Real Estate Associate Practice Quiz 1

10 Questions | Total Attempts: 259

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Real Estate Quizzes & Trivia

BI IZ MI ALLAH- THIS QUIZ HAS BEEN CREATED TO ASSIST MY RARARRRSSS IN PASSING THE REAL ESTATE ASSOCIATES EXAM, INSHA'ALLAH.


Questions and Answers
  • 1. 
    DISCOUNT POINTS ARE?
    • A. 

      CHARGES IMPOSED BY A LENDER TO INCREASE THE INTEREST YIELD ON A MORTGAGE

    • B. 

      A LIST OF CHARGE/EXPENSES INCURRED FOR APPLYING FOR A MORTGAGE

    • C. 

      CHARGES PAID BY A BUYER FOR SECURING AN FHA MORTGAGE

    • D. 

      CHARGES ASSESSED MEMBER BANKS FOR BORROWING FROM THE FEDERAL RESERVE BANK

  • 2. 
    BROKER IS ASKED TO ESTIMATE THE MARKET VALUE OF A 3-BEDROOM HOUSE WITH 2 BATHROOMS AND AN UNFINISHED BASEMENT. SHE FOUND 3 RECENT COMPARABLE SALES. THE RELEVANT INFORMATION ON THESE SALE SUMMARIZED BELOW.BROKER HAS ESTIMATED THAT AN EXTRA BEDROOM IS WORTH $7,000, AN EXTRA BATHROOM $2,500, A FINISHED BASEMENT $6,000 USING THIS INFORMATION WHAT IS THE ESTIMATED VALUE OF THE SUBJECT PROPERTY
    • A. 

      $82,000

    • B. 

      $75,000

    • C. 

      $78,000

    • D. 

      $76,000

  • 3. 
    SALESPERSON EARNS 2/3 OF A 7% COMMISSION ON A SALE OF 14 ACRES AT $2,150 PER ACRE THE COMMISSION WOULD BE?
    • A. 

      $702.33

    • B. 

      $140.47

    • C. 

      $2,107.00

    • D. 

      $1,404.67

  • 4. 
    BROKER EMPLOYS AN UNLICENSED SECRETARY WHO OCCASIONALLY REFERS PROSPECTS TO BROKER, SHE PAID $25 FOR EACH OF THESE REFERRALS AS A BONUS TO HER SALARY. WHICH OF THE FOLLOWING IS CORRECT?
    • A. 

      ONLY SECRETARY IS IN VIOLATION OF CHAPTER 475, F.S.

    • B. 

      ONLY BROKER IS IN VIOLATION OF CHAPTER 475, F.S.

    • C. 

      BOTH BROKER AND SECRETARY ARE IN VIOLATION OF CHAPTER 475, F.S.

    • D. 

      NEITHER BROKER NOR SECRETARY ARE IN VIOLATION OF CHAPTER 475, F.S.

  • 5. 
    UNDER WHICH OF THE FOLLOWING CONDITIONS CAN A SALESPERSON ACCEPT A DEPOSIT IN CONNECTION WITH A REAL ESTATE TRANSACTION?
    • A. 

      I AND III ONLY

    • B. 

      I ONLY

    • C. 

      II ONLY

    • D. 

      III ONLY

  • 6. 
    OWNERS SIGNS A HOME IMPROVEMENT LOAN O HIS PERSOAL RESIDENCE AFTER SIGNING, HE FEELS TO RESCIND THE CONTRACT BECAUSE OF REGULATION Z HOW MANY DAYS AFTER SIGNING IS OWNER ALLOWED FOR RESCISSION?
    • A. 

      3 BUSINESS DAYS

    • B. 

      30 BUSINESS DAYS

    • C. 

      10 BUSINESS DAYS

    • D. 

      15 BUSINESS DAYS

  • 7. 
    ALL OF THE FOLLOWING ARE CORRECT STATEMENTS CONCERNING BRANCH OFFICE SIGNS EXCEPT?
    • A. 

      LETTERS ON THE EXTERNAL SIGNS MUST BE A LEAST ONE-INCH IN HEIGHT

    • B. 

      THE SIGN MUST INDICATED THAT THE OFFICE IS A BRANCH OFFICE

    • C. 

      NAMES OF SALESPERSON MAY APPEAR ON THE SIGN IF THEY ARE CATIONS "SALESPERSON: OR BROKER-SALESPERSON AND A LINE OR OBSERVABLE SPACE SEPARATES THE WORDS "LICENSED REAL ESTATE BROKER" FROM THE SALESPERSONS' NAMES

    • D. 

      THE NAME OF ALL ACTIVE MEMBERS OF THE PARTNERSHIP OR ALL ACTIVE MEMBERS OF THE CORPORATION MAY BE ADDED BENEATH THE NAME OF THE PRINCIPAL BROKER(S)

  • 8. 
    A REAL ESTATE SALESPERSON MAY RECEIVE A BROKERAGE COMMISSION FROM?I) A COOPERATING SALESPERSONII) A COOPERATING BROKERIII) HIS/HER EMPLOYING BROKER
    • A. 

      III ONLY

    • B. 

      I ONLY

    • C. 

      II ONLY

    • D. 

      I, II AND III

  • 9. 
    A HOMEOWNER IS INFORMED THAT THE CITY PLANS TO TAKE HER HOMESTEADED PROPERTY TO BUILD A PUBLIC LIBRARY. THE CITY
    • A. 

      CAN SEIZE THE HOMESTEADED PROPERTY BUT THE HOMEOWNER WILL HAVE LIFE IN THE PROPERTY

    • B. 

      CAN SEIZE THE PROPERTY THROUGH AN ESCHEAT PROCEEDING

    • C. 

      HAS THE AUTHORITY TO PROCEED THROUGH THE RIGHT OF EMINENT DOMAIN

    • D. 

      CANNOT TAKE THE PROPERTY BECAUSE IT IS HOMESTEADED

  • 10. 
    OWNER HAS A $30,000 MORTGAGE ON HIS HOUSE FOR A TERM OF 30 YEARS AT AN ANNUAL INTEREST RATE OF 8.5%. THE MONTHLY PRINCIPAL AND INTEREST PAYMENT IS $230.67. CALCULATE THE PRINCIPAL PAID ON THE SECOND MONTH'S PAYMENT
    • A. 

      $36.34

    • B. 

      $18.30

    • C. 

      $18.00

    • D. 

      $18.17

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