IAAO 102 Practice Test Questions And Correct
Answers (Verified Answers) 2026
1.
Which type of mortgage has an interest rate that remains constant over the life of the loan?
• Adjustable-rate
• Fixed-rate
• Growing equity
• Pledged account
2.
In a gross lease agreement, which of the following expenses are typically covered by the
landlord, leaving the tenant responsible only for the base rent?
• Property management fees
• Utilities and maintenance costs
• Real estate taxes and property insurance
• All operating expenses including utilities, maintenance, and taxes
3.
If the contract rent amount is greater than the market rent amount, by definition means the tenant
is paying which of the following?
• Deficit rent
• Overage rent
• Excess rent
• Percentage rent
• Concessions
4.
The rental income that a property would most probably command if all the space were
continuously leased at current rental rates is more commonly referred to as the:
Answers (Verified Answers) 2026
1.
Which type of mortgage has an interest rate that remains constant over the life of the loan?
• Adjustable-rate
• Fixed-rate
• Growing equity
• Pledged account
2.
In a gross lease agreement, which of the following expenses are typically covered by the
landlord, leaving the tenant responsible only for the base rent?
• Property management fees
• Utilities and maintenance costs
• Real estate taxes and property insurance
• All operating expenses including utilities, maintenance, and taxes
3.
If the contract rent amount is greater than the market rent amount, by definition means the tenant
is paying which of the following?
• Deficit rent
• Overage rent
• Excess rent
• Percentage rent
• Concessions
4.
The rental income that a property would most probably command if all the space were
continuously leased at current rental rates is more commonly referred to as the:
