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Question 1 of 60
1. Question
If a seller needs to make a $50,000 profit on a property purchased for $200,000, what would be the listing price?
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Question 2 of 60
2. Question
A home was renovated for a total cost of $75,000 after purchase. If the total investment (purchase plus renovation) needs to yield a 30% profit, and the purchase price was $325,000, what is the listing price?
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Question 3 of 60
3. Question
What is the total interest paid on a $200,000 loan over 30 years at a fixed annual interest rate of 3.5%?
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Question 4 of 60
4. Question
A loan of $150,000 is taken with an annual interest rate of 4% for 15 years. How much interest is paid annually?
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Question 5 of 60
5. Question
Calculate the monthly interest payment for a $250,000 mortgage at a 5% annual interest rate.
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Question 6 of 60
6. Question
If $10,000 is invested in a savings account with an annual interest rate of 2.5%, how much interest will be earned after 4 years?
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Question 7 of 60
7. Question
A car loan for $20,000 with a 5-year term has an annual interest rate of 6%. What is the total amount of interest paid by the end of the term?
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Question 8 of 60
8. Question
For a $500,000 mortgage with a 20-year term at a 3% annual interest rate, what is the total interest paid over the life of the loan?
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Question 9 of 60
9. Question
Calculate the loan-to-value ratio for a property worth $300,000 with a mortgage amount of $250,000.
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Question 10 of 60
10. Question
If a buyer puts down $50,000 on a home priced at $250,000, what is the loan-to-value ratio of the mortgage?
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Question 11 of 60
11. Question
How should a broker advise clients during significant market changes?
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Question 12 of 60
12. Question
What is a broker’s primary responsibility when representing a client in a real estate transaction?
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Question 13 of 60
13. Question
When marketing a property, what must a broker ensure about the information provided?
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Question 14 of 60
14. Question
How should a broker manage multiple offers on a property to maintain fairness?
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Question 15 of 60
15. Question
What is a broker’s responsibility regarding the accuracy of property listings?
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Question 16 of 60
16. Question
What role does a broker play in ensuring compliance with real estate laws and regulations?
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Question 17 of 60
17. Question
How should a broker handle a potential conflict of interest in a transaction?
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Question 18 of 60
18. Question
What is expected of a broker in terms of maintaining professional competence?
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Question 19 of 60
19. Question
When advising clients, what is crucial for a broker to maintain?
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Question 20 of 60
20. Question
Why is title insurance important in a real estate transaction?
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Question 21 of 60
21. Question
What does an “as is” clause in a real estate contract signify?
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Question 22 of 60
22. Question
What is the purpose of an assignment clause in a real estate contract?
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Question 23 of 60
23. Question
What does a “time is of the essence” clause in a real estate contract enforce?
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Question 24 of 60
24. Question
What does an option to purchase in a real estate contract provide a buyer?
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Question 25 of 60
25. Question
What does a right of first refusal clause in a real estate contract grant?
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Question 26 of 60
26. Question
What role do liquidated damages play in a real estate contract?
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Question 27 of 60
27. Question
In a real estate contract, what does a joint tenancy agreement establish?
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Question 28 of 60
28. Question
How does zoning compliance affect a real estate contract?
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Question 29 of 60
29. Question
How does the disclosure of lead-based paint differ from other environmental hazards?
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Question 30 of 60
30. Question
What might be a consequence for a seller who fails to disclose known environmental hazards?
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Question 31 of 60
31. Question
Why is it important for buyers to be aware of environmental hazards?
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Question 32 of 60
32. Question
What role do environmental hazard disclosures play in real estate transactions?
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Question 33 of 60
33. Question
What is an environmental hazard disclosure in real estate?
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Question 34 of 60
34. Question
Which of the following is a common environmental hazard that must be disclosed in many jurisdictions?
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Question 35 of 60
35. Question
How does the disclosure of lead-based paint differ from other environmental hazards?
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Question 36 of 60
36. Question
What might be a consequence for a seller who fails to disclose known environmental hazards?
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Question 37 of 60
37. Question
Why might a borrower choose to refinance their mortgage?
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Question 38 of 60
38. Question
What is the role of an appraisal in the mortgage process?
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Question 39 of 60
39. Question
What is a Home Equity Loan?
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Question 40 of 60
40. Question
What does HELOC stand for?
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Question 41 of 60
41. Question
How does a HELOC differ from a Home Equity Loan?
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Question 42 of 60
42. Question
What is typically required to qualify for a Home Equity Loan or HELOC?
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Question 43 of 60
43. Question
What can affect the interest rate of a HELOC?
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Question 44 of 60
44. Question
What is a common use of funds from Home Equity Loans and HELOCs?
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Question 45 of 60
45. Question
What happens to the property in a joint tenancy if one of the owners dies?
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Question 46 of 60
46. Question
What is the main difference between a warranty deed and a quitclaim deed?
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Question 47 of 60
47. Question
What is the primary method to determine property boundaries?
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Question 48 of 60
48. Question
What legal doctrine might allow someone to claim ownership of a piece of land they don’t originally own?
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Question 49 of 60
49. Question
How can property owners prevent adverse possession claims?
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Question 50 of 60
50. Question
What is an easement?
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Question 51 of 60
51. Question
What should a homeowner do first if they suspect a neighbor is encroaching on their property?
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Question 52 of 60
52. Question
What typically initiates a boundary dispute?
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Question 53 of 60
53. Question
What principle suggests that real estate values are affected by social and economic trends, both locally and globally?
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Question 54 of 60
54. Question
According to the Principle of Balance, how is value in real estate best created and maintained?
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Question 55 of 60
55. Question
What is the primary goal of a real estate market analysis?
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Question 56 of 60
56. Question
A comprehensive market analysis for real estate includes examining which of the following factors?
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Question 57 of 60
57. Question
Which metric is commonly used to assess the demand for rental properties in a market analysis?
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Question 58 of 60
58. Question
In a market analysis, how is the absorption rate used?
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Question 59 of 60
59. Question
What role does comparative market analysis (CMA) play in real estate market analysis?
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Question 60 of 60
60. Question
Why is the analysis of local zoning laws important in a real estate market analysis?
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