Can You Be In The Real Estate Branch?

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| By Eminy

Eminy

Community Contributor

Quizzes Created: 19 | Total Attempts: 5,239

Questions: 8 | Attempts: 137 | Updated: Mar 18, 2023

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Can You Be In The Real Estate Branch? - Quiz

The real estate branch is blossoming these days and it sure is a great opportunity to get involved in. Solve this quiz to see if you can make it in real estate.

Questions and Answers

1.

What's exclusive agency listing?
- A.
  
  When an agent sells a really big house.
- B.
  
  When agent gets paid only if they sell a property. There's no fee for the agent if the owner alone sells the property.
- C.
  
  When an agent get's a big fee if the owner alone sells the house.
Correct Answer
B. When agent gets paid only if they sell a property. There's no fee for the agent if the owner alone sells the property.

Explanation
Exclusive agency listing is a type of agreement between a property owner and a real estate agent. In this arrangement, the agent is only entitled to a commission if they successfully sell the property. However, if the owner manages to sell the property themselves without the agent's assistance, no fee is owed to the agent. This type of listing provides an incentive for the agent to actively market and sell the property, as their payment is contingent on a successful sale.

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2.

A valid real estate contract doesn't have...?
- A.
  
  An offer and an acceptance
- B.
  
  Agent's information
- C.
  
  Competency
Correct Answer
B. Agent's information

Explanation
A valid real estate contract doesn't have agent's information. The information of the agent involved in the transaction is not a requirement for the contract to be considered valid. The contract primarily needs an offer and an acceptance, which are the essential elements for a legally binding agreement. Additionally, competency is also not explicitly required for a valid real estate contract, as long as the parties involved are legally capable of entering into a contract.

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3.

What does a valid deed have?
- A.
  
  A video copy of the deed itself
- B.
  
  Picture of the owner
- C.
  
  Signature
Correct Answer
C. Signature

Explanation
A valid deed typically includes a signature. A signature is a legal requirement that signifies the consent and agreement of the parties involved in the deed. It serves as evidence of the owner's intention to transfer or convey property rights. Without a signature, the deed may be considered invalid or unenforceable. Therefore, the presence of a signature is crucial in determining the validity and legality of a deed.

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4.

Which one of these answers is a tax-deductible if you own a house?
- A.
  
  Insurance
- B.
  
  Mortgage interest
- C.
  
  Home improvement and repairs
Correct Answer
B. Mortgage interest

Explanation
Mortgage interest is tax-deductible if you own a house. This means that you can deduct the interest paid on your mortgage from your taxable income, which can lower your overall tax liability. This deduction is available for both primary and secondary residences, as long as the mortgage is secured by the property. It is important to note that there are certain limitations and requirements for claiming this deduction, such as itemizing deductions on your tax return and meeting certain criteria set by the tax authorities.

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5.

How many parking spaces should a 40.000 square feet apartment complex have if there's a 2 and a half parking spaces per 1000 square feet according to zoning law?
- A.
  
  100
- B.
  
  200
- C.
  
  300
Correct Answer
A. 100

Explanation
According to the given zoning law, there should be 2 and a half parking spaces per 1000 square feet. Therefore, to calculate the number of parking spaces for a 40,000 square feet apartment complex, we can use the following calculation: 40,000 square feet / 1000 square feet = 40 (number of 1000 square feet increments). Multiplying this by 2.5 (2 and a half parking spaces) gives us 100 parking spaces.

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6.

How many time do parties have to review the HUD statement?
- A.
  
  24 hrs
- B.
  
  48 hrs
- C.
  
  72 hrs
Correct Answer
A. 24 hrs

Explanation
Parties have to review the HUD statement within 24 hours. This is important because the HUD statement, also known as the Closing Disclosure, provides a detailed breakdown of the final terms and costs of the mortgage loan. It allows the parties involved, such as the buyer, seller, and lender, to ensure that all the information is accurate and there are no discrepancies. Reviewing the HUD statement within 24 hours ensures that any issues or concerns can be addressed promptly before the closing of the loan.

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7.

What do Fiduciary Duties of a real estate agent include?
- A.
  
  Honesty, dedication and confidentiality
- B.
  
  Loyalty, honesty and accounting
- C.
  
  Loyalty, confidentiality and accounting
Correct Answer
C. Loyalty, confidentiality and accounting

Explanation
The fiduciary duties of a real estate agent include loyalty, confidentiality, and accounting. Loyalty means that the agent must act in the best interest of their client and prioritize their needs above their own. Confidentiality means that the agent must keep any information shared by the client confidential, unless authorized to disclose it. Accounting means that the agent must handle any financial transactions related to the client's property accurately and ethically.

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8.

If three persons share a property, and one person sells his part to a 4th person, what's the 4th person now with the first two persons?
- A.
  
  Tenant at will
- B.
  
  Joint tenant
- C.
  
  Tenant in common
Correct Answer
C. Tenant in common

Explanation
When one person sells their part of a property to a fourth person, the fourth person becomes a tenant in common with the remaining two persons. This means that all three persons now own an undivided interest in the property, with each having the right to use and possess the entire property. Unlike joint tenancy, where each person has an equal and undivided interest, tenant in common allows for unequal ownership shares.

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Current Version
Mar 18, 2023

Quiz Edited by
ProProfs Editorial Team
Mar 06, 2016

Quiz Created by
Eminy

Can You Be In The Real Estate Branch?

What's exclusive agency listing?

A valid real estate contract doesn't have...?

What does a valid deed have?

Which one of these answers is a tax-deductible if you own a house?

How many parking spaces should a 40.000 square feet apartment complex have if there's a 2 and a half parking spaces per 1000 square feet according to zoning law?

How many time do parties have to review the HUD statement?

What do Fiduciary Duties of a real estate agent include?

If three persons share a property, and one person sells his part to a 4th person, what's the 4th person now with the first two persons?