Insurance Exam
Questions with Verified Answers
100% Guarantee passing score of 90% or higher
Consist of 80 multichoice Questions with Answers
1. a broker charges a leasing fee of one-half of the first months
rent and a management fee of 8% of all rents collected. the
broker negotiates a two-year lease at a monthly rental of $550.
which of the following amounts will the broker earn on this
lease
a.
$1,378
b
$1,331
c.
$1,287
d. $1,056
Answer: B. $1,331
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17
,2. a property manager works in the BEST interests of the
a. tenant
b. owner
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17
,c. agent
d. bank
Answer: B. owner
3. in reviewing the deed to a listed property, a licensee noted
a number of limitations regarding its use. these limitations
aare commonly known as:
A. Codicils
B. constraints
C. building codes
D. restricted covenants
Answer: D. Restricted covenants
4. the price at which a willing and informed buyer would buy and
a willing and informed seller would sell is called the
a. assessed value
b. book value
c. income approach to value
d. market value
Answer: D. market value
5. the income approach is MOST likely to be used when
determining the value of a
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17
, A. vacant residential lot
b. office building
c. single-family home
d. cooperative apartment
Answer: B. office building
6. the G's purchased a house from the T's. the G's agreed to the
following terms: monthly payments of $650 to the T's and the
balance to be paid in full after 7 years. at the time the balance
is paid, the T's will give the G's a warranty deed transferring
title. in this situation, what type of financing was used
a. fha loan
b. wrap around mortgage
c. package mortgage
d. contract for deed
Answer: D. contract for deed
7. In stating a seller's price and terms to a prospective buyer, the
seller's
broker is required by the law of agency to state ONLY those
terms that are
a. included in the listing agreement
4/
17
Questions with Verified Answers
100% Guarantee passing score of 90% or higher
Consist of 80 multichoice Questions with Answers
1. a broker charges a leasing fee of one-half of the first months
rent and a management fee of 8% of all rents collected. the
broker negotiates a two-year lease at a monthly rental of $550.
which of the following amounts will the broker earn on this
lease
a.
$1,378
b
$1,331
c.
$1,287
d. $1,056
Answer: B. $1,331
1/
17
,2. a property manager works in the BEST interests of the
a. tenant
b. owner
2/
17
,c. agent
d. bank
Answer: B. owner
3. in reviewing the deed to a listed property, a licensee noted
a number of limitations regarding its use. these limitations
aare commonly known as:
A. Codicils
B. constraints
C. building codes
D. restricted covenants
Answer: D. Restricted covenants
4. the price at which a willing and informed buyer would buy and
a willing and informed seller would sell is called the
a. assessed value
b. book value
c. income approach to value
d. market value
Answer: D. market value
5. the income approach is MOST likely to be used when
determining the value of a
3/
17
, A. vacant residential lot
b. office building
c. single-family home
d. cooperative apartment
Answer: B. office building
6. the G's purchased a house from the T's. the G's agreed to the
following terms: monthly payments of $650 to the T's and the
balance to be paid in full after 7 years. at the time the balance
is paid, the T's will give the G's a warranty deed transferring
title. in this situation, what type of financing was used
a. fha loan
b. wrap around mortgage
c. package mortgage
d. contract for deed
Answer: D. contract for deed
7. In stating a seller's price and terms to a prospective buyer, the
seller's
broker is required by the law of agency to state ONLY those
terms that are
a. included in the listing agreement
4/
17
