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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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Question 2 of 50
2. Question
Another term for PITI is:
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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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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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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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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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Question 7 of 50
7. Question
In order to have a valid agency relationship, the commission agreement must be:
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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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Question 9 of 50
9. Question
If a property has a large crop of annuals, which conveys as personal property?
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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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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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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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Question 13 of 50
13. Question
In order to bind a contract between two parties, consideration must be:
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Question 14 of 50
14. Question
If someone is referring to zoning regulations, they are referring to instances of:
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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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Question 16 of 50
16. Question
The terms “mortgage banker” and “mortgage broker”:
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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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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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Question 19 of 50
19. Question
Freddie Mac and Fannie Mae have loan limits on anything over:
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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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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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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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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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Question 24 of 50
24. Question
A contract that has been fully performed is known as being:
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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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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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Question 27 of 50
27. Question
A general agent has full authority to:
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Question 28 of 50
28. Question
What is the definition of a “note” in terms of real estate?
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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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Question 30 of 50
30. Question
Shelley v. Kraemer is the Supreme Court case that held:
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Question 31 of 50
31. Question
Which of these is a congressionally chartered organization?
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Question 32 of 50
32. Question
How many sections are in a township?
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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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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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Question 35 of 50
35. Question
Equity can be best described as:
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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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Question 37 of 50
37. Question
Uniqueness in real estate properties is sometimes called:
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Question 38 of 50
38. Question
Value of a property is most directly influenced by:
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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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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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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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Question 42 of 50
42. Question
What does mortgage life insurance cover?
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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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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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Question 45 of 50
45. Question
What is the main activity of the FHA?
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Question 46 of 50
46. Question
A reverse annuity mortgage is also called a:
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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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Question 48 of 50
48. Question
When a broker obtains a new contract, it is considered what until fully performed?
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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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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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