This midterm quiz in Real Estate Practice assesses knowledge on various aspects such as contractual agreements, broker fees, and mortgage lending. It's designed to test the competence and understanding of real estate concepts, aiding learners in applying these in practical scenarios.
I only
II only
Both I and II
Neither I or II
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$175
$260
$350
$700
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Seller and buyer
Seller and broker
Borrower and lender
Lender and seller
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Abstract
Acknowledgement
Convenant
Note
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A title insurance company's search of a title.
A mortgagor's relinquishing title after foreclosure.
The deposit of title with an escrow agent.
The removal of a cloud on a title by court action.
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Insurers
Buyers
Brokers
Lenders
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I only
II only
Both I and II
Neither I or II
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Blanket mortgage
Open-end mortgage
Wrap-around mortgage
Partially amortized mortgage
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Net listing
Exclusive agency listing
Exclusive right to sell listing
Open listing
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Eccentric design
Changing function
Obsolescence
Ordinary wear and tear
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I only
II only
Both I and II
Neither I or II
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Economic life
Recapture limit
Reversion limit
Investment duration
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I only
II only
Both I and II
Neither I or II
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Qualified lending institutions
Any government agency
Federal Housing Administration (FHA) only
Federal Deposit Insurance Company only
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A deposit
A consideration
A contract
An endorsement
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Court
Defendant
Complainant
Department of Housing and Urban Development
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The competence of the parties to a contract.
An agreement about terms between the parties to a contract.
The legality of the purpose of a contractual agreement.
The inclusion in a contract of all necessary clauses and convenants.
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$49
$53
$54
$56
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2.67%
3.33%
3.75%
4.25%
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Not prohibited
Unlawful panic-peddling
Unlawful discrimination
Unlawful intimidation
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Principal
Grantor
Agent
Testator
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When Broker Owens' salesperson, Mark King, shows Ms. Allen's property, he is a representative of Ms. Allen.
Ms. Allen may terminate for cause the listing agreement with Broker Owens prior to the agreement's ending date.
When Broker Owen's shows the house to prospective buyer Steve Smith, he is now an agent of Mr. Smith.
If the listing agreement provides Broker Owens to invest money to improve Ms. Allen's residence, this is called agency coupled with an interest.
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Mortgageee
Mortgagor
Trustee
Lessee
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I only
II only
Both I and II
Neither I or II
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$8,884
$8,896
$8,984
$9,000
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FHA-insured mortgage
VA-insured mortgage
Non-insured bank mortgage
Installment land contract
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$35
$42
$353
$423
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$10,000
$20,000
$21,600
$60,000
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I only
II only
Both I and II
Neither I or II
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I only
II only
Both I and II
Neither I or II
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Quiz Review Timeline (Updated): Mar 21, 2023 +
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