Real Estate Exam #6 Copy

Bernice is a buyer that wants to purchase the home owned by Gregory. If Bernice and Gregory sign a written contract that states the terms and conditions under which the property will be sold, they have both signed a:

Another term for PITI is:

When there is a legal claim against a property that must be paid off when the property is sold, this is called a(n):

When a loan is fully amortized, with equal monthly payments, the amount of the payment that is applied to the principal:

A commitment from a lender to the borrower or other mortgage originator guaranteeing a specific rate for a specific time at a specific cost is called:

Land, appurtenances, permanent structures, trees, minerals, and the benefits and inherent rights thereof refers to:

In order to have a valid agency relationship, the commission agreement must be:

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?

If a property has a large crop of annuals, which conveys as personal property?

This reports the raw data pulled from two or more of the major credit repositories:

This person solicits loans, represents the lending institution, and represents the borrower to the lending institution.

Encumbrances against properties in a particular area that are benefited by improvements are also called:

In order to bind a contract between two parties, consideration must be:

If someone is referring to zoning regulations, they are referring to instances of:

What is the best way to determine if a neighboring property is encroaching on another?

The terms “mortgage banker” and “mortgage broker”:

If a house is damaged severely over time due to multiple termite infestations, the loss in value of the property is referred to as:

An offer has been accepted by the buyer and the seller. The buyer and seller instruct the broker to return the deposit money to the seller. The broker:

Freddie Mac and Fannie Mae have loan limits on anything over:

When the principal balance of a loan, bond, or other financial instrument becomes due and payable, this is called the date of:

When a real estate agent is viewing the report on the title of a property from the public records, or an abstract of the title, the agent is viewing:

The act of restricting a person from seeking to buy a residential property in a community and redirecting them to other housing is known as:

The payment change date on an adjustable-rate mortgage or graduated payment mortgage is when:

A contract that has been fully performed is known as being:

One of the indexes used to determine interest rate changes for certain adjustable-rate mortgages is called:

In the town of Avondale, an apartment complex that has been in existence for years has recently changed ownership. The new owners wish to convert the existing apartment complex into condominiums. This type of ownership change is called a:

A general agent has full authority to:

What is the definition of a “note” in terms of real estate?

A situation in which an individual or organization is involved in several potentially competing interests, creating a risk that one interest might unduly influence another interest, is known as:

Shelley v. Kraemer is the Supreme Court case that held:

Which of these is a congressionally chartered organization?

How many sections are in a township?

If a person dies that owns this type of estate, the ownership of that person automatically terminates:

If a borrower is given a loan where the personal residence is used as security, other than the first trust deed used to purchase the property, and rescinds within three days, this loan type would be covered under which law?

Equity can be best described as:

“A pamphlet provided by the EPA entitled Protect Your Family From Lead In Your Home is to be given to tenants” would be a false statement regarding the:

Uniqueness in real estate properties is sometimes called:

Value of a property is most directly influenced by:

If a mortgage has an adjustable rate but has limitations on how much the mortgage rate may adjust over a six-month period, an annual period, and over the life of the loan, this would be called:

If George has an 85% interest in a property while Ernie has a 15% interest in the same property, which right is equal?

The seller delivers the deed to the property and the buyer pays the purchase price in the step known as:

What does mortgage life insurance cover?

In the event that no tangible consideration is given, which type of deed is used to convey title?

In the event that parties do not comply with the bulk sales law as outlined in the Uniform Commercial Code, the buyer is likely to be:

What is the main activity of the FHA?

A reverse annuity mortgage is also called a:

Sometimes contingencies are included in a real estate contract. One normal contingency that occurs in many real estate contracts is:

When a broker obtains a new contract, it is considered what until fully performed?

Ito wishes to have a broker represent him in the purchase of a new piece of property. This type of arrangement would be called:

This law does not limit the applicability of any reasonable local, State or Federal restrictions regarding the maximum number of occupants permitted to occupy a dwelling: