Name: Score:
158 Multiple choice questions
Term 1 of 158
A buyer and his agent visit a listed property. The buyer loves the property and wants to purchase
it. He speaks with the seller, who is at home at the time, and they come to an agreement regarding
the price and terms. They shake hands on the agreement and the buyer happily leaves the
property. His agent should?
The seller cannot take the fans because they are fixtures.
His comparable should not be more than one year old
Recommend an inspection for hazardous materials
Warn the buyer that a verbal sales contract is unenforceable
Term 2 of 158
How is a loan assumption shown in the HUD-1?
Credit the buyer and debit the seller
No entries are made for loan assumptions
Disclose the true costs of obtaining credit
Debit both the buyer and seller
Term 3 of 158
The landlord pays the expenses of the property. The tenant pays rents and utilities. What kind of
lease is this?
Gross Lease
Net Lease
Ground Lease
Percentage Lease
,Term 4 of 158
In 1969 Carmel purchased a condo for $15,000. Today she sold the property for $85,000 and
agreed to finance the loan for the buyer. This transaction is known as?
Quitclaim Deed
Land Contract
Subrogation
Purchase Money Mortgage
Term 5 of 158
What is the best definition for market value?
The price a willing buyer will pay
Partial amortization loan
Most probable price
Cost
Term 6 of 158
According to Regulation Z, what is NOT a trigger term?
SCBA
RESPA
BUYER
APR
,Term 7 of 158
All of the following are examples of Contract of Deed except?
Deed Of Trust
Land Contract
Real Estate Sales Contract
Real Estate Appraisers
Term 8 of 158
A single property is regulated by building codes, zoning, and deed restrictions. The rules are in
conflict with one another. Which must the property owner obey?
The rule that has the most recent update.
The rule that is least enforced.
The rule that is the easiest to follow.
Whichever rules are the most strict or limiting.
Term 9 of 158
Optionee is
Decider
Owner
Seller
Buyer
, Term 10 of 158
According to regulation Z, all of the following are trigger terms except?
SCBA
RESPA
APR
AEC
Term 11 of 158
Mark has an option to purchase Bob's property. The option expires at the end of the month and
Mark would like to extend the option. What would he need to do?
Submit a written request to the seller for an extension
Wait until the last day of the month to decide
Pay an additional option fee
Negotiate a lower purchase price instead of extending the option
Term 12 of 158
Where can you expect to find PMI?
On a high LTV conventional loan
On loans that are fully paid off
On loans with No down payment
On all types Of government-backed loans
158 Multiple choice questions
Term 1 of 158
A buyer and his agent visit a listed property. The buyer loves the property and wants to purchase
it. He speaks with the seller, who is at home at the time, and they come to an agreement regarding
the price and terms. They shake hands on the agreement and the buyer happily leaves the
property. His agent should?
The seller cannot take the fans because they are fixtures.
His comparable should not be more than one year old
Recommend an inspection for hazardous materials
Warn the buyer that a verbal sales contract is unenforceable
Term 2 of 158
How is a loan assumption shown in the HUD-1?
Credit the buyer and debit the seller
No entries are made for loan assumptions
Disclose the true costs of obtaining credit
Debit both the buyer and seller
Term 3 of 158
The landlord pays the expenses of the property. The tenant pays rents and utilities. What kind of
lease is this?
Gross Lease
Net Lease
Ground Lease
Percentage Lease
,Term 4 of 158
In 1969 Carmel purchased a condo for $15,000. Today she sold the property for $85,000 and
agreed to finance the loan for the buyer. This transaction is known as?
Quitclaim Deed
Land Contract
Subrogation
Purchase Money Mortgage
Term 5 of 158
What is the best definition for market value?
The price a willing buyer will pay
Partial amortization loan
Most probable price
Cost
Term 6 of 158
According to Regulation Z, what is NOT a trigger term?
SCBA
RESPA
BUYER
APR
,Term 7 of 158
All of the following are examples of Contract of Deed except?
Deed Of Trust
Land Contract
Real Estate Sales Contract
Real Estate Appraisers
Term 8 of 158
A single property is regulated by building codes, zoning, and deed restrictions. The rules are in
conflict with one another. Which must the property owner obey?
The rule that has the most recent update.
The rule that is least enforced.
The rule that is the easiest to follow.
Whichever rules are the most strict or limiting.
Term 9 of 158
Optionee is
Decider
Owner
Seller
Buyer
, Term 10 of 158
According to regulation Z, all of the following are trigger terms except?
SCBA
RESPA
APR
AEC
Term 11 of 158
Mark has an option to purchase Bob's property. The option expires at the end of the month and
Mark would like to extend the option. What would he need to do?
Submit a written request to the seller for an extension
Wait until the last day of the month to decide
Pay an additional option fee
Negotiate a lower purchase price instead of extending the option
Term 12 of 158
Where can you expect to find PMI?
On a high LTV conventional loan
On loans that are fully paid off
On loans with No down payment
On all types Of government-backed loans
