Name: Score:
68 Multiple choice questions
Term 1 of 68
Elmer Fleckenfleck, an agent with After Hours Realty, was preparing a contract. The seller told
Elmer that he wanted to stay in the property for at least a week after closing. Elmer said that
would be no problem and entered the following text to Paragraph 11: "Seller and Buyer agree that
Seller will remain in the Property for 7 days after closing and funding." In this case, Elmer has:
Specific performance
Completed the contract according to established regulations and procedures
Engaged in the unlawful practice of law
Can result in termination of the contract
Term 2 of 68
A seller is going to continue to occupy a property for two days after closing. In this case, the
parties should use the Buyer's Temporary Residential Lease form.
True
False
Definition 3 of 68
If taxes are not paid at or prior to closing the buyer shall pay for the current year, If taxes for the
current year vary from the amount prorated at closing, the parties shall adjust the prorations when
tax statements for the current year are available, The tax proration may be calculated taking into
consideration any change in the exemptions that will affect the current year's taxes
Earnest money is deposited in an escrow account when:
An abstract of title is:
an option is:
For tax prorations:
,Term 4 of 68
________ law is a body of law based on "common sense" and local custom.
administrative
common
federal
statutory
Term 5 of 68
FHA loans include two mortgage insurance premiums that must be paid by the borrower. They are
the:
Hazard Insurance and Ufmip
Description of the Property
Escrow Fee and down Payment
UFMIP and Annual Premium
Term 6 of 68
Which disclosure is provided to comply with federal requirements for properties built before
1978?
Lead-Based Paint Disclosure
Statute Of Frauds
Lead Based Paint
Mud Disclosure
, Term 7 of 68
A loan assumption might be desirable because:
The loan assumption is only available for cash buyers
The loan assumption requires more paperwork
The loan assumption is generally less costly than a new loan
The loan assumption is always more expensive
Term 8 of 68
If a broker receives more than one offer on a property:
All must be presented to the seller unless the seller has instructed the broker otherwise
Offers can be ignored if the broker prefers one
Only offers from pre-approved buyers must be presented
Only the highest offer must be presented to the seller
Term 9 of 68
The four categories of leasehold estates are: estate for years, tenancy at sufferance, tenancy at
will and ________.
Fixed tenancy
Long-term lease
Short-term lease
Periodic tenancy
68 Multiple choice questions
Term 1 of 68
Elmer Fleckenfleck, an agent with After Hours Realty, was preparing a contract. The seller told
Elmer that he wanted to stay in the property for at least a week after closing. Elmer said that
would be no problem and entered the following text to Paragraph 11: "Seller and Buyer agree that
Seller will remain in the Property for 7 days after closing and funding." In this case, Elmer has:
Specific performance
Completed the contract according to established regulations and procedures
Engaged in the unlawful practice of law
Can result in termination of the contract
Term 2 of 68
A seller is going to continue to occupy a property for two days after closing. In this case, the
parties should use the Buyer's Temporary Residential Lease form.
True
False
Definition 3 of 68
If taxes are not paid at or prior to closing the buyer shall pay for the current year, If taxes for the
current year vary from the amount prorated at closing, the parties shall adjust the prorations when
tax statements for the current year are available, The tax proration may be calculated taking into
consideration any change in the exemptions that will affect the current year's taxes
Earnest money is deposited in an escrow account when:
An abstract of title is:
an option is:
For tax prorations:
,Term 4 of 68
________ law is a body of law based on "common sense" and local custom.
administrative
common
federal
statutory
Term 5 of 68
FHA loans include two mortgage insurance premiums that must be paid by the borrower. They are
the:
Hazard Insurance and Ufmip
Description of the Property
Escrow Fee and down Payment
UFMIP and Annual Premium
Term 6 of 68
Which disclosure is provided to comply with federal requirements for properties built before
1978?
Lead-Based Paint Disclosure
Statute Of Frauds
Lead Based Paint
Mud Disclosure
, Term 7 of 68
A loan assumption might be desirable because:
The loan assumption is only available for cash buyers
The loan assumption requires more paperwork
The loan assumption is generally less costly than a new loan
The loan assumption is always more expensive
Term 8 of 68
If a broker receives more than one offer on a property:
All must be presented to the seller unless the seller has instructed the broker otherwise
Offers can be ignored if the broker prefers one
Only offers from pre-approved buyers must be presented
Only the highest offer must be presented to the seller
Term 9 of 68
The four categories of leasehold estates are: estate for years, tenancy at sufferance, tenancy at
will and ________.
Fixed tenancy
Long-term lease
Short-term lease
Periodic tenancy
