Real Estate Agent Practice Exam: Quiz!
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How much do you know about being a real estate agent? Are you studying for an exam? This quiz can help. A real estate agent assists people with the buying or selling of property. They possess the skill and expertise necessary to either market the property or sell for the best possible outcome. If you want to put your knowledge to the test, look no further than this quiz.
- 1.MORTGAGE YIELD IS BEST DESCRIBED AS:
- A.
What the lender receives when a loan secured by a mortgage is paid off
- B.
All of the money received by a lender after deducting closing costs and loan fees
- C.
The effective interest return obtained from a first trust deed by an investor
- D.
An increase in value of a property which has a mortgage
- 2.A VALID ESCROW REQUIRES W/C OF THE FFG:
- A.
Escrow instructions with no conditions
- B.
A binding contract between the buyer and seller and the condition delivery of transfer instruments to a third party
- C.
The services of a licensed real estate broker
- D.
None of the above
- 3.A REAL ESTATE BROKER IS USUALLY:
- A.
A fiduciary to a person interested in buying a property the broker has listed
- B.
An attorney-in-fact
- C.
An agent serving the principal under a duly executed power-of-attorney
- D.
None of the above
- 4.THE BEST DEFINITION OF A STRAIGHT NOTE IS:
- A.
Sometimes secured by a trust deed
- B.
Sometimes used to finance real property
- C.
Principle is all due at one time
- D.
All of the above
- 5.A LOAN FOR WHICH INTEREST-ONLY PAYMENT ARE MADE IS:
- A.
A straight note
- B.
Amortized
- C.
Partially amortized
- D.
A graduated payment note
- 6.COMPARING AN INSTALLMENT NOTE TO A STRAIGHT NOTE, THE STRAIGHT NOTE WILL HAVE:
- A.
A total effective interest rate greater that if the loan were an installment loan
- B.
Equal annual principal reduction payments
- C.
No principal payments during the term of the loan except on the last payment
- D.
None of the above
- 7.AN “ABLE BUYER” MEANS ONE:
- A.
Financially able
- B.
Having the ability to obtain the necessary funds to purchase real property
- C.
Having the ability to obtain necessary financing
- D.
Any of the above
- 8.OPTION TO RENEW A LEASE IS A:
- A.
Covenant
- B.
Restriction
- C.
Limitation
- D.
Condition
- 9.WHICH OF THE FOLLOWING IS A LEGAL TERM USED TO DESCRIBE THE ENTIRE PARCEL OF REAL PROPERTY AND ALL STRUCTURES ON SUCH PROPERTY?
- A.
Condominium
- B.
Condominium unit
- C.
Condominium Project
- D.
All of the above
- 10.A BUYER DEFAULTS IN MAKING PAYMENTS ON A LOAN, THEREFORE THE LENDER’S ACTION PROBABLY WOULD RESULT IN:
- A.
Subordination
- B.
Escalation
- C.
Acceleration
- D.
Alienation
- 11.WHICH OF THE FOLLOWING IS THE CLASSIC DEFINITION OF THE BOUNDARIES OF REAL PROPERTY?
- A.
The surface area indicated on a map
- B.
A reasonable use of airspace and extended to the center or the earth
- C.
A reasonable distance down and unlimited airspace
- D.
A practical or reasonable use of the earth and unlimited airspace
- 12.AN OFFER BY ONE OF THE PARTIES TO A REAL ESTATE TRANSACTION TO CARRY OUT THAT PARTY’S PART OF THE CONTRACT IS CALLED A:
- A.
Gratuity
- B.
Satisfaction
- C.
Recourse
- D.
Tender
- 13.TO ALIENATE TITLE TO REAL PROPERTY, ONE WOULD:
- A.
Encumber it
- B.
Place a homestead on the property
- C.
Convey the title
- D.
Cloud the title
- 14.REAL PROPERTY WOULD INCLUDE:
- A.
Real property tax lien
- B.
Trust deed
- C.
Oil
- D.
None of the above
- 15.IN AN ESCROW, PREPAID RENTS ARE NORMALLY:
- A.
Debited to the vendor
- B.
Credited to the vendor
- C.
Debited to the buyer
- D.
Credited to the buyer
- 16.THE HIRING OF A SPECIALIST IN PROPERTY MANAGEMENT WOULD BE JUSTIFIED BY:
- A.
Absentee ownership
- B.
Technological advances in building concepts
- C.
Vacancy factor high than normal
- D.
Urbanization
- 17.A CONTRACT TO KEEP AN OFFER OPEN FOR A SPECIFIC PERIOD OF TIME IS:
- A.
A periodic agreement
- B.
An open-ended agreement
- C.
A trust deed
- D.
An option
- 18.WHICH OF THE FOLLOWING IS NOT ONE OF THE FOUR IMPORTANT ELEMENTS OF VALUE:
- A.
Scarcity
- B.
Appreciation
- C.
Utility
- D.
Transferability
- 19.PLACING TWO OR MORE CONTIGUOUS UNITS UNDER COMMON OWNERSHIP FOR THE PURPOSE OF INCREASING THE VALUE PER UNIT IS KNOWN AS:
- A.
Terminus ownership
- B.
Severalty ownership
- C.
Plottage
- D.
Disassemblage
- 20.WHICH OF THE FOLLOWING ITEMS WOULD MOSTLY LIKELY TO APPEAR AS A CREDIT ON THE SELLER’S CLOSING STATEMENT?
- A.
Prepaid taxes
- B.
An assumed loan
- C.
Title insurance premium
- D.
Delinquent assessment lien
- 21.WHEN A STREAM SUDDENLY TEARS LAND AWAY FROM ITS BANK, IT IS CALLED:
- A.
Absorption
- B.
Accretion
- C.
Allusion
- D.
Avulsion
- 22.WHICH OF THE FOLLOWING IS USED TO DETERMINING THE NET INCOME OF A PROPERTY USING THE CAPITALIZATION APPROACH OF APPRAISAL?
- A.
Reserves for depreciation
- B.
Income tax paid
- C.
Vacancy allowance
- D.
Payments on a mortgage loan
- 23.PRESCRIPTION IS:
- A.
Equitable title
- B.
Legal title
- C.
A grant
- D.
The right of use on the land
- 24.IN YOUR OPINION, THE RELATIONSHIP BETWEEN THE THING DESIRED AND THE POTENTIAL PURCHASER IS BEST DEFINED AS:
- A.
The relationship between utility and value
- B.
The relationship between demand and value
- C.
Value
- D.
The present worth as opposed to future income
- 25.Novation is most closely related to:
- A.
Realization of an unexpected profit
- B.
Creation of an existing agreement
- C.
Substitution of a new contract for an old one
- D.
Modification of a contract
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