Name: Score:
28 Multiple choice questions
Definition 1 of 28
Which of the following liens take priority prior to recording in public records?
Construction lien
Special assessment lien,
Tax lien,
Mortgage lien
Definition 2 of 28
After receiving condo documents, how many business days does a buyer have to rescind an
offer?
5
10
15
20
Definition 3 of 28
A disabled individual with a service dog wants to purchase a condo with a "no pets" policy. In this
situation the condo association may:
Charge a higher monthly association fee to pay for the extra wear and tear caused by the
dog.
Require the dog owner to clean up after the dog
Require the individual to keep the dog in the unit at all times unless leaving or entering the
unit
Decide not to sell to the individual
, Definition 4 of 28
A borrower has obtained a loan amortized over 30 years, but the borrower needs to pay it off in
five years. This is most likely:
An adjustable-rate loan
A fixed-rate loan
A balloon loan
A land contract
Definition 5 of 28
All of the following would be considered an ENCUMBRANCE except:
unpaid property taxes,
An easement necessity,
A writ of execution,
A judgment
Definition 6 of 28
A selling broker procures a buyer for another broker's listing. The selling broker is:
An agent of the buyer
An agent of the listing broker
A customer of the buyer
A principal broker
28 Multiple choice questions
Definition 1 of 28
Which of the following liens take priority prior to recording in public records?
Construction lien
Special assessment lien,
Tax lien,
Mortgage lien
Definition 2 of 28
After receiving condo documents, how many business days does a buyer have to rescind an
offer?
5
10
15
20
Definition 3 of 28
A disabled individual with a service dog wants to purchase a condo with a "no pets" policy. In this
situation the condo association may:
Charge a higher monthly association fee to pay for the extra wear and tear caused by the
dog.
Require the dog owner to clean up after the dog
Require the individual to keep the dog in the unit at all times unless leaving or entering the
unit
Decide not to sell to the individual
, Definition 4 of 28
A borrower has obtained a loan amortized over 30 years, but the borrower needs to pay it off in
five years. This is most likely:
An adjustable-rate loan
A fixed-rate loan
A balloon loan
A land contract
Definition 5 of 28
All of the following would be considered an ENCUMBRANCE except:
unpaid property taxes,
An easement necessity,
A writ of execution,
A judgment
Definition 6 of 28
A selling broker procures a buyer for another broker's listing. The selling broker is:
An agent of the buyer
An agent of the listing broker
A customer of the buyer
A principal broker
