Real Estate Associate Practice Quiz 1
BI IZ MI ALLAH- THIS QUIZ HAS BEEN CREATED TO ASSIST MY RARARRRSSS IN PASSING THE REAL ESTATE ASSOCIATES EXAM, INSHA'ALLAH.
- 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
Questions: 10 | Attempts: 6663 | Last updated: Apr 6, 2021
-
Sample QuestionIn real estate the definition of land includes ONLY what is on the surface of the earth and attached by nature such as trees.
Questions: 95 | Attempts: 3851 | Last updated: May 15, 2018
-
Sample QuestionA type of mortgage in which the lender makes periodic payments to the borrow, who is required to be age 62 or older in the FHA program, is called
Questions: 13 | Attempts: 3174 | Last updated: Jun 19, 2020
-
Sample Question1. Looking at the long history of US home prices adjusted for inflation (1890 to 2008), how long has it historically taken for US home prices to double (for the same type and size of house in the same location)?
Back to top