ASREB PRACTICE EXAM, SESSIONS
1-18, STUDY GUIDE QUESTIONS
AND CORRECT ANSWERS
Which of the following is in the proper order of occurence
- correct answer- Lis pendens, judgement,
execution
'THE TEST' STUDY GUIDE
A closing disclosure would be used in - correct
answer- Residential housing
'THE TEST' STUDY GUIDE
A contract based on illegal consideration is - correct
answer- Void
'THE TEST' STUDY GUIDE
,A contract of adhesion would refer to - correct
answer- Standard 'take it' or 'leave it' contract
'THE TEST' STUDY GUIDE
A degree or interest of the ownership is best described as
- correct answer- Estate
'THE TEST' STUDY GUIDE
A land owner allows another person to use his or her land
without creating an encumbrance on their land. What
best describes this right - correct answer-
License
'THE TEST' STUDY GUIDE
,A listing which employs many brokers and allows the
seller commission is called - correct answer-
Open listing
'THE TEST' STUDY GUIDE
A mortgage banker borrows on existing loans they hold
this is called - correct answer- warehousing
'THE TEST' STUDY GUIDE
A mortgage contingency clause would contain all the
following except - correct answer- Name of
lender
'THE TEST' STUDY GUIDE
A person is selected to settle a dispute between a buyer
and seller. The decision will be binding on all parties. This
person is called - correct answer- Arbitrator
, 'THE TEST' STUDY GUIDE
A property management agreement would contain all the
following except - correct answer- Method of
reporting on prospective tenants
'THE TEST' STUDY GUIDE
A residential property has full cash value of 170,000.
Taxes are calculated at $14 per every $100 of assessed
value what are the annual property taxes - correct
answer- $23,800
'THE TEST' STUDY GUIDE
A residential property is set to close on April 24. What
would be the proration if the property taxes for the year
we're 1250? - correct answer- Debit seller
$392, credit buyer $392
1-18, STUDY GUIDE QUESTIONS
AND CORRECT ANSWERS
Which of the following is in the proper order of occurence
- correct answer- Lis pendens, judgement,
execution
'THE TEST' STUDY GUIDE
A closing disclosure would be used in - correct
answer- Residential housing
'THE TEST' STUDY GUIDE
A contract based on illegal consideration is - correct
answer- Void
'THE TEST' STUDY GUIDE
,A contract of adhesion would refer to - correct
answer- Standard 'take it' or 'leave it' contract
'THE TEST' STUDY GUIDE
A degree or interest of the ownership is best described as
- correct answer- Estate
'THE TEST' STUDY GUIDE
A land owner allows another person to use his or her land
without creating an encumbrance on their land. What
best describes this right - correct answer-
License
'THE TEST' STUDY GUIDE
,A listing which employs many brokers and allows the
seller commission is called - correct answer-
Open listing
'THE TEST' STUDY GUIDE
A mortgage banker borrows on existing loans they hold
this is called - correct answer- warehousing
'THE TEST' STUDY GUIDE
A mortgage contingency clause would contain all the
following except - correct answer- Name of
lender
'THE TEST' STUDY GUIDE
A person is selected to settle a dispute between a buyer
and seller. The decision will be binding on all parties. This
person is called - correct answer- Arbitrator
, 'THE TEST' STUDY GUIDE
A property management agreement would contain all the
following except - correct answer- Method of
reporting on prospective tenants
'THE TEST' STUDY GUIDE
A residential property has full cash value of 170,000.
Taxes are calculated at $14 per every $100 of assessed
value what are the annual property taxes - correct
answer- $23,800
'THE TEST' STUDY GUIDE
A residential property is set to close on April 24. What
would be the proration if the property taxes for the year
we're 1250? - correct answer- Debit seller
$392, credit buyer $392
