI of this property is $11,000.
- b) The rental property is an appreciation of minus $11,000.
- c) The rental property has a negative cash flow of $11,000.
- d) This is an example of negative leverage.
52) A contract classification that a court of law will uphold refers to which type of contract?
- a) Unenforceable
- b) Void
- c) Voidable
- d) Enforceable
53) An administrative complaint is issued against a broker for a failure to properly maintain his escrow account. The attorneys for the DRE and the broker’s attorney reach an agreement as to the penalty for the license law violation. This agreement is called a
- a) stipulation.
- b) citation.
- c) recommended order.
- d) finding of fact.
54) The Federal Reserve votes to raise the discount rate, how will this likely affect interest rates on short-term credit?
- a) There will likely be no effect on short-term rates because the discount rate is charged directly to borrowers.
- b) They will likely increase.
- c) They will likely decrease.
- d) There will likely be no effect because the discount rate affects mortgage rates only.
55) Which board endorses uniform examinations for appraisal certification?
- a) Appraiser Examination Board
- b) Appraisal Foundation Board of Education
- c) Appraiser Qualification Board
- d) Appraisal Standards Board
56) Any person or group of persons occupying a separate housing space is defined by the U.S. Census Bureau as a
- a) tenant.
- b) household.
- c) family.
- d) housing space.
57) A sales associate received a citation and $500 fine for failure to notify the Division of Real Estate of a change of mailing address. The citation was issued in error. What should the sales associate do?
- a) File a written objection within 30 days explaining that the citation was issued in error.
- b) Disregard the citation because it was issued in error.
- c) Pay the fine to avoid the filing of an administrative complaint against the sales- associate.
- d) Call the Division of Real Estate and explain the situation.
58) A developer purchased three small lots along a street targeted for widening. The developer paid $30,000 per lot. The developer combines the three small lots into one larger lot valued at $145,000. What is the appraisal term for the added value resulting from combining the small lots into one large lot?
- a) Progression
- b) Assemblage
- c) Plottage
- c) Situs
59) How many years is the statute of limitation for a parol contract?
- a) Five
- b) Two
- c) Three
- d) Four
60) A seller places an ad in the local newspaper indicating that the seller will pay $10,000 to the first licensed real estate broker who finds a buyer for the seller’s condo that the results in a closed sale. Which type of contract is this?
- a) Bilateral
- b) Executed
- c) Implied
- d) Unilateral
61) Caveat emptor applies the MOST in which type or relationship?
- a) Seller in a listing with a broker
- b) Buyer who I independently looking at for-sale-by-owner property
- c) Seller considering listing with a brokerage
- d) Buyer in a buyer-broker agreement with a brokerage company
62) A residential real estate investment property is purchased for $300,000 with the land valued at $70,000. Based on the IRS straight-line method depreciation deduction, which calculation is correct?
- a) Useful asset life of 39 years with depreciable basis of $230,000
- b) Useful asset life 27.5 years with the depreciable basis of $230,000
- c) Useful asset life of 27.5 years with depreciable basis of $300,000
- d) Useful asset life of 39 years with the depreciable basis of $300,000
63) Unlicensed practice of real estate for compensation is which type of violation?
- a) Third-degree misdemeanor
- b) Third-degree felony
- c) First-degree misdemeanor
- d) Second-degree misdemeanor
64) Which contract is considered a residential transaction under Florida Statute 475?
- a) Contract to auction a single-family dwelling
- b) Sale and purchase contract of a residential duplex
- c) Contract with a lending institution to appraise residential property
- d) Lease agreement for a residential apartment
65) The right of the state to take property of a person who died intestate and without heirs is called
- a) dower right.
- b) eminent domain.
- c) escheat.
- d) police power.
66) Which statement is TRUE regarding a comparative market analysis (CMA)?
- a) A CMA may be called an appraisal.
- b) When preparing a CMA, the license takes into account the sale price of recent sales of similar properties and expired listings.
- c) Real estate licensees must abide by the Uniform Standards of Professional Practice (USPAP) when preparing a CMA.
- d) Real estate licensees are prohibited from charging a fee for a CMA.
67) How is a new purchase money mortgage (PMM) entered on a closing statement?
