Name: Score:
80 Multiple choice questions
Term 1 of 80
29) In order for a property manager to determine net operating income on a property, which of
the following fees is subtracted from the effective gross income?
Debt service
Advances to owners
Operating expenses
Income tax
Term 2 of 80
16) A title insurance policy will protect a buyer from financial losses that are caused by:
A change in zoning relations
A recorded easement to which the policy has taken an exception
An unrecorded easement to which the policy has taken an exception
An encumbrance to which the policy has not taken an exception
Term 3 of 80
54) A veteran is entitled to which of the following benefits upon repayment of the full loan
balance of a VA mortgage?
Restoration of a loan benefits for future use
Refund of any discount points paid by the previous seller
Refund of the origination fee or points
Partial refund of all interest paid on the loan
,Term 4 of 80
2) According to the Federal Fair Housing Act as amended in 1988, which of the following
circumstances is considered a handicapping condition?
Being economically disadvantaged
Having a mental impairment that substantially limits a major life activity
Lacking the ability to qualify for a federally insured mortgage
Using a controlled substance illegally for a prolonged period of time
Term 5 of 80
62) Sales from which of the following sources may be used in the direct sales comparison
approach?
Bankruptcies
Divorce settlements
Estate sales
Multiple listing companies
Term 6 of 80
71) Which of the following terms BEST describes personal property that, by its attachment to real
property, is regarded as real estate?
Emblements
Personalty
Fixtures
Appliances
, Term 7 of 80
69) A lease that provides periodic increases of rent at regular intervals is called a:
Graduated lease
Percentage lease
Yearly lease
Long-term lease
Term 8 of 80
66) A property manager works in the BEST interest of the:
Tenant
Owner
Agent
Bank
Term 9 of 80
72) The price at which a willing and informed buyer would buy and a willing and informed seller
would sell is called the:
Assessed value
Book value
Income approach to value
Market value
80 Multiple choice questions
Term 1 of 80
29) In order for a property manager to determine net operating income on a property, which of
the following fees is subtracted from the effective gross income?
Debt service
Advances to owners
Operating expenses
Income tax
Term 2 of 80
16) A title insurance policy will protect a buyer from financial losses that are caused by:
A change in zoning relations
A recorded easement to which the policy has taken an exception
An unrecorded easement to which the policy has taken an exception
An encumbrance to which the policy has not taken an exception
Term 3 of 80
54) A veteran is entitled to which of the following benefits upon repayment of the full loan
balance of a VA mortgage?
Restoration of a loan benefits for future use
Refund of any discount points paid by the previous seller
Refund of the origination fee or points
Partial refund of all interest paid on the loan
,Term 4 of 80
2) According to the Federal Fair Housing Act as amended in 1988, which of the following
circumstances is considered a handicapping condition?
Being economically disadvantaged
Having a mental impairment that substantially limits a major life activity
Lacking the ability to qualify for a federally insured mortgage
Using a controlled substance illegally for a prolonged period of time
Term 5 of 80
62) Sales from which of the following sources may be used in the direct sales comparison
approach?
Bankruptcies
Divorce settlements
Estate sales
Multiple listing companies
Term 6 of 80
71) Which of the following terms BEST describes personal property that, by its attachment to real
property, is regarded as real estate?
Emblements
Personalty
Fixtures
Appliances
, Term 7 of 80
69) A lease that provides periodic increases of rent at regular intervals is called a:
Graduated lease
Percentage lease
Yearly lease
Long-term lease
Term 8 of 80
66) A property manager works in the BEST interest of the:
Tenant
Owner
Agent
Bank
Term 9 of 80
72) The price at which a willing and informed buyer would buy and a willing and informed seller
would sell is called the:
Assessed value
Book value
Income approach to value
Market value
