Real Estate Agent Hardest Quiz: Trivia!

60 Questions | Total Attempts: 275

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Real Estate Agent Hardest Quiz: Trivia!

Do you understand what it takes to be a real estate agent? Would you like to try this quiz? A real estate representative is someone who helps people with either selling their property or purchasing a property. The property is typically a house or some other item. A real estate agent weighs the pros and cons of purchasing a property. If you intend to learn more about what a real estate agent does, check out this quiz.


Questions and Answers
  • 1. 
    A BUYER OF A RESIDENCE, PRIOR TO THE CLOSE OF ESCROW, ASKS THE BROKER FOR PERMISSION TO MOVE INTO THE PROPERTY. THE BROKER SHOULD:
    • A. 

      Deny the buyer permission

    • B. 

      Grant the buyer oral permission

    • C. 

      Ask the buyer to sign a lease for the property

    • D. 

      Obtain written consent from the owner

  • 2. 
    AN ALIENATION CLAUSE PROVIDES THAT:
    • A. 

      The principal amount of the loan, plus accrued interest, is due in the event of the sale of the property

    • B. 

      The mortgage is security for a promissory note

    • C. 

      A lien can be placed on the property that takes precedence over a prior recorded trust deed

    • D. 

      None of the above

  • 3. 
    IF A MAN HAS A FREEHOLD ESTATE, WHICH OF THE FOLLOWING WOULD RESULT IN HIS HAVING A LESS THAN-FREEHOLD ESTATE:
    • A. 

      Sale and lease-back

    • B. 

      Selling the mineral rights to a third party

    • C. 

      Giving a leasehold interest for 5 years

    • D. 

      Granting a life estate

  • 4. 
    BROKER JOJO, AS AN AGENT, SHOWED A PROPERTY TO JUN. JUN SIGNED A DEPOSIT RECEIPT WHICH CONTAINED THE FOLLOWING WORDS: “BUYER TO ACCEPT THE PROPERTY IN AN “AS IS” CONDITION”. BROKER JOJO KNEW THAT THE PLUMBING IN THE PROPERTY WAS IN MAJOR STATE OF DISREPAIR WITH PARTS MISSING, BUT HE DID NOT TELL JUN. THE PROBLEM WITH THE PLUMBING WOULD NOT BE APPARENT TO AN ORDINARY, PRUDENT PERSON. IF JUN SUED THE SELLER FOR DAMAGES FOR FRAUD, THE COURT SUIT WOULD PROBABLY BE:
    • A. 

      Unsuccessful because the “as is” provision in the deposit receipt shows that there is a mutual understanding of possible defects

    • B. 

      Unsuccessful because the deposit receipt specifically state Buyer to accept the property in an “as is” condition

    • C. 

      Successful because the duty to disclose a material fact cannot be avoided by an “as is” provision under the stated circumstances

    • D. 

      Successful because “as is” refers only to obvious defects

  • 5. 
    AN ADVERTISEMENT FOR THE SALE OF REAL PROPERTY PLACED BY A REAL ESTATE BROKER IS PRIMA FACIE EVIDENCE OF FRAUDULENT AND MISLEADING INFORMATION WHEN:
    • A. 

      A misleading map is included in a newspaper advertisement offering a twenty year old single family residence for sale

    • B. 

      The selling price and financing terms are not as stated

    • C. 

      The interest rate on the note differs from its advertised yield

    • D. 

      The name of the development is misspelled

  • 6. 
    WHEN A MORTGAGE COMPANY ADVERTISES A GRADUATED MORTGAGE, UNDER THE TRUTH-IN-LENDING ACT, THE ADVERTISEMENT MUST INCLUDE THE:
    • A. 

      Difference in monthly payments

    • B. 

      Name of the broker

    • C. 

      Name of the lending institution

    • D. 

      All of the above

  • 7. 
    THE FOLLOWING ARE CORRECT STATEMENTS CONCERNING AN OPTION, EXCEPT:
    • A. 

      The optionor must perform if the optionee exercises his option within the period specified

    • B. 

      The optionee must perform if the optionor exercises his option within the period specified

    • C. 

      To exercise the option, the buyer must pay the amount specified in the option

    • D. 

      The consideration for granting the optioned must be actual

  • 8. 
    THE REAL ESTATE COMMISSION FOR A PROPERTY THAT IS IN PROBATE IS SET BY:
    • A. 