- a) Debit seller only
- b) Debit seller and credit buyer
- c) Debit buyer only
- d) Debit buyer and credit seller
68) A land developer has planned for 120 single-family homes and a higher-density area of 350 duplexes. The developer has a left a strip of undisturbed wooded land between the lower-density single-family homes and the duplexes. The wooded area called
- a) a legally nonconforming use.
- b) an easement.
- c) an environmentally sensitive area.
- d) a buffer zone.
69) A real estate sales associate searched a database of renters in the community where the associate works. The associate pulled from the database a group of renters based on certain socioeconomic characteristics and plans to focus his efforts on the group. This type of prospecting for potential customers is called
- a) blind advertising.
- b) a specialized database.
- c) a focus group.
- d) target marketing.
70) Who issues a recommended order at the conclusion of a formal hearing?
- a) DBPR secretary
- b) Administrative law judge
- c) Florida Real Estate Commission
- d) Probable cause panel
71) An appraiser has assigned the following weights to three adjusted sales prices:
Comparable 1: $330,500, 45%
Comparable 2: $322,900, 30%
Comparable 3: $314,500, 25%
What is the reconciled estimated market value of the subject property?
72) A broker’s original real estate license was issued on September 10, 2014. What is the expiration date on the broker’s license?
- a) March 10, 2016
- b) March 31, 2016
- c) September 30, 2015
- d) September 30, 2016
73) A licensed a sales associate from a property management company calls a client to inform that he has found a tenant for her residence. The client asks the sales associate,” Does the tenant have dark skin?” How should the sales associate reply?
- a) Answer the question truthfully,
- b) Inform the owner that the company is cancelling the property management agreement immediately and then forward the property owner’s name and address to HUD.
- c) Respond that the tenant’s race is of no relevance, and furthermore, to base the decision of whether to rent to a prospective tenant on race is a violation of fair housing laws.
- d) Answer the question truthfully but also explain that refusing to rent to the prospective tenant, if based on race, is a violation of the Fair Housing Act.
74) What is the size restriction for a homestead property located within the city limits?
- a) 640 acres
- b) 10 acres
- c) .5 acres
- d) 160 acres
75) The three real estate license categories do NOT include
- a) sales associate
- b) certified appraiser
- c) broker
- d) broker associate
76) An 88-year-old legally blind veteran is 20% disabled as a result of injuries suffered in combat. His homesteaded property is assessed at $249,500. What is the total tax exemption on his homesteaded property?
- a) $55,000
- b) $55,500
- c) $30,500
- d) $50,500
77) A business owner has a five-year variable lease. The first year of the lease calls for rent of $23.50 per square foot based on a beginning index of 189. The index increases to 194 at the beginning of the second year. What is the new rental rate per square foot?
- a) $24.12
- b) $24.67
- c) $24.05
- d) $24.50
78) Under the statue of frauds, which element is required for contracts pertaining to the purchase and sale of real property (except for certain specific exceptions)?
- a) Acknowledged
- b) Recorded
- c) in writing
- d) Signed by witnesses
79) Planning commissions commonly do NOT have the final authority to decide on
- a) special exceptions
- b) subdivision plat approvals
- c) sign controls
- d) site plan approvals
80) The brokers of three independent brokerage companies decide to lower their commission rates to 3% for four months in hopes of gaining market share from their competitors. This scheme is called
- a) competitive advantage
- b) market allocation
- c) target marketing
- d) price-fixing
81) What is the right of recession period after receipt of the condominium documents when a buyer is purchasing a new condominium from the developer?
- a) 10 days
- b) 3 days
- c) 30 days
- d) 15 days
82) Two parties with adverse interest who are negotiating a sale and have equal bargaining positions are
- a) general agents
- b) dealing at arm’s length with each other
- c) in a fiduciary relationship with each other
- d) dual agents
83) Which term is used for the receipt of property by will?
- a) Bequest
- b) Devisee
- c) Testatrix
- d) Beneficiary
84) Which legal instrument authorizes a person to act for and on behalf of another person?
- a) Novation
- b) Option
- c) Acknowledgement
- d) Power of attorney
85) Which item is classified as a fixed expense in the circulation of net operating income?
