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Real Estate Exam #2 Copy

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  1. Question 1 of 50
    1. Question

    A property had improvements totaling $200,000; annual net income before recapture of depreciation of $40,000; and economic life of improvements equal to 40 years. Applying the land residual technique using straight line depreciation and an interest rate of 10% results in:

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  2. Question 2 of 50
    2. Question

    If a property has a condition that some people may find materially negative but does not relate in any way to the actual physical condition of the property, this property is said to be:

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  3. Question 3 of 50
    3. Question

    If an agent makes claims to homeowners in a certain geographical location that their property values would decrease if certain ethnic groups were to move into the area, this could be an example of:

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  4. Question 4 of 50
    4. Question

    Able has the right to cross through Peter’s property to get to his property. What is this right called?

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  5. Question 5 of 50
    5. Question

    When determining the “loan-to-value” of a property, it is:

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  6. Question 6 of 50
    6. Question

    When someone is having their credit history checked by a lender for use in the loan qualification process, their creditworthiness is being determined by use of:

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  7. Question 7 of 50
    7. Question

    If an owner reduces the principal on a loan before the due date, this is called:

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  8. Question 8 of 50
    8. Question

    If a real estate corporation hires employees for their sales staff, the employees must have:

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  9. Question 9 of 50
    9. Question

    This is issued to the holder of a certificate of sale after the one year redemption period has passed under the terms of the mortgage foreclosure proceeding.

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  10. Question 10 of 50
    10. Question

    If an underwriter has reviewed and approved a loan application that included debt, income, and savings account documentation, this is typically termed a:

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  11. Question 11 of 50
    11. Question

    Assessment bonds are used by the county to pay for what in a subdivision?

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  12. Question 12 of 50
    12. Question

    The total positive balances due to all beneficiaries of a broker’s trust account need to at all times equal the account’s:

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  13. Question 13 of 50
    13. Question

    The National Association of Realtors (NAR) is affiliated with which of the following:

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  14. Question 14 of 50
    14. Question

    This must equal the cash amount that the borrower would have to pay for principal, interest, taxes, and insurance for a predefined number of months:

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  15. Question 15 of 50
    15. Question

    The best description of an individual’s credit history is:

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  16. Question 16 of 50
    16. Question

    What is an adjustable rate mortgage that allows the borrower to change the ARM to a fixed rate mortgage within a specific time?

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  17. Question 17 of 50
    17. Question

    This limits the amount the interest rate can increase or decrease over the life of the mortgage:

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  18. Question 18 of 50
    18. Question

    According to the Sherman Anti-Trust Act, if a real estate agency instructed all of the salespersons and associate brokers that they were to set their commissions at 3%, and they all agree to do so, this would be:

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  19. Question 19 of 50
    19. Question

    If Jonathan lists his property with Julian, a broker in his hometown, and subsequently is killed in a tragic car accident before the listing is sold or expired, what happens with the listing?

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  20. Question 20 of 50
    20. Question

    If a buyer defaults on a loan and the lender declares the note to become due and payable immediately, this would best be described as:

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  21. Question 21 of 50
    21. Question

    When calculating a gross monthly rent multiplier, this is done by:

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  22. Question 22 of 50
    22. Question

    A law that requires certain types of contracts, including most real estate contracts, to be in writing and signed by the party to be bound in order for the contract to be enforceable is called:

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  23. Question 23 of 50
    23. Question

    A thorough inspection by a professional that evaluates the structural and mechanical condition of the property, and is typically a contingency, is called a:

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  24. Question 24 of 50
    24. Question

    In the most basic sense, debt is considered:

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  25. Question 25 of 50
    25. Question

    A provision in a mortgage that allows the lender to demand repayment in full from you if you sell your mortgaged property is called a:

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  26. Question 26 of 50
    26. Question

    How many acres are in a township?

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  27. Question 27 of 50
    27. Question

    If an individual is representing a firm that makes loans on real property, they would be known as:

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  28. Question 28 of 50
    28. Question

    Liabilities, including long-term and short-term debt, can be called:

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  29. Question 29 of 50
    29. Question

    Which of these are NOT included in a spot survey of a single lot?

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  30. Question 30 of 50
    30. Question

    Commissions in real estate are generally the largest for realtors (agents and brokers). Which of the following earn the second largest commissions?

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  31. Question 31 of 50
    31. Question

    An executory contract is:

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  32. Question 32 of 50
    32. Question

    Airways above a property are:

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  33. Question 33 of 50
    33. Question

    If a contractor intends to sell 10 properties in a calendar year, he/she will need:

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  34. Question 34 of 50
    34. Question

    If a contract has a clause that states “time is of the essence” and either party fails to act in a timely manner to execute the contract, they can be held in:

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  35. Question 35 of 50
    35. Question

    The difference between the interest rate and the index on an adjustable rate mortgage is best known as:

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  36. Question 36 of 50
    36. Question

    As a tenant in a business center, the operating owner installs separate and additional lighting and counters to accommodate the retail business that is going to be operating in the space. Upon vacating the property at the end of the lease, the lighting and tables:

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  37. Question 37 of 50
    37. Question

    If a property is in default and a meeting is announced in a public location to sell the property in order to recoup the mortgage in default, this would be an example of a:

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  38. Question 38 of 50
    38. Question

    A vendor-vendee is a term that best describes the relationship between:

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  39. Question 39 of 50
    39. Question

    A unique mortgage that allows for the lender to make payments to the homeowner, allowing owners to convert equity into cash, that does not need to be repaid until the borrower vacates the property is best known as:

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  40. Question 40 of 50
    40. Question

    What causes the real estate market to be considered “inflexible”?

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  41. Question 41 of 50
    41. Question

    If Fred, a property owner, conveys an interest in his property to Greg, his nephew, in this transaction Fred is considered to be the:

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  42. Question 42 of 50
    42. Question

    Someone who negotiates and transacts the sale of real estate can most commonly be called a(n):

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  43. Question 43 of 50
    43. Question

    A remainder is when:

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  44. Question 44 of 50
    44. Question

    When a lender uses another party to either completely or partially originate, process, underwrite, close, fund, or package the mortgage it plans to deliver to the secondary mortgage market, this process is called:

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  45. Question 45 of 50
    45. Question

    A table or chart that shows how much of each mortgage payment that is applied to interest and how much is applied to the principal is called:

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  46. Question 46 of 50
    46. Question

    If a buyer uses a postdated check as earnest money deposit in the purchase of a property, this would be:

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  47. Question 47 of 50
    47. Question

    In the case of a cash sale, why would a seller wish to transfer an existing fire insurance policy?

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  48. Question 48 of 50
    48. Question

    Time, title, interest, and possession between two or more parties is a defining definition of:

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  49. Question 49 of 50
    49. Question

    A broker seeking to collect a commission on a month-to-month rental that was earned for their negotiation in the matter, needs to prove what in order to legally collect?

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  50. Question 50 of 50
    50. Question

    In order for a deed to be valid, it must be:

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