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Real Estate Exam #6 Copy

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  1. Question 1 of 50
    1. Question

    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:

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  2. Question 2 of 50
    2. Question

    Another term for PITI is:

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  3. Question 3 of 50
    3. Question

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

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  4. Question 4 of 50
    4. Question

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

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  5. Question 5 of 50
    5. Question

    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:

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  6. Question 6 of 50
    6. Question

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

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  7. Question 7 of 50
    7. Question

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

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  8. Question 8 of 50
    8. 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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  9. Question 9 of 50
    9. Question

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

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  10. Question 10 of 50
    10. Question

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

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  11. Question 11 of 50
    11. Question

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

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  12. Question 12 of 50
    12. Question

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

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  13. Question 13 of 50
    13. Question

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

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  14. Question 14 of 50
    14. Question

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

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  15. Question 15 of 50
    15. Question

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

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  16. Question 16 of 50
    16. Question

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

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  17. Question 17 of 50
    17. Question

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

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  18. Question 18 of 50
    18. Question

    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:

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  19. Question 19 of 50
    19. Question

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

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  20. Question 20 of 50
    20. Question

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

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  21. Question 21 of 50
    21. Question

    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:

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  22. Question 22 of 50
    22. Question

    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:

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  23. Question 23 of 50
    23. Question

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

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  24. Question 24 of 50
    24. Question

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

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  25. Question 25 of 50
    25. Question

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

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  26. Question 26 of 50
    26. Question

    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:

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  27. Question 27 of 50
    27. Question

    A general agent has full authority to:

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  28. Question 28 of 50
    28. Question

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

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  29. Question 29 of 50
    29. Question

    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:

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  30. Question 30 of 50
    30. Question

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

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  31. Question 31 of 50
    31. Question

    Which of these is a congressionally chartered organization?

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  32. Question 32 of 50
    32. Question

    How many sections are in a township?

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  33. Question 33 of 50
    33. Question

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

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  34. Question 34 of 50
    34. Question

    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?

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  35. Question 35 of 50
    35. Question

    Equity can be best described as:

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  36. Question 36 of 50
    36. Question

    “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:

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  37. Question 37 of 50
    37. Question

    Uniqueness in real estate properties is sometimes called:

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  38. Question 38 of 50
    38. Question

    Value of a property is most directly influenced by:

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  39. Question 39 of 50
    39. Question

    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:

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  40. Question 40 of 50
    40. Question

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

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  41. Question 41 of 50
    41. Question

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

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  42. Question 42 of 50
    42. Question

    What does mortgage life insurance cover?

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  43. Question 43 of 50
    43. Question

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

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  44. Question 44 of 50
    44. Question

    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:

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  45. Question 45 of 50
    45. Question

    What is the main activity of the FHA?

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  46. Question 46 of 50
    46. Question

    A reverse annuity mortgage is also called a:

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  47. Question 47 of 50
    47. Question

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

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  48. Question 48 of 50
    48. Question

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

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  49. Question 49 of 50
    49. Question

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

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  50. Question 50 of 50
    50. Question

    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:

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