- a) Mortgage payment
- b) Water bill
- c) Hazard insurance
- d) Depreciation
86) A licensed Florida real estate broker resides in Panama City. The broker decides to keep open his real estate office in Panama City but reside in Mississippi. Which statement applies to this situation?
- a) The broker must notify the Commission of his change in residency within 60 days of moving out of state.
- b) The broker is not required to do anything because he plans to keep his office in Panama City.
- c) The broker must notify the DBPR of his intent to keep the Panama City office open.
- d) The broker must notify the DBPR of his change in mailing address within 15 days after the change.
87) While working for a broker, a sales associate acquired a listing for $298,900 at a 6% commission rate. A second sales associate, who works for another brokerage office, found the buyer for the property. The listing and selling brokers agree to a 50-50 split between the two offices. The property sold for $296,000. The selling broker kept 45% of the commission received by the selling office. How much did the selling office’s sales associate receive?
- a) $4,400
- b) $3,996
- c) $4,884
- d) $4,932
88) A homeowner is considering replacing his five-year old fiberglass shingle roof. The cost to replace the roof is $35,000, though an appraiser has advised the homeowner that he will only get about $15,000 in added value for the tile roof. The appraiser would classify this as
- a) accrued depreciation
- b) substitution
- c) an improvement
- d) cost-effective
89) After a legally sufficient complaint has been filed and the DBPR has investigated, the next step is
- a) a formal hearing
- b) probable cause determination
- c) an informal proceeding
- d) insurance of a final order
90) A township has 35 parcels called sections. Section 36 is located in which corner?
- a) Northeast
- b) Southeast
- c) Northwest
- d) Southwest
91) The closing date is Febraury 12. The buyer is assuming the seller’s mortgage loan, which has a principal balance of $212,500 at 3.5% interest. The day of closing charged to the buyer. What is the proration, and how is it entered on the settlement statement?
- a) $224.14 debit seller, $224.14 credit buyer
- b) $244.14 credit seller, $244.14 debit buyer
- c) $244.52 credit seller, $244.52 debit buyer
- d) $244.52 debit seller, $244.52 credit buyer
92) Which criterion is NOT required of sales associate applicants?
- a) High school diploma or its equivalent
- b) Be at least 18 years of age
- c) Proof of U.S. Citizenship
- d) Social Security number
93) Which action associated with water rights will cause the uncovering of additional land by the gradual receding of water?
- a) Erosion
- b) Accretion
- c) Reliction
- d) Alluvion
94) A homesteaded property is located in Sunrise, Florida, in Broward County. The city tax rate is 8.6 mills, the county tax rate is 9.2 mills, the school district rate is 6 mills. The homeowner is a blind widow and has qualified for homestead exemption, The home has been assessed at $178,000. What must the homeowner pay in property taxes?
- a) $3,184.50
- b) $4,088.00
- c) $3,196.40
- d) $3,172.60
95) In states that subscribe to the title theory, a mortgage
- a) creates a tenancy in common between the mortgagor and the mortgagee
- b) transfers the title to the mortgage or an agent until the loan is paid
- c) transfer the right of possession to the mortgagee
- d) creates a contract for deed between the mortgager and the vendor
96) Which remedy for breach of contract requests that the courts award damages for the extent of loss suffered?
- a) Rescission on breach of contract
- b) Liquidated damages
- c) Compensatory damages
- d) Specific performance
97) A lender quotes a mortgage loan of $275,000 at 5% interest. The monthly payment is $1,476.26. How much of the second monthly payment will apply to the principal reduction?
- a) $330.26
- b) $331.80
- c) $330.43
- d) $330.57
98) Which type of value takes into consideration and individual’s equity and income tax implications?
- a) Market
- b) Going concern
- c) Investment
- d) Unique
99) A Florida real estate associate has been licensed since 2010. The associate’s real estate license expired six months ago. Which education is required for the license renewal?
- a) 14-contniung education course
- b) Sales associate prelicense course
- c) 28-hour reactivation course
- d) Post-license course
100) Which lien is classified as a voluntary lien?
- a) Judgment lien
- b) Income tax lien
- c) Estate tax lien
- d) Vendor’s lien