Name: Score:
100 Multiple choice questions
Term 1 of 100
Which of the following statements best describes what happens with a judicial foreclosure?
The mortgaged property is sold under the supervision of a court.
The property is given away in a public lottery.
The property is returned to the original owner without any payment.
The property is sold at an auction without any legal oversight.
Definition 2 of 100
State the problem
Why is designated agency a good alternative to traditional dual agency?
The first step in the appraisal process is to
Broker Austin represents a party in a transaction where there is a dispute regarding the
deposited escrow money. What should Austin do?
How might a voidable contract become valid?
Term 3 of 100
Which is false regarding a promissory note?
It refers to a note that has no interest rate.
It describes a note that is only valid for one year.
It indicates a note that can be transferred freely without restrictions.
It is the term used for a note that is guaranteed or insured by a governmental agency.
,Term 4 of 100
A seller decided to back out of a sales contract for no good reason. What recourse does the
buyer have?
To sue for specific performance.
To accept a lower price for the property.
To abandon the contract without any consequences.
To demand a refund for any deposits made.
Term 5 of 100
New salesperson Juliet has been assigned office duty for Saturday and Sunday. What is another
common term for office duty?
Compliance time
Floor time
Chill time
Desk time
Term 6 of 100
Justin defaulted on his home mortgage payments. The lender obtained a court order to foreclose
on the property. At the foreclosure sale, Justin's house sold for $339,000 and the unpaid balance
of his loan is $400,000. What must the lender do to recover the $61,000 Justin still owes?
Seek a judgment by default
A carryover clause
A single agent
Seek a deficiency judgement
,Term 7 of 100
Jordan has a month-to-month lease with landlord Greg. What type of lease did Jordan sign?
Estate from period- to period
Estate in remainder
Estate for years
Estate at will
Term 8 of 100
Neal's home has been foreclosed on and sold at a Sheriff's sale. The sale brought in $500,000 and
the total liabilities on the home were $425,000. Who receives the additional $75,000?
Seller
Neal
Tester
Moore
Term 9 of 100
An income producing property rents for $2,790 per month and the GRM is 97. What is the
estimated market value of the property?
$280,000
$270,630
$300,000
$250,000
, Term 10 of 100
Francis just signed the papers on a conventional 30-year, $210,000 loan. He was wondering what
type of interest will he be paying on the loan. What is the correct answer?
The Recorded Plat Method
Compound Interest
Free Interest
Simple Interest
Term 11 of 100
Which of the following statements is false regarding a tenancy in common?
The co-owners must be married
The co-owners can only be individuals, not corporations
The co-owners must be related by blood
The co-owners must have equal shares in the property
Term 12 of 100
What is another common name for the lot and block system of legal descriptions?
The urban survey system
The recorded plat method
The government survey system
The metes and bounds system
100 Multiple choice questions
Term 1 of 100
Which of the following statements best describes what happens with a judicial foreclosure?
The mortgaged property is sold under the supervision of a court.
The property is given away in a public lottery.
The property is returned to the original owner without any payment.
The property is sold at an auction without any legal oversight.
Definition 2 of 100
State the problem
Why is designated agency a good alternative to traditional dual agency?
The first step in the appraisal process is to
Broker Austin represents a party in a transaction where there is a dispute regarding the
deposited escrow money. What should Austin do?
How might a voidable contract become valid?
Term 3 of 100
Which is false regarding a promissory note?
It refers to a note that has no interest rate.
It describes a note that is only valid for one year.
It indicates a note that can be transferred freely without restrictions.
It is the term used for a note that is guaranteed or insured by a governmental agency.
,Term 4 of 100
A seller decided to back out of a sales contract for no good reason. What recourse does the
buyer have?
To sue for specific performance.
To accept a lower price for the property.
To abandon the contract without any consequences.
To demand a refund for any deposits made.
Term 5 of 100
New salesperson Juliet has been assigned office duty for Saturday and Sunday. What is another
common term for office duty?
Compliance time
Floor time
Chill time
Desk time
Term 6 of 100
Justin defaulted on his home mortgage payments. The lender obtained a court order to foreclose
on the property. At the foreclosure sale, Justin's house sold for $339,000 and the unpaid balance
of his loan is $400,000. What must the lender do to recover the $61,000 Justin still owes?
Seek a judgment by default
A carryover clause
A single agent
Seek a deficiency judgement
,Term 7 of 100
Jordan has a month-to-month lease with landlord Greg. What type of lease did Jordan sign?
Estate from period- to period
Estate in remainder
Estate for years
Estate at will
Term 8 of 100
Neal's home has been foreclosed on and sold at a Sheriff's sale. The sale brought in $500,000 and
the total liabilities on the home were $425,000. Who receives the additional $75,000?
Seller
Neal
Tester
Moore
Term 9 of 100
An income producing property rents for $2,790 per month and the GRM is 97. What is the
estimated market value of the property?
$280,000
$270,630
$300,000
$250,000
, Term 10 of 100
Francis just signed the papers on a conventional 30-year, $210,000 loan. He was wondering what
type of interest will he be paying on the loan. What is the correct answer?
The Recorded Plat Method
Compound Interest
Free Interest
Simple Interest
Term 11 of 100
Which of the following statements is false regarding a tenancy in common?
The co-owners must be married
The co-owners can only be individuals, not corporations
The co-owners must be related by blood
The co-owners must have equal shares in the property
Term 12 of 100
What is another common name for the lot and block system of legal descriptions?
The urban survey system
The recorded plat method
The government survey system
The metes and bounds system
