National Real Estate Exam - Guide to Pearson Vue Book
An estate for years
The phrase definite duration refers to:
A periodic tenancy
A lease that automatically renews itself, in the absence of notice, is:
$66,666
A man just sold a condo for $80,000. This gave him a 20% profit on what he paid. What
did the man pay? $80,000/1.20
Signed by the grantor
A requirement of a valid deed is that the deed be:
The Truth In Lending Act
To locate buyers for other properties, a broker advertised a property that was not
available but which would generate great interest. The broker's action violated:
Lead paint
A federally mandated disclosure deals with:
periodic tenancy
If no period is set for a residential tenancy but rent is to be paid monthly, the lease is a:
$305, 851
A builder wanted the listing to reflect $85 per square foot for a 2,500 square foot home
plus $75,000 for the lot after the 6% commission was paid. What should the home be
listed at to meet the builder's wishes? 2500x85 = 212,500 + 75,000 = 287,500/.94 =
305,851
Transfer it
To alienate property means to
An encumbrance
A deed restriction is BEST described as
A cloud on the title
A minor discrepancy concerning a title is
the forfeiture of a deposit
An example of liquidated damages in a real property purchase contract is
, greater than the nominal rate
The annual percentage rate is
property
Collateral for a real estate loan is the:
mortgagee
A clause in a mortgage that provides for the assignment of rents benefits the:
the resale mortgage marketplace
The secondary mortgage marketplace refers to
purchasing mortgages originated by financial institutions
Fannie Mae activities include
$291,555
A straight 9% loan at 75% of a property's appraised value earned first-year interest of
$19,680. What was the property's valuation? 19,680/.09 = 218,666.67/.75 = 291,555
designated agency
One salesperson in a broker's office had single agency with a buyer, while another
salesperson in the same office had single agency with the seller on the same
transaction. This situation describes
forgery in the chain of title
A standard policy of title insurance protects the purchaser from title problems relating to:
life estate
Which of the following tenancies is a free hold interest?
defects discovered by property inspection.
A lender's extended policy of title insurance goes beyond standard coverage by
including?
Executory bilateral contract
What type of contract is an exclusive listing in a broker's inventory before sale?
hypothecation
A borrower keeps control of the loan collateral but gives the lender a lien. This is called
liability protection
Homeowners insurance includes
$441,600
An estate for years
The phrase definite duration refers to:
A periodic tenancy
A lease that automatically renews itself, in the absence of notice, is:
$66,666
A man just sold a condo for $80,000. This gave him a 20% profit on what he paid. What
did the man pay? $80,000/1.20
Signed by the grantor
A requirement of a valid deed is that the deed be:
The Truth In Lending Act
To locate buyers for other properties, a broker advertised a property that was not
available but which would generate great interest. The broker's action violated:
Lead paint
A federally mandated disclosure deals with:
periodic tenancy
If no period is set for a residential tenancy but rent is to be paid monthly, the lease is a:
$305, 851
A builder wanted the listing to reflect $85 per square foot for a 2,500 square foot home
plus $75,000 for the lot after the 6% commission was paid. What should the home be
listed at to meet the builder's wishes? 2500x85 = 212,500 + 75,000 = 287,500/.94 =
305,851
Transfer it
To alienate property means to
An encumbrance
A deed restriction is BEST described as
A cloud on the title
A minor discrepancy concerning a title is
the forfeiture of a deposit
An example of liquidated damages in a real property purchase contract is
, greater than the nominal rate
The annual percentage rate is
property
Collateral for a real estate loan is the:
mortgagee
A clause in a mortgage that provides for the assignment of rents benefits the:
the resale mortgage marketplace
The secondary mortgage marketplace refers to
purchasing mortgages originated by financial institutions
Fannie Mae activities include
$291,555
A straight 9% loan at 75% of a property's appraised value earned first-year interest of
$19,680. What was the property's valuation? 19,680/.09 = 218,666.67/.75 = 291,555
designated agency
One salesperson in a broker's office had single agency with a buyer, while another
salesperson in the same office had single agency with the seller on the same
transaction. This situation describes
forgery in the chain of title
A standard policy of title insurance protects the purchaser from title problems relating to:
life estate
Which of the following tenancies is a free hold interest?
defects discovered by property inspection.
A lender's extended policy of title insurance goes beyond standard coverage by
including?
Executory bilateral contract
What type of contract is an exclusive listing in a broker's inventory before sale?
hypothecation
A borrower keeps control of the loan collateral but gives the lender a lien. This is called
liability protection
Homeowners insurance includes
$441,600