      The real estate

    • B. 

      The decedent

    • C. 

      A court order

    • D. 

      A probate officer

  • 9. 
    THE VALUE OF THE BEST PROPERTY IN THE NEIGHBORHOOD WILL BE ADVERSELY AFFECTED BY THE PRESENCE OF COMPARATIVELY SUBSTANDARD PROPERTY”, IS A STATEMENT RELATING TO VALUE AND IS KNOWN AS THE PRINCIPLE OF:
    • A. 

      Balance

    • B. 

      Contribution

    • C. 

      Regression

    • D. 

      Progression

  • 10. 
    WHICH OF THE FOLLOWING TYPES OF LENDERS WOULD HAVE THE GREATEST PERCENTAGE OF AND THE MOST FUNDS INVESTED IN REAL ESTATE MORTGAGES?
    • A. 

      Savings and Loan associations

    • B. 

      Commercial banks

    • C. 

      Life Insurance companies

    • D. 

      Mutual savings banks

  • 11. 
    AN ADDITION TO LAND RESULTING IN THE FORMATION OF A GRADUAL BUILD UP BY NATURAL CAUSES. THE PARTY WHO    WOULD BENEFIT FROM THIS WOULD BE:
    • A. 

      The land owner

    • B. 

      The local government

    • C. 

      The landowner’s neighbor

    • D. 

      None of the above

  • 12. 
    NO PRUDENT PERSON WOULD PAY MORE FOR A PARCEL OF REAL PROPERTY THAN THE PRICE OF A REASONABLY CLOSE ALTERNATIVE, WHICH IS AVAILABLE WITHOUT UNDUE DELAY”, REFERS MOST NEARLY TO THE PRINCIPLE OF:
    • A. 

      Balance

    • B. 

      Conformity

    • C. 

      Substitution

    • D. 

      Intervention

  • 13. 
    SAM INHERITED ROLLING HILLS FROM HIS UNCLE. THE FIRST THING HE DID WITH THE VACANT PROPERTY WAS TO REMOVE ALL THE TOPSOIL, WHICH HE SOLD TO A LANDSCAPING COMPANY. SAM THEN REMOVED A THICK LAYER OF LIMESTONE AND SOLD IT TO A CONSTRUCTION COMPANY. FINALLY, HE DUG 40 FEET INTO THE BEDROCK AND SOLD IT FOR GRAVEL. WHEN SAM DIED, HE LEFT ROLLING HILLS TO HIS DAUGTHER, PAT. WHICH OF THE FOLLOWING STATEMENTS IS TRUE?
    • A. 

      Pat inherent nothing, because Rolling Hills no longer exists

    • B. 

      Pat inherits a large hole in the ground, but it is still Rolling Hills, down to the center of the earth.

    • C. 

      Pat owns the gravel, limestone, and topsoil, no matter where it is.

    • D. 

      Sam’s estate must restore Rolling Hills to its original condition

  • 14. 
    A TRUE STATEMENT REGARDING FLOOD WATERS IS THAT FLOOD WATERS:
    • A. 

      Refer to water minor depths, either standing or flowing, which do not produce serious surface scour or leave deposits of silt.

    • B. 

      Refer to water on the surface of the land but lower than the water table in the area

    • C. 

      Are deemed the enemy of every affected owner and owner may protect their property by employment any reasonable protective measures

    • D. 

      Are found below the water table, at the water table, and above the water table

  • 15. 
    WHICH OF THE FOLLOWING IS AN ADVANTAGE OF THE MARKET DATA APPROACH TO VALUE IN THE APPRAISAL PROCESS:
    • A. 

      It provides an accurate forecast of long range values

    • B. 

      Often comparison properties are numerous

    • C. 

      Amenities are easy to compare

    • D. 

      It is the simplest of the approaches to learn and to use

  • 16. 
    THE FOLLOWING IS TRUE WITH RESPECT TO RIPARIAN RIGHTS IS THAT:
    • A. 

      The riparian must be adjacent to the stream and in the watershed of the stream

    • B. 

      The riparian land owner has the absolute ownership of the adjacent water

    • C. 

      Riparian rights must be expressly stated in the deed to such land

    • D. 

      The ownership of the riparian rights can be determined from public records

  • 17. 
    SINGLE FAMILY HOME VALUES ARE LEAST PROTECTED IN NEIGHBORHOODS WHERE THERE IS:
    • A. 

      A similarity of income of the owners

    • B. 

      A predominance of residents belonging to the same ethnic or religious group affiliation

    • C. 

      A minimum of change to existing restrictions as a result of legal restrictions

    • D. 

      An increasing mixture of average quality homes with high quality homes

  • 18. 
    WITH REGARD TO APPRAISAL TECHNIQUES, ALL OF THE FOLLOWING ARE CORRECT, EXCEPT:
    • A. 

      The cost approach is difficult to use, due to the great amount of knowledge needed regarding the current economic factors involved

    • B. 

      The cost approach is most effective on new buildings

    • C. 

      The cost approach is generally used when appraising public service buildings

    • D. 

      The cost approach sets the lower limit of value

  • 19. 
    THE BUYER AND THE SELLER OF A HOME ARE DEBATING WHETHER A CERTAIN ITEM IS REAL OR PERSONAL PROPERTY. THE BUYER SAYS IT IS REAL PROPERTY AND SHOULD CONVEY WITH THE HOUSE; THE SELLER SAYS IT IS PERSONAL PROPERTY AND WOULD NOT CONVEY WITHOUT A SEPARATE BILL OF SALE. IN DETERMINING WHETHER AN ITEM IS REAL OR PERSONAL PROPERTY, A COURT WOULD NOT CONSIDER WHICH OF THE FOLLOWING?
    • A. 

      The cost of the item when it was purchased

    • B. 

      Whether its removal would cause severe damage to the real estate

    • C. 

      Whether the item is clearly adapted to the real estate

    • D. 

      Any relevant agreement of the parties in their contract of sale.

  • 20. 
    A FLOOD HAZARD AND DRAINAGE REPORT MAY BE REQUIRED IN THE FILING FOR THE SUBDIVISION FINAL PUBLIC REPORT. IF A HAZARD EXISTS, THE DEGREE OF HAZARD MUST BE REPORTED. THE THREE DEGREES OF FLOOD HAZARD ARE:
    • A. 

      Below the water table, at the water table, above the water table

    • B. 

      Inundation, sheet overflow, ponding of local storm water

    • C. 

      Frequent, infrequent and remote

    • D. 

      Accretion, avulsion and alluvion

  • 21. 
    WHICH OF THE FOLLOWING ACTIONS OR EVENTS WOULD RESULT IN THE TERMINATION OF A SALES ESCROW?
    • A. 

      Revocation of the escrow instructions by the broker of the seller

    • B. 

      The cancellation of the escrow by either party

    • C. 

      The mutual consent of the parties

    • D. 

      The death of either of the parties

  • 22. 
    WHICH OF THE FOLLOWING WOULD NOT TERMINATE AN OFFER TO PURCHASE REAL PROPERTY?
    • A. 

      The offeree fails to accept the offer within the prescribed period given by the offeror

    • B. 

      The offeror communicates notice of revocation after the offeree has properly posted acceptance

    • C. 

      A counteroffer from the offeree

    • D. 

      Death or insanity of the offeror

  • 23. 
    ALL OF THE FOLLOWING ARE GOOD AND VALID REASONS FOR AN APPRAISER TO MAKE A SEPARATE SITE AND IMPROVEMENT EVALUATION, EXCEPT:
    • A. 

      Applying a residual technique

    • B. 

      To determine building obsolescence

    • C. 

      For taxation purposes

    • D. 

      To determine amount of the appraiser’s fee

  • 24. 
    THE  REMEDY OF UNLAWFUL DETAINER ACTION IS USED BY OFFENDED:
    • A. 

      Grantors

    • B. 

      Holders of notes in default

    • C. 

      Lessors

    • D. 

      Trustors

  • 25. 
    A PERSON WHO HELD A LIFE ESTATE LEASED A PROPERTY FOR FIVE YEARS AND THEN DIED. THE NEW OWNERS ORDERED THE LESSEE TO MOVE OUT. THE LEASE WAS:
    • A. 

      Valid until the man died

    • B. 

      Valid for the five years

    • C. 

      Invalid from the beginning

    • D. 

      Invalid unless deceased;s executed confirmed it

